ABSTRACT. In this paper I am particularly interested in exploring the legal treat- ment of the audit committee and its individual members under the Sarbanes-Oxley Act, the association of internal control problems with audit fees, and the conditions that lead to the (non-)disclosure of existing control weaknesses. These findings highlight the importance of examining the importance of discriminating between the detection and the disclosure processes, the key role of corporate controls in preventing catastrophic investment loss, and the mandatory nature of material weakness reporting under SOX 404. pp. 38–43
JEL Codes: M42, H83, G32

Keywords: audit, internal control, financial reporting, SOX

How to cite: Nicolaescu, Eugen (2013), “Understanding Risk Factors for Weaknesses in Internal Controls over Financial Reporting,” Journal of Self-Governance and Management Economics 1(3): 38–43.

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Dimitrie Cantemir Christian University, Romania

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