Research On Correlation Between The Quality Of Disclosure And Financial Reporting Internal Control Attestation Report Information

In recent years, financial fraud cases listed companies in the financial arena and abroad continue to unfold, the quality of financial reporting resulting in highly suspect many investors. This poses a serious adverse effectsv on the stable development of the capital market. However, behind this series of financial scandals, we can always find the shadow of the failure of internal controls, so theorists and practitioners have to shift attention to the issue of the validity of its information disclosure of internal control. July 2002, after the U.S. government approved the "2002 Public Company Accounting Reform and Investor Protection Act" came into being, it requires the management of a listed company be sure to schedule their own financial reporting internal control reviews, internal control self-assessment report issued. In recent years, driven by the Sarbanes-Oxley Act, regulatory authorities in the country to establish and improve internal controls and disclosure of relevant laws and regulations are enacted, aims to establish a sound system of internal control disclosures. June 2008 and April 2010, China’s Ministry of Finance, the Commission, the Audit Commission, China Banking Regulatory Commission, China Insurance Regulatory Commission jointly issued the "Basic Standards for Enterprise Internal Control".The system in the primary stage of socialism and businesses adapt while learning the advanced international experience, but with Chinese characteristics. August 2012, the Ministry of Finance and the Commission jointly issued "on the main board listed company in 2012 classification system of internal control practices in batches notice", the notice on the implementation of internal control batch classification norms specific time to do detailed provisions. Issued the notice means that from the beginning of the year 2012, our country has officially entered a new stage of mandatory disclosure of internal control information.Internal control basic norms of clearly defined, one of the core objectives of internal control is reasonable assurance that the quality of financial reporting. The higher the quality of internal control, the level of assurance on the quality of financial reporting higher. However, the effectiveness of internal controls and the quality level of private information belonging to the enterprise, outside investors can not be observed, what purpose does the Regulators forced some companies to disclose internal control attestation report in 2012? Could the Disclosure of internal control attestation report improve the quality of financial reporting? This article is based on the premise just the background, the internal control attestation report on the relationship between disclosure and financial reporting quality between the empirical aspects of the discussion and research, aimed to improve the capital market’s internal control information disclosure policy recommendations.