Relatórios dos auditores independentes e a influência da governança corporativa nas empresas listadas na BM&FBovespa

Abstract

Given the importance of Accounting Auditing and of Corporate Governance for the national economic scenery, this work presented the general objective of studying the auditing reports after the adoption of legal innovations, as well as observe if the adoption of any level of Corporative Governance influences the performance and market value of open capital companies listed with BM&FBovespa for the periods of 2010, 2011, and 2012. The qualitative analysis was conducted through a literature research and content analysis. We used a sample of 314 companies / year. The quantitative analysis included a descriptive data analysis, Pearson and Spearman correlation analysis, as well as multivariate regression analysis with panel data. We used a sample of 134 companies / year. The results showed that over 69% of the companies were audited by Big Four, regarding the emphasis paragraphs, the main themes perceived were: Business Continuity Assumption; Tax Recognition; Judicial Process; Credit Related Parties; Aneel Tariff Review. In turn, the market value was influenced by Ownership Structure, number of directors on the Administration Board, Anefac award, Company Size, Audit Report profile and profitability. Finally, the performance was found to be influenced by the Anefac award, Company Size, the number of directors on the Administration Board, Audit Reports profile and profitability.