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Central European Management Journal

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Year 2016 
Volume 24 
Issue 3

Content of Disclosures Concerning Control over Financial Reporting: The Perspective of Polish Listed Companies

Jacek Gad
University of Lodz

2016 24 (3) Central European Management Journal

DOI 10.7206/jmba.ce.2450-7814.174

Abstract

Purpose: The aim of this study was to identify the content of disclosures presented by public companies listed on the Warsaw Stock Exchange on the internal control and risk management systems in relation to financial reporting.

Methodology: The study contents were formulated with the use of literature studies. Content analysis studies and disclosure index studies were used for the study of narrative disclosures. The research was of a qualitative nature.

Results: The results showed that the companies listed on the Polish capital market are still at the stage of formulating reporting practices in the area of control systems over financial reporting. It should be noted that the diversity in information presented within disclosures about control systems over financial reporting is considerable. For some companies, the disclosures are formulated at such a high level of generality that no firm conclusions can be drawn. Detailed items of disclosures presented by particular companies can be identified in the reporting practices. The findings may provide the basis for constructing an index of disclosures about control systems over financial reporting.
Scope of research: The study examined disclosures about internal control and risk management systems in relation to financial reporting presented by public companies listed on the Warsaw Stock Exchange.

Originality: Disclosures about internal control and risk management systems in relation to financial reporting are a relatively new issue in Polish practice. The literature studies carried out as part of the research indicate that this issue is a research gap.

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  76. Deumes, R. and Knechel W.R. (2008). Economic Incentives for Voluntary Reporting on Internal Risk Management and Control Systems. Auditing: A Journal of Practice & Theory, 27(1): 35–66, http://dx.doi.org/10.2308/aud.2008.27.1.35 [Google Scholar]
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  84. IFAC (2012). Integrating governance for sustainable success. New York: International Federation of Accountants. [Google Scholar]
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  92. Marcinkowska, M. (2013). Corporate governance w bankach. Teoria i praktyka. Lodz: Wydawnictwo Uniwersytetu Łódzkiego. [Google Scholar]
  93. Marston, C. L. and Shrives, P. J. (1991). The use of disclosure indices in accounting research: a review article. British Accounting Review, 23(3): 195–210, http://dx.doi.org/10.1016/0890-8389(91)90080-L [Google Scholar]
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  96. Noll, D.J. and Weygandt, J.J. (1997). Business Reporting: What Comes Next? Journal of Accountancy, 183: 59–62. [Google Scholar]
  97. Russo, A., Herdan, A. and Neri, L. (2015). Empirical Evidence on Internal Control Disclosure in Italy Stock Exchange and Polish Stock Exchange. In: J. Krasodomska and K. Świetla (eds.), Współczesne uwarunkowania sprawozdawczości i rewizji finansowej (pp. 379-388). Kraków: Fundacja Uniwersytetu Ekonomicznego w Krakowie. [Google Scholar]
  98. Szczepankiewicz, E.I. (2012). Management Commentary jako nowe źródło informacji o działalności jednostki gospodarczej. Zeszyty Teoretyczne Rachunkowości, 66(122): 191–203. [Google Scholar]
  99. Tapscott, D. and Ticoll, D. (2003). The Naked Corporation. How the Age of Transparency Will Revolutionize Business. New York: A Division of Simon & Schuster, Inc. [Google Scholar]
  100. U.S. Crisis of Confidence (2002). Australian Financial Review, 4/5 May, 24. [Google Scholar]
  101. Wang, X. (2012). Increased Disclosure Requirements and Corporate Governance Decisions: Evidence from Chief Financial Officers in the Pre- and Post-Sarbanes-Oxley Periods. Journal of Accounting Research, 48(4): 885–920. [Google Scholar]
  102. Zeini, Z. (2011). It’s not what you think it is. The importance of narrative reporting. Deloitte Middle East Point of View Magazine: 27–29. [Google Scholar]
  103. ACCA (2012). Re-assessing the value of corporate reporting. London: Association of Chartered Certified Accountants. [Google Scholar]
  104. Agrawal, A. and Chadha, S. (2005). Corporate governance and accounting scandals. Journal of Law and Economics, 36: 105–146, http://dx.doi.org/10.1086/430808 [Google Scholar]
  105. Bauwhede, H.V. and Willekens, M. (2008). Disclosure on Corporate Governance in the European Union. [Google Scholar]
  106. Corporate Governance: An International Review, 16(2): 101–115, http://dx.doi.org/10.1111/j.1467-8683.2008.00671.x [Google Scholar]
  107. Beattie, V., McInnes, B. and Fearnley, S. (2004). A methodology for analysing and evaluating narratives in annual reports: a comprehensive descriptive profile and metrics for disclosure quality attributes. Accounting Forum, 28(3): 205–236, http://dx.doi.org/10.1016/j.accfor.2004.07.001 [Google Scholar]
  108. Bronson, S.N., Carcello, J.V. and Raghunandan, K. (2006). Firm Characteristics and Voluntary Management Reports on Internal Control. Auditing: A Journal of Practice & Theory, 25(2): 25–39, http://dx.doi.org/10.2308/aud.2006.25.2.25 [Google Scholar]
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  110. Deumes, R. and Knechel W.R. (2008). Economic Incentives for Voluntary Reporting on Internal Risk Management and Control Systems. Auditing: A Journal of Practice & Theory, 27(1): 35–66, http://dx.doi.org/10.2308/aud.2008.27.1.35 [Google Scholar]
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APA style

Gad, J. . (2016). Content of Disclosures Concerning Control over Financial Reporting: The Perspective of Polish Listed Companies. Central European Management Journal, 24(3), 23-46. https://doi.org/10.7206/jmba.ce.2450-7814.174 (Original work published 2016)

MLA style

Gad, J. . “Content Of Disclosures Concerning Control Over Financial Reporting: The Perspective Of Polish Listed Companies”. 2016. Central European Management Journal, vol. 24, no. 3, 2016, pp. 23-46.

Chicago style

Gad, Jacek . “Content Of Disclosures Concerning Control Over Financial Reporting: The Perspective Of Polish Listed Companies”. Central European Management Journal, Central European Management Journal, 24, no. 3 (2016): 23-46. doi:10.7206/jmba.ce.2450-7814.174.