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Abstract(s)
Na sequência de vários escândalos financeiros, surgiu a necessidade, por parte dos utilizadores das demonstrações financeiras, de um relatório de auditoria mais informativo e relevante, tendo sido criada a International Standard on Auditing (ISA) 701 para dar resposta a essa carência. Neste âmbito, o presente estudo tem como objetivo analisar as Matérias Relevantes de Auditoria (MRA) relatadas pelas empresas cotadas na Bolsa de Valores de Lisboa – Euronext Lisbon, nos exercícios de 2016 e 2017, bem como o impacto da sua divulgação na tomada de decisões de investimento. O estudo de natureza qualitativa-quantitativa foi efetuado com base na análise documental dos relatórios de auditoria das empresas que constituem a amostra, tendo sido apuradas 157 MRA e 167 MRA, nos exercícios de 2016 e 2017, respetivamente. Estas MRA foram, então, agrupadas em 19 categorias, no sentido de identificar as mais frequentes e analisar possíveis relações entre as MRA e duas variáveis geralmente utilizadas na literatura - a indústria onde se inserem as empresas da amostra e as empresas que prestam os serviços de auditoria. No sentido de averiguar a reação do mercado à divulgação das MRA foi desenvolvido um estudo de evento, no qual foi utilizada uma regressão com corte transversal de dados (cross section), que tem como variável dependente o retorno anormal acumulado (CAR) e, como variáveis independentes, a quantidade de MRA divulgadas nos relatórios de auditoria, bem como as categorias de MRA estabelecidas para este estudo. Os resultados obtidos não apresentam evidências de que exista uma relação estatisticamente significativa entre a constituição de retornos anormais e qualquer uma das variáveis independentes utilizadas nesta análise.
Following several financial scandals, the need of a more informative and relevant auditing report arose by the financial statements’ users, what led to the creation of International Standard on Auditing (ISA) 701 to fill this lack. In this scope, this study aims to analyze the Key Audit Matters (KAM) reported by companies listed on the Lisbon Stock Exchange – Euronext Lisbon, in 2016 and 2017, as well as the impact of their disclosure in making investments decisions. The qualitative-quantitative study was performed based on the audit reports documental analysis of the sample companies, where was observed 157 KAM and 167 KAM, in 2016 and 2017, respectively. Moreover, these KAM were clustered into 19 categories, in order to identify the most frequent ones and to analyze the possible relationship between the KAM and two other common variables used in literature – the company industry and the company that provide the audit service. For the purpose of find out the market reaction of the KAM disclosure, an event study was developed through a cross section regression, with the cumulative abnormal return (CAR) as the dependent variable and the amount of KAM disclosed in the audit reports and the KAM categories defined for this study as the independent variables. The results do not show evidence that there is a significant statistically relationship between the generation of abnormal returns and any other independent variables used in this analysis.
Following several financial scandals, the need of a more informative and relevant auditing report arose by the financial statements’ users, what led to the creation of International Standard on Auditing (ISA) 701 to fill this lack. In this scope, this study aims to analyze the Key Audit Matters (KAM) reported by companies listed on the Lisbon Stock Exchange – Euronext Lisbon, in 2016 and 2017, as well as the impact of their disclosure in making investments decisions. The qualitative-quantitative study was performed based on the audit reports documental analysis of the sample companies, where was observed 157 KAM and 167 KAM, in 2016 and 2017, respectively. Moreover, these KAM were clustered into 19 categories, in order to identify the most frequent ones and to analyze the possible relationship between the KAM and two other common variables used in literature – the company industry and the company that provide the audit service. For the purpose of find out the market reaction of the KAM disclosure, an event study was developed through a cross section regression, with the cumulative abnormal return (CAR) as the dependent variable and the amount of KAM disclosed in the audit reports and the KAM categories defined for this study as the independent variables. The results do not show evidence that there is a significant statistically relationship between the generation of abnormal returns and any other independent variables used in this analysis.
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Keywords
Matérias relevantes de auditoria Auditoria ISA 701 Novo relatório de auditoria Retorno anormal Key audit matters Auditing New audit report Abnormal return