INDEPENDENT AUDIT: MAIN INFRACTIONS THAT INCUR ON ADMINISTRATIVE SANCTIONING PROCESS BY THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL

Abstract

The work realized by the independent auditor is relevant for the accounting information users, since it represents an opinion concerning the accounting demonstrations having been elaborated according to the norms or not and if they are reliable. Therefore, quality and reliability are essential to their work, being that, to achieve those characteristics, the independent auditor needs to follow rules and norms issued by regulatory bodies as well. Mistakes and frauds in accounting demonstrations audited may be originated from infractions committed by the independent auditor, creating mistrust and causing their job to lose relevance. Consequently, the purpose of this paper was identifying the main infractions committed by independent auditors, individuals or companies, which incur on administrative sanctioning process judged by the Securities and Exchange Commission of Brazil (CVM). Therefore, the administrative sanctioning processes judged by CVM from 01/01/2007 to 08/31/2013 were searched, since the defendants were independent auditors, individuals or companies. Each one of the 19 processes found was examined concerning the accusations and the instructions and deliberations of CVM infringed. Besides that, through the interpretation of the processes, the Brazilian professional and technic norms for independent auditor were identified. It was concluded that the violation of higher occurrence refers to the emission of inappropriate report, followed by lack of or inappropriate execution of planning and audit procedures and of the problems with independent auditor register.