The Influencing Factors And Economic Consequences Study On The Quality Of Internal Control Audit

At the beginning of this century,Enron,WorldCom and other large companies have gradually exposed the financial fraud scandal,which were strongly explained that the internal control system is not perfect.In order to perfect the internal control system,the supervision of the capital market has been gradually raised at home and abroad.As a supervisory mechanism of the internal control system,internal control auditing came into being.In order to strengthen the internal control of enterprises and enhance their ability to prevent risks,the five ministries and commissions such as the Ministry of Finance of China have gradually established and perfected the auditing system of internal control of our country by promulgating a series of internal control laws and regulations.In August 2012,the internal control audit of our country has entered the phase of compulsory implementation of disclosure with the listed company of the state-controlled main board as the beginning.However,through the research on the audit opinion of the company's financial report and the opinion of the internal control audit,we found that the company did not have the proper disclosure in the internal control audit opinion when the company has major defects in internal control.Therefore,we found that the internal control audit of some listed companies also has quality problems.This paper defines the quality of internal control audit and analyzes the affecting factors of internal control audit quality from accounting firms and listed companies two perspectives).The results show that the accounting firm has a positive impact on the quality of internal control audit,reflecting that the large-scale firm provides high-quality internal control audit.The quality of internal control audits is positively related to the size of the firm,since the internal control system of large enterprises is more mature and employs large firms to implement internal control audits.The impacts of internal control audit fees and audit tenure on the quality of internal control audit are not significant,this may be because most companies conduct integrated audits of financial statements and internal controls,and internal control audits are not priced independently and lack the pricing mechanism,and China's introduction of internal control audit time is short,so the audit term is relatively short.The audit quality of internal control has a significant positive impact on the quality of accounting information,this shows that enterprises with higher internal control auditquality can provide higher quality accounting information.Internal control audit can supervise the soundness and perfection of the design and operation of internal control system,it plays a positive role in improving the quality of accounting information in enterprises.The quality of internal control audit has a positive effect on the audit quality of accounting firms but not significantly,This may be due to the short implementation period of the internal control audit system and the small number of samples,and the superiority of the risk-based audit model can not be fully reflected in the integrated audit,which needs further study.