Innovative regulatory programs are encouraging firms to police their own regulatory compliance and voluntarily disclose, or confess, the violations they find. Despite the win-win rhetoric surrounding these government voluntary programs, it is not clear why companies would participate and whether...

Many companies complying with the Sarbanes-Oxley Act (SOX) focus primarily on effective internal controls and reliable financial reporting. Addressing only these aspects, however, leaves most of the value on the table. By putting the spotlight on the broader definition of internal control, which...