¿Son relevantes los cambios voluntarios de auditores para el mercado brasileño? Un análisis basado en el rendimiento y el volumen de negociación de acciones
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abr 18, 2023
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Resumen
Este trabajo explora la reacción del mercado y de los inversores al anuncio de Cambios Voluntarios de Auditores (CVAs) para las empresas públicas brasileñas entre 2012 y 2019. Para ello, se aplicó el método de estudio de eventos sobre rentabilidad y volumen de negociación de acciones, frente a una muestra de 80 CVAs realizados por 66 empresas. La muestra principal también se separó en submuestras de acuerdo con el tamaño de la auditoría y la opinión emitida por el auditor reemplazado. Los resultados indican que, en general, no hay reacción del mercado ni de los inversores al anuncio de los CVAs. Además, identificamos que muchas empresas brasileñas no revelaron las razones de los CVAs o dieron razones genéricas. Este hallazgo es importante porque muestra que los entornos institucionales que tienen cambios obligatorios de auditor en períodos cortos, como Brasil, pueden reducir el efecto sorpresa de la divulgación de los CVAs. Este hecho, sumado a la opacidad de los cambios del auditor, por lo tanto, minimizaría la relevancia del CVAs para el mercado.
Keywords
Voluntary auditor change. Market reaction. Investors’ reaction. Event study.Cambios Voluntarios de Auditores. Reacción del mercado. Reacción del inversor. Estudio de eventos.Mudança Voluntária de Auditores. Reação do Mercado. Reação dos Investidores. Estudo de Evento.
References
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Dantas, J. A., Barreto, I. T., & Carvalho, P. R. M. (2017). Relatório com Modificação de Opinião: Risco para o Auditor? Revista Contemporânea de Contabilidade, 14(33), pp. 140-157. https://doi.org/10.5007/2175-8069.2017v14n33p140
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Defond, M. L., & Francis, J. R. (2005). The Audit Research after Sarbanes–Oxley. Auditing: A Journal of Practice & Theory 24(s-1), pp. 5–30. https://doi.org/10.2308/aud.2005.24.s-1.5
Dunn, J., Hillier, D., & Marshall, A. P. (1999). The market reaction to auditor resignations. Accounting and Business Research 29(2), pp. 95-108. https://doi.org/10.1080/00014788.1999.9729572
Eichenseher, J., Hagigi, M., & Shields, D. (1989). Market reaction to auditor changes by OTC companies. Auditing: A Journal of Practice & Theory, 9(1), pp. 29-40.
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Hagigi, M., Kluger, B. D., & Shields, D. (1993). Auditor Change Announcements and Dispersion of Investor Expectations. Journal of Business Finance & Accounting 20(6), pp. 787-802. https://doi.org/10.1111/j.1468-5957.1993.tb00293.x
Hennes, K. M., Leone, A. J., & Miller, B. P. (2014). Determinants and market consequences of auditor dismissals after accounting restatements. The Accounting Review, 89(3), pp. 1051-1082. https://doi.org/10.2308/accr-50680
Horton, J., Livne, G., & Pettinicchio, A. (2021). Empirical evidence on audit quality under a dual mandatory auditor rotation rule. European Accounting Review, 30(1), pp. 1-29. https://doi.org/10.1080/09638180.2020.1747513
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Banco Central do Brasil – BACEN. (2003b). Resolução nº 3081. Brasília, DF: BACEN. Available at: https://bityli.com/2KIY2M (last accessed May 2, 2020).
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Beaver, W. H. (1968). The information content of annual earnings announcements. Journal of Accounting Research 6(3), pp. 67-92. https://doi.org/10.2307/2490070
Boehmer, E., Musemeci, J., & Poulson, A. B. (1991). Event-Study Methodology under Conditions of Event-Induced Variance. Journal of Financial Economics 30(2), pp. 253-272. https://doi.org/10.1016/0304-405X(91)90032-F
Bronson, S., Harris, K., & Whisenant, S. (2016). Mandatory Audit Firm Rotation: An International Investigation, In Working paper. University of Kansas.
Calderon, T. G., Ofobike, E., & Cheh, J. J. (2007). Is There Transparency in Auditor Change Disclosures? Journal of Applied Business Research 23(3), pp. 61-74. https://doi.org/10.19030/jabr.v23i3.1391
Cameran, M., Prencipe, A., & Trombetta, M. (2014). Mandatory Audit Firm Rotation and Audit Quality. European Accounting Review 25(1), pp. 35-58. https://doi.org/10.1080/09638180.2014.921446
Cameran, M., Negri, G., & Pettinicchio, A. K. (2015). The audit mandatory rotation rule: The state of the art. Journal of Financial Perspectives, 3(2). https://ssrn.com/abstract=3083484
Campbell, C. J., & Wasley, C. E. (1996). Measuring abnormal daily trading volume for samples of NYSE/ASE and NASDAQ securities using parametric and nonparametric test statistics. Review of Quantitative Finance and Accounting 6(3), pp. 309-326. https://doi.org/10.1007/BF00245187
Chang, H., Cheng, C. S. A., & Reichelt, K. J. (2010). Market Reaction to Auditor Switching from Big 4 to Third-Tier Small Accounting Firms. Auditing: a journal of practice & theory 29(2), pp. 83-114. https://doi.org/10.2308/aud.2010.29.2.83
Comissão de Valores Mobiliários – CVM. (1999a). Instrução nº 308. DF: CVM. Available at: https://bityli.com/YEyxd. (Last accessed February 18, 2020).
Comissão de Valores Mobiliários – CVM. (1999b). Nota explicativa à Instrução CVM nº. 308, de 14 de maio de 1999. DF: CVM. https://bityli.com/JOmDPD (last accessed October 24, 2020).
Comissão de Valores Mobiliários – CVM. (2011). Instruçãonº 509. DF: CVM. Available at: https://bityli.com/dCrZs (last accessed February 18, 2020).
Corrado, C. J. (1989). A Nonparametric Test for Abnormal Security-Price Performance in Event Studies, Journal of Financial Economics 23(2), pp. 385-396. https://doi.org/10.1016/0304-405X(89)90064-0
Corrêa, L. F. F. D. S. T., Andrade, A. M., & Silva, A. H. C. (2021). Mudanças de Firmas de Auditoria Independente: Por que Elas Ocorrem no Brasil?. Pensar Contábil, 23(80).
Dantas, J. A., Barreto, I. T., & Carvalho, P. R. M. (2017). Relatório com Modificação de Opinião: Risco para o Auditor? Revista Contemporânea de Contabilidade, 14(33), pp. 140-157. https://doi.org/10.5007/2175-8069.2017v14n33p140
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of Accounting and Economics 3(3), pp. 183-199. https://doi.org/10.1016/0165-4101(81)90002-1
Defond, M. L., & Francis, J. R. (2005). The Audit Research after Sarbanes–Oxley. Auditing: A Journal of Practice & Theory 24(s-1), pp. 5–30. https://doi.org/10.2308/aud.2005.24.s-1.5
Dunn, J., Hillier, D., & Marshall, A. P. (1999). The market reaction to auditor resignations. Accounting and Business Research 29(2), pp. 95-108. https://doi.org/10.1080/00014788.1999.9729572
Eichenseher, J., Hagigi, M., & Shields, D. (1989). Market reaction to auditor changes by OTC companies. Auditing: A Journal of Practice & Theory, 9(1), pp. 29-40.
European Union (EU) (2014). L 158: Regulation (EU) n. 537/2014 of the European parliament and of the council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing commission decision 2005/909/EC (1). Official Journal of the European Union. 57, pp. 77–112.
Ferguson, A., Lam, P., & Ma, N. (2018). Market reactions to auditor switches under regulatory consent and market driven regimes. Journal of Contemporary Accounting & Economics, 14(2), pp. 197-215. https://doi.org/10.1016/j.jcae.2018.05.001
Fried, D., & Schiff, A. (1981). CPA Switches and Associated Market Reactions. Accounting Review, 56 (2), pp. 326-341. http://www.jstor.org/stable/245816
Gisbert, A., & Salotti, B. (2015). Firm Incentives, Institutional Factors and Accounting Quality: The IFRS Adoption in Brazil (February 15, 2015). http://dx.doi.org/10.2139/ssrn.2565533
Griffin, P. A., & Lont, D. H. (2010). Do Investors Care About Auditor Dismissals and Resignations? What Drives the Response? Auditing: A Journal of Practice & Theory, 29(2), pp. 189-214. https://doi.org/10.2308/aud.2010.29.2.189
Guo, L., Wang, S., Gao, J., & Sun, W. (2017). The literature review of auditor changes, International Conference on Service Systems and Service Management, Dalian, pp. 1-6. https://bityli.com/tNXu63. (Last accessed September 13, 2020).
Hagigi, M., Kluger, B. D., & Shields, D. (1993). Auditor Change Announcements and Dispersion of Investor Expectations. Journal of Business Finance & Accounting 20(6), pp. 787-802. https://doi.org/10.1111/j.1468-5957.1993.tb00293.x
Hennes, K. M., Leone, A. J., & Miller, B. P. (2014). Determinants and market consequences of auditor dismissals after accounting restatements. The Accounting Review, 89(3), pp. 1051-1082. https://doi.org/10.2308/accr-50680
Horton, J., Livne, G., & Pettinicchio, A. (2021). Empirical evidence on audit quality under a dual mandatory auditor rotation rule. European Accounting Review, 30(1), pp. 1-29. https://doi.org/10.1080/09638180.2020.1747513
Hossain, M., Mitra, S., & Rezaee, Z. (2014). Voluntary disclosure of reasons for auditor changes and the capital market reaction to information disclosure. Research in Accounting Regulation, 26(1), pp. 40-53. https://doi.org/10.1016/j.racreg.2014.02.004
Johnson, W. B., & Lys, T. (1990). The Market for Audit Services: Evidence from Voluntary Auditor Changes. Journal of Accounting and Economics, 12(1-3), pp. 281-308. https://doi.org/10.1016/0165-4101(90)90051-5
Keller, S. B., & Davidson, L. F. (1983). An assessment of individual investor reaction to certain qualified audit opinions. Auditing: A Journal of Practice & Theory 3(1), pp. 1–22.
Khalil, S. K., Cohen, J. R., & Trompeter, G. M. (2011). Auditor resignation and firm ownership structure. Accounting Horizons, 25(4), pp. 703-727. https://doi.org/10.2308/acch-50061
Klock, M. (1994). The Stock Market Reaction to a Change in Certifying Accountant. Journal of Accounting, Auditing and Finance 9(2), pp. 339-347. https://doi.org/10.1177/0148558X9400900213
Knechel, W. R., Naiker, V., & Pacheco, G. (2007). Does Auditor Industry Specialization Matter? Evidence from Market Reaction to Auditor Switches. Auditing: A Journal of Practice & Theory, 26(1), pp. 19-45. https://doi.org/10.2308/aud.2007.26.1.19
Laurion, H., Lawrence, A., & Ryans, J. P. (2017). U.S. Audit Partner Rotations. The Accounting Review, 92(3), pp. 209-237. https://doi.org/10.2308/accr-51552
Litt, B., Sharma, D. S., Simpson, T., & Tanyi, P. N. (2014). Audit Partner Rotation and Financial Reporting Quality. Auditing: A Journal of Practice & Theory, 33(3), pp. 59-86. https://doi.org/10.2308/ajpt-50753
Liu, Z., & Lin, S. (2019). Determinants and consequences of voluntary switches to Chinese auditors in Hong Kong. Journal of Contemporary Accounting & Economics, 15(3), pp. 100-158 https://doi.org/10.1016/j.jcae.2019.100158
Macedo, M. A. S., Silva, D. T., Ayub, G. P., & Pacheco, L. O. (2014). Impacto de mecanismos de auditoria na precificação de ações: evidências sob a perspectiva da relevância e da tempestividade para o ano de 2010 no Brasil. Contabilidade, Gestão e Governança, 17(3), pp. 127-144. https://bityli.com/ioNabM (last accessed December 1, 2020).
Mackinlay, A. C. (1997). Event Studies in Economic and Finance. Journal of Economic Literature, 35(1), pp. 13-39. http://www.jstor.org/stable/2729691
Nichols, D.R., & Smith, D. B. (1983). Auditor Credibility and Auditor Changes. Journal of Accounting Research, 21(2), pp. 534-544. https://doi.org/10.2307/2490789
Parreira, M. T. S., Nascimento, E. M., Puppin, L., & Murcia, F. D. R. (2021). Rodízio de auditoria independente e gerenciamento de resultados: uma investigação entre empresas de capital aberto no Brasil. Enfoque: Reflexão Contábil, 40(1), pp. 67-86. https://doi.org/10.4025/enfoque.v40i1.44318
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Reid. L. C., & Carcello, J. V. (2017). Investor Reaction to the Prospect of Mandatory Audit Firm Rotation. The Accounting Review, 92(1), pp. 183-211. https://doi.org/10.2308/accr-51488
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Henrique Coutinho e Silva, A., Sancovschi, M., & Monteiro de Andrade, A. (2023). ¿Son relevantes los cambios voluntarios de auditores para el mercado brasileño? Un análisis basado en el rendimiento y el volumen de negociación de acciones. Cuadernos De Contabilidad, 24. https://doi.org/10.11144/Javeriana.cc24.avac
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