Audit Rotation And Earnings Quality: An Analysis Using Discretionary Accruals

ABSTRACT This article aims to measure the effect of the audit firm rotation on the earnings quality of Brazilian public companies listed on BM&FBOVESPA in the period from 2008 to 2015. We use discretionary accruals as a measure of earnings quality, using two approaches: earnings management and the estimation errors. Results show that audit firm rotation reduced the volume of discretionary accruals and, thus, increases the earnings quality, when these are measured from the perspective of earnings management. However, we do not observe the effect of audit firm rotation on earnings quality when the discretionary accruals are measured from the perspective of accounting estimation errors. The results also show that companies that rotate audit firms voluntarily have greater discretionary accruals and, consequently, lower earnings quality.

摘要 本文旨在衡量2008年至2015年间，会计师事务所轮换对在巴西证券期货交易所（BM&FBOVESPA）上市的巴西上市公司盈余质量的影响。本研究以可操纵应计利润（discretionary accruals）作为盈余质量的衡量指标，采用两类分析方法：盈余管理（earnings management）与会计估计误差（accounting estimation errors）。研究结果显示，当从盈余管理视角测算可操纵应计利润时，会计师事务所轮换会降低可操纵应计利润规模，进而提升盈余质量。然而，当从会计估计误差视角测算可操纵应计利润时，本研究未观测到会计师事务所轮换对盈余质量的影响。此外，研究结果还表明，自愿轮换会计师事务所的上市公司可操纵应计利润规模更高，因而盈余质量更低。