Under the development trend of globalization, enterprises are forced to follow the vision of corporate governance. Enterprises must construct an effective internal controlling system in the basic running environment, and strengthen the enterprises risk management, follow the SOX norm to improve the corporate image then march toward the internationalization. This research adopts the case study, choosing the representative enterprise, the ASE Incorporated. By the way of depth interview and analysis in the relational papers, we have the main conclusions as the result as follows. First, Strength the stratagems of corporate governance: Raising the information transparency, establishing the internal management process and strengthen the enterprises risk management, etc. The ASE Incorporated combines the SOX and internal control norm, in order to make the result of resources integration. Second, balance the legal systems and practices of independent director: Shown in the secondary materials and analyze other information of this research, the legal systems and practices are not in opposing side. The considerations of setting up the independent director can improve the quality of decision and raise the effects, but do not influence the decision-making by way of full powers. However, it can intensify the governance efficiency. We make some suggestions for the enterprises. It is including place importance of internal control system and internal audit management and enhancement the information system. The good institutional framework can be expected the development goal of corporate governance.

This thesis investigates the investment preferences of institutional investors in the United States (US). In the second chapter, I analyse the impact of both firm and country-level determinants of foreign institutional investment. I find that the governance quality in a foreign institutional investor's (FII) home country is a determinant of their decision to invest in the US market. My findings indicate that investors who come from countries with governance setups similar to that of the US invest more in the United States. The investment levels though, are more pronounced for countries with governance setups just below that of the US. My results are consistent with both the 'flight to quality' and 'familiarity' arguments, and help reconcile prior contradictory empirical evidence. At the firm level, I present unequivocal evidence in favour of the familiarity argument. FII domiciled in countries with high governance quality prefer to invest in US firms with high corporate governance quality. In the third chapter, I investigate the impact of the Sarbanes-Oxley Act (SOX) on foreign institutional investment in the United States. I find that, post-SOX, FII increase their equity holdings in US listed firms. This result is mainly driven by passive, non-monitoring FII, who have the most to gain from the SOX-led reduction in firm information asymmetry, and the consequent reduction in the value of private information. The enactment of SOX appears to have changed the firm-level investment preferences of FII towards firms that would not be their traditional investment targets based on prudent man rules, e.g., smaller and riskier firms. In contrast to the extant literature, which mostly documents a negative SOX effect for the US markets, my chapter provides evidence of a positive SOX effect, namely the increase in foreign investment. In the fourth chapter, I examine the effect of SOX on the relation between firm innovation and institutional ownership. I find that US firms investing in innovation attract more institutional capital post-SOX. Prior literature highlights two SOX effects that could cause this result: a decreased level of information asymmetry (direct effect) and increased market liquidity (indirect effect). My findings support the direct effect, as I find that the positive relation between innovation and institutional ownership is driven by passive and dedicated institutional investors. A reduction in firms' information asymmetry is beneficial for these investors while they gain less from increased market liquidity. Overall, my results indicate that SOX is an important policy that has strengthened the institutional investor's support for firm innovation.

The aim of this work is the analysis of accounting scandals that took place at beginning of the 21st century. It describes the role that played audit firm in this context. It focuses on current and future situation in the audit market.

I samband med revisionsskandaler i USA så infördes ett nytt kontroll organ för revisorer, Public Company Accounting Oversight Board. De har syftet att kontrollera att revisorer som arbetar med klienter som lyder under Sarbanes-Oxley Act efterföljder de nya reglerna. Den svenska revisorsprofessionen har länge varit självreglerad men på grund av PCAOB möts professionen av en tydligare reglering vilket kan resultera i problem. Därför finns det ett behov att undersöka hur svenska revisorer ser på PCAOB och hur det har påverkat revisorsprofessionen. Syftet med denna uppsats är att undersöka svenska revisorers åsikter om PCAOB och om PCAOB har förändrat den svenska revisorsprofessionen. Uppsatsen har också syftet att förklara orsakerna bakom de svenska revisorernas åsikter och varför den svenska revisorsprofessionen påverkas. Utifrån uppsatsen syfte valdes en kvalitativ ansats. Data har samlats in genom semistrukturerade telefonintervjuer och personlig intervju. Urvalet består av 4 stycken anonyma auktoriserade revisorer som alla har erfarenhet av Sarbanes-Oxley Act. PCAOB har påverkat revisorsprofessionen till att bli mer professionell men samtidigt har formaliseringen ökat för professionen och bidragit till mindre tid för analytiskt arbete vilket i längden kan påverka kvaliteten på revisionen negativt och därmed kan PCAOB utgöra ett hot mot professionen. Trots att revisorsprofessionen är och har varit starkt kopplad till självreglering så verkar regulativa förändringar från PCAOB som syftar till att stärka revisorernas förtroende vara viktigare än att vidhålla professionens självreglering / As auditing scandals occurred in the US, a new controlling institute for auditors was formed, Public Company Accounting Oversight Board. It has the purpose to monitor auditors who are working with clients that have to comply with Sarbanes-Oxley Act. The Swedish auditing profession has for long time been self-regulated, but due to PCAOB the profession faces a stricter regulation which could lead to some problems. Hence, there exists a need to investigate how Swedish auditors look upon PCAOB and how it has effected the auditing profession. The purpose of this thesis is to examine Swedish auditor’s opinions about PCAOB and if PCAOB has affected the Swedish auditing profession. Furthermore, this thesis aims to explain the reasons behind the Swedish auditor’s beliefs and why the Swedish auditing profession is affected. On the basis of the purpose, a qualitative research method was chosen. Data has been collected through semi-structured telephone interviews and personal interview. The selection consists of four anonymous authorized public accountants who all have experience of Sarbanes-Oxley Act. Due to PCAOB the auditing profession has become more professionalized but at the same time an increase in formalisation has left little time for actual analytical work and the quality of the audit might in the end be lower which constitute a major threat to the auditing profession. Although, the tradition of the auditing profession is and has been self-regulation it appears that PCAOB is welcomed by auditors since a regulative change that aim to improve auditors’ trust is more important than maintaining a self-regulated profession.

<p>I samband med revisionsskandaler i USA så infördes ett nytt kontroll organ för revisorer, Public Company Accounting Oversight Board. De har syftet att kontrollera att revisorer som arbetar med klienter som lyder under Sarbanes-Oxley Act efterföljder de nya reglerna. Den svenska revisorsprofessionen har länge varit självreglerad men på grund av PCAOB möts professionen av en tydligare reglering vilket kan resultera i problem. Därför finns det ett behov att undersöka hur svenska revisorer ser på PCAOB och hur det har påverkat revisorsprofessionen.</p><p>Syftet med denna uppsats är att undersöka svenska revisorers åsikter om PCAOB och om PCAOB har förändrat den svenska revisorsprofessionen. Uppsatsen har också syftet att förklara orsakerna bakom de svenska revisorernas åsikter och varför den svenska revisorsprofessionen påverkas.</p><p>Utifrån uppsatsen syfte valdes en kvalitativ ansats. Data har samlats in genom semistrukturerade telefonintervjuer och personlig intervju. Urvalet består av 4 stycken anonyma auktoriserade revisorer som alla har erfarenhet av Sarbanes-Oxley Act.</p><p>PCAOB har påverkat revisorsprofessionen till att bli mer professionell men samtidigt har formaliseringen ökat för professionen och bidragit till mindre tid för analytiskt arbete vilket i längden kan påverka kvaliteten på revisionen negativt och därmed kan PCAOB utgöra ett hot mot professionen.</p><p>Trots att revisorsprofessionen är och har varit starkt kopplad till självreglering så verkar regulativa förändringar från PCAOB som syftar till att stärka revisorernas förtroende vara viktigare än att vidhålla professionens självreglering</p> / <p>As auditing scandals occurred in the US, a new controlling institute for auditors was formed, Public Company Accounting Oversight Board. It has the purpose to monitor auditors who are working with clients that have to comply with Sarbanes-Oxley Act. The Swedish auditing profession has for long time been self-regulated, but due to PCAOB the profession faces a stricter regulation which could lead to some problems. Hence, there exists a need to investigate how Swedish auditors look upon PCAOB and how it has effected the auditing profession.</p><p>The purpose of this thesis is to examine Swedish auditor’s opinions about PCAOB and if PCAOB has affected the Swedish auditing profession. Furthermore, this thesis aims to explain the reasons behind the Swedish auditor’s beliefs and why the Swedish auditing profession is affected.</p><p>On the basis of the purpose, a qualitative research method was chosen. Data has been collected through semi-structured telephone interviews and personal interview. The selection consists of four anonymous authorized public accountants who all have experience of Sarbanes-Oxley Act.</p><p>Due to PCAOB the auditing profession has become more professionalized but at the same time an increase in formalisation has left little time for actual analytical work and the quality of the audit might in the end be lower which constitute a major threat to the auditing profession.</p><p>Although, the tradition of the auditing profession is and has been self-regulation it appears that PCAOB is welcomed by auditors since a regulative change that aim to improve auditors’ trust is more important than maintaining a self-regulated profession.</p>

Magisteruppsats i företagsekonomi inom ramen för Civilekonomprogrammet med företagsekonomisk inriktning vid Internationella Handelshögskolan i Jönköping Titel                                   Koll på SOX – En fallstudie av implementeringen av SAP GRC Version 10 inom delar av ABB-koncernen. Författare                           Lars Björmsjö, Jacob Öberg Handledare                       Gunnar Rimmel Ämnesord                         GRC, intern kontroll, SAP, Sarbanes-Oxley Act Sammanfattning Bakgrund (och problem): Med de redovisningsskandalerna som skakat den finansiella världen i början av 2000-talet, har lagstiftningen stramats åt för företag för att förhindra att detta inträffar igen. Lagar som SOX ger tydliga direktiv på hur företagen ska stärka sina interna kontroller. Att efterleva SOX är en kostsam historia då, de ställer hårda krav på intern kontroll samt system för att hantera de ökade kontrollerna. Problembakgrunden till denna uppsats bygger på kraven att efterleva SOX och hur ett internationellt företag kan använda sig av ett IT-verktyg som SAP GRC för att klara av de hårdare kraven. Syfte: Syftet med detta examensarbete är att utföra en fallstudie på hur processen bakom implementeringen av SAP GRC version 10 ser ut i ett multinationellt företag som ABB och vilken roll SOX har i sammanhanget Avgränsningar: Författarna har valt att avgränsa sig till att enbart titta på implementeringen av SAP GRC, och tittar då inget på andra aktörers liknande produkter. Vidare har författarna valt att bara titta på implementeringen inom det brittiska ABB.  Metod: Studien har ett kvalitativ angreppssätt. Studien är en fallstudie vilket innebär att personlig kontakt i form av telefonintervjuer har varit enda metoden för att samla in data till empirin. Resultat/Slutsats: Författarnas slutsats av undersökningen fastställs i att SOX har en väldigt viktig roll i implementeringen av SAP GRC, det är anledningen till implementeringen. Vidare har det framkommit att implementeringen är ett väldigt omfattande arbete, som är mycket kostsamt i både monetära mått samt tid. Dock är detta, det mest effektiva och kostnadseffektiva sättet att efterfölja SOX från ett ABB perspektiv Diskussion: Författarna ser ett par områden för förbättring inom användningen av GRC på ABB för att få ut det mesta av verktyget, samt att effektivera hanteringen av risker. Vidare ser författarna förslag till vidare forskning. I dag finns det ingen direkt forskning på konceptet eller verktyget GRC, författarna finner det intressant om en vetenskapligt grundad definition skulle undersökas. / Master Thesis in Business Administration within the Civilekonomprogram at Jönköping International Business School Title                                   Keeping track of SOX – A case study of the implementation of SAP GRC Version 10 in parts of the ABB Group Authors                              Lars Björmsjö, Jacob Öberg Tutor                                                        Gunnar Rimmel Subject terms            GRC, internal control, SAP, Sarbanes-Oxley Act Abstract Background (and problem): In the reflections of the accountings scandals that occurred in the beginning of this millennium, legislations have tightened to prevent this kind of event to reoccur. Legislations like SOX provide clear directives on how companies should strengthen their internal controls. Compliance with SOX is a costly affair when, they place heavy demands on internal controls and systems to manage the increased controls. Problem discussion to this thesis is based on the requirements to comply with SOX and how an international company can use a tool like SAP GRC to meet the stricter requirements  Purpose: The purpose of this thesis is to conduct a case study on how the process behind the implementation of SAP GRC version 10 looks in a multi-national company such as ABB and the role played by SOX in the implementation process. Delimitations: The authors have chosen to delimitate thesis merely to look at the implementation of SAP GRC, and do not look at other players at the market, nor their GRC solutions. Furthermore, the authors have chosen to only look at the implementation of SAP GRC at ABB in the United Kingdom. Method: The study has only a qualitative approach. The study is a case study which means that personal contact in the form of telephone interviews has been the only method to gather data for empirical choose of the authors. Results and Conclusions: The authors' conclusion of the study acknowledges that SOX has a very important role in the implementation of SAP GRC, and is the main reason for the implementation. Furthermore, it has emerged that the implementation is a very comprehensive work, which is very costly in both monetary and time measures. However the authors have concluded that implementing SAP GRC is the most efficient and cost effective way to comply with SOX from an ABB perspective. Discussion: According to the authors opinion there are a few areas for improvement in the use of GRC at ABB, in order to get the most out of the tool and to streamline the management of risks. Due to the lack of current research within the field, the authors would find it very interesting if a scientifically based definition of GRC would be investigated.

Bachelor-Arbeit Univ. St. Gallen, 2006.

<p dir="ltr">This paper examines the informational content of insider trades and the impact of the Sarbanes Oxley Act on the ability of outside investors to use this information. I find that while the new reporting requirement speeds up the incorporation of insiders’ information into the market, there still exists an opportunity for attentive outsiders. The studies also address how the increased market efficiency has affected the differences between insiders, such as top-level executives and the rest of insiders. I find that the Sarbanes Oxley Act has greatly leveled the playing field in terms of how outsiders perceive these groups. Further, I extend the analysis of identifying opportunistic insiders. I find that using 8K corporate events in addition to quarterly earnings announcements, we are able to more efficiently label insiders as opportunistic compared to previous studies. Finally, I extend the literature on institutional investors by analyzing the link between this group and insider activity. I show that the previous findings of institutional investors following insiders is being driven by a subset of institutions, and I find evidence to support important distinguishing characteristics of institutional investors indicating institutions should not be studied as a whole, but in groups.</p>

Made available in DSpace on 2015-12-03T18:35:03Z (GMT). No. of bitstreams: 1 Catarina_de_Araujo_Costa.pdf: 2271923 bytes, checksum: 7d0dcbb5219e32afd71cf088e663cb3f (MD5) Previous issue date: 2006-08-07 / Em maio de 2005, 34 empresas brasileiras negociavam American Depositary Receipts (ADRs) na Bolsa de Valores de Nova Iorque (New York Stock Exchange - NYSE), Estados Unidos. Diante da obrigatoriedade de adequar-se ?? Lei Sarbanes-Oxley de 2002, o objetivo geral deste trabalho ?? investigar, na percep????o dos gestores, se o Comit?? de Auditoria ou ??rg??o equivalente das empresas brasileiras contribuiu para minimizar as fraudes, aumentar a transpar??ncia na divulga????o das informa????es cont??beis e melhorar os controles internos. Obtiveram-se 25 respostas de 17 empresas. Os resultados obtidos demonstram a grande relev??ncia do Comit?? de Auditoria, apesar da obrigatoriedade: 56% dos respondentes afirmaram que o comit?? participou ativamente com recomenda????es relacionadas com a avalia????o do sistema de controles internos; 68% consideram-no de grande import??ncia para o bom desempenho da empresa e 71% o manteriam em funcionamento mesmo se, no futuro, sua exist??ncia fosse facultativa. / Em maio de 2005, 34 empresas brasileiras negociavam American Depositary Receipts (ADRs) na Bolsa de Valores de Nova Iorque (New York Stock Exchange - NYSE), Estados Unidos. Diante da obrigatoriedade de adequar-se ?? Lei Sarbanes-Oxley de 2002, o objetivo geral deste trabalho ?? investigar, na percep????o dos gestores, se o Comit?? de Auditoria ou ??rg??o equivalente das empresas brasileiras contribuiu para minimizar as fraudes, aumentar a transpar??ncia na divulga????o das informa????es cont??beis e melhorar os controles internos. Obtiveram-se 25 respostas de 17 empresas. Os resultados obtidos demonstram a grande relev??ncia do Comit?? de Auditoria, apesar da obrigatoriedade: 56% dos respondentes afirmaram que o comit?? participou ativamente com recomenda????es relacionadas com a avalia????o do sistema de controles internos; 68% consideram-no de grande import??ncia para o bom desempenho da empresa e 71% o manteriam em funcionamento mesmo se, no futuro, sua exist??ncia fosse facultativa.

Made available in DSpace on 2015-12-03T18:35:04Z (GMT). No. of bitstreams: 1 Carmen_Nagano_Drimel.pdf: 439559 bytes, checksum: 6bb991b76ab92573730d4013743eeacc (MD5) Previous issue date: 2006-09-29 / This present assignment consists in the study of Internal Controls and has as goal the research and analysis of the impacts of requirements of the American law Sarbanes-Oxley in a Brazilian subsidiary of multinational of chemichal area. To achieve the purpose of this assignment , besides of the bibliographic surveyed , was done case study in a chemical company related. The case study makes possible na analysis between the bibliographic surveyed and the results reached. The collected data shows the importance of the Sarbanes-Oxley law and however the law is mandatory, it was observed advantages and disadvantages of being in compliance with the Sarvanes-Oxely in the company surveyed. / O presente trabalho consiste no estudo dos Controles Internos e tem como objetivo a pesquisa e an??lise dos impactos dos requerimentos da lei americana Sarbanes-Oxley em uma subsidi??ria brasileira de multinacional do ramo qu??mico. Para atender ao objetivo proposto foi realizado inicialmente um levantamento bibliogr??fico e em seguida, um estudo de caso em uma empresa do ramo qu??mico. O estudo possibilitou uma an??lise entre o a bibliografia pesquisada e os resultados alcan??ados. Os resultados obtidos demonstram a import??ncia da lei Sarbanes-Oxley, e apesar de sua obrigatoriedade, foram verificadas vantagens e desvantagens na empresa objeto da pesquisa.