Research exploring the determinants and economic consequences of internal control (IC) quality has gained momentum in recent years. The purpose of our paper is to synthesize the accounting related literature on IC, identify areas of research on IC that are lacking, and discuss the implications of the review for policymakers. Our findings are also relevant for managers, investors, creditors and auditors. In order to do this, we extend prior reviews by focusing on US studies published from 2013 to 2016, and by reviewing studies conducted outside the US setting. In light of increasing global efforts to enhance IC, an updated literature review with an international perspective is warranted to inform the regulatory debate surrounding the enactment of disclosure and attestation rules to enhance the transparency and quality of IC of financial reporting and their relevance to stakeholders. Prior reviews on IC reporting subsequent to SOX sections 302 and 404 (hereafter, SOX 302 and SOX 404 respectively) are US dominated and focus on the literature up to 2012. Schneider, Gramling, Hermanson & Ye (2009) limit their review to US, large sample size studies during 2005 to mid-2009. Key insights are that weaker IC is associated with smaller, riskier, and more complex firms. Weaker IC is also associated with weaker board and audit committee independence and expertise, increased cost of finance, less accurate earnings forecasts and higher audit fees. They suggest further research on the association between IC quality and earnings quality and cost of equity given the mixed findings in reviewed studies. Kinney, Martin & Shephardson (2013) reflect on SOX and the production of IC audits using evidence from public and limited non-public archival data, analytical studies, and numerous personal experiences of audit practitioners. They are interested in understanding how the requirement for IC audits has changed the production of audits. The paper is a commentary rather than a literature review and calls for greater transparency and analysis of how control audits are conducted, and consideration of alternative means to provide IC effectiveness information to investors. Asare, Fitzgerald, Graham, Joe, Negangard & Wolfe (2013) focus primarily on literature examining auditors’ evaluation and reporting on IC using a framework considering auditor, client, task and environment attributes, and auditor-client interactions. In doing so they discuss empirical findings of US studies with their synthesis suggesting that auditors conduct more testing when clients have deficiencies in IC with this manifesting in higher audit fees and delays. Bedard and Graham (2014) discuss the cost-benefit aspects of management and auditor reporting on IC. They review a select number of pre-2013 studies investigating ineffective IC determinants (six studies), consequences (seven studies), and remediation (four studies). The review includes three non-US studies on consequences, conducted in Canada, Netherlands and Japan. They conclude that IC issues are more likely in smaller, more complex and financially distressed firms, auditor affiliation and audit quality influence IC quality and reporting, and effective IC are associated with lower cost of capital. Coates and Srinivasan (2015) review a decade of post SOX US literature on IC from accounting, finance and law disciplines concluding that SOX has delivered financial reporting benefits, but research on its net social welfare contribution remains inconclusive. Our paper extends those previous reviews thereby making a distinct and incremental contribution. First, it provides an update of IC research published during 2013-2016 using US data. Prior reviews focus on the ten-year period post-SOX adoption and there has been a substantial body of research subsequent to this period offering new insights on the value, importance, and efficacy of IC reporting. Second, our review extends the scope to non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. As noted by Bedard and Graham (2014), regulatory differences in countries can contribute insights on the benefits and costs of SOX. Third, this study synthesizes IC literature by focusing on consequences for a diverse set of stakeholders. Finally, this review goes beyond a classic literature review by critiquing the IC accounting literature and setting a future research agenda.