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  1. Venkataraman M. Iyer
  2. Ann L. Watkins




    This paper reports the results of a survey of 215 nonprofit organizations to
    determine the degree to which these organizations have voluntarily adopted provisions
    of the Sarbanes-Oxley Act of 2002 _SOX_. The authors believe that this research is
    timely and important as several states are considering implementing regulation that
    would have implications for stricter accountability measures for nonprofit organizations.
    Results indicate that many of the nonprofits in this survey have either already adopted
    governance measures similar to those prescribed by SOX or are in the process of doing
    so. The regression results indicate that size of budget, size of the board of directors,
    and proportion of independent members on the board are significantly related to the
    presence of an audit committee. Organizations engaging external or internal auditors
    are more likely to have a code of conduct and have periodic assessments of internal
    controls. The presence of an internal audit function is also significantly related to management
    certification of financial reports. The regression analysis on a composite SOX
    measure _which was calculated by summing the responses to questions on adoption of
    an audit committee, code of conduct, whistleblower protection, management certification
    of financial reports, and periodic assessments of internal controls_ indicates that the
    presence of an external and/or an internal audit is significantly related to the adoption of
    such SOX measures.


    Vol 22, Nomor 03, Tahun 2008


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