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內(nèi)部控制 會(huì)計(jì)、審計(jì)、財(cái)務(wù)管理專業(yè)畢業(yè)論文(設(shè)計(jì)) 外文翻譯浙 江 工 商 大 學(xué) 財(cái) 務(wù) 與 會(huì) 計(jì) 學(xué) 院 本 科 畢 業(yè) 論 文.外文翻譯 浙 江 工 商 大 學(xué) 財(cái) 務(wù) 與 會(huì) 計(jì) 學(xué) 院 本 科 畢 業(yè) 論 文外文翻譯之一The Eect of Auditors Internal Control Opinions onLoan Decisions(節(jié)選) Auditor:Arnold Schneider , Bryan KNationality:The U.S.Derivation:Journal of Accounting and Public PolicyJ, 2008(P.118)(P.13)AbstractWe examine the eect of internal control reports on lending ocersassessments of a companys creditworthiness. We suggest that an adverse internal control opinion can undermine the assurance provided by anunqualied opinion on nancial statements taken as a whole and have anegative aect on lenders assessments. In addition, we investigate whether auditor size plays a role in determining the eect on lenders judgments. We gather data from 111 loan ocers and nd that their judgments are aected by the auditors report on the eectiveness of internal controls. The lenders assessment of the risk of extending a line of credit and the probability ofextending the line of credit are negatively aected when the company receives an adverse internal control opinion as compared to an unqualied one. We do not nd any evidence that the eect is lessened by the use of a Big Four auditor. Additional analyses suggest that an adverse internal control opinion weakens the importance assigned to the balance sheet and income statement in lending decisions and reduces lenders condence that nancial statements are presented fairly in conformance with generally accepted accounting principles. IntroductionThis paper reports the results of an experiment designed to examine the eect of internal control reports on bank loan ocers assessments of acompanys creditworthiness. According to Section 404 of the SarbanesOxley Act (SOX), the auditor must attest to,and report on, managementsassessment of the eectiveness of internal control over nancial reporting. If浙 江 工 商 大 學(xué) 財(cái) 務(wù) 與 會(huì) 計(jì) 學(xué) 院 本 科 畢 業(yè) 論 文the system includes one or more material weaknesses, management may not conclude that internal control is eective, and the auditor must express an adverse opinion (PCAOB, 2004).Notwithstanding the regulatory mandate, the need for reporting on internal control eectiveness, attested by the auditor, is debatable. GenerallyAccepted Auditing Standards require the auditor to obtain a sucientunderstanding of internal control as part of every engagement. Such anunderstanding is necessary to properly plan and conduct an audit (e.g., the mix of tests of controls and substantive tests). Furthermore, the auditor can issue an unqualied opinion on nancial statements even if a company has material weaknesses in internal control. The auditors report providesreasonable assurance, irrespective of the eectiveness of a companys internal control. Even when an auditor provides an unqualied opinion onnancial statements, users may view an adverse opinion on internal controls as bad news. William McDonough, former Chairman of the PCAOB, suggests that it is unclear how the marketplace will react when the auditor expresses an adverse opinion on internal control and a clean opinion on nancial statements (CFO, 2004). A handful of archival studies examine the eect of internalcontrol disclosures on stock prices, with most of them nding negative market reactions to the reporting of material weaknesses (e.g., Whisenant et al., 2003; De Franco et al., 2005; Cheng et al., 2007; Ashbaugh-Skaife et al.,forthcoming; Hammersley et al.,forthcoming).The current study investigates bank loan ocers reaction to internal control reports. We study bank loan ocers because this group of usersroutinely analyzes nancial data and has an inherent interest in the reliability of such data. Moreover, the eect of credit decisions in the marketplace is far reaching. Because bank loan ocers are knowledgeable users of nancial statements, the ndings of this study may generalize to other sophisticated user groups.We conduct an experimental study to investigate whether the disclosure of internal control weaknesses has a negative eect on bank loan ocersassessments of risk and, in turn,the likelihood of granting a loan. The use of an experimental approach allows us to completely control the information that is available to participants. We are able to control for factors that can create浙 江 工 商 大 學(xué) 財(cái) 務(wù) 與 會(huì) 計(jì) 學(xué) 院 本 科 畢 業(yè) 論 文challenges for archival researchers, including concurrent informationdisclosure, rm-specic characteristics, and self selection. Previous studies (e.g., Doyleet al., 2007a; Ashbaugh-Skaife et al., 2007a) nd that mostdisclosures of material weaknesses are announced by weaker companies and are accompanied by restatements, restructuring, and other bad news. While these studies attempt to control for such problems with self-selection control procedures, the controls are likely insucient. Hence, an experimental approach is extremely useful to overcome these problems.We carefully craft two cases in which the auditors opinion on internal controls is the only dierence in the information presented. Archival ndings are mixed as to the eect of internal control disclosures on the cost of equity. Ashbaugh-Skaife et al. (2007b) suggest that the disclosure of internal control weaknesses is associated with a higher cost of equity. Ogneva et al. (2007) nd that, after controlling for rm-specic characteristics, the disclosure ofinternal control weaknesses is not associated with the cost of equity. Our study is expected to shed light on another portion of a rms total cost of capital the cost of debt.In our experimental study, we manipulate the auditors opinion on internal control (unqualied versus adverse), but in all cases the auditor expresses an unqualied opinion on nancial statements.The manipulation allows us to determine whether internal control weaknesses undermine the assurance provided by an unqualied audit opinion on nancial statements taken as a whole. 浙 江 工 商 大 學(xué) 財(cái) 務(wù) 與 會(huì) 計(jì) 學(xué) 院 本 科 畢 業(yè) 論 文審計(jì)機(jī)構(gòu)對(duì)內(nèi)控的審計(jì)意見對(duì)貸款決策的影響(節(jié)選)作者:Arnold Schneider , Bryan K國籍:The U.S.原文出處:會(huì)計(jì)與公共政策雜志J, 2008(P.118) (P.1-3)摘要我們測(cè)試了內(nèi)部控制報(bào)告對(duì)貸款人員評(píng)價(jià)一家公司信譽(yù)的影響。我們認(rèn)為,一個(gè)否定的內(nèi)控審計(jì)意見會(huì)削弱企業(yè)的信用保證(該信用保證是由對(duì)整個(gè)財(cái)務(wù)報(bào)表的無保留意見帶來的),并且對(duì)貸款機(jī)構(gòu)的信用評(píng)價(jià)產(chǎn)生副面影響。另外,我們觀察審計(jì)機(jī)構(gòu)的規(guī)模大小是否對(duì)貸款機(jī)構(gòu)的判斷有影響。我們收集了111家貸款機(jī)構(gòu)并發(fā)現(xiàn)他們的判斷受內(nèi)控有效性審計(jì)報(bào)告的影響。與收到無保留意見相比,當(dāng)一家公司收到內(nèi)控審計(jì)的否定意見時(shí),貸款機(jī)構(gòu)對(duì)擴(kuò)大信用額度的風(fēng)險(xiǎn)評(píng)價(jià)以及擴(kuò)大額度的可能性都會(huì)受到不利影響。我們沒有發(fā)現(xiàn)任何證據(jù)表明這樣一個(gè)事實(shí):因?yàn)槭撬拇髮徲?jì)機(jī)構(gòu)出具的審計(jì)意見而弱化了這種影響。另外的分析表明:對(duì)內(nèi)控的否定意見削弱了貸款決策中資產(chǎn)負(fù)債表和利潤表的重要性,并且削弱了貨款機(jī)構(gòu)對(duì)企業(yè)財(cái)務(wù)報(bào)告是在公共會(huì)計(jì)原則基礎(chǔ)上編制出來的信心。導(dǎo)論雖然說是一項(xiàng)管理任務(wù),但報(bào)告經(jīng)審計(jì)機(jī)構(gòu)證實(shí)的內(nèi)控效用的必要性還存在爭議。公認(rèn)審計(jì)準(zhǔn)則要求審計(jì)師對(duì)內(nèi)部控制有著充分的理解,這是必備知識(shí)的一部分。比如,深刻理解內(nèi)控對(duì)正確計(jì)劃和實(shí)施審計(jì)是必須的(例如,控制測(cè)試和實(shí)質(zhì)性測(cè)試的測(cè)試組合)。而且,甚至在一家公司存在重大內(nèi)控缺陷時(shí),審計(jì)師也可以對(duì)財(cái)務(wù)報(bào)表出具無保留審計(jì)意見。在不考慮一家公司的內(nèi)控效用時(shí),審計(jì)師的審計(jì)報(bào)告提供了合理保證。甚至在審計(jì)師對(duì)財(cái)務(wù)報(bào)表出具無保留意見時(shí),報(bào)表使用者也可以將對(duì)內(nèi)控的否定意見視為一項(xiàng)不利消息。威廉麥克唐納(美國公眾公司會(huì)計(jì)監(jiān)督委員會(huì)前主席)認(rèn)為,當(dāng)審計(jì)師對(duì)內(nèi)控出具否定意見并對(duì)財(cái)務(wù)報(bào)表表達(dá)明確意見時(shí),市場會(huì)作何反應(yīng)還不清晰(CFO,2004)。少數(shù)檔案研浙 江 工 商 大 學(xué) 財(cái) 務(wù) 與 會(huì) 計(jì) 學(xué) 院 本 科 畢 業(yè) 論 文究測(cè)驗(yàn)了內(nèi)控披露對(duì)股價(jià)的影響,大部分結(jié)果顯示市場會(huì)對(duì)報(bào)告中的重大缺陷作出副面反應(yīng)(例如,Whisenant 等,2003;De Franco等,2005;Cheng 等, 2007; Ashbaugh-Skaife 等,即將發(fā)表;Hammersley 等,即將發(fā)表)。目前的研究在觀察銀行貸款人員對(duì)內(nèi)控報(bào)告的反應(yīng)。我們之所以研究銀行貸款人員是因?yàn)檫@類人群要常規(guī)性地分析財(cái)務(wù)數(shù)據(jù)并對(duì)這些數(shù)據(jù)的可靠性有著天生的興趣。而且,信用決策在市場上的影響是深遠(yuǎn)的。因?yàn)殂y行貸款人員是財(cái)務(wù)報(bào)表的有效使用者,這項(xiàng)研究的成果也許可以推廣到其他復(fù)雜的用戶群體。我們進(jìn)行了一項(xiàng)實(shí)驗(yàn)性研究,用來觀察是否內(nèi)控缺陷的披露會(huì)對(duì)銀行貸款人員的風(fēng)險(xiǎn)評(píng)價(jià)以及(相反來說)獲得一筆貸款的可能性產(chǎn)生副面影響。實(shí)驗(yàn)方法的應(yīng)用使我們能夠完全控制參與者的可獲取信息。我們能夠?qū)σ恍┮蛩剡M(jìn)行控制,這些因素能夠?qū)n案研究者發(fā)出挑戰(zhàn),包括非貨幣信息的披露,企業(yè)特點(diǎn)以及自我選擇。先前的研究(例如,Doyleet 等,2007a;Ashbaugh-Skaife 等, 2007a)發(fā)現(xiàn)大部分重大缺陷的披露都是在較弱公司里發(fā)生,并且都伴隨著重述,重組及其他壞消息。因?yàn)檫@些研究試圖去通過自我選擇控制程序來控制這類問題,所以這些控制很可能是不充分的。因此,一種實(shí)驗(yàn)的方法對(duì)于克服這些問題極其有用。我們仔細(xì)遴選了兩個(gè)案例,在案例中審計(jì)師對(duì)內(nèi)控的意見是現(xiàn)有信息中唯一不同的因素。檔案的調(diào)查分析發(fā)現(xiàn)了權(quán)益成本內(nèi)控披露的影響。Ashbaugh Skaife 等(2007b)認(rèn)為,重大內(nèi)控缺陷的披露與較高的權(quán)益成本相聯(lián)系。Ogneva等(2007)認(rèn)為,在控制企業(yè)特有特點(diǎn)之后,重大內(nèi)控缺陷的披露與權(quán)益成本無關(guān)。我們期望我們的研究能夠過一步弄清公司資本總成本中的另一部分債務(wù)資本成本。在我們的試驗(yàn)性研究中,我們控制了審計(jì)師對(duì)內(nèi)控的審計(jì)意見(無保留意見和否定意見),但在所有的情形下,審計(jì)師對(duì)財(cái)務(wù)報(bào)表出具的都是無保留意見。這種控制使我們能夠決定重大內(nèi)控缺陷是否會(huì)削弱企業(yè)的信用保證(該信用保證是由對(duì)整個(gè)財(cái)務(wù)報(bào)表的無保留意見帶來的)。 羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅肈蒅袇羈莆蒄薆膃節(jié)薃蠆羆膈薂螁膁肄薁袃羄蒃薀蚃螇荿蕿螅肂芅蕿袇裊膁薈薇肁肇薇蠆袃蒞蚆螂聿芁蚅襖袂膇蚄薄肇肅蚃螆袀蒂蚃袈膆莈螞羈羈芄蟻蝕膄膀芇螃羇肆莆裊膂莄莆薅羅芀蒞蚇膀芆莄衿羃膂莃羈袆蒁莂蟻肂莇莁螃襖芃莁袆肀腿蒀薅袃肅葿蚈肈莄蒈螀袁莀蕆羂膆芆蒆螞罿膂蒅螄膅

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