An Entropy Testing Model Research on the Quality of Internal Control and Accounting Conservatism: Empirical Evidence from the Financial Companies of China from 2007 to 2011

Table 1

Regulations on internal control of the financial industry in China.

Year	Promulgation institution	Titles
1997	People’s Bank of China	Guiding principles that strengthen the internal control of financial institutions
2000	China Securities Regulatory Commission (Hereinafter referred to as CSRC)	The compilation rules for public offering securities companies to disclose information, number 1, 3, and 5
2002	People’s Bank of China	Guidelines for the internal control of commercial banks
2002	CSRC	Guiding opinions on the internal control of securities investment fund management companies
2003	CSRC	Guidelines for the internal control of securities company
2004	China Insurance Regulatory Commission (Hereinafter referred to as CIRC)	Guidelines for internal control of insurance intermediary institutions
2006	CIRC	Evaluation methods on internal control of life insurance company
2007	China Banking Regulatory Commission (Hereinafter referred to as CBRC)	Guidelines for the internal control of commercial banks
2008	The Ministry of Finance, the Audit Commission, CBRC, CIRC, CSRC	Fundamental standards of corporate internal control
2009	State-owned Assets Supervision and Administration Commission	Notice on further strengthening the supervision of financial derivative business of governmental enterprises
2010	The Ministry of Finance, the Audit Commission, CBRC, CIRC, CSRC	Application guidelines, audit guidelines, and evaluation guidelines for corporate internal control
2012	The Ministry of finance	Number 1 of the notice on Accounting (2012) and number 3 that explain problems related to implementation of the internal control standard system