Regulation by disclosure: the case of internal control |
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Authors: | Laura F Spira Michael Page |
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Institution: | (1) Oxford Brookes University Business School, Oxford Brookes University, Wheatley, Oxford, OX 33 1HX, UK;(2) University of Portsmouth, Portsmouth, UK |
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Abstract: | In this paper we explore the use of disclosure as a regulatory tool, using as an illustration the current UK requirements
regarding the disclosure of information about internal control. After discussing the broad concept of regulation by disclosure,
we trace the evolution of concepts of internal control and its reporting, describing the background to the Turnbull guidance
for directors on internal control reporting, the basis of current UK requirements. We then examine recent examples of internal
control disclosures, identifying the range of ways in which they address the disclosure requirements and considering the possible
impact of the disclosure requirements on corporate behaviour and on the audiences for disclosure. We conclude with some reflections
on the disclosure life cycle. The paper contributes to the literature on disclosure by specifically considering the role of
disclosure as a regulatory tool and by examining the nature of specific disclosures in an area of continuing interest, that
of internal control. |
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