萨班斯-奥克斯利法案下当前对财务报告内部控制的问题研究【外文翻译】.doc

外文翻译 原文 Current Research Questions on Internal Control over Financial Reporting Under Sarbanes-OxleyMaterial Source: Lessons for Auditors Author: Jian Zhang and Kurt Pany The Sarbanes-Oxley Act (SOX) of 2002’s requirements regarding internal control over financial reporting requirements for management and auditors have had a profound effect on both public companies and public accounting firms. While SOX has resulted in the public disclosure of numerous internal control deficiencies, the cost of compliance has also been widely questioned. Attempts to better understand the law’s overall effect have resulted in copious amounts of research. What follows is a brief summary of certain recent research findings that relate directly to the audit of internal control over financial reporting. Only limited references to the studies discussed are provided below; the Sidebar provides a more detailed list of references. Certain topics that the authors subjectively feel to be of lesser interest (e.g., the relationship of internal control reporting to a lower cost of capital; changes in investors’ wealth and wealth redistribution; and material weakness disclosure related to the quality of accounting accruals) were not included. Background In response to the high-profile business failures at Enron and WorldCom, in July 2002 Congress passed SOX. The law’s aim was to reinforce investor confidence and protect investors by improving the accuracy and reliability of corporate disclosures. SOX introduced challenging internal control performance and reporting requirements under its section 302 and section 404. SOX section 302 requires the principal executive officer and the principal financial officer to certify and sign annual and quarterly reports submitted to the SEC, including certifying that those officers are responsible for establishing and maintaining internal controls. SOX section 404 requires that annual reports filed by registrants include an assessment of the effective