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1、外文翻譯原文：DisclosureonInternalControlSystemsasaSubstituteofAlternativeGovernanceMechanismsAccordingtocorporategovernanceliterature,themaininternalmonitoringmechanismsaretheboardofdirectors,theownershipstructureofthefirm,andtheinternalcontrolsystem(Gillan,200
2、6).Inparticular,ICSsplayacentralroleintheprotectionofinvestors’interestsbothassuringthereliabilityoffinancialreportingandpromotingthetimelyidentification,assessmentandmanagementofrelevantrisksthatencumberuponthebusiness.ThecentralityofICSincorporategovern
3、ancehasbeenwidelyrecognizedbythevastmajorityofcodesofbestpractice.Inordertoexpresstheirconcernsandpricetheirclaims,investorsneedtogetinformationonthedesignandfunctioningofmonitoringmechanisms.Inthecasesofmechanismsliketheownershipstructureandtheboardofdir
4、ectors,informationconcerningstructureandcomposition,typeandcompositionofcommitteesinplace,numberofmeetingsandsoon,ispubliclyavailable.Insomeothercases,theenforcementofreportingonICSweaknessesormaterialdeficiencies–likethoserequiredbytheSOX-provideinvestor
5、swithrelevantinformationaboutpossiblegapsinthefunctioningoftheICS(Leone,2007).Nevertheless,specificinformationonthecharacteristicsoftheICSisindeedmoredifficultandexpensivetogatherbecauseICSsarecomplexsetsofactivitiesandprocessescarriedoutinternallytothefi
6、rm(DeumesandKnechel,2008;Bronsonetal.,2006).Indeed,whilecorporategovernancebestpracticesrequiretodiscloseinformationontheICS,theydonotprovideinstructiononthenarrativecontentsofICSdisclosure.Therefore,investorsareunlikelytobeinformedaboutthenature,extent,p
7、rocessesandqualityofinternalcontrols,unlessdisclosureonthecharacteristicsoftheICSisprovidedbythemanagement.Thecontentandextentofsuchdisclosurewilldependontheexistingmonitoringpackage(Leftwichetal.,1981;Williamson,1983)ofthefirm.Atthebestofourknowledge,dis
8、closureonthespecificcharacteristicsandfunctioningofICShasbeendeservedpoorattention.WhiletheintroductionoftheSOXintheUSA,andtherelatedrequirementfordisclosureonICSdeficienciesormaterialweaknesseshasincreasinglyattrac
