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1、0外文文獻翻譯外文文獻翻譯原文：CpateGovernanceInternalControloverFinancialRepting:AComparisonofRegulatyRegimesUdiHoitashRaniHoitashJeanCBedardThisstudyexaminestheassociationbetweencpategovernancedisclosuresofmaterialweaknesses(MW)inint

2、ernalcontroloverfinancialrepting.WestudythisassociationusingMWreptedunderSarbanesOxleySections302404derivingdataonauditcommitteefinancialexpertisefromautomatedparsingofmemberqualificationsfromtheirbiographies.Wefindthata

3、lowerlikelihoodofdisclosingSection404MWisassociatedwithrelativelymeauditcommitteemembershavingaccountingsupervisyexperienceaswellasboardstrength.FurtherthenatureofMWvarieswiththetypeofexperience.Howevertheseassociationsa

4、renotdetectableusingSection302repts.WealsofindthatMWdisclosureisassociatedwithdesignatingafinancialexpertwithoutaccountingexperiencedesignatingmultiplefinancialexperts.Weconcludethatboardauditcommitteeacteristicsareassoc

5、iatedwithinternalcontrolquality.HoweverthisassociationisonlyobservableunderthemestringentrequirementsofSection404.OurpreviousanalysisshowsthatauditcommitteecompositionmattersamongacceleratedfilersintheSection404regime.Es

6、sentiallythatanalysisconsidersthequalificationsofallindividualswithaseatatthetable.WhiletheSECinitiallyconsideredrequiringdisclosuresofqualificationsonallauditcommitteemembersthefinalpolicythatimplementsSection407ofSOXre

7、quiresidentificationofatleastoneindividualauditcommitteememberasthe‘‘designated’’financialexpert(anexplanationastowhynooneissodesignated).WenowbuildontheTable2analysisbyfocusingonSection407designationstodeterminewhetherf

8、inancialexperts(asdeterminedbyqualifications)havethesamenegativeassociationwithMWwhethertheircompaniesdesignatethemasSection407financialexperts.27Presumablyif2nextassesscompanies’decisionstodesignateanindividualinoneofth

9、ethreeexpertisecategiestodesignatemultipleindividualsasfinancialexperts.28Tomodelthesechoicesweincludecompaniesdesignatingasingleaccountingexpertintheintercept(thuscomparingMWdisclosureofothercompaniestothisbaseline)ftwo

10、reasons.FirsttheSECiginallypreferredfinancialexpertswithaccountingbackgrounds.Secondpriresearchconsistentlyfindsthataccountingfinancialexpertsareassociatedwithhigherfinancialreptingqualitywhilepristudiesseparatingsupervi

11、suserfinancialexpertsarefewtheirresultsmevariable.Weexpectpositivecoefficientsonthedesignationindicatsinthismodel:companiesdesignatingasingleindividualwithsupervisyexpertise(SFEDES)userexpertise(UFEDES)designatingmultipl

12、efinancialexperts(MULTDES).ResultsinTable5showpositivesignificantcoefficientsondesignationofuserfinancialexpertsaswellasonmultiplefinancialexperts(p_0.05).Inadditionthecoefficientondesignatingsupervisyfinancialexpertsisp

13、ositivemarginallysignificant(p_0.10).Theseresultsimplythatcompaniesdesignatingonlyoneaccountingexpertaremelikelytohaveeffectivecontrolsthancompaniesusingtheotherdesignationstrategiesmeasured.Inthisstudyweexaminetheassoci

14、ationofcpategovernancewithpublicdisclosureofmaterialweaknesses(MW)ininternalcontrolsoverfinancialrepting(ICFR)asameasureofqualityofcpatesystemsthatgeneratefinancialrepts.WeestimateseparatemodelsusingMWdisclosedunderregul

15、ationsarisingfromSections302404oftheSarbanesOxleyActindertoaddressdifferencesinassociationsofgovernanceacteristicsinternalcontrolqualityintheseregulatyregimes.Weinvestigatetheseissuesusinglogisticregressionmodelsfwhichth

16、edependentvariableisdisclosureofMWinICFRwithindependentvariablesincludingcpategovernanceacteristicscontrols.Oursamplecomprises5480firmyearobservationscompaniesover19000auditcommitteemembersobtainedthroughcomputerizedpars

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