根据《萨班斯法案》第404条的内部控制功能来完善欧洲的风险管理外文翻译.docVIP

外文文献翻译 原文： Performing an Internal Control Function to Sustain SOX 404 and Improve Risk Management: Evidence from Europe The global economic crisis we have all experienced since the fall of 2008 resulted from a complex set of factors. One of the most apparent causes was flawed management of internal control systems. For example, in Europe, and particularly in France, internal control failures severely impacted Airbus Industrie (a subsidiary of the EADS group) in 2006 and Société Générale in 2008. Both cases marked the need for organizations to manage their internal control and risk management systems more effectively. In the case of Airbus Industrie, the fact that a two-year production delay on the new Airbus A380 went undetected was a clear sign of internal control dysfunction. In the case of Société Générale, the fact that for nearly a year the trader Jérome Kerviel was able to invest tens of billions of Euros unbeknownst to either external or internal auditors was also a sign of internal control failure.1 At the same time that these malfunctions occurred, however, operating reports for both companies concluded that internal control and risk management systems were solid and current laws on internal control security were being respected.2 In the aftermath of such developments and, on a larger scale, the Enron, WorldCom, and Parmalat scandals, measures have been taken to reestablish investor confidence. Among them, a new series of norms, such as the Sarbanes-Oxley Act (SOX) and its international equivalents (for instance, the Law of Financial Security (LFS) in France), have compelled companies to “institutionalize” methods for managing risks and achieving entity objectives.3 According to Paul DiMaggio and Walter Powell, “institutionalization” is the process by which social processes take on the status of rules governing corporate thought and action.4 These new regulations have had tremendous impact on management practices of late. Combined with the climate of econom