審計的內(nèi)部控制意見他們會影響投資判斷嗎？【外文翻譯】

1、0外文翻譯Auditsinternalcontrolopinions:dotheyinfluencejudgmentsaboutinvestmentsMaterialSource:ManagerialAuditingJournalAuth:ArnoldSchneiderNopristudieshaveexaminedtheeffectsofauditsinternalcontrolopinionsonindividualsinvestm

2、entdecisionsintentionstoinvest.Variousstudieshaveinvestigatedissuesinvolvingtheeffectsofinternalcontrolreptsonlenderssecuritiesmarkets.Thesebodiesofresearcharediscussednext.Onestudyhasexaminedtheeffectsofauditsinternalco

3、ntrolopinionsonlendingdecisions.InanexperimentwithloanofficersSchneiderChurch(2008)foundthatlendersassessmentsoftheriskofextendingalineofcredittheprobabilityofextendingthelineofcreditarenegativelyaffectedwhenthecompanyre

4、ceivesanadverseinternalcontrolopinionascomparedtoanunqualifiedone.Agrowingbodyofresearchhasbeeninvestigatingtheeffectsofinternalcontrolreptsinequitymarkets.Whisenantetal.(2003)examinedtheinfmationcontentofreptableeventsc

5、ommunicatedbyauditsinFm8Kfilingsincludingthoseidentifyinginternalcontrolweaknesses.Whiletheresultsrevealedthatdisclosuresaboutfinancialstatementreliabilityissueshaveinfmationcontent(i.e.negativestockpricereaction)disclos

6、uresofonlyinternalcontrolweaknessesdonot.AshbaughSkaifeetal.(2007)alsofoundnoevidenceofadversemarketpricereactionsassociatedwithinternalcontrolweaknessdisclosures.IncontrastdeFrancoetal.(2005)providedevidencethatcumulati

7、vesizeadjustedabnmalreturnsdecreasedduringathreedayeventwindowfcompaniesthatreptinternalcontroldeficiencies.SimilarlyChengetal.(2007)foundthatcompaniesannouncingmaterialweaknessessufferedsignificantnegativecumulativeabnm

8、alreturnsoverashtperiodsurroundingtheannouncementdate.AlsoastudybyIrving(2006)revealedthatstockreturnvolatilitytradingvolumeexhibitedalargereventperiodreactiontofirmsinitialmaterialweaknessdisclosuresrelativetoanadjacent

9、noneventperiodtoamatchedsampleofcontrolfirms.AdditionallyHammersleyetal.(2008)documentasignificantnegativestockpricereactiontothedisclosureofthemostsevereinternalcontrolweaknesses.KimPark(2006)foundthatwhenacompanydisclo

10、sesitsinternalcontroldeficienciesitsabnmal2HypothesesThisstudytestswhethertheauditsinternalcontrolopinionhasinfmationcontentfinvests.Sinceauditsprovideopinionsonthefinancialstatementsitisarguableastowhetheranauditopinion

11、oninternalcontrolsprovidesadditionalusefulinfmationtoinvests.Theassurancethataccompaniestheauditsopiniononfinancialstatementsmayverywellnotbeaffectedbytheopiniononinternalcontrols.Afinancialstatementauditprovidesreasonab

12、leassuranceaboutthefairnessoffinancialstatementsregardlessoftheauditsopiniononinternalcontrols.Henceitcouldbearguedthatinvestsmaydisregardinternalcontrolopinionsjustfocusontheauditsopiniononthefinancialstatements.Alterna

13、tivelythepresenceofinternalcontrolweaknessesalongwiththeauditsattestationofsuchweaknessesmaycreateconcernsaboutthereliabilityofthefinancialstatementsthecompanysunderlyingfutureoperationstherebyincreasinginvestsuncertaint

14、yaboutthecompany.Thismaycauseinveststodiscountthelevelofassuranceassociatedwithauditedfinancialstatements.Consistentwiththisassertionmostoftheresearchresultsdiscussedabovesuggestthatinternalcontroldisclosuresaffectinvest

15、sperceptionsofearningsquality.Evenifinternalcontrolreptsdonotaffectperceptionsaboutthereliabilityofthecurrentfinancialstatementstheymaysendasignalaboutthereliabilityoffuturefinancialstatements.Additionalevidencesuggestst

16、hatfinancialstatementuserswillconsiderinternalcontrolreptsintheirdecisionmaking.Mostofthestudiesreviewedaboverelatingtothestockmarketsreactiontointernalcontroldisclosuresfoundadversereactions.InthecreditarenaMoodysInvest

17、Services(2006)inidicatesthatthedisclosureofmaterialweaknessescanaffectdebtratings.IntheonlystudytoexaminelendingdecisionsSchneiderChurch(2008)foundthatlendersdecisionsarenegativelyimpactedbyadverseinternalcontrolopinions

18、ascomparedtounqualifiedones.Inthecurrentstudyinvestsareexpectedtoconsiderinternalcontrolreptsinassessinganinvestment.Theinvestsmayreactdifferentlytoanadverseopiniononinternalcontrols(i.e.atleastonematerialweaknessexists)

19、ascomparedtoanunqualifiedopinion(i.e.internalcontrolsareeffective).Adverseopinionsoninternalcontrolsintroduceconcernsastothereliabilityoffinancialdataincreasetheuncertaintyassociatedwithcompanywhichimpactsthedesirability