Financial statements internal control and inspection systems: a critical analysis of specific standards / Sistemas de controles internos e de fiscalização em demonstrações contábeis: uma análise crítica de normas específicas




Stock market regulatory agencies in Brazil and the United States have effected major changes in the control and inspection of the preparation and disclosure of financial statements. The need for these changes was made mostly evident when corporate frauds perpetrated using accounting tools started to be disclosed in the second half of the 1990s in both countries. In the United States more precisely in 2001 and 2002. The purpose of this thesis was to compare the main regulations enacted in Brazil and the United States between 1998 and 2004, which sought to improve corporate governance by structuring internal and inspection controls over the preparation and disclosure of financial statements in regulated industries. The following regulations were studied: Sarbanes-Oxley Act approved in the United States in 2002, Resolutions No. 2554 and 3198 passed by the National Monetary Council (CMN) in 1998 and 2004, respectively, Resolution No. 118 of 2004 of the National Council of Private Insurance (CNSP) and Circular Letters No. 249 and 280 issued by the Superintendence of Private Insurance (SUSEP) in 2004. For a comparative analysis, opinions were collected by sending out questionnaires to experts from the banking and insurance industries and Brazilian public companies on the effectiveness and sufficiency of the regulation studied. Also, academic papers, dissertations, theses and other works that analyzed those regulations were surveyed. The main conclusions show that the studied regulations are in general effective and efficient and address major issues involved in reducing the risks of preparing and disclosing inadequate financial statements; that the provisions set forth in Section 404 of the Sarbanes- Oxley Act have little effectiveness in reducing those risks and the costs are very high, specially for small companies; that in Brazil regulatory agencies of the banking and insurance industries and public companies, as well accountants? and auditors? professional bodies, must perform their inspection and monitoring activities more actively and widely.


contabilidade financeira financial accounting fraud auditing auditoria external audit fraude auditoria externa

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