Rodízio das firmas de auditoria e gerenciamento de resultados: uma análise das empresas de capital aberto no Brasil

Abstract

Financial reports can be manipulated through earnings management. To assess the compliance of financial reports and prevent such practices, independent auditing is essential, with mandatory rotation of firms instituted in the Brazilian market to ensure the independence and quality of these services. In this context, the objective of this study is to analyze the relationship between the alternation of audit firms and the practice of earnings management in publicly traded companies in Brazil. The methodology used is descriptive in nature, with a quantitative approach, and is based on the documentary analysis of secondary data. The research population consists of 549 companies listed on the B3 (Brazilian Stock Exchange), with financial data and audit information extracted between 2010 and 2024. Earnings management was estimated using three statistical models: Kaznik (1999), Pae (2005), and Hoff and Vicente (2016). The use of a dichotomous variable was employed to compare the management indices between companies that changed auditors and those that did not. The results indicate that the retention of the audit firm was more frequent than its rotation throughout the analyzed period and indicate that, on average, the periods in which entities maintained the same audit firm presented higher levels of earnings management compared to the periods in which they changed the audit firm. This trend was observed in all three models analyzed. As a main contribution, the research presented evidence that the rotation of the audit firm acts as a governance mechanism capable of reducing opportunistic behavior by managers and levels of earnings management, reinforcing the quality of accounting information. Thus, the respective evidence can alert users of accounting information about the long retention of the audit firm, which can contribute to a reduction in the quality of information and the reliability of the Financial Statements.