내부통제제도에 대한 선행연구의 정리와 미래 연구방향의 제안

We synthesize the literature on internal control system, which is a set of policies and procedures for assuring an organization’s reliable financial reporting, operational effectiveness and efficiency, and compliance with laws and regulations. The purpose of this paper is (1) to better understand the nature and extent of the existing literature on internal control system, and (2) to highlight gaps in the current literature and fruitful areas of future research. We classify our synthesis into eight areas: (1) the characteristics of firms disclosing internal control weaknesses and firms that remediate previously-disclosed material weaknesses, (2) the impact of internal control weaknesses on financial reporting quality, (3) the impact of internal control weaknesses on behaviors of firms or managers, (4) compliance expense for SOX and firm behavior after the introduction of SOX, (5) the market reaction to disclosure of internal control weaknesses, (6) the impact of internal controls on cost of capital, (7) the impact of internal control weaknesses on the behaviors of outside interested parties, and (8) internal control system from the perspective of auditing. Key contributions include providing a comprehensive review on the effects of internal controls, highlighting the importance to regulators and practitioners, and providing areas for future research.