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Study on Internal Control Evaluation System for Chinese Listed Company

Author: LiuChang
Tutor: ChiGuoHua
School: Dongbei University of Finance
Course: Financial Management
Keywords: Listed companies Internal control evaluation Evaluation system Effectiveness of design Effectiveness of implementation
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 620
Quote: 1
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Abstract

From the collapsing of Delong Empire to the CITIC Pacific’s tragedy of Australian dollars hedging, bankruptcy of listed companies and a variety of scandals has never been any fresh subject. Searching for reasons, it almost has a very great relationship with the lacking of company’s internal control system and its’ineffective implementation. This is undoubtedly aware of China’s listed companies the importance of strengthening internal controls. The Chinese Government and relevant regulatory authorities have also introduced various policies to regulate the establishment and implementation of internal controls:five national ministries jointly issued the "China’s Sarbanes-Oxley Act"—"basic standards of enterprise internal control", In April 2010 they formally promulgated the " Supporting guidelines on Internal Control". In this way, China’s internal control system research and implementation has had tremendous growth and progress. But more and more voices of doubt also by the emergence with that "can internal control system ensure the management and operation of listed companies into the safe case yet? Whether this system improve the perfection and implementation or not? And how is the quality of the implementation? These questions makes issue of internal control evaluation has become the focus of research, the key to solving these problems is to design a comprehensive, standardized internal control evaluation system which can assess the integrity of internal control system’s design and the effectiveness of its’implementation. This thesis studies this core problem, and then builds such a ideal system and show the level of listed companies in score form. Finally, we apply the system to S listed company as a test. The whole thesis is divided into six parts.The first part is the Introduction of study’s background and significance, classification literature review, research structure and method and research innovations and limitations.The second part is the current status of internal control self-assessment report in annual reports disclosed by Chinese listed companies. We use descriptive statistical method to analyze from different angles, including the total mount, characteristic, main body of report, scope, Level of detail and resource, etc. based on analysis, we find the existed problems in internal control self-assessment report and raises the body of article-building the internal control evaluation systemThe third part is basic theory of internal control evaluation; this chapter introduces the relevant classical theory including the principal-agent theory, performance evaluation theory, internal control theory, and contingency theory. We describe briefly each theory and follow by interpreting how these theories apply to.The fourth part is the construction of the internal control evaluation system. Firstly, we define the eight elements one by one, which include the purpose of evaluation, evaluation subject and object, evaluation index,evaluation method, evaluation standards, evaluation procedures and evaluation reports. Then, we describe detailed the evaluation index, evaluation method, evaluation standards in evaluation system of integrity of design and effectiveness of the implementation respectively this is the core of this article.The fifth part is the application study of internal control evaluation system on S listed company. It applies the system to S listed company, and try to find flaws of design and implementation of S’s internal control system, give analysis and ecommendations of the evaluation results. Not only does this application demonstrate that the system we design is scientific and operational, but also provide all listed companies the ideas and templates in their future self-evaluation.The sixth part is conclusion which concludes the whole article, at the same time; give a perspective about the promotion and popularization of this internal control self-evaluation system in Chinese listed companiesThe creations are the novel perspective which is designed in the direction of risk from internal management, and each element is better than before. But there have limitations on the index system design and sample company.

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