Internal control in accounting research: A review

Keryn Chalmers, David Hay and Hichem Khlif

Journal of Accounting Literature, 2019, vol. 42, issue C, 80-103

Abstract: In 2001, the US moved to regulate internal control reporting by management and auditors. While some jurisdictions have followed the lead of the US, many others have not. An important question, therefore, is the relevance of internal control to stakeholders. The more specific issue of the benefits of US-style regulation of internal control reporting is also topical. We review studies on the determinants of internal control quality and its economic consequences for stakeholders including investors, creditors, managers, auditors and financial analysts. We extend previous reviews by focusing on US studies published since 2013 as well as all non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. In doing so, we identify research questions where evidence remains mixed and new directions in which there are research opportunities.

Keywords: Internal control; Corporate governance; Systematic review; Cost of finance; Earnings quality; External audit (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (18)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joacli:v:42:y:2019:i:c:p:80-103

DOI: 10.1016/j.acclit.2018.03.002

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