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Audit Committee Quality and Internal Control: An Empirical Analysis

The Accounting review, 2005-04, Vol.80 (2), p.649-675 [Peer Reviewed Journal]

Copyright 2005 American Accounting Association ;Copyright American Accounting Association Apr 2005 ;ISSN: 0001-4826 ;EISSN: 1558-7967 ;DOI: 10.2308/accr.2005.80.2.649 ;CODEN: ACRVAS

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  • Title:
    Audit Committee Quality and Internal Control: An Empirical Analysis
  • Author: Krishnan, Jayanthi
  • Subjects: Audit committees ; Auditing ; Audits ; Business accounting ; Business structures ; Business studies ; Data analysis ; Empirical research ; Financial audits ; Financial management ; Financial reporting ; Fraud ; Internal audits ; Internal controls ; Management audits ; Organizational structure ; P values ; Quality of work ; Quality standards ; Regression analysis ; Studies ; U.S.A
  • Is Part Of: The Accounting review, 2005-04, Vol.80 (2), p.649-675
  • Description: I examine the association between audit committee quality and the quality of corporate internal control. While information on the quality of internal control is not generally available, companies changing auditors are required to disclose any internal control problems that were pointed out by their predecessor auditors. The empirical results are based on a comparison of companies disclosing such internal control problems with a control sample of companies changing auditors but not disclosing internal control problems. Audit committee quality is measured in three dimensions: its size, its independence, and its expertise. The internal control problems are observed at two levels of increasing seriousness: reportable conditions and material weaknesses. The sample time period precedes the effective dates of recent policy changes regarding audit committees. The results indicate that independent audit committees and audit committees with financial expertise are significantly less likely to be associated with the incidence of internal control problems. This is true for both levels of internal control problems. The results are consistent with recent policy emphasis on audit committee independence and expertise.
  • Publisher: Sarasota: American Accounting Association
  • Language: English
  • Identifier: ISSN: 0001-4826
    EISSN: 1558-7967
    DOI: 10.2308/accr.2005.80.2.649
    CODEN: ACRVAS
  • Source: ProQuest Central
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