1、外文文献翻译译文一、外文原文原文CORPORATEGOVERNANCEQUALITYANDINTERNALCONTROLREPORTINGUNDERSOXSECTION302INTHISSTUDYIEXAMINETHEIMPACTOFCORPORATEGOVERNANCEQUALITYONFIRMREPORTINGQUALITYINTHEABSENCEOFANEXTERNALAUDITSPECIFICALLY,IEXAMINETHECORPORATEGOVERNANCEQUALITYIMPACTONFIRMREPORTINGOFINTERNALCONTROLDEFICIENCIESICDSPR
2、IORTOSOXMANDATEDAUDITSINDOINGSO,IPROVIDEEVIDENCEONTHECURRENTDEBATEOVERWHETHERSMALLERPUBLICCOMPANIESSHOULDBEEXEMPTEDFROMTHEAUDITOFINTERNALCONTROLSASMANDATEDBYTHESARBANESOXLEYACTOF2002SOXSECTION404TOTESTTHELINKBETWEENCORPORATEGOVERNANCEQUALITYANDCOMPANYREPORTING,IUSEINTERNALCONTROLREPORTSISSUEDBYMANAG
3、EMENTUNDERSECTION302OFSOXTHISSECTIONREQUIRESTHATCEOSANDCFOSCERTIFYINEACHQUARTERLYANDANNUALREPORTTHATTHEYHAVEEVALUATEDTHECOMPANYSINTERNALCONTROLS“ASOFADATEWITHIN90DAYSPRIORTOTHEREPORT”ANDTHATTHEYHAVEPRESENTEDTHEIRCONCLUSIONSREGARDINGTHEEFFECTIVENESSOFTHEIRCONTROLSINTHATQUARTERLYORANNUALREPORTTHISREQU
4、IREMENTRELATESTOALLQUARTERLYANDANNUALFILINGSAFTERAUGUST29,2002THEREQUIREMENTSINSOXRELATINGTOINTERNALCONTROLREPORTINGPROVIDEANIDEALSETTINGTOEXAMINETHEIMPACTOFCORPORATEGOVERNANCEONFIRMREPORTINGINTHEABSENCEOFTHEAUDITUNDERSECTION302MANAGEMENTISREQUIREDTOPERFORMCONTROLEVALUATIONSHOWEVER,THEAUDITORISNOTRE
5、QUIREDTOEVALUATEMANAGEMENTSASSESSMENTOFCONTROLQUALITYORTOPERFORMTHEIROWNCONTROLEVALUATIONBEGINNINGWITHFISCALYEARENDSAFTERNOVEMBER15,2004,SECTION404OFSOXREQUIRESTHATTHEEXTERNALFINANCIALSTATEMENTAUDITORPERFORMANAUDITOFTHEFIRMSINTERNALCONTROLSOVERFINANCIALREPORTINGANDPROVIDEANOPINIONINTHEANNUALFILINGAS
6、TOTHEIREFFECTIVENESSASWELLASANOPINIONREGARDINGMANAGEMENTSASSESSMENTOFINTERNALCONTROLSTHEREFORE,FROMTHEPERIODOFAUGUST29,2002UNTILTHEFIRMSFIRSTFISCALYEARENDONORAFTERNOVEMBER15,2004,THEREPORTINGDECISIONSOFTHEFIRMREGARDINGINTERNALCONTROLQUALITYWERECONTROLLEDBYMANAGEMENTANDOTHERCORPORATEGOVERNANCEBODIESE
7、XTERNALAUDITORSHADNORESPONSIBILITYDURINGTHISTIMEPERIODTOPERFORMTHEEXTENTOFCONTROLTESTSNECESSARYTOCOMETOACONCLUSIONREGARDINGCONTROLEFFECTIVENESS,NORDIDTHEYHAVEARESPONSIBILITYTOPUBLICLYREPORTONINTERNALCONTROLQUALITYIUSETHISLAGTIMEBETWEENTHEIMPLEMENTATIONOFSECTION302ANDSECTION404TOEXAMINETHEIMPACTOFCOR
8、PORATEGOVERNANCEQUALITYONDISCLOSUREQUALITYINASETTINGWHEREWEKNOWWHAT“SHOULD”HAVEBEENDISCLOSEDIEWEAKNESSESIDENTIFIEDINTHEAUDITEDINTERNALCONTROLREPORTUSINGTHISSETTING,IEXAMINETWOQUESTIONSOFINTERESTFIRST,DOESCORPORATEGOVERNANCEQUALITYIMPACTTHELIKELIHOODOFDISCLOSUREOFICDSPRIORTOSOXMANDATEDAUDITSSECOND,HO
9、LDINGCONSTANTTHEDISCLOSUREOFICDSUNDERSOX302,DOESCORPORATEGOVERNANCEQUALITYIMPACTTHELIKELIHOODOFCORRECTASSESSMENTOFTHELEVELOFSERIOUSNESSOFTHEICDSIGNIFICANTDISCUSSIONHASTAKENPLACEREGARDINGTHECOSTSANDBENEFITSOFSOXSECTION404WHICHREQUIRESANAUDITOFINTERNALCONTROLSOVERFINANCIALREPORTINGTHESECCONTINUESTOPUS
10、HBACKTHECOMPLIANCEDATEFORSMALLERCOMPANIES,WITHTHEMOSTRECENTPROPOSALPUSHINGCOMPLIANCETOFISCALYEARSONORAFTERDECEMBER15,2009FORTHESESMALLERCOMPANIESSEC2008SOMEHAVEARGUEDTHATATTEMPTINGTOIMPROVEFINANCIALREPORTINGQUALITYBYIMPROVINGCORPORATEGOVERNANCEQUALITYMIGHTBEALESSCOSTLYALTERNATIVETOTHEAUDITOFINTERNAL
11、CONTROLSSEC2005IPROVIDEEVIDENCEONTHISASSERTIONBYEXAMININGTHEROLEOFCORPORATEGOVERNANCEINTHEDISCLOSUREOFICDSPRIORTOSOXMANDATEDAUDITSIHOLDCONSTANTTHEEXISTENCEOFCONTROLPROBLEMSBYEXAMININGONLYTHOSECOMPANIESTHATDISCLOSEDMATERIALWEAKNESSESININTERNALCONTROLSINTHEIRFIRSTAUDITEDINTERNALCONTROLREPORTFROMTHISSA
12、MPLEOFCOMPANIESWITHMATERIALWEAKNESSES,ILOOKBACKINTIMETOCOMPARECOMPANIESTHATDISCLOSETHOSEICDSUNDERTHESECTION302REGIMEWITHCOMPANIESTHATDONOTDISCLOSETHEMUNDERTHESECTION302REGIMEBUTSUBSEQUENTLYDISCLOSETHEMUNDERSECTION404USINGTHISSAMPLE,IEXAMINEFIRMGOVERNANCECHARACTERISTICSRELATINGTOTHEDISCLOSUREOFICDSUN
13、DERSECTION302OFSOXHOLDINGCONSTANTTHEEXISTENCEOFAWEAKNESSINDESIGNINGTHESTUDYINTHISWAY,IMAKETHEASSUMPTIONTHATMATERIALWEAKNESSESDISCLOSEDINCOMPANYSANNUALFILINGSUNDERSOX404EXISTEDTHROUGHOUTTHEFISCALYEARIATTEMPTTOLIMITTHOSEOBSERVATIONSWHERETHECONTROLWEAKNESSWASREPORTEDUNDERSECTION404BUTDIDNOTEXISTPREVIOUSLYBYLOOKINGATONLYTHE3QUARTERSPRIORTOTHEFIRST404REPORTTODETERMINEWHETHERTHEOBSERVATIONWASINTHEGROUPDISCLOSINGUNDERSECTION302ORTHEGROUPNOTDISCLOSINGUNDERSECTION302THISASSUMPTIONISALSOINLINEWITHASSUMPTIONSMADEINPRIORRESEARCHASWELLASBYPROFESSIONALSFOREXAMPLE,GLASSLEWISAUGUST28,2009
