题名

審計委員會特性對內部控制暨實質盈餘管理之影響

并列篇名

The Impacts of Audit Committee Characteristics on Internal Control and Real Earnings Management

作者

蔡京姐(Ching-Chieh Tsai)；劉若蘭(Jo-Lan Liu)；蘇誌翔(Jhih-Siang Su)

关键词

審計委員會品質 ； 內部控制品質 ； 實質盈餘管理 ； Audit Committee Quality ； Internal Control Quality ； Real Earnings Management ； Corresponding Author

期刊名称

會計學報

卷期/出版年月

8卷2期（2021 / 11 / 01）

页次

1 - 34

内容语文

繁體中文
中文摘要

本研究目的主要在探討企業自願性設置審計委員會及其內部組成品質與首次公開發行（Initial Public Offerings; IPOs）以及現金增資發行（Seasoned Equity Offerings; SEOs）公司的內部控制品質之關聯性，以及對實質盈餘管理的影響。實證結果發現，審計委員會整體品質愈佳，公司發生內部控制缺失的機會愈低，亦即內部控制品質較佳。公司內部控制品質愈佳，實質盈餘管理程度愈低。在內部控制良好的情況下，審計委員會品質愈佳，對盈餘品質的監督能力也愈強，但是，卻也提高了管理當局進行實質盈餘管理的誘因，進而推升了公司實質盈餘管理的程度。
英文摘要

The objective of this study is to examine the quality of audit committee whose firms voluntarily establish and the effects of audit committee on internal control quality (hereafter ICQ), real earnings management of Taiwanese Initial Public Offerings (hereafter IPOs), and Seasoned Equity Offerings (hereafter SEOs) firms. The empirical results reveal that firms with better audit committee quality have higher ICQ and thus are less likely to have internal control weaknesses. Firms with higher ICQ are associated with lower levels of real earnings management. Under the condition that internal controls are effective, firms with better audit committee characteristics demonstrate more effective supervisory capability on earnings quality. However, an effective audit committee also increases incentives to the top management to manipulate earnings through real earnings management and thereby increases the degree of real earnings management of the firms.
主题分类 社會科學 > 財金及會計學
参考文献
  1. 吳東憲,蕭子誼,曾彩薇(2016)。內部控制缺失對經營績效之影響：以公司治理為調節效果。會計與公司治理，11(1)，1-25。
    連結：
  2. 李建然,廖秀梅,張卉諭(2016)。審計委員會設置及其品質對公司價值的影響。中華會計學刊，12(2)，231-265。
    連結：
  3. 李建然,廖秀梅,蔡佳育(2016)。上市櫃公司自願設置審計委員會及審計委員會品質之決定因素。當代會計，17(1)，1-34。
    連結：
  4. 翁慈青,陳光政,游智翔(2016)。公司創新活動對董事會成員職能與政治關係之影響。會計學報，6(2)，55-89。
    連結：
  5. 許文馨(2014)。審計委員會是否較監察人更能提升盈餘品質。臺大管理論叢，2(S1)，61-90。
    連結：
  6. 許文馨(2014)。審計委員會是否較監察人更能提升盈餘品質。臺大管理論叢，2(S1)，61-90。
    連結：
  7. 曾乾豪,王雅青,王怡心,薛敏正(2015)。內部控制缺失與財務報表品質間之關聯性-來自新上市公司的證據。管理與系統，23(3)，303-337。
    連結：
  8. 葉銀華與林志豪(2014)。上市櫃公司要設置審計委員會？審計委員會與盈餘管理之研究。輔仁管理評論，21(3)，1-22。
    連結：
  9. 劉若蘭,李旻育(2017)。董事會政治關聯、客戶重要性對財務報導舞弊之影響。中山管理評論，25(2)，337-368。
    連結：
  10. 戴怡蕙(2015)。限制員工權利新股、董事委員會與實質盈餘管理：以台灣上市櫃公司為例。當代會計，16(1)，1-31。
    連結：
  11. Abdul-Manaf, K. B.,Ishak, R.,Amran, N. A.(2019).Real earnings management and audit committee characteristics.UNIMAS Review of Accounting and Finance,2(1),1-8.
  12. Abernathy, J. L.,Beyer, B.,Masli, A.,Stefaniak, C.(2014).The association between characteristics of audit committee accounting experts, audit committee chairs, and financial reporting timeliness.Advances in Accounting, incorporating Advances in International Accounting,30(2),283-297.
  13. Amoah, N. Y.,Anderson, A.,Bonaparte, I.,Tang, A. P.(2017).Internal Control Material Weakness and Real Earnings Management.Advances in Public Interest Accounting,20,1-21.
  14. Ashbaugh-Skaife, H.,Collins, D. W.,Kinney, W. R.(2007).The discovery and reporting of internal control deficiencies prior to SOX-mandated audits.Journal of Accounting & Economics,44(1/2),166-192.
  15. Ashbaugh-Skaife, H.,Collins, D. W.,Kinney, W. R.,LaFond, R.(2008).The effect of SOX internal control deficiencies and their remediation on accrual quality.The Accounting Review,83(1),217-250.
  16. Ashbaugh-Skaife, H.,Collins, D. W.,Kinney, W. R.,LaFond, R.(2009).The effect of SOX internal control deficiencies on firm risk and cost of equity.Journal of Accounting Research,47(1),1-43.
  17. Balsam, S.,Jiang, W.,Lu, B.(2014).Equity incentives and internal control weaknesses.Contemporary Accounting Research,31(1),178-201.
  18. Baxter, P.(2010).Factors associated with the quality of audit committees.Pacific Accounting Review,22(1),57-74.
  19. Bédard, J.,Chtourou, S. M.,Courteau, L.(2004).The effect of audit committee expertise, independence, and activity on aggressive earnings management.Auditing: A Journal of Practice & Theory,23(2),13-35.
  20. Bédard, J.,Gendron, Y.(2010).Strengthening the financial reporting system: Can audit committees deliver?.International Journal of Auditing,14(2),174-210.
  21. Beneish, M. D.,Billings, M. B.,Hodder, L. D.(2008).Internal control weaknesses and information uncertainty.The Accounting Review,83(3),665-703.
  22. Bradbury, M. E.(1990).The incentives for voluntary audit committee formation.Journal of Accounting and Public Policy,9(1),19-36.
  23. Cai, C. X.,Hillier, D.,Tian, G.,Wu, Q.(2015).Do audit committees reduce the agency costs of ownership structure?.Pacific-Basin Finance Journal,35(A),225-240.
  24. Carson, E.(2002).Factors associated with the development of board sub-committees.Corporate Governance: An International Review,10(1),4-18.
  25. Chalmers, K.,Hay, D.,Khlif, H.(2019).Internal control in accounting research: A review.Journal of Accounting Literature,42(1),80-103.
  26. Chau, G.,Leung, P.(2006).The impact of board composition and family ownership on audit committee formation: Evidence from Hong Kong.Journal of International Accounting, Auditing and Taxation,15(1),1-15.
  27. Chen, G.,Firth, M.,Gao, D. N.,Rui, O. M.(2006).Ownership structure, corporate governance, and fraud: Evidence from China.Journal of Corporate Finance,12(3),424-448.
  28. Chen, J.,Duh, R.-R.,Hsu, A. W.-H.,Pan, C.-M.(2015).Can Anglo-Saxon audit committee scheme improve earnings quality in non-Anglo-Saxon environments?.Journal of Contemporary Accounting & Economics,11(1),61-74.
  29. Chen, Y.,Eshleman, J. D.,Soileau, S.(2016).Board gender diversity and internal control weaknesses.Advances in Accounting, Incorporating Advances in International Accounting,33,11-19.
  30. Chen, Y.,Knechel, W. R.,Marisetty, V. B.,Truong, C.,Veeraraghavan, M.(2017).Board independence and internal control weakness: Evidence from SOX 404 disclosures.Auditing: A Journal of Practice & Theory,36(2),45-62.
  31. Chi, W.,Lisic, L.,Pevzner, M.(2011).Is enhanced audit quality associated with greater real earnings management?.Accounting Horizons,25(2),315-335.
  32. Chidambaran, N. K.,Prabhala, N. R.(2003).Executive stock option repricing, internal governance mechanisms, and management turnover.Journal of Financial Economics,69,153-189.
  33. Cohen, D. A.,Dey, A.,Lys, T. Z.(2008).Real and accrual-based earnings management in the pre- and post-Sarbanes-Oxley periods.The Accounting Review,83(3),757-787.
  34. Cotei, C.,Farhat, J.(2011).An application of the two-stage bivariate probit-tobit model to corporate financing decisions.Review of Quantitative Finance Accounting,37,363-380.
  35. Cullinan, C. P.,Du, H.,Jiang, W.(2010).Is compensating audit committee members with stock options associated with the likelihood of internal control weaknesses?.International Journal of Auditing,14,256-273.
  36. Dechow, P. M.,Kothari, S. P.,Watts, R. L.(1998).The relation between earnings and cash flows.Journal of Accounting and Economics,25(1),133-168.
  37. DeFond, M. L.,Hann, R. N.,Hu, X.(2005).Does the market value financial expertise on audit committees of boards of directors?.Journal of Accounting Research,43(2),153-193.
  38. DeFond, M. L.,Park, C. W.(1997).Smoothing income in anticipation of future earnings.Journal of Accounting and Economics,23(2),115-139.
  39. Deli, D. N.,Gillan, S. L.(2000).On the demand for independent and active audit committees.Journal of Corporate Finance,6(4),427-445.
  40. DeZoort, F. T.,Hermanson, D. R.,Archambeault, D. S.,Reed, S. A.(2002).Audit committee effectiveness: A synthesis of the empirical audit committee literature.Journal of Accounting Literature,21,38-75.
  41. Dhaliwal, D.,Naiker, V.,Navissi, F.(2010).The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees.Contemporary Accounting Research,27(3),787-827.
  42. Doyle, J. T.,Ge, W.,McVay, S.(2007).Accruals quality and internal control over financial reporting.The Accounting Review,82(5),1141-1170.
  43. Doyle, J. T.,Ge, W.,McVay, S.(2007).Determinants of weaknesses in internal control over financial reporting.Journal of Accounting and Economics,44(1-2),193-223.
  44. El Mahdy, D. F., J. Hao, and Y. 2019. Audit committee financial expertise and information asymmetry. Working paper. Available at SSRN: https://ssrn.com/abstract=3423298.
  45. Ge, W.,McVay, S.(2005).The disclosure of material weaknesses in internal control after the Sarbanes-Oxley Act.Accounting Horizons,19(3),137-158.
  46. Ge. W.,Kim, J.-B.(2014).Boards, takeover protection, and real earnings management.Review of Quantitative Finance and Accounting,43(4),651-682.
  47. Goh, B. W.(2009).Audit committees, boards of directors, and remediation of material weakness in internal control.Contemporary Accounting Research,26(2),549-579.
  48. Graham, J. R.,Harvey, C. R.,Rajgopal, S.(2005).The economic implications of corporate financial reporting.Journal of Accounting and Economics,40(1),3-73.
  49. Groff, M. Z.,Valentinčič, A.(2011).Determinants of voluntary audit committee formation in a two-tier board system of a post-transitional economy: The case of Slovenia.Accounting in Europe,8(2),235-256.
  50. Gunny, K. A.(2010).The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmarks.Contemporary Accounting Research,27(3),855-888.
  51. Gupta, P. P.,Sami, H.,Zhou, H.(2018).Do companies with effective internal controls over financial reporting benefit from Sarbanes-Oxley section 302 and 404?.Journal of Accounting, Auditing & Finance,32(2),200-227.
  52. Hammersley, J. S.,Myers, L. A.,Shakespeare, C.(2008).Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under section 302 of the Sarbanes Oxley Act of 2002.Review of Accounting Studies,13(1),141-165.
  53. Hassan, Y. M.,Hijazi, R. H.(2015).Determinants of the voluntary formation of a company audit committee: Evidence from Palestine.Asian Academy of Management Journal of Accounting & Finance,11(1),27-46.
  54. Hoitash, U.,Hoitash, R.,Bedard, J. C.(2009).Corporate governance and internal control over financial reporting: A comparison of regulatory regimes.The Accounting Review,84(3),839-867.
  55. Järvinen, T.,Myllymäki, E.-M.(2016).Real earnings management before and after reorting SOX 404 Material Weaknesses.Accounting Horizons,30(1),119-141.
  56. Ji, X.-D.,Lu, W.,Qu, W.(2017).Voluntary disclosure of internal control weakness and earnings quality: Evidence from China.The International Journal of Accounting,52(1),27-44.
  57. Jiraporn, P.,Davidson, W. N.,DaDalt, P.,Ning, Y.(2009).Too busy to show up? An analysis of directors’ absences.The Quarterly Review of Economics and Finance,49(3),1159-1171.
  58. Kam C. C.,Farrell, B.,Lee, P.(2008).Earnings management of firms reporting material internal control weaknesses under Section 404 of the Sarbanes-Oxley Act.Auditing: A Journal of Practice and Theory,27(2),61-179.
  59. Kim, B., L. L. Lisic, and M. Pevzner. 2010. Debt covenant slacks and real earnings management. Working paper, George Mason University.
  60. Krishnan, G. V.,Visvanathan, G.(2007).Reporting internal control deficiencies in the Post-Sarbanes-Oxley Era: The role of auditors and corporate governance.International Journal of Auditing,11(2),73-90.
  61. Krishnan, J.(2005).Audit committee quality and internal control: An empirical analysis.The Accounting Review,80(2),649-675.
  62. Lee, J.,Cho, E.,Choi, J.(2016).The effect of internal control weakness on investment efficiency.The Journal of Applied Business Research,32(3),649-661.
  63. Lenard, M. J.,Petruska, K. A.,Alam, P.,Yu, B.(2016).Internal control weaknesses and evidence of real activities manipulation.Advances in Accounting, incorporating Advances in International Accounting
  64. Lisic, L. L.,Myer, L. A.,Seidel, T. A.,Zhou, J.(2019).Does audit committee accounting expertise help to promote audit quality? Evidence from auditor reporting of internal control weaknesses.Contemporary Accounting Research,36(4),2521-2553.
  65. Lisic, L. L.,Neal, T. L.,Zhang, I. X.,Zhang, Y.(2016).CEOpower, internal control quality, and audit committee effectiveness in substance versus in form.Contemporary Accounting Research,33(3),1199-1237.
  66. Liu, J.-L.,Tsai, C.-C.,Su, J.-S.,Huang, Y.-P.(2017).Audit committee adoption and effectiveness on internal control weaknesses. 2017.Journal of Economics, Business and Management,5(7),261-265.
  67. Menon, K.,Williams, D.(1994).The use of audit committee for monitoring.Journal of Accounting and Public Policy,13(2),121-139.
  68. Ogneva, M.,Subramanyam, K. R.,Raghunandan, K.(2007).Internal control weakness and cost of equity: Evidence from SOX section 404 disclosures.The Accounting Review,82(5),1255-1297.
  69. Paletta, A.,Alimehmeti, G.(2018).SOX disclosure and the effect of internal controls on executive compensation.Journal of Accounting, Auditing & Finance,32(2),277-295.
  70. Pincus, K.,Rusbarsky, M.,Wong, J.(1989).Voluntary formation of corporate audit committees among NASDAQ firms.Journal of Accounting and PublicPolicy,8(4),239-265.
  71. Piot, C.(2004).The existence and independence of audit committees in France.Accounting and Business Research,34(3),223-246.
  72. Roychowdhury, S.(2006).Earnings management through real activities manipulation.Journal of Accounting and Economics,42(3),335-370.
  73. Samaha, K.,Khlif, J.,Hussainey, K.(2015).The impact of board and audit committee characteristics on voluntary disclosure: A meta-analysis.Journalof International Accounting, and Taxation,24,13-28.
  74. Sharma, V. D.,Iselin, E. R.(2012).The association between audit committee multiple-directorships, tenure, and financial misstatements.Auditing A Journal of Practice and Theory,31(3),149-175.
  75. Sitanggang, R. P.,Karbhari, Y.,Matemilola, B. T.,Ariff, M.(2020).Audit quality and real earnings management: evidence from the UK manufacturing sector.International Journal of Managerial Finance,16(2),165-181.
  76. Skinner, D. J.,Sloan, R. G.(2002).Earnings surprises, growth expectations and stock returns or Don’t let an earnings torpedo sink your portfolio.Review of Accounting Studies,72(2),289-312.
  77. Sun, J.,Lan, G.,Liu, G.(2014).Independent audit committee characteristics and real earnings management.Managerial Auditing Journal,29(2),153-172.
  78. Susanto, Y. K.,Pradipta, A.(2016).Corporate governance and real earnings management.International Journal of Business, Economics and Law,9(1),17-22.
  79. Tang, A. P.,Xu, L.(2010).Institutional ownership and internal control weakness.Quarterly Journal of Finance & Accounting,49(2),93-117.
  80. Turley, S.,Zaman, M.(2004).The corporate governance effects of audit committees.Journal of Management and Governance,8(3),305-332.
  81. Wang, T. Y. 2004. Investment, shareholder monitoring and the economics of corporate securities fraud. Working Paper, University of Maryland.
  82. Willekens, M.,Bauwhede, H. V.,Gaeremynck, A.(2004).Voluntary audit committee formation and practices among Belgian listed companies.International Journal of Auditing,8(3),207-222.
  83. Wu, H.,Patel, C.,Perera, H.(2015).Implementation of “audit committee” and “independent director” for financial reporting in China.Advances in Accounting, incorporating Advances in International Accounting,31(2),247-262.
  84. Zhang, Y.,Zhou, J.,Zhou, N.(2007).Audit committee quality, auditor independence, and internal control weaknesses.Journal of Accounting and Public Policy,26(3),300-327.
  85. 工商時報，2019，〈審計委員會 2022 年設置完成〉，取自：https://www.chinatimes.com/newspapers/20190307000468-260206?chdtv
  86. 李合龍,戴凱平(2014)。審計委員會特性與企業價值之關聯性。商業現代化學刊，7(4)，319-336。
  87. 李秀玲(2011)。淺談審計委員會之設置。證券暨期貨月刊，29(6)，26-36。
  88. 康榮寶(1994)。財務報表與資訊仲介。會計研究月刊，116，95-98。
  89. 陳耀宗(2018).審計學-國際審計與確信準則為架構.滄海書局.
  90. 劉若蘭,劉政淮,游博凱(2016)。審計委員會對公司績效與資訊揭露品質之影響。評價學報，10，1-30。
print cancel