Economic Transition, Firm Organization, and Internal Control Determinants of Audit Structure in Russian firms

Ichiro Iwasaki, 一郎 岩﨑 and イチロウ イワサキ

No 27, RRC Working Paper Series from Russian Research Center, Institute of Economic Research, Hitotsubashi University

Abstract: With a unique dataset of joint-stock companies, this paper aims to thoroughly describe the corporate audit structure in transition Russia and empirically analyze its determinants. When compared to the international standard, Russian firms have a weak audit structure in terms of the independence and expertise of the board of auditors and the accounting auditor. We found that board composition, affiliation with a business group, and presence of foreign investors are the most important factors determining the audit structure of Russian firms. The scope of the impact of these three factors, however, differed considerably with each other. We also found that government ownership, company size, fund procurement activities, and overseas advancement also have statistically significant impacts on the corporate audit structure in Russia.

Keywords: audit structure; board composition; business integration; foreign investment; economic transition; Russia (search for similar items in EconPapers)
JEL-codes: G34 K22 L22 M42 P31 P34 (search for similar items in EconPapers)
Date: 2010-09
New Economics Papers: this item is included in nep-acc, nep-cfn, nep-cis, nep-cwa and nep-tra
Note: This paper is the product of a Japan-Russia joint research project entitled “Corporate Governance and Integration Processes in the Russian Economy” launched by the Institute of Economic Research, Hitotsubashi University (Tokyo), and the Institute for Industrial and Market Studies, State University - Higher School of Economics (Moscow).
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Citations: View citations in EconPapers (3)

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