Remuneración del Director Ejecutivo de la Auditoría y Calidad de la Información Financiera

CAE Remuneration and Financial Reporting Quality

Autores/as

DOI: https://doi.org/10.6018/rcsar.367981
Palabras clave: Auditoría interna, Remuneración del CAE, Calidad de la información financiera, Comité de auditoria, Objetividad de auditoría interna, CEO, Artículo de investigación

Resumen

En este trabajo se explora la relación entre la remuneración fija pagada al Director Ejecutivo de Auditoría (CAE) y la consiguiente calidad de la información financiera (FRQ). Así,  se argumenta que una estrategia de remuneración basada en el rendimiento de la empresa es perjudicial para la FRQ, y que cuando el CAE recibe una remuneración fija, hay menos amenazas para la objetividad de la auditoría interna (IA) y, por lo tanto, una mayor FRQ como aproximación a la calidad de los informes financieros. Los datos se obtienen a través de una encuesta, y la información se recoge de los informes anuales. Los resultados indican que cuando el CAE es compensado de acuerdo con el desempeño de la empresa, la objetividad se reduce, con el consiguiente resultado de que la FRQ se ve afectada. Además, cuando la remuneración y compensación del CAE es aprobada por el comité de auditoría, en lugar de por el CEO, la FRQ es mayor. También se encuentran pruebas de que los efectos de la objetividad de la IA se eliminan cuando el CEO participa en la aprobación de la remuneración y compensación del CAE. El estudio aporta ideas sobre la cuestión de si la remuneración del CAE mejora la objetividad de la IA y, al hacerlo, es de interés para los comités de auditoría con responsabilidad en esa dirección. Se utilizan dos métodos de estimación diferentes para confirmar la solidez de los resultados.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Abbott, L., Daugherty, B., Parker, S., & Peters, G. (2016). Internal audit quality and financial reporting quality: the joint importance of independence and competence. *Journal of Accounting Research*, 54(1), 3-40. https://doi.org/10.1111/1475-679X.12099

Abbott, L., Parker, S., & Peters, G. (2004). Audit committee characteristics and restatements. *Auditing: A Journal of Practice & Theory*, 23(1), 69-87. https://doi.org/10.2308/aud.2004.23.1.69

Ahlawat, S., & Lowe, D. (2004). An examination of internal auditor objectivity: In-house versus outsourcing. *Auditing: A Journal of Practice & Theory*, 23(2), 147-158. https://doi.org/10.2308/aud.2004.23.2.147

Alzeban, A. (2018). CEO involvement in selecting CAE, internal audit competency and independence, and financial reporting quality. *Journal of Business Economics and Management*, 19(3), 456-473. https://doi.org/10.3846/jbem.2018.6264

Alzoubi, E. (2019). Audit committee, internal audit function and earnings management: evidence from Jordan, *Meditari Accountancy Research*, (*forthcoming*) https://doi.org/10.1108/MEDAR-06-2017-0160

Archambeault, D., DeZoort, T., & Holt, T. (2008). The need for an internal auditor report to external stakeholders to improve governance transparency. *Accounting Horizons*, 22(4), 375-388. https://doi.org/10.2308/acch.2008.22.4.375

Badolato, P., Donelson, D., & Ege, M. (2014). Audit committee financial expertise and earnings management: the role of status. *Journal of Accounting and Economics*, 58(2-3), 208-230. https://doi.org/10.1016/j.jacceco.2014.08.006

Bailey, J. (2007). Best practices for internal auditor independence. *Internal Auditing*, 22(2), 34-37.

Balkaran, L. (2007). A solid reporting line. *The Internal Auditor*, 64(1), 96-97.

Barua, A., Rama, D., & Sharma, V. (2010). Audit committee characteristics and investment in internal auditing. *Journal of Accounting and Public Policy*, 29(5), 503-513. https://doi.org/10.1016/j.jaccpubpol.2010.09.001

Bédard, J., Chtourou, S., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. *Auditing: A Journal of Practice and Theory*, 23(2), 13-35. https://doi.org/10.2308/aud.2004.23.2.13

Behn, B., Choi, J., & Kang, T. (2008). Audit quality and properties of analyst earnings forecasts. *The Accounting Review*, 83(2), 327-349. https://doi.org/10.2308/accr.2008.83.2.327

Bilal., Chen, S., & Komal, B. (2018). Audit committee financial expertise and earnings quality: a meta-analysis. *Journal of Business Research*, 84(March), 253-270. https://doi.org/10.1016/j.jbusres.2017.11.048

Bravo, F., & Reguera-Alvarado, N. (2018). Do independent director's characteristics influence financial reporting quality? *Spanish Journal of Finance and Accounting* / *Revista Española de Financiación y Contabilidad*, 47(1), 25-43. https://doi.org/10.1080/02102412.2017.1362200

Burns, N., & Kedia, S. (2006). The impact of performance-based compensation on misreporting. *Journal of Financial Economics*, 79(1), 35-67. https://doi.org/10.1016/j.jfineco.2004.12.003

Carcello, J., Hermanson, D., & Raghunandan, K. (2005). Factors associated with US public companies' investment in internal auditing. *Accounting Horizons*, 19(2), 69-84. https://doi.org/10.2308/acch.2005.19.2.69

Carcello, J., Hermanson, D., & Ye, Z. (2011). Corporate governance research in accounting and auditing: insights, practice implications, and future research directions. *Auditing: A Journal of Practice & Theory*, 30(3), 1-31. https://doi.org/10.2308/ajpt-10112

Carcello, J., Hollingsworth, C., Klein, A., & Neal, T. (2006). Audit committee financial expertise, competing governance mechanisms, and earnings management. *Working paper*, University of Tennessee. https://ssrn.com/abstract=887512 or http://dx.doi.org/10.2139/ssrn.887512

Carrera, N., Sohail, T., & Carmona, S. (2017). Audit committees' social capital and financial reporting quality. *Accounting and Business Research*, 47(6), 633-672. https://doi.org/10.1080/00014788.2017.1299617

Chartered Institute of Internal Auditors (CIIA) in UK. (2013). *IIA policy position paper*. Available online at: https://www.iia.org.uk/resources/delivering-internal-audit/position-paper-the-remuneration-of-heads-of-internal-audit/ https://www.iia.org.uk/media/419132/remuneration_for_hias.pdf [Accessed January 17, 2018].

Chen, L., Chung, H., Peters, G., & Wynn, J. (2017). Does incentive-based compensation for chief internal auditors impact objectivity? An external audit risk perspective. *Auditing: A Journal of Practice & Theory*, 36(2), 21-43. https://doi.org/10.2308/ajpt-51575

Cho, M., Ki, E., & Kwon, S. (2017). The Effects of accruals quality on audit hours and audit fees. *Journal of Accounting, Auditing & Finance*, 32(3), 372-400. https://doi.org/10.1177/0148558X15611323

Chong, V., & Eggleton, I. (2007). The impact of reliance on incentive-based compensation schemes, information asymmetry and organisational commitment on managerial performance. *Management Accounting* *Research*, 18 (3), 312-42. https://doi.org/10.1016/j.mar.2007.04.002

Christ, M., Masli, A., Sharp, N., & Wood, D. (2015). Rotational internal audit programs and financial reporting quality: do compensating controls help? *Accounting, Organizations and Society*, 44(July), 37-59. https://doi.org/10.1016/j.aos.2015.05.004

Christopher, J., Sarens, G., and Leung, P. (2009), "A critical analysis of the independence of the internal audit function: evidence from Australia", *Accounting, Auditing & Accountability Journal*, Vol. 22 No. 2, pp. 200-220. https://doi.org/10.1108/09513570910933942

Dhaliwal, D., Naiker, V., & Navissi, F. (2010). The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. *Contemporary Accounting Research*, 27(3), 787-827. https://doi.org/10.1111/j.1911-3846.2010.01027.x

Dechow, P., & Dichev, I. (2002). The quality of accruals and earnings: the role of accrual estimation errors. The *Accounting Review*, 77(4), 35-59. https://doi.org/10.2308/accr.2002.77.s-1.35

Dechow, P., Sloan, R., & Sweeney, A. (1995). Detecting earnings management. *The Accounting Review*, 70(2), 193-225.

DeZoort, F., Houston, R., & Peters, M. (2001). The impact of internal auditor compensation and role on external auditors' planning judgments and decisions. *Contemporary Accounting Research*, 182(2), 257-81. https://doi.org/10.1506/7ERQ-LD54-BTQV-TUVE

DeZoort, F., Houston, R., & Reisch, J. (2000). Incentive-based compensation for internal auditors. *Internal Auditor*, 57(3), 42-46.

DeZoort, F., & Salterio, S. (2001). The effects of corporate governance experience and financial -- reporting and audit knowledge on audit committee members' judgments. *Auditing: A Journal of Practice & Theory*, 20(2), 31-47. https://doi.org/10.2308/aud.2001.20.2.31

Financial Reporting Council (FRC). (2016). *Guidance on audit committees*. London: FRC. Available at: www.frc.org.uk [Accessed 7 February 2019].

Financial Reporting Council (FRC). (2018). *The UK corporate governance code*. London: FRC. [online] Available at: www.frc.org.uk [Accessed 7 February 2019].

Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. *Journal of Accounting and Economics*, 39(2), 295-327. https://doi.org/10.1016/j.jacceco.2004.06.003

Francis, J., & Yu, M. (2009). Big 4 office size and audit quality. *The Accounting Review*, 84(5), 1521-1552. https://doi.org/10.2308/accr.2009.84.5.1521

Gomariz, F., & Ballesta, J. (2014). Financial reporting quality, debt maturity and investment efficiency. *Journal of Banking and Finance*, 40(March), 494-506. https://doi.org/10.1016/j.jbankfin.2013.07.013

Gombola, M., Ho, A., & Huang, C. (2016). The effect of leverage and liquidity on earnings and capital management: evidence from U.S. commercial banks. *International Review of Economics & Finance*, 43 (May), 35-58. https://doi.org/10.1016/j.iref.2015.10.030

Goodwin, J. & Yeo, T. (2001). Two factors affecting internal audit independence and objectivity: evidence from Singapore. *International Journal of Auditing*, 5(2), 107-25. https://doi.org/10.1111/j.1099-1123.2001.00329.x

Gramling, A., Maletta, M., Schneider, A., & Church, B. (2004). The role of the internal audit function in corporate governance: a synthesis of the extant internal auditing literature and directions for future research. *Journal of Accounting Literature*, 23(1), 194-244.

Gras-Gil, E., Marín-Hernández, S., & García-Pérez de Lema, D. (2015). Quality of internal audit and financial reporting in the Spanish banking industry. *Revista de Contabilidad -- Spanish Accounting Review*, 18 (2), 174-181. http://dx.doi.org/10.1016/j.rcsar.2014.06.004

Habib, A., & Bhuiyan, M. (2016a). Overlapping membership on audit and compensation committees and financial reporting quality. *Australian Accounting Review*, 26(1), 76-90. https://doi.org/10.1111/auar.12086

Habib, A., & Bhuiyan, M. (2016b). Problem directors on the audit committee and financial reporting quality. *Accounting and Business Research*, 46 (2), 121-144. https://doi.org/10.1080/00014788.2015.1039477

Hermalin, B., & Weisbach, M. (2003). Boards of directors as an endogenously determined institution: a survey of the economic evidence. *Economic Policy Review*, 9(April), 7-26.

Inaam, Z., & Khamoussi, H. (2016). Audit committee effectiveness, audit quality and earnings management: a meta-analysis. *International Journal of Law and Management*, 58(2), 179-196. https://doi.org/10.1108/IJLMA-01-2015-0006

Institute of Internal Auditors (IIA). (2005). Corporate governance. *The Institute of Internal Auditors*. Available at: https://global.theiia.org. Accessed December 8, 2017

Institute of Internal Auditors (IIA) (2017). *International Standards for the Professional Practice of Internal Auditing*. Florida: the IIA. Available at: http://www.theiia.org Accessed December 13, 2017.

James, K. (2003). The effects of internal audit structure on perceived financial statement fraud prevention. *Accounting Horizons*, 17(4), 315-327. https://doi.org/10.2308/acch.2003.17.4.315

Jones, J. (1991). Earnings management during import relief investigations. *Journal of Accounting Research*, 29(2), 193-228. https://doi.org/10.1108/MAJ-06-2013-0886

Kaplan, S., & Schultz, J. (2007). Intentions to report questionable acts: an examination of the influence of anonymous reporting channel, internal audit quality, and setting. *Journal of Business Ethics*, 71(2), 109-124. https//doi.org/10.1007/s10551-006-0021-6

Krishnan, J., Yuan, W., & Wanli, Z. (2011). Legal expertise on corporate audit committees and financial reporting quality. *The Accounting Review*, 86(6), 2099-2130. https://doi.org/10.2308/accr-10135

Larcker, D., & Rusticus, T. (2007). Endogeneity and empirical accounting research. *European Accounting Review*, 16(1), 207-215. https//doi.org/10.1080/09638180701269905

Larcker, D., & Rusticus, T. (2010). On the use of instrumental variables in accounting research. *Journal of Accounting and Economic*s, 49(3), 186-205. https://doi.org/10.1016/j.jacceco.2009.11.004

Lazzem, S., & Jilani, F. (2018). The impact of leverage on accrual-based earnings management: the case of listed French firms. *Research in International Business and Finance*, 44(April), 350-358. https://doi.org/10.1016/j.ribaf.2017.07.103

Manzaneque, M., Priego, A., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: evidence from Spain. *Revista de Contabilidad -- Spanish Accounting Review*, 19(1), 111-121. http://dx.doi.org/10.1016/j.rcsar.2015.04.001

McNichols, M. (2002). Discussion of the quality of accruals and earnings: the role of accrual estimation errors. *The Accounting Review*, 77(S1), 61-69. https://doi.org/10.2308/accr.2002.77.s-1.61

Méndez, C., García, R., & Pathan, S. (2017). Monitoring by busy and overlap directors: an examination of executive remuneration and financial reporting quality. *Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad*, 46(1), 28-62. https://doi.org/10.1080/02102412.2016.1250345

Messier, W., Reynolds, J., Simon, C., & Wood, D. (2011). The effect of using the internal audit function as a management training ground on the external auditor's reliance decision. *The Accounting Review*, 86(6), 2131-2154. https://doi.org/10.2308/accr-10136

Nagy, A., & Cenker, W. (2007). Internal audit professionalism and section 404 compliance: the view of chief audit executives from Northeast Ohio. *International Journal of Auditing*, 11(1), 41-49. https://doi.org/10.1111/j.1099-1123.2007.00355.x

Norman, C., Rose, A., & Rose, J. (2010). Internal audit reporting lines, fraud risk decomposition, and assessments of fraud risk. *Accounting, Organizations and Society,* 35(5), 546-557. https://doi.org/10.1016/j.aos.2009.12.003

Omar, H., & Stewart, J. (2015). The effect of incentive-based compensation on internal auditors' perceptions of objectivity. *International Journal of Auditing*, 19(1), 37-52. https://doi.org/10.1111/ijau.12032

Prawitt, D., Smith, J., & Wood, D. (2009). Internal audit quality and earnings management. *The Accounting Review*, 84(4), 1255-1280. https://doi.org/10.2308/accr.2009.84.4.1255

Rose, A., Rose, J., & Norman, C. (2013). Is the objectivity of internal audit compromised when the internal audit function is a management training ground? *Accounting and Finance*, 53(4), 1001-1019. https://doi.org/10.1111/acfi.12025

Sarens, G., Beelde, I. & Everaert, P. (2009). Internal audit: a comfort provider to the audit committee. *The British Accounting Review*, 41(2), 90-106. https://doi.org/10.1016/j.bar.2009.02.002

Sarens, G., & Beelde, I. (2006). The relationship between internal audit and senior management: a qualitative analysis of expectations and perceptions. *International Journal of Auditing*, 10(3), 219-241. https://doi.org/10.1111/j.1099-1123.2006.00351.x

Schneider, A. (2008). The relationship between internal audit and corporate management. *Internal Auditing*, 23(5), 12-20.

Schneider, A. (2003). An examination of whether incentive compensation and stock ownership affect internal auditor objectivity. *Journal of Managerial Issues*, 15(4), 486-97.

Stewart, J., & Subramaniam, N. (2010). Internal audit independence and objectivity: emerging research opportunities. *Managerial Auditing Journal*, 25(4), 328-360. https://doi.org/10.1108/02686901011034162

Tanyi, P., & Smith, D. (2015). Busyness, expertise, and financial reporting quality of audit committee chairs and financial experts. *Auditing: A Journal of Practice & Theory*, 34(2), 59-89. https://doi.org/10.2308/ajpt-50929

Watts, R., & Zimmerman, J. (1990). Positive accounting theory: A ten year perspective. *The Accounting Review*, 65 (1), 131-56.

Zaman, M., & Sarens, G. (2013). Informal interactions between audit committees and internal audit functions: Exploratory evidence and directions for future research. *Managerial Auditing Journal*, 28 (6), 495-515. https://doi.org/10.1108/09513570710779036

Publicado
01-01-2021
Cómo citar
Alzeban, A. (2021). Remuneración del Director Ejecutivo de la Auditoría y Calidad de la Información Financiera: CAE Remuneration and Financial Reporting Quality. Revista De Contabilidad - Spanish Accounting Review, 24(1), 90-103. https://doi.org/10.6018/rcsar.367981
Número
Sección
Artículos