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Internal audit function quality and financial reporting: results of a survey on German listed companies

机译:内部审计职能质量和财务报告:对德国上市公司的调查结果

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摘要

Most prior studies on internal audit function (IAF) quality and financial reporting have focused on the US setting and have found a positive association between IAF quality proxies and both financial reporting quality and audit efficiency. In this study, we apply the German setting that is characterized by a two-tier board system of corporate governance and different prerequisites for the serving-two-masters problem. This might weaken the IAF's ability to monitor financial reporting-related processes. To analyze this, we use survey data to measure IAF quality in the German setting and run multiple regressions to examine the association of several IAF quality characteristics and a self-developed IAF quality score with financial reporting quality and audit efficiency. The results show that also in a two-tier system, a high-quality IAF is able to contribute to both financial reporting quality and audit efficiency. Our findings support the notion that the IAF serves as an essential element of effective corporate governance and plays an important role in financial reporting. Moreover, as a practical implication of interest to regulators and managers, we identify that the external certification of the IAF and internal audit-related certifications of IAF employees may contribute to higher financial reporting quality and lower audit fees.
机译:先前有关内部审计职能(IAF)质量和财务报告的大多数研究都集中在美国,并且发现IAF质量代理与财务报告质量和审计效率之间存在正相关关系。在这项研究中,我们采用德国环境,该环境的特征是公司治理的两层董事会制度以及“两人制”问题的不同先决条件。这可能会削弱IAF监控与财务报告相关的流程的能力。为了对此进行分析,我们使用调查数据来衡量德国环境中的IAF质量,并进行多元回归以检验多个IAF质量特征和自行开发的IAF质量得分与财务报告质量和审计效率之间的关联。结果表明,在两层系统中,高质量的IAF还能为财务报告质量和审计效率做出贡献。我们的发现支持以下观点:IAF是有效公司治理的重要要素,并且在财务报告中起着重要作用。此外,作为对监管机构和管理人员的实际影响,我们确定IAF的外部认证和IAF员工的内部审计相关认证可能有助于提高财务报告质量和降低审计费用。

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