RESTATEMENTS OF FINANCIAL REPORTS DETERMINED BY THE CVM: THE ROLE OF THE INDEPENDENT AUDITORS

Abstract

With the purpose of finding elements which allow modeling average characteristics that explain the pattern of the events of financial reports restatements determined by the CVM, as well as, more specifically,  to evaluate the independent auditors' role in such situation, a descriptive research was performed using technical procedures of documental nature, examining the 28 cases occurred between 2001 and 2009. The tests results showed: concentration of the cases in the second half of the period investigated; predominance of problems in the Quarterly Information (ITR), especially in the last years of the study; relatively uniform distribution of Financial Statements (DFP) restatement cases in the period; a larger number of cases related to financial statements audited by Deloitte Touche Tohmatsu; reasons alleged by the CVM for restatements are mainly in relation to inappropriate recognition and/or measurement of assets and liabilities and the deficiency or lack of disclosure in explanatory notes; the problems anticipation degree by independent auditors might be considered as relatively small - auditors issued qualified opinion in only about one quarter of the ITRs and half of DFPs. Regarding the reasons that led to restatements, just under half of the issues addressed by the CVM received qualified opinion by independent auditors.