In this study, I use Section 404(b) of the 2002 Sarbanes-Oxley Act as an exogenous shock to examine the effect of auditors’ assessment of internal control over financial reporting (ICFR) on audit fees, cost of debt, and net value of compliance between 2002 and 2010. Using firms themselves as their own control, this study conducts firm-fixed effects analyses to explore the close causal effect of SOX 404(b) on compliance costs (proxied by audit fees), compliance benefit (proxied by cost of debt) and net compliance benefit (proxied by Tobin’s q). Through analyzing how SOX 404(b) affects firms’ compliance cost, compliance benefit, and net compliance benefit, the results suggest that SOX 404(b) decreases firms’ cost of debt, but also imposes compliance costs. Overall, SOX 404(b) increases firm value premium by around 8.63%. The study also examines whether the 2007 reforms have achieved their purpose by comparing audit fees before and after the 2007 reforms.

Les Centres communaux d’Action sociale (CCAS), outils principaux des politiques de solidarité mises en œuvre par les municipalités, dispensent ce qu’il est convenu d’appeler une "aide facultative", en regard de l’aide traditionnelle des Conseils départementaux, chefs de file en ce domaine sur leurs territoires. À Besançon, depuis 1972, le CCAS est reconnu comme très en avance et très innovant. Mais, depuis quelques années, le sentiment d’un amenuisement de son champ d’action et de son influence se fait sentir : c’est dans ce contexte d’incertitude que l’institution a fait vœu de disposer d’un travail d’analyse et d’expertise prenant appui sur la sociologie des politiques sociales. L’organisation interne (les relations entre directions, les liens entre élus et techniciens…) et l’environnement externe (les rapports avec la mairie, le département, et l’ensemble des partenaires) posent la question de la place de l’intervention communale, en termes de prérogatives et de frontières. En partant de l’exemple bisontin, un regard plus général permet de mettre au jour les similitudes et les contrastes de structures comparables. Cette étude, appuyée par un financement CIFRE et reposant sur un paradigme interactionniste, allie à la fois approche technique et point de vue scientifique : elle propose des préconisations pratiques et des perspectives théoriques. / The Municipal Centers of Social Action (MCSA), main tools implemented and used by municipalities in promoting solidary policies, is providing what is well known under the name of a "facultative assistance", regarding the traditional help of Departmental councils, the leader in this domain on their territories. In Besançon, since 1972, the MCSA is recognize as well advanced and innovative. However, in the last couple of years, the MCSA usage has declined and its influence has been increasing. In this context of doubt, the institution has made the wish to provide the framework for the analysis and an expertise expanding on the sociology of social policies. The nature of the working relationships within the internal organization (relationships between the team Management, relationships between the elected officials and the technicians…) and the external environment (Relationships with the City, the Department, and the whole partner’s assembly), raise the question about the status of the municipal intervention, regarding the prerogatives and the boundaries. Referring to Bisontin’s example, a general vision allows enlightening of the similarities and the contrasts of comparable structures. This study, approved by an "ICFR" (Industrial Convention of Formation by the Research), and laying on an interactional paradigm, allies at the same time technical approach and scientific point of view: it suggests practical recommendations and theoretical perspectives.