Characteristics of Audit Committee and Effectiveness of Its Internal Control

The Audit Committee is a very important part in the enterprise, its main role is on behalf of the Board of Directors to review, monitor and evaluate the cotnpany＇ s internal control. Playing the role of the audit committee can help prevent the economic crisis because of poor management, prevent the phenomenon of corporate embezzlement and accounting fraud. It is an important role in internal control. The thesis begins with an introduction to the Audit Committee, and analyzes the characteristics of Audit Committee and effectiveness of internal controls.

Effectiveness of Supervisory Boards in Coordination With Audit Committees in China

China＇s supervisory mechanism is peculiar in that it integrated the supervisory board （SB） of the German corporate governance （CG） model in 1993, and has simultaneously adopted the audit committee （AC） of the Anglo-American model since 2002. This paper aims to reveal the effectiveness of SBs in coordination with ACs in China. The regulations for Anglo-American and Chinese systems are compared and further evidence is provided through interviewing two governors of all listed companies in the SSE and of 79 investment corporations in Hangzhou. Both statements indicate that China still faces difficulties and problems in meeting the two indexes of independence and expertise of supervision to give effective supervisory functions. Both opinions differed in terms of the co-ordination of SBs and ACs in the future. The evidence presented forms a basis for proposals of how key characteristics of effectiveness and co-ordination can be improved to make supervisory functions in China more effective.

Audit Committees： How They Affect Financial Reporting in Nigerian Companies

This study examines whether audit committees are associated with improved financial reporting quality for a sample of Nigerian listed companies prior to and after a corporate governance code mandated new regulations for audit committees in 2003. Using a sample of 70 companies listed on the Nigerian Stock Exchange, this study uses archival data in the form of companies＇ annual reports to measure the association between audit committees and improved financial reporting quality. Dechew and Dichev （2002）＇s model was used to measure earnings as a proxy for financial reporting quality. The results indicate that formation of audit committees was positively associated with improved financial reporting quality. It was also found that audit committees having an independent chair and audit committee expertise were positively associated with financial reporting quality. Other audit committee characteristics examined were found to be insignificantly related to financial reporting quality.

Audit Committee, Value Creation Efficiency and Capital Employed Efficiency

This study contributes a number of innovative and interesting empirical findings with a view of four audit committee characteristics to predict overall value creation efficiency and capital employed efficiency using value added intellectual coefficient （VAICTM） method. Using purposive sampling, 34 property, real estate, and building construction firms listed on Indonesia Stock Exchange in 2011 were selected. Empirical findings could not provide a significant relationship between audit committee characteristics and the overall value creation efficiency as well as capital employed efficiency. This implies that currently, the number of members, number of meetings, number of independent commissioners, and accounting or finance expertise in audit committee cannot be expected as drivers of business value creation in Indonesian context, more specifically for property, real estate, and building construction industry. The overall lack of significant relationships may potentially result from limited human capacity, lack of financial expertise, and inadequate knowledge about the role of audit committee to add value to the business.

Audit Committee Attributes on Audit Fees： The Impact of Malaysian Code of Corporate Governance （MCCG） 2007

The evolution of corporate governance has created a competitive environment among the companies to catch the attention of investor＇s confidence. This paper aims to examine the relationship between the audit committee attributes and the audit fees. Specifically, this paper aims to examine the effects of audit committee expertise （number of financial-related director＇s trainings and experience） on audit fees. The data are obtained from annual reports of the population of Bursa Malaysia listed companies for both Main and Ace markets in year 2008. The results show that audit committee size is significant and has a positive association with audit fees. However, audit committee＇s financial related training is significant and has a negative association with audit fees. These results suggest that financial training of audit committee could have an impact on the lower audit fees. However, audit committee expertise is significant and has a positive association with audit fees. This suggests that financial-related training is needed in order to enhance the expertise of audit committee members.

The Effects of Audit Committee Attributes on Fraudulent Financial Reporting

This study aims to examine the relationship between audit committee attributes （audit committee independence, financial expertise, meeting frequency, gender diversity, and ethnic composition） and the propensity for fraudulent financial reporting. The sample includes 116 fraudulent and non-frandulent firms listed on Bursa Malaysia from 2005 to 2010. The finding of this study indicates that audit committee independence is positively associated with fraudulent financial reporting. The higher the proportion of independent or outside directors on the committee, the higher the possibility of financial fraud, and vice versa. The results also show that the expertise of members of the audit committee is negatively associated with corporate fraud. This suggests that when audit committee members are financially literate, they are more competent to curb fraudulent financial reporting. However, the findings for frequency of audit committee meetings, gender, and ethnicity show that there is no relationship between these variables and corporate fraud. The result of this study is robust after controlling for other firm-specific effects.

Study on the Relationship Between the Audit Committee of Ipo Firms and the First-Day Stock Earnings

This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010,Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships.The result shows that the audit committee has no effect on the earnings of the first day of listing,and the establishment of the audit committee may not be considered before listing.

The analysis of determinants of going concern audit report

Going concern is one of essential things for user to make a financial decision. This research aims to explore factors that caused the issuance of going concern audit report by auditor. This research adds two new variables, audit size and audit committee, besides the other factors that cause auditor issue a going concern audit report. This research uses a regression logistic analysis to determine the relationship of each variable （liquidity, solvability, profitability, cash flow, audit firm size and audit committee） to going concern audit report. Different from previous researches, the results of this research show that liquidity, profitability, cash flow, and audit committee are not significant to influence the issuance of audit opinion. Audit size has a more significant relationship to audit opinion, while solvability is the most significant factor.

Good Corporate Governance （GCG） Mechanism and Audit Delay： An Empirical Study on Companies Listed on the Indonesia Stock Exchange （IDX） in the Period of 2009-2011

Audit delay is a delay in reporting audit to the Indonesia Stock Exchange （IDX） after the allotted time of 90 days after closing the book. Delay to publish audit report will affect the value of infromation, causing a bad sign for the company. As good corporate governance （GCG） is one way to solve the different interests, practices, and culture, companies implement GCG in an attempt to get more value. This study aims to measure the impact of corporate governance mechanisms on audit delay in companies listed on the IDX in the period of 2009-2011. Variables of GCG mechanism consist of institutional ownership, number of audit committee members, and the percentage of independent commissioners. Purposive sampling method is used in sample selection procedure. Samples comprise 42 companies listed on the IDX. The simultaneous test results show that all the variables have a significant influence on audit delay. By the partial test, number of audit committee members has significantly affected audit delay, while institutional ownership and independent commissioners have no significant effect on audit delay. This study is limited to use only three variables to study their influence on audit delay in the reseach period of only three years.

Establishment of Effective Internal Audit Function： Recommendations for Best Practice

This paper^1, which is in the light of the last trends in internal auditing, aims to explain the challenges and major issues in establishment of an effective internal audit （IA） function to achieve value-added IA activities as a value-added service center. This paper also discusses the current internal auditing environment in Turkey considered for the needs and expectations of stakeholders and new legislations. In the next five years, five emerging activities for internal auditing may be taken into consideration, namely, the review of corporate governance process, auditing of enterprise risk management （ERM） processes, addressing linkage of strategy and company performance, the ethics audits, and the migration to International Financial Reporting Standards （IFRS）, they will be the major focus areas for internal auditing. The qualifications of IA staff, status within the corporation, setting up of the functional and administrative reporting lines, relationship with the audit committee of the board of directors, and the content of IA charter must be sufficient for assurance of the IA function＇s effectiveness and objectivity. The effective communication channels among management, audit committee, and IA become more important and must be operated in a consistent manner that accurately contributes to preventing potential future financial crisis and the effectiveness of risk management （RM）. Ten main imperatives of change for IA can be summarized as emphasizing RM and governance, addressing key stakeholder priorities, and optimizing IA resources. Based on professional practices, international standards of Institute of Internal Auditors （IIA）, best practices, and the relevant recommendations have been made by the authors for practitioners and stakeholders.

审计委员会背景下我国国家审计体制改革思路探讨

在各级党的审计委员会组建以后,审计委员会的功能定位、地方审计机关的报告关系、审计委员会的领导内容等方面,有待进一步确立和完善。对于审计委员会背景下审计机关的报告关系,有双重报告模式、监察委员会模式等五种不同方案,相应地,审计委员会的职能定位也有所不同。相比之下,借鉴监察体制改革的做法,审计机关由人大产生、在党委审计委员会和上级审计机关双重领导下实施审计监督,是一种较优选择。同时,审计委员会的功能及其对审计机关的具体领导内容和形式也要依据上述定位加以明确。这一研究,可以为我国进一步深化审计体制改革提供参考。

董事会审计委员会的组建和运行规则

董事会设置审计委员会有利于降低现代公司所有权和经营权分离引致的代理成本。新《公司法》已经引入审计委员会,但需填补审计委员会组建的规则,以保障审计委员会发挥预设的监督效果。审计委员会成员资质是审计委员会组建及履职的基本前提,包含独立性和专业性两项要素。独立董事是审计委员会客观公正监督的逻辑起点,应从任职全过程视角评判其是否具有独立性,同时涤除其获取信息的障碍。专业性要素应根据新《公司法》中审计委员会兼具财务和业务监督职责作扩张解释,即不再局限于财会知识,而是一种保障公司良好运行的能力。此外,还需要同步调整选任职工董事和独立董事的前置程序,削减控股股东对选任职工董事和独立董事的绝对控制力。

党委审计委员会成立运行与预算执行偏离研究

2018年中央和地方党委审计委员会陆续成立和运行,旨在更好发挥审计在党和国家监督体系中的重要作用。从预算执行监督角度出发,考察省级党委审计委员会成立运行前后省级预算执行结果的变化。以支出预算偏离作为预算执行结果的代理变量进行检验发现,党委审计委员会成立运行后,省级支出预算偏离显著减少;所在省份财政透明度越高,省级支出预算偏离在党委审计委员会成立运行后减少得越多。作用机制检验发现,党委审计委员会的成立运行通过强化地方政府领导对经济监督的参与程度以及提高地方审计的权威性和独立性实现了支出预算管理效率的提升,从而减少了支出预算偏离。利用各省预算执行审计报告进一步研究发现,党委审计委员会成立运行后,支出偏离越多的省份,越容易被审计出更多问题。研究结论为党委审计委员会在预算管理中的治理作用提供了经验证据,有助于深化对审计管理体制改革的理解,对审计助推国家治理现代化有一定启示作用。

上市公司审计委员会与年报风险信息披露--基于管理层信息操纵视角

上市公司年报风险信息是了解公司经营现状与预测未来发展的重要信息来源,它具有信息增量价值,但容易受到管理层信息操纵的影响。审计委员会作为公司治理的独立机制,对管理层具有内部监督作用。基于此,利用2010—2021年上市公司风险信息披露数据,实证检验了审计委员会对管理层信息操纵的治理作用。研究发现,审计委员会独立性、勤勉性和专业性越强,年报风险信息披露水平越高,且在不同性质市场环境中审计委员会的治理作用存在差异。机制检验结果表明,内部控制发挥了部分中介作用;此外,在内部治理环境较弱与外部监督压力较大时,审计委员会的治理作用更加显著。结论拓展了年报风险信息披露的影响因素研究,并通过构建不同维度的风险信息指标来综合衡量披露水平,证实了审计委员会对管理层信息操纵的治理效应,为审计委员会更好发挥监督效果以及监管部门进一步完善上市公司风险信息披露制度提供了重要支撑。

公司法修订的理论应对与实践挑战(笔谈)

本期刊发的8篇笔谈文章,紧密围绕公司法修改的核心内容,从宏观到微观、从理论到实践展开了全方位探讨。宏观方面围绕我国公司法的制度体系、立法因应、立法目的展开讨论,微观方面围绕本次修订的核心内容,对五年限期认缴制、审计委员会、董事无因解任、未届期股权转让后出资责任、异议股东回购等具体制度展开讨论。西南政法大学赵万一教授、张才华在《从公司法修订看中国式法律制度体系的构建》一文中提出,法律制度的每一次重大修订都是在时代主题与发展趋势的深刻变革下接续创新而成,本次修订是一次根本性、全局性的重大修订,同时也是在推进中国式现代化宏伟历史征途中进行的一次修订。应时代之需,本次修订以深化国有企业改革、持续优化营商环境、加强产权保护、纯化公司治理理念等作为目标,以因应中国式法律体系的建构要求。中国政法大学李建伟教授、郑浩凌在《ESG在中国公司法立法的因应》一文中提出,从现实来看,信息披露是形成ESG投资市场的前提,应区分上市公司与非上市公司,进而构建“强制披露-自愿披露”的差序化披露模式,以更好保护利益相关者;从长远来看,将公司目标范式修正为对可持续性利益的追求,并通过建立ESG委员会、细化董事会职权,进而推动公司治理稳定与可持续发展。西南政法大学汪青松教授在《新公司法立法目的扩展彰显以人为本》一文中提出,新公司法大大扩展了公司法立法目的涵摄范围,可以从“规范”“保护”“完善”“弘扬”“维护”“促进”六个关键词来加以把握,并呈现出严谨有序的逻辑结构。其中规范与保护表达了立法目的的微观层面,完善与弘扬表达了立法目的的中观层面,维护与促进表达了立法目的的宏观层面。北京大学刘凯湘教授在《五年限期认缴制的解释与适用》一文中提出,新修订的公司法对有限公司和股份公司的股东认缴期限分别在不同程度上增加了强制性规定,在适用上,公司和公司债权人才是法定最长认缴期限制度的监督人,企业信用信息公示系统可以作为其辅助制度,向公司和公司债权人等社会公众作出违反法定最长认缴期限制度的警示。中国人民大学叶林教授、张冉在《新公司法下监事会制度的变革与挑战》一文中提出,新公司法采用了“原则上应当设置监事会或监事、在法定例外情形下不设监事会或监事”的崭新立场,出现了董事会审计委员会替代监事会模式、监事和监事会任意设置模式、监事和监事会法定设置模式等多种模式。职工利益保护模式发生了转型,职工民主在形式上失去了职工监事的保护载体,却加强了公司的行为义务,从而创设了一种行为规范和组织规范相结合的新型保护模式。在审计委员会行使监事会职权上,仍需要进行精细化作业。清华大学梁上上教授、袁崇霖在《董事无因解任规则的校准与限制》一文中提出,股东会对于董事的解任权是公司权力坐标系中调节平衡的砝码,真正需要配置它的是公司及其股东,而非立法者。公司法第71条第1款规定的董事无因解任规则依本质应属任意性规范,将其作为默认规则,可以发挥提示投资者的作用,并有利于减少纠纷,维持公司经营稳定。股东通过股东会行使无因解任权,应受到来自公司正义原则的实体和程序限制。南京大学王建文教授、汪辰光在《新公司法背景下未届期股权转让后出资责任的法律适用》一文中提出,对于未届出资期限股权转让后的出资责任承担问题,新公司法第88条第1款规定对认缴制的应用漏洞作出了填补。对于股权转让后出资责任的法律适用,首先应明确保护债权人利益为首要原则,其次应兼顾公司意志与股东私权,再次要在“遵循法的溯及力”与“合理地参照适用新法”之间做好协调,最后要充分发挥股东名册、工商登记的效用。中国政法大学朱晓娟副教授、潘米在《新公司法对少数股东回购请求权的创新评述》一文中提出,2023年修订公司法在规制双控人不当行为和保护中小投资者权益方面迈出了开创性步伐。对于保护少数股东具有重要制度价值的异议股东回购规则,设置三个条文对异议股东回购规则进行了制度重塑,但也在第89条第3款控股股东滥用股东权利规制范围,第89条第1款和第161条第1款规定传统异议股东回购请求权的适用条件等方面存在着不足。

审计管理体制改革与国有企业韧性——基于组建党委审计委员会的准自然实验

基于组建党委审计委员会这一准自然实验,以2007—2022年A股上市公司的经验数据为样本,构建多期DID模型实证检验审计管理体制改革对国有企业韧性的影响效应。研究结果表明,以组建党委审计委员会为重要举措的审计管理体制改革显著提高了国有企业韧性。影响机制检验发现,审计管理体制改革可以通过提高国家审计质量和国有企业劳动生产率、降低国有企业风险承担水平等路径提升国有企业韧性。调节效应检验发现,宏观层面的地区经济发展水平和创新能力以及微观层面的企业数字化转型和资源配置效率能够显著增强审计管理体制改革对国有企业韧性的促进效应。研究结论对于厘清组建党委审计委员会的微观治理效应、激发国有企业审计监督效能、提高国有企业韧性具有重要启示意义。

审计委员会环保背景与企业绿色转型

以审计委员会环保背景为研究视角,基于2007-2022年我国A股上市公司数据,实证检验审计委员会环保背景对企业绿色转型的影响。研究发现:审计委员会环保背景对企业绿色转型有显著促进作用。机制检验表明,审计委员会环保背景通过获取绿色转型资源、提升管理层转型意愿和提高内部控制质量,促进企业绿色转型。异质性分析表明,审计委员会环保背景对企业绿色转型的促进作用,在高科技企业、非重污染企业和信息环境差的企业更显著。经济后果检验表明,企业绿色转型显著改善了企业财务绩效和环境绩效。研究结论为发挥审计委员会绿色治理作用,驱动企业绿色转型,促进双碳目标的实现提供了理论依据和经验证据。

审计委员会与注册会计师的沟通——基于中国证券市场首次强制披露的描述及其含义

基于中国证券市场在2007年年度报告中首次公开披露的审计委员会履职信息,本文考察了审计委员会与注册会计师的沟通过程、方式和内容,初步探究了审计委员会发挥公司治理功效的可能机制。我们发现:审计委员会投入的审阅时间普遍很少;审计委员会与注册会计师的沟通方式普遍单一,且以函件方式为主,沟通内容以程序化内容为主,具体内容或实质性内容的沟通较少;公司披露的审计委员会与注册会计师的沟通方式和内容信息的可靠性值得商榷;用以反映审计委员会宏观特征的变量(诸如规模、独立性、会计与财务专长)是否能有效反映审计委员会的治理职能,值得商榷。

审计委员会特征与会计师事务所变更的经验研究

本文以会计师事务所变更为视角,探讨具备怎样特征的审计委员会才能有效履行其职责。研究表明:审计委员会的独立性和专业性与会计师事务所变更显著负相关;审计委员会的开会次数与会计师事务所变更没有显著关系,说明审计委员会的存在有助于减少会计师事务所变更。但在对会计师事务所变更的进一步研究中,我们并没有发现会计师事务所变是为了追求更高审计质量的进一步证据,也说明审计委员会对会计师事务所变更的影响仍然有限。这些研究结论为完善我国审计委员会制度提供了经验证据。

审计委员会与信息披露质量:来自中国上市公司的经验证据

本文选择深交所信息披露考评结果与证券分析师盈余预测精度作为上市公司信息披露质量的衡量指标,使用2006年深市上市公司的相关数据,实证检验了审计委员会与上市公司信息披露质量之间的关系。研究发现,与未设置审计委员会的上市公司相比,设立审计委员会的上市公司具有更高的信息披露质量,审计委员会的独立性对提高上市公司信息披露质量有着积极的促进作用。本文的政策含义是,在进一步完善资本市场的过程中应重视上市公司审计委员会建设。