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Оценка эффективности внутреннего аудита в системе корпоративного управления: эмпирический анализ по данным российских компаний // Assessment of Internal Audit Efficiency in Corporate Governance: an Empirical Analysis of the Russian Companies’ Data

Author

Listed:
  • Andrei Ankudinov Borisovich

    (Kazan Federal University)

  • Elena Markhanova Sergeevna

    (Innopolis University)

  • Андрей Анкудинов Борисович

    (Казанский (Приволжский) федеральный университет)

  • Елена Марханова Сергеевна

    (Университет Иннополис)

Abstract

Subject. Under conditions of economic stagnation and sanctions regime Russian companies are confronted with an especially acute problem of improving their efficiency as the major driver of attracting investments and mobilizing long-term funds. In this paper the implementation of internal audit system is considered as a tool to achieve the aforementioned goal. Purpose. The research objective is twofold: to assess the efficiency of internal audit in shareholder value creation and to reveal the determinants of the very existence of internal audit departments in companies’ organizational structure. Methodology. Empirical analysis of unbalanced panel data using fixed effects and random effects models as well as logit fixed effect models serves as a methodological basis for the research. The sample comprises data covering the 2005-2015 period for 125 publicly traded Russian companies representing non-financial sectors of economy. Results. The research results reveal that the existence of internal audit service in the company structure is positively related to shareholder value creation. Besides, a number of basic determinants of shareholder value are proved to be statistically significant. As for the analysis of the existence of internal audit service determinants, no statistically significant relation was found between the companies’ characteristics included in the model which, as may be supposed, could provide incentives for implementation of the internal audit service, and the actual existence of this service in company structure. Conclusions. The obtained results allow for the conclusion that the internal audit service can be considered as a value driver, enhancing the efficiency of business-processes and thus contributing to the attractiveness of companies for investors. The absence of statistically significant determinants of the establishment of internal audit service may indicate that currently in Russian publicly traded companies this decision is largely determined by personal intention of management to have such service in the firm structure. Предмет. В условиях экономической стагнации и санкционного давления перед российскими компаниями особенно остро стоит задача повышения эффективности деятельности как основного драйвера обеспечения инвестиционной привлекательности и, как следствие, получения возможности мобилизации долгосрочного капитала. В данной работе в качестве одного из инструментов достижения этой цели рассматривается внедрение системы внутреннего аудита. Цель. Цель исследования состоит в проведении оценки эффективности внутреннего аудита в процессе создания акционерной стоимости и выявлении факторов, определяющих формирование в структуре компании соответствующего подразделения. Методология. Методологической основой исследования выступил эмпирический анализ несбалансированных панельных данных с применением моделей с фиксированными индивидуальными эффектами и со случайными эффектами, а также логит-модели с фиксированными эффектами. Использованная выборка была сформирована по данным 125 российских публичных компаний нефинансового сектора за период 2005-2015 гг. Результаты. В результате проведенного исследования была выявлена положительная статистическая связь между акционерной стоимостью компании и наличием в структуре последней подразделения внутреннего аудита. Помимо этого, подтвердилась статистическая значимость ряда базовых детерминант акционерной стоимости. В части выявления факторов наличия службы внутреннего аудита проведенный анализ показал отсутствие статистической зависимости между включенными в модель характеристиками компаний, предположительно способными стимулировать внедрение системы внутреннего аудита, и формированием в их структуре соответствующего подразделения. Выводы. На основе полученных результатов можно сделать вывод о том, что систему внутреннего аудита следует рассматривать в качестве стоимостного драйвера, способного повысить эффективность бизнес-процессов, обеспечивая тем самым рост инвестиционной привлекательности компании. Отсутствие статистически значимых факторов, определяющих создание службы внутреннего аудита, может указывать на то, что на данном этапе ее формирование в российских публичных компаниях обусловливается в большей степени субъективным желанием руководства иметь подобное подразделение в структуре фирмы.

Suggested Citation

  • Andrei Ankudinov Borisovich & Elena Markhanova Sergeevna & Андрей Анкудинов Борисович & Елена Марханова Сергеевна, 2018. "Оценка эффективности внутреннего аудита в системе корпоративного управления: эмпирический анализ по данным российских компаний // Assessment of Internal Audit Efficiency in Corporate Governance: an Em," Учет. Анализ. Аудит // Accounting. Analysis. Auditing, ФГОБУВО "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 5(1), pages 18-29.
  • Handle: RePEc:scn:accntn:y:2018:i:1:p:18-29
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    References listed on IDEAS

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    1. Ho, Sandra & Hutchinson, Marion, 2010. "Internal audit department characteristics/activities and audit fees: Some evidence from Hong Kong firms," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 19(2), pages 121-136.
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