Abstract
Since the Enron, WorldCom financial fraud, issued after the Sarbanes-Oxley corporate internal control problem has received the widespread attention worldwide. In China, in June 2008, the ministry of finance, securities and futures commission, the national audit office, the China banking regulatory commission, insurance regulatory commission and other five ministries jointly issued the described as China’s version of Sarbanes-Oxley “enterprise internal control basic norms”, but the enterprise internal control system is not yet mature, mainly embodied in the internal audit, internal governance structure and the implementation of the internal control system, etc., thus causes problems in the quality of accounting (the accounting information fraud, etc.). So this article analyzes China accounting information and the current situation of internal control and the effect of internal control on the quality of accounting information, and puts forward constructive suggestions and comments.
Highlights
Corporate scandals and auditing failures, such as those of Enron, WorldCom and Tyco, have motivated regulators to address the effectiveness of internal controls (Chen et al 2015)
The enterprise internal control and accounting information quality are very important for enterprises
The Current Situation Internal Control and the Role Internal Control Playing on Accounting Information Quality
Summary
In June 2008, the ministry of finance, securities and futures commission, the national audit office, the China banking regulatory commission, insurance regulatory commission jointly issued the described as China’s version of Sarbanes-Oxley “enterprise internal control basic norms”. In April 2010, the ministry of finance, securities and futures commission, the national audit office, the China banking regulatory commission, insurance regulatory commission jointly released “the form a complete set of the internal control guidelines”. At least from the relevant regulatory authorities or from the point of view of the functional departments of enterprise, internal control has become a very important economic elements influencing accounting, auditing, banking, insurance, securities. The Present Situation and Cause Analysis of Accounting Information Quality in China
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