Internal Control Quality, Risk Governance, and Financial Reporting Quality: A Systematic Literature Review
Keywords:
Internal Control Quality, Risk Governance, Financial Reporting Quality
Abstract
This study aims to systematically review the relationship among internal control quality, risk governance, and financial reporting quality in order to develop a more integrated explanation of how governance and control mechanisms shape reporting integrity. Using a systematic literature review approach, this study applies a structured review protocol, Scopus-oriented article selection, explicit inclusion and exclusion criteria, and qualitative thematic synthesis guided by PRISMA 2020. The review finds that the literature increasingly supports a triadic interpretation in which risk governance provides the oversight environment, internal control quality serves as the operational reliability mechanism, and financial reporting quality represents the reporting outcome. The findings also indicate that internal audit quality functions as a bridging assurance mechanism linking governance structures to reporting outcomes. In addition, financial reporting quality is better explained by complementary bundles of governance, control, and assurance mechanisms than by isolated determinants. However, the literature remains fragmented due to measurement heterogeneity, contextual dependence across sectors and regulatory environments, and the absence of a sufficiently integrated explanatory framework. The originality of this study lies in reorganizing fragmented evidence into a coherent governance-to-reporting framework that strengthens cumulative understanding and provides a clearer basis for future research.
References
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Adams, R. J., Smart, P., & Huff, A. S. (2017). Shades of grey: Guidelines for working with the grey literature in systematic reviews for management and organizational studies. International Journal of Management Reviews, 19(4), 432–454. https://doi.org/10.1111/ijmr.12102
Al embersh, O., & Ali, D. (2025). The relationship between corporate governance and internal control in banks: A literature review. Journal of Reproducible Research, 1(1), 467–479. https://journalrrsite.com/index.php/Myjrr/article/view/177
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. S. S. (2019). Audit committee, internal audit function and earnings management: Evidence from Jordan. Meditari Accountancy Research, 27(1), 72–90. https://doi.org/10.1108/MEDAR-06-2017-0160
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Beasley, M., Blay, A., Lewellen, C., & McAllister, M. (2023). Tempering financial reporting risk through board risk management. Journal of Risk and Financial Management, 16(12), Article 491. https://doi.org/10.3390/jrfm16120491
Bhuiyan, M. B. U., Salma, U., Roudaki, J., & Tavite, S. (2020). Financial reporting quality, audit fees and risk committees. Asian Review of Accounting, 28(3), 423–444. https://doi.org/10.1108/ARA-01-2019-0017
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Boulhaga, M., Bouri, A., & Elbardan, H. (2022). The effect of internal control quality on real and accrual-based earnings management: Evidence from France. Journal of Management Control, 33(4), 545–567. https://doi.org/10.1007/s00187-022-00348-5
Brown, N. C., Pott, C., & Wömpener, A. (2014). The effect of internal control and risk management regulation on earnings quality: Evidence from Germany. Journal of Accounting and Public Policy, 33(1), 1–31. https://doi.org/10.1016/j.jaccpubpol.2013.10.003
Chalmers, K., Hay, D., & Khlif, H. (2019). Internal control in accounting research: A review. Journal of Accounting Literature, 42, 80–103. https://doi.org/10.1016/j.acclit.2018.03.002
Cohen, J., Krishnamoorthy, G., & Wright, A. (2017). Enterprise risk management and the financial reporting process: The experiences of audit committee members, CFOs, and external auditors. Contemporary Accounting Research, 34(2), 1178–1209. https://doi.org/10.1111/1911-3846.12294
Doyle, J. T., Ge, W., & McVay, S. (2007a). Accruals quality and internal control over financial reporting. The Accounting Review, 82(5), 1141–1170. https://doi.org/10.2308/accr.2007.82.5.1141
Doyle, J. T., Ge, W., & McVay, S. (2007b). Determinants of weaknesses in internal control over financial reporting. Journal of Accounting and Economics, 44(1–2), 193–223. https://doi.org/10.1016/j.jacceco.2006.10.003
Erin, O. A., Okoh, J. I., & Okika, N. (2026). Risk governance and risk disclosure quality: An empirical evidence. Journal of Financial Reporting and Accounting, 24(1), 97–122. https://doi.org/10.1108/JFRA-04-2023-0198
Faradiza, S., & Tjaraka, H. (2026). Mapping the landscape of audit report lag research: A bibliometric analysis, coupling insights and future research agenda. Journal of Accounting & Organizational Change. Advance online publication. https://doi.org/10.1108/JAOC-07-2025-0249
Feng, M., Li, C., & McVay, S. (2009). Internal control and management guidance. Journal of Accounting and Economics, 48(2–3), 190–209. https://doi.org/10.1016/j.jacceco.2009.09.004
Fitriyah, F. K. (2026). From oversight to governance: A bibliometric mapping of internal audit research in higher education institutions. International Journal of Management and Business Economics, 4(2), 95–116. https://doi.org/10.58540/ijmebe.v4i2.1421
Gao, S., Hsu, H.-T., & Liu, F.-C. (2025). Enterprise risk management, financial reporting and firm operations. Risks, 13(3), Article 48. https://doi.org/10.3390/risks13030048
Gharby, S., Oubannin, S., Ait Bouzid, H., Bijla, L., Ibourki, M., Gagour, J., Koubachi, J., Sakar, E. H., Majourhat, K., Lee, L.-H., Harhar, H., & Bouyahya, A. (2022). An overview on the use of extracts from medicinal and aromatic plants to improve nutritional value and oxidative stability of vegetable oils. Foods, 11(20), Article 3258. https://doi.org/10.3390/foods11203258
Hastharita, R., Dewi, D. R., & Burhanuddin, N. (2026). Accounting information systems in the digital era: A bibliometric mapping of ERP and cloud-enabled research. Jurnal Dinamika Ekonomi & Bisnis, 23(1), 93–113. https://doi.org/10.34001/jdeb.v23i1.9575
Hiebl, M. R. W. (2023). Sample selection in systematic literature reviews of management research. Organizational Research Methods, 26(2), 229–261. https://doi.org/10.1177/1094428120986851
Horsley, T., Dingwall, O., & Sampson, M. (2011). Checking reference lists to find additional studies for systematic reviews. Cochrane Database of Systematic Reviews, 2011(8), Article MR000026. https://doi.org/10.1002/14651858.MR000026.pub2
Islam, M., Slof, J., & Albitar, K. (2023). The mediation effect of audit committee quality and internal audit function quality on the firm size–financial reporting quality nexus. Journal of Applied Accounting Research, 24(5), 839–858. https://doi.org/10.1108/JAAR-06-2022-0153
Johnston, J., & Soileau, J. (2020). Enterprise risk management and accruals estimation error. Journal of Contemporary Accounting and Economics, 16(3), Article 100209. https://doi.org/10.1016/j.jcae.2020.100209
Johl, S. K., Johl, S. K., Subramaniam, N., & Cooper, B. (2013). Internal audit function, board quality and financial reporting quality: Evidence from Malaysia. Managerial Auditing Journal, 28(9), 780–814. https://doi.org/10.1108/MAJ-06-2013-0886
Kaawaase, T. K., Nairuba, C., Akankunda, B., & Bananuka, J. (2021). Corporate governance, internal audit quality and financial reporting quality of financial institutions. Asian Journal of Accounting Research, 6(3), 348–366. https://doi.org/10.1108/AJAR-11-2020-0117
Kuzmina, J., Mavļutova, I., Verdenhofs, A., Fomins, A., & Nātriņš, A. (2026). Digital financial innovation and sustainable development: Cross-countries analysis and ESG risks management. Preprints. https://doi.org/10.20944/preprints202602.1917.v1
Landu, M., Mota, J. H., Moreira, A. C., & Bandeira, A. M. (2025). Factors influencing the quality of financial information: A systematic literature review. South African Journal of Accounting Research, 39(2), 149–176. https://doi.org/10.1080/10291954.2024.2366169
Leocádio, D., Reis, J. C. G. dos, & Malheiro, L. (2024). Trends and challenges in auditing and internal control: A systematic literature review. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4872558
Lin, S., Pizzini, M., Vargus, M., & Bardhan, I. R. (2011). The role of the internal audit function in the disclosure of material weaknesses. The Accounting Review, 86(1), 287–323. https://doi.org/10.2308/accr.00000016
Lu, H., Richardson, G., & Salterio, S. (2011). Direct and indirect effects of internal control weaknesses on accrual quality: Evidence from a unique Canadian regulatory setting. Contemporary Accounting Research, 28(2), 675–707. https://doi.org/10.1111/j.1911-3846.2010.01058.x
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106(1), 213–228. https://doi.org/10.1007/s11192-015-1765-5
Nakashima, M., & Ziebart, D. A. (2015). Did Japanese-SOX have an impact on earnings management and earnings quality? Managerial Auditing Journal, 30(4/5), 482–510. https://doi.org/10.1108/MAJ-06-2013-0890
Okoli, C. (2015). A guide to conducting a standalone systematic literature review. Communications of the Association for Information Systems, 37, Article 43, 879–910. https://doi.org/10.17705/1CAIS.03743
Oussii, A. A., & Taktak, N. B. (2018). The impact of internal audit function characteristics on internal control quality. Managerial Auditing Journal, 33(5), 450–469. https://doi.org/10.1108/MAJ-06-2017-1579
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., McDonald, S., ... Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, Article n71. https://doi.org/10.1136/bmj.n71
Paul, J., & Criado, A. R. (2020). The art of writing literature review: What do we know and what do we need to know? International Business Review, 29(4), Article 101717. https://doi.org/10.1016/j.ibusrev.2020.101717
Prawitt, D. F., Smith, J. L., & Wood, D. A. (2009). Internal audit quality and earnings management. The Accounting Review, 84(4), 1255–1280. https://doi.org/10.2308/accr.2009.84.4.1255
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Published
2026-04-29
How to Cite
Permana, N. B., Haliah, & Darmawati. (2026). Internal Control Quality, Risk Governance, and Financial Reporting Quality: A Systematic Literature Review. International Journal of Economics, Business and Innovation Research, 5(03), 982-1008. https://doi.org/10.63922/ijebir.v5i03.3216
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