Andrew Imdieke's paper Does the Presence of an Internal Control Audit Affect Firm Operational Efficiency?  has been accepted at Contemporary Accounting Research 

This study finds that small firms with internal controls over financial reporting (ICFR) audits have higher operational efficiency than small firms without ICFR reports, regardless of underlying internal control strength. The effect manifests through improved inventory turnover and innovation and increased relative product market share. The results provide additional evidence on the ongoing cost and benefit debate of ICFR audits for small firms, which is especially important given recent SEC regulatory amendments that exempt additional small firms from ICFR audits.