公司治理与作用于财务报告的内部控制：监督制度比较外文翻译.docVIP

外文文献翻译 原文： Corporate Governance and Internal Control over Financial Reporting: A Comparison of Regulatory Regimes Udi Hoitash Rani Hoitash Jean C Bedard This study examines the association between corporate governance and disclosures of material weaknesses (MW) in internal control over financial reporting. We study this association using MW reported under Sarbanes-Oxley Sections 302 and 404, deriving data on audit committee financial expertise from automated parsing of member qualifications from their biographies. We find that a lower likelihood of disclosing Section 404 MW is associated with relatively more audit committee members having accounting and supervisory experience, as well as board strength. Further, the nature of MW varies with the type of experience. However, these associations are not detectable using Section 302 reports. We also find that MW disclosure is associated with designating a financial expert without accounting experience, or designating multiple financial experts. We conclude that board and audit committee characteristics are associated with internal control quality. However, this association is only observable under the more stringent requirements of Section 404. Our previous analysis shows that audit committee composition matters among accelerated filers in the Section 404 regime. Essentially, that analysis considers the qualifications of all individuals with a seat at the table. While the SEC initially considered requiring disclosures of qualifications on all audit committee members, the final policy that implements Section 407 of SOX requires identification of at least one individual audit committee member as the ‘‘designated’’ financial expert (or an explanation as to why no one is so designated). We now build on the Table 2 analysis by focusing on Section 407 designations, to determine whether financial experts (as determined by qualifications) have the same negative association with MW, whether their companies designate them as Se