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JOURNAL OF ACCOUNTING AND FINANCE
The Influence of Internal Control Weaknesses on Firm Performance
Author(s): Syou-Ching Lai, Hungchih Li, Henghsiu Lin, Frederick Wu
Citation: Syou-Ching Lai, Hungchih Li, Henghsiu Lin, Frederick Wu ,(2017) "The Influence of Internal Control Weaknesses on Firm Performance" Journal of Accounting and Finance, Vol. 17, Iss. 6, pp. 82-95
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study investigates the effect of internal control (IC) weaknesses on firm performance. Our findings confirm that IC weaknesses, in general, have a negative impact on firm performance and that this impact varies with each of the major IC components. Our findings confirm that IC material weaknesses in a firms control environment, information technology, accounting documentation, accounting policies and procedures, or control design have a significantly negative impact on firm performance. We also confirm that delaying remedial actions addressing IC weaknesses will continue to hamper firm financial performance.
