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英美两国的内部控制信息披露制度演变的对比分析
InternalControlDisclosureSystemsintheUSandUK:
ComparativeEvolutionandAnalysis
Introduction
Internalcontrolisessentialforanyorganizationorcompanytofunctionproperlyandmitigateoperationalrisk,especiallyinthewakeofcorporatescandalssuchasEnron,WorldCom,andAirAsia.Toeasetheconcernsofinvestorsandregulators,companiesmustdisclosetheirinternalcontrolinformationtoprovethattheyareincompliancewithaccountingregulationsandtodemonstratetheircommitmenttogoodcorporategovernance.Inthispaper,wewillcomparetheinternalcontroldisclosuresystemsintheUSandUKandanalyzetheirevolutionovertime.
USInternalControlDisclosureSystem
TheUShasbeenaleaderinpromotinginternalcontroldisclosureforpubliclytradedcompanies.In2002,followingthedevastatingEnronandWorldComscandals,theUSCongresspassedtheSarbanes-OxleyAct,whichresultedinthecreationofthePublicCompanyAccountingOversightBoard(PCAOB).ThePCAOBisresponsibleforoverseeingpubliccompanyauditorsandimplementingSection404oftheSarbanes-OxleyAct,whichrequirescompaniestoevaluateanddisclosetheirinternalcontrolsystem'seffectiveness.
Section404requirescompaniestoprovidetransparencyandassuranceregardingtheirinternalcontrolprocesses,whichisreflectedintheirannualauditedfinancialstatements.Theguidelinesrequirethecompanytoevaluateanddocumenttheeffectivenessofitsinternalcontrolsystem,includingfinancialreporting,andattesttotheaccuracyofthefinancialstatements.Theauditormustreviewthecompany'scontrolsystemandprovidetheiropiniononitseffectiveness.
TheUSRegulationofInternalControlDisclosureSystemhasundergoneseveralchangesovertimesincetheimplementationofSection404.In2007,thePCAOBrevisedtheauditingstandardstoreducethecostsassociatedwithSection404compliance.Thisrevisionprovidedexemptionsforcompanieswithmarketcapitalizationsunder$75millionandexpandedtheallowanceofusingmanagement'sassessmentofinternalcontrols'effectiveness.Furthermore,in2010,theDodd-FrankWallStreetReformandConsumerProtectionActextendedPCAOB'soversighttoallRegisteredPublicAccountingFirms.
UKIntern