Abstract
The objective of this study is to analyze the impact of municipal governance on cities’ audit outcomes. While corporate governance has been studied at length, the structure and role of governance in a municipal setting is less explored. In this paper, five regression models are used to estimate the relationship between municipal governance and audit outcomes, measured by financial statement audit and single audit reportable conditions, comprised of internal control weakness disclosures and compliance deficiencies. Results show that governance factors are significant predictors of audit outcomes in a municipal setting. This study broadens existing municipal accounting theory as the first of its kind to explore the relationship between municipal governance and audit outcomes. Furthermore, significant evidence is found to extend results from the private sector to a municipal setting, and previously unexplored municipal governance variables are introduced.
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