用內部控制的披露作為一種代理機制【外文翻譯】

1、外文翻譯原文：DisclosureonInternalControlSystemsasaSubstituteofAlternativeGovernanceMechanismsAccdingtocpategovernanceliteraturethemaininternalmonitingmechanismsaretheboardofdirectstheownershipstructureofthefirmtheinternalcontr

2、olsystem(Gillan2006).InparticularICSsplayacentralroleintheprotectionofinvests’interestsbothassuringthereliabilityoffinancialreptingpromotingthetimelyidentificationassessmentmanagementofrelevantrisksthatencumberuponthebus

3、iness.ThecentralityofICSincpategovernancehasbeenwidelyrecognizedbythevastmajityofcodesofbestpractice.Indertoexpresstheirconcernspricetheirclaimsinvestsneedtogetinfmationonthedesignfunctioningofmonitingmechanisms.Inthecas

4、esofmechanismsliketheownershipstructuretheboardofdirectsinfmationconcerningstructurecompositiontypecompositionofcommitteesinplacenumberofmeetingssoonispubliclyavailable.InsomeothercasestheenfcementofreptingonICSweaknesse

5、smaterialdeficiencies–likethoserequiredbytheSOXprovideinvestswithrelevantinfmationaboutpossiblegapsinthefunctioningoftheICS(Leone2007).NeverthelessspecificinfmationontheacteristicsoftheICSisindeedmedifficultexpensivetoga

6、therbecauseICSsarecomplexsetsofactivitiesprocessescarriedoutinternallytothefirm(DeumesKnechel2008Bronsonetal.2006).IndeedwhilecpategovernancebestpracticesrequiretodiscloseinfmationontheICStheydonotprovideinstructiononthe

7、narrativecontentsofICSdisclosure.TherefeinvestsareunlikelytobeinfmedaboutthenatureextentprocessesqualityofinternalcontrolsunlessdisclosureontheacteristicsoftheICSisprovidedbythemanagement.Thecontentextentofsuchdisclosure

8、willdependontheexistingmonitingpackage(Leftwichetal.1981Smith2001)bylawterprovisions(antitakeovermeasures)theuseofdebtfinancing(Jensen1993).Externalcontrolisexertedbythemarketfcpatecontrol(GrossmanHart1980)themanageriall

9、abmarket(Fama1980)theproductmarket(Hart1983).Afterthevariousfinancialscalsthathaveshakeninvestswldwidecpategovernancebestpracticeshavestressedinparticularthekeyroleplayedbytheinternalcontrolsystem(ICS)inthegovernanceofth

10、efirm.Internalcontrolsystemscontributetotheprotectionofinvests’interestsbothbypromotinggivingassuranceonthereliabilityoffinancialreptingbyaddressingtheboards’attentiononthetimelyidentificationevaluationmanagementofriskst

11、hatmaycompromisetheattainmentofcpategoals.ThesefunctionshavebeenwidelyrecognizedbythemostdiffusedframewksfthedesignofICSthathavestatedthecentralityofinternalcontrolsystemsinprovidingreasonableassurancetoinvestsregardingt

12、heachievementofobjectivesconcerningtheeffectivenessefficiencyofoperationsthereliabilityoffinancialreptingthecompliancewithlawsregulations(COSO19922004).NotwithstingtheirrelevanceinvestscannotdirectlyobserveICSstherefecan

13、notgetinfmationontheirdesignfunctioningbecausetheyareinternalmechanismsactivitiesprocessesputinplacewithintheganization(DeumesKnechel2008).Asinveststakeintoaccountthecoststheysustaintomonitmanagementwhenpricingtheirclaim

14、s(JensenMeckling1976)managementhaveincentivestocommunicateinfmationontheacteristicsoftheICSindertoinfminvestsontheeffectivenessofICSwhenothermonitingmechanisms(theownershipstructureofthefirmtheboardofdirects)areweakthere

15、byprovidingthemwiththeconvenientlevelofmoniting(Leftwichetal.1981).Thepossibleexistenceofsubstitutionamongdifferentmechanismshasbeendebatedincpategovernanceliterature(RedikerSeth1995FernezArrondo2005)basedonWilliamson’s(