AUDIT COMMITTEE CHARACTERISTICS PROPOSED IN THE CORPORATE GOVERNANCE CODE IN BRAZIL AND OTHER COUNTRIES
DOI:
https://doi.org/10.17524/repec.v7i4.989Keywords:
Corporate governance. Board of administrators. Audit committee.Abstract
Corporate governance is expected to watch over the transparency of the accounting information that is presented to the public. In that sense, corporate governance codes propose the creation of the board of administrators and, for support, the audit committee. This study aims to compare the proposed characteristics of the audit committee in the corporate governance code of Brazil and other countries. A qualitative research was undertaken through content analysis of the corporate governance laws of 17 countries that report audit committee characteristics. In addition, the application of the audit committee characteristics proposed in Brazil by the Brazilian Corporate Governance Institute (IBGC) was analyzed in companies from the State of Santa Catarina whose stock is traded on the São Paulo Stock Exchange. The results show similarities in the proposed audit committee characteristics among the countries under analysis, particularly in the composition, qualification of the members and responsibilities. What the implementation of the proposed audit committee in the companies from Santa Catarina is concerned, the majority presents a fiscal council instead of an audit committee. In conclusion, despite the similarities in the characteristics of the audit committees identified in the corporate governance codes, further research is needed to create a pattern for regulatory entities to propose to the companies.References
Blue Ribbon Committee. (1999). Reporting and recommendations of the Blue Ribbon Committee on improving the effectiveness of corporate audit committee. New York: New York Exchange and National Association of Securities Dealers.
Lei no. 6.404, de 15 de dezembro de 1976. Dispõe sobre as Sociedades por Ações. Recuperado em 03 janeiro, 2013 de http://www.portaldecontabilidade.com.br/legislacao/lei6404_1976.htm.
Bronson, S.N., Carcello, J.V., Hollingsworth, C.W., & Neal, T.L. (2009) Are fully independent audit committees really necessary? Journal of Accounting and Public Policy, 28(4), 265-280.
Carcello, J.V., Hermanson, D.R., & Neal, T.L. (2002). Disclosures in audit committee charters and reports. Accounting Horizons, 16(4), 291-304.
Carcello, J.V., & Neal, T.L. (2000). Audit Committee composition and auditor reporting. The Accounting Review, 75(4), 453-467.
Chan, A., Liu, G. & Sun, J. (2012). Independent audit committee members’ board tenure and audit fees. Paper 22. Canadá: Odette School of Business Publications.
Chatterjee, D. (2011). Audit committee observation/recommendations versus prectices as a compliance of corporate governance in Índia. DSLU Business & Economics Review, 20(2), 67-78.
Cipullo, E. (2006). Como implementar um comitê de auditoria: sua importância na governança corporativa. São Paulo: Trevisan.
Conselho Monetário Nacional (CMN). Resolução n° 3.198, de 27 de maio de 2004, altera e consolida a regulamentação relativa à prestação de serviços de auditoria independente para as instituições financeiras, demais instituições autorizadas a funcionar pelo BACEN e para as câmaras e prestadores de serviços de compensação e de liquidação. Recuperado em 03 janeiro, 2013 de https://www3.bcb.gov.br/normativo/detalharNormativo.do?N=104080599&method=detalharNormativo.
DeZoort, F.T., Hermanson, D.R., Archmbeault, D.S., & Scoot, A.R. (2002). Audit committee effectiveness: a synthesis of the empirical audit committee literature. Journal of Accounting Literature, 21(1), 38-75.
DeZoort, F.T., & Salterio, S.E. (2001). The effects of corporate governance experience and financial-reporting and audit knowledge on audit committee members' judgments. Auditing, 20(31), 18-49.
Engel, E., Hayes, R.M., & Wang, X. (2007). The Sarbanes-Oxley Act and firms’ going-private decisions. Journal of Accounting and Economics, 44 (1-2), 116-145.
European Corporate Governance Institute (ECGI). Index of codes. Recuperado em 03 janeiro, 2013 de http://www.ecgi.org/codes/all_codes.php.
Furuta, F. (2010). A relação das características das empresas com a adoção do Comitê de Auditoria X Conselho Fiscal adaptado. 2010. Tese (Doutorado em Ciências Contábeis) –Universidade de São Paulo, São Paulo, SP, Brasil.
Gil, A.C. (2002). Como elaborar projetos de pesquisa. (4. ed.) São Paulo: Atlas.
Guerra, S. (2009). Os papéis do Conselho de Administração em empresas listadas no Brasil. Dissertação (Mestrado em Administração) – Universidade de São Paulo, São Paulo, SP, Brasil.
Instituto Brasileiro de Governança Corporativa (IBGC). (2007). Código das melhores práticas de governança corporativa. (4a reimpressão) São Paulo, SP: IBGC.
Instituto Brasileiro de Governança Corporativa (IBGC). (2009). Guia de orientação para melhores práticas de comitês de auditoria. São Paulo: IBGC.
Lakatos, E.M., & Marconi, M.A. (2001). Fundamentos de metodologia científica. (4. ed.) São Paulo: Atlas.
McDaniel, L., Martin, R.D., Maines, L.A., & Peecher, M.E. (2002). Evaluating financial reporting quality: the effects of financial expertise vs financial literancy. The Accounting Review, 77(Suplement), 139-167.
Mustafa, S., & Youssef, N.B. (2010). Audit committee financial expertise and misappropriation of assets. Managerial Auditing Journal. 25(3), 208-225.
Niyama, J.K. (2005). Contabilidade internacional. São Paulo: Atlas.
Organisation for Economic Co-operation and Development (OECD). (2004). OECD Principles of Corporate Governance. Recuperado em 03 janeiro, 2013 de http://www.oecd.org/daf/corporateaffairs/corporategovernanceprinciples/31557724.pdf.
PricewaterhouseCoopers. (2007). Comitês de Auditoria no Brasil: melhores práticas de governança corporativa. (2. ed.) Recuperado em 12 setembro, 2010 de www.origin-pwc.pwc.com/br/pt/publicacoes/assets/melhores-praticas-07.pdf.
Public Company Accounting Oversight Board (PCAOB). (2013). About PCAOB. Recuperado em 10 maio, 2013 de http://pcaobus.org/About/Pages/default.aspx.
Richardson, R.J., & Peres, J.A.S. (1989). Pesquisa social: métodos e técnicas. (2. ed.) São Paulo: Atlas.
Securities and Exchange Commission (SEC). (2000). Audit committee disclosure. Recuperado em 03 janeiro, 2013 de http://www.sec.gov/rules/final/34-42266.htm.
Sharma, V., Naiker, V., & Lee, B. (2009). Determinants of audit committee meeting frequency: evidence from voluntary governance system. Accounting Horizons. 23(3), 245-263.
Silva, E.C. (2006). Governança corporativa nas empresas: guia prático de orientação para acionistas e conselho de administração. São Paulo: Atlas.
United States of America. The Sarbanes-Oxley Act. 2002, July. Recuperado em 03 janeiro, 2013 de http://www.soxlaw.com/index.htm.
Vicknair, D., Hickman, K., & Carnes, K.C. (1993). A note on audit committee independence: evidence from the NYSE on “grey” area directors. Accounting Horizons, 7(1), 53-57.
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish with this journal agree to the following terms:
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 3.0 Unported License, which allows the sharing of the work and recognition of authorship and its initial publication in this journal. This license allows others to distribute, remix, adapt, or create derivative works, even for commercial purposes, provided credit is given for the original creation.
b)There is no financial compensation to the authors in any capacity, for articles published in RePEc.c) The articles published in RePEc are the sole responsibility of the authors.
