Riesgo en la información financiera en el contexto del nuevo informe de auditoría en España

Risk on financial reporting in the context of the new audit report in Spain

Autores/as

DOI: https://doi.org/10.6018/rcsar.363001
Palabras clave: informe de auditoría, empresas cotizadas, cuestiones claves de auditoría, gestión continuada, párrafos de énfasis, salvedades

Resumen

Tras la crisis financiera y debido a la mayor complejidad de la información financiera, los grupos de interés de las empresas solicitaban un informe de auditoría más completo para reducir el gap de expectativas de la auditoría. En este contexto, el Consejo Internacional de Normas de Auditoría y Aseguramiento (IAASB) aprobó una nueva norma internacional sobre los informes de auditoría. Uno de los principales cambios es la obligación de las empresas que cotizan en bolsa de describir en el informe de auditoría las cuestiones clave de auditoría (KAMs), en particular, las relacionadas con los riesgos significativos de la información financiera. Este artículo analiza empíricamente el contenido del nuevo informe de auditoría tras la reforma contable recientemente aprobada en España y los factores que condicionan los KAMs desglosados por el auditor. Utilizando la totalidad de la muestra de empresas españolas que cotizan en bolsa, nuestros resultados indican que estas firmas presentan en su mayoría entre dos y cuatro KAMs y que casi la totalidad incluyen el reconocimiento de ingresos, el deterioro del fondo de comercio y la recuperación de impuestos diferidos en los informes de auditoría del año 2017. Aplicando una regresión lineal multinomial, las variables significativas que condicionan los KAMs en nuestra muestra son el sector, el tipo de mercado y el número medio de palabras por KAM. Esta evidencia contribuye a la literatura al enfatizar la importancia de los riesgos sobre la información financiera en el informe ampliado de auditoría.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Abad, D., Sánchez-Ballesta, J.P., & Yagüe, J. (2017). Audit opinions and information asymmetry in the stock market. *Accounting and Finance*, 57(2), 565-595. https://doi.org/10.1111/acfi.12175

Adeyemi, S., & Marte Uadiale, O. (2011). An empirical investigation of the audit expectation gap in Nigeria. *African Journal of Business Management*, 5(19), 7964-7971. doi:10.5897/AJBM11.1671

Aerts, W., & Yan, B. (2017). Rhetorical impression management in the letter to shareholders and institutional setting: A metadiscourse perspective. *Accounting', Auditing and Accountability Journal*, 30(2), 404-432. doi:10.1108/AAAJ-01-2015-1916

Ahsan, H. (2013). A meta‐analysis of the determinants of modified audit opinion decisions*. Managerial Auditing Journal*, 28(3), 184-216 https://doi.org/10.1108/02686901311304349

Bloomfield, R. (2008). Discussion of "Annual report readability, current earnings, and earnings persistence". *Journal of Accounting and Economics*, 2(3), 248-252. https://doi.org/10.1016/j.jacceco.2008.04.002

Boone, J., Khurana, I., & Raman, K. (2010). Do the big 4 and the second-tier firms provide audits of similar quality? *Journal of Accounting and Public Policy*, 29(4), 330-330. doi:10.1016/j.jaccpubpol.2010.06.007.

Boolaky, P.K., & Quick, R. (2016). Bank Directors' Perceptions of Expanded Auditor's Reports. *International Journal of Auditing*, 20(1), 158-174. https://doi.org/10.1111/ijau.12063

Brasel, K., Doxey, M., Grenier, J.H., & Reffett, A. (2016). Risk Disclosure Preceding Negative Outcomes: The Effects of Reporting Critical Audit Matters on Judgments of Auditor Liability. *Accounting Review*, 91(5), 1345-1362. https://doi.org/10.2139/ssrn.2487396

Butler, M., Leone, A.J., & Willenborg, M. (2004). An empirical analysis of auditor reporting and its association with abnormal accruals. *Journal of Accounting and Economics,* 2, 139-135. https://doi.org/10.2139/ssrn.298700

Carson, E., Fargher, N., Geiger, M.A., Lennox, C.S., Raghunandan, K., & Willekens, M. (2013). Audit Reporting for Going-Concern Uncertainty: A Research Synthesis. *Auditing-A Journal of Practice and Theory*, 32, 353-384. https://doi.org/10.2308/ajpt-50324

Choi, J. H., Kim, J. B., Liu, X., & Simunic, D. A. (2008). Audit pricing, legal liability regimes, and Big 4 premiums: Theory and cross‐country evidence. *Contemporary Accounting Research*, 25(1), 55-99. https://doi.org/10.1506/car.25.1.2

Christensen, B. E., Glover, S.M., & Wood, D.A (2012). Extreme Estimation Uncertainty in Fair Value Estimates: Implications for Audit Assurance. *Auditing-A Journal of Practice and Theory*, 31(1), 127-146. https://doi.org/10.2308/ajpt-10191

Chye Koh, H., & Woo, E. S. (1998). The expectation gap in auditing. *Managerial Auditing Journal,* 13(3), 147-154.https://doi.org/10.1108/02686909810208038

Clive S., Schmidt, J., & Thompson, A. (2019). Is the expanded model of audit reporting informative to investors? Evidence from the UK. *Journal of Accounting and Economics*, 3-53 (forthcoming). https://doi.org/10.2139/ssrn.2619785

Coram, P.J., Mock, T.J., Turner, J.L., & Gray, G.L. (2011). The Communicative Value of the Auditor's Report. *Australian Accounting Review*, 21(3), 235- 252. https://doi.org/10.1111/j.1835-2561.2011.00140.x

Courtis, J. K. (1998). Annual report readability variability: tests of the obfuscation hypothesis. *Accounting, Auditing & Accountability Journal*, 11(4), 459-472. https://doi.org/10.1108/09513579810231457

Cox, J.D. (2013). Strengthening Financial Reporting: An Essay on Expanding the Auditor's Opinion Letter. *George Washington Law Review*, 81(3), 1036-1062. Available at: https://scholarship.law.duke.edu/faculty_scholarship/2869

Czerney, K., Schmidt, J.J., & Thompson, A.M. (2014). Does Auditor Explanatory Language in Unqualified Audit Reports Indicate Increased Financial Misstatement Risk?. *The Accounting Review,* 89(6), 2115-2149. https://doi.org/10.2308/accr-50836

De Souza, J., Rissatti, J., Rover, S., & Borba, J.A. (2019). The linguistic complexities of narrative accounting disclosure on financial statements: An analysis based on readability characteristics. *Research in International Business and Finance,* 48(C), 59-74. https://doi.org/10.1016/j.ribaf.2018.12.008.

Dunn, K. A., & Mayhew, B. W. (2004). Audit firm industry specialization and client disclosure quality. *Review of Accounting Studies*, 9(1), 35-58. https://doi.org/10.1023/B:RAST.0000013628.49401.69

Fakhfakh, M. (2016a). Linguistic features and legibility of the consolidated audit reports: An original investigation from the Tunisian case. *Cogent Business and Management*, 3, 655-687. https://doi.org/10.1080/23311975.2016.1234360.

Fakhfakh, M. (2016b). The readability of international illustration of auditor's report: An advanced reflection on the compromise between normative principles and linguistic requirements. *Journal of Economics, Finance and Administrative Science*, 20(38), 21-29. https://doi.org/10.1016/j.jefas.2015.02.001.

Francis, J.R., & Wang, D. (2008). The joint effect of investor protection and Big 4 audits on earnings quality around the world. *Contemporary Accounting Research,* 25(1), 157--191.https://doi.org/10.1506/car.25.1.6

Gambetta, N., Orta Pérez, M., Sierra Garcia, L., & García Benau, M. A. (2019). Las cuestiones clave de auditoría esperadas en España: ¿son los auditores previsibles?. *Revista De Contabilidad - Spanish Accounting Review*, 22(1), 32-40. https://doi.org/10.6018/rc-sar.22.1.354291

Gassen, J., & Skaife, H. (2009).Can Audit Reforms Affect the Information Role of Audits? Evidence from the German Market. *Contemporary Accounting Research,* 26 (3), 867-882. https://doi.org/10.2139/ssrn.933010

Geiger, M. A., & Rama, D. V. (2006). Audit firm size and going-concern reporting accuracy. *Accounting Horizons*, 20(1), 1-17. doi:10.2308/acch.2006.20.1.1

Gold, A., Gronewold, U., & Pott, C. (2012). The ISA 700 auditor's report and the audit expectation gap--do explanations matter?. *International Journal of Auditing*, 16(3), 286-307. https://doi.org/10.1111/j.1099-1123.2012.00452.x

Gonzalo Angulo, J.A., & Garvey, A. M. (2018). Investigar en auditoría: algunas reflexiones. *Revista De Contabilidad - Spanish Accounting Review*, 21(2), 107-115. https://doi.org/10.1016/j.rcsar.2018.05.004

Gray, G.L., Turner, J.L., Coram, P.J., & Mock, T.J. (2011). Perceptions and Misperceptions Regarding the Unqualified Auditor's Report by Financial Statement Preparers, Users, and Auditors. *Accounting Horizons,* 25(4), 659-684. https://doi.org/10.2308/acch-50060.

Guiral-Contreras, A., Gonzalo-Angulo, J.A., & Rodgers, W. (2007). Information content and recently effect of the audit report in loan rating decisions. *Accounting and Finance*, 47(2), 285-304. doi:10.1111/j.1467‐629x.2006.00208.x

Gutierrez, E., Minutti-Meza, M., Tatum, K., & Vulcheva, M. (2017). Consequences of adopting an expanded auditor's report in the United Kingdom. *Journal of Accounting and Economics, 1-61*.https://doi.org/10.2139/ssrn.2741174

Hategan, C., Ioana, J., Renata Dana, N., Nicoleta, S., & Iacobuta, A. (2015). The relevance of communication through independent auditor's report to the European business environment. Comparative study of Romania and Spain. *Transformations in Business and Economics*, 14 (2A), 378-392.

Herbohn, K., Ragunathan, V., & Garsden, R. (2007). The horse has bolted: revisiting the market reaction to going concern modifications of audit reports. *Accounting and Finance*, 47 (3), 473-493. https://doi.org/10.1111/j.1467-629x.2007.00216.x.

IAASB (2015). *The new auditor's report: enhancing auditor communications. Greater Transparency into the Financial Statement Audit*. Available at: https://www.ifac.org/system/files/uploads/IAASB/Auditor-Reporting-Fact-Sheet.pdf

IAASB (2016). *More Informative Auditor's Reports - What Audit Committees and Finance Executives Need to Know.* Available at: url{https://www.ifac.org/publications%2Dresources/more%2Dinformative%2Dauditors%2Dreports%2Dwhat%2Daudit%2Dcommittees%2Dand%2Dfinance}

ICAC (2017). *Situación de la Auditoría en España. Available at: http://www.icac.meh.es/Documentos/INFORMES/01.Situaci%C3%B3n%20de%20la%20Auditor%C3%ADa%20en%20Espa%C3%B1a/06.A%C3%B1o%202017.pdf

IFAC (2013). *Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing*. Exposure Draft. Available at: https://www.ifac.org/system/files/publications/files/All%20Proposed%20ISAs%20Included%20in%20ED.pdf

KPMG (2016). *Nuevo informe de auditoría: mayor transparencia e información más relevante New audit report: more transparency and more relevant information.* Available at: https://assets.kpmg.com/content/dam/kpmg/pdf/2016/03/nuevo-informe-auditoria.pdf

KPMG (2017). *Key Audit Matters: Auditor's report snapshot* 28 March 2017. Available at: https://home.kpmg.com/au/en/home/insights/2017/03/key-audit-matters-auditor-report-28-march-2017.html

KPMG (2018a). *Claves de la regulación financiera: impacto y horizonte para las entidades de crédito. Julio 2018 Keys to financial regulation: impact and horizon for credit institutions. July 2018.* Available at: https://assets.kpmg.com/content/dam/kpmg/es/pdf/2018/07/claves-de-regulacion-financiera.pdf

KPMG (2018b). *Cuestiones clave en los nuevos informes de auditoría. Lecciones de la experiencia en 2017-2018.* Junio 2018. *Keys in the new audit reports. Lessons from the experience. June 2018* Available at: https://home.kpmg.com/es/es/home/tendencias/2018/06/cuestiones-clave-nuevos-informes-auditoria.html

Lennox, C., Wu, X., & Zhang, T. (2015). The effect of audit adjustments on earnings quality: Evidence from China. *Journal of Accounting and Economics,* 61 (2-3), 545-562. https://doi.org/10.1016/j.jacceco.2015.08.003

Li, F. (2008). Annual report readability, current earnings, and earnings persistence. *Journal of Accounting and Economics*, 45(2/3), 221-247. doi:10.1016/j.jacceco.2008.02.003

Litjens, R., Buuren, J., & Vergoossen, R. (2015), Addressing Information Needs to Reduce the Audit Expectation Gap: Evidence from Dutch Bankers, Audited Companies and Auditors. *International Journal of Auditing*, 19, 267-281. doi:[[10.1111/ijau.12042]{.underline}]

Martínez-Blasco, M., Vivas-Crisol, L., & Garcia-Blandon, J. (2019). El informe de auditoría con salvedades: ¿una mayor independencia y competencia del auditor aumenta su contenido informativo?. *Revista De Contabilidad - Spanish Accounting Review*, 19(1), 89-101. https://doi.org/10.1016/j.rcsar.2015.01.005

Masoud, N. (2017). An empirical study of audit expectation-performance gap: The case of Libya. *Research in International Business and Finance*, 41, 1-15. Doi:10.1016/j.ribaf.2017.04.012

Merkl-Davies, D.M., & Brennan, N.M. (2007). Discretionary disclosure strategies in corporate narratives: incremental information or impression management?. *Journal of Accounting Literature*, 26, 116-196.

Mock, T.J., Gray, G.L., Coram, P.J., & Turner, J.L. (2009). Perceptions and Misperceptions Regarding the Unqualified Auditor's Report by Financial Statement Preparers, Users, and Auditors. *Accounting Horizons*, 25 (4), 659-684. https://doi.org/10.2308/acch-50060

Muñoz-Izquierdo, N., Camacho-Miñano, M.M., & Pascual-Ezama, D. (2017). Contenido del informe de auditoría en el año previo a la declaración del concurso de acreedores. Contraste empírico para el caso español. *Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad*, 46(1), 92-126. https://doi.org/10.1080/02102412.2016.1245886

Novales, A. (2010). *Análisis de regresión* Regression analysis. Available at: https://www.ucm.es/data/cont/docs/518-2013-11-13-Analisis%20de%20Regresion.pdf

PCAOB (2013). Release No. 2013-005 August 13, 2013 *PCAOB Rulemaking Docket Matter No. 034.* Available at: https://pcaobus.org/Rulemaking/Docket034/Release_2013-005_ARM.pdf

Porter, B. (1993). An empirical study of the audit expectation-performance gap. *Accounting and Business Research*, 24, Winter, 49-68.https://doi.org/10.1080/00014788.1993.9729463

Prasad, P., & Chand, P. (2017). The Changing Face of the Auditor's Report: Implications for Suppliers and Users of Financial Statements. *Australian Accounting Review*, 27 (4), 348-367.https://doi.org/10.1111/auar.12137

PWC (2019). *The Future of Audit: A framework for debate.* Available at: https://www.pwc.co.uk/who-we-are/future-of-audit/future-of-audit-report.pdf

Ruhnke, K., & Schmidt, M. (2014). The audit expectation gap: existence,causes, and the impact of changes, *Accounting and Business Research*, 44(5), 572-601. doi:10.1080/00014788.2014.929519

Quick, R., & Schmidt, F. (2018). Do audit firm rotation, auditor retention, and joint audits matter?--An experimental investigation of bank directors' and institutional investors' perceptions. *Journal of Accounting Literature*, 41, 1-21.https://doi.org/10.1016/j.acclit.2018.01.003

Ratzinger-Sakel, N. V., & Gray, G. L. (2015). Moving toward a learned profession and purposeful integration: Quantifying the gap between the academic and practice communities in auditing and identifying new research opportunities. *Journal of Accounting Literature*, 35, 77-103. https://doi.org/10.1111/jifm.12095

Reynolds, J. K., & Francis, J. R. (2000). Does size matter? The influence of large clients on office-level auditor reporting decisions. *Journal of Accounting and Economics*, 30(3), 375-400. https://doi.org/10.1016/S0165-4101(01)00010-6

Ruiz Barbadillo, E. (1998). Dimensiones Informativas y Objetivos del Informe de Auditoria. *Revista De Contabilidad - Spanish Accounting Review*, 1(2), 129-152. Recuperado a partir de https://revistas.um.es/rcsar/article/view/384661.

Ruiz-Barbadillo, E., Gómez-Aguilar, N., & Aguilar-Contreras, G. (2002). Una comparación intersectorial y por tamaño de la calidad de la información contable a través del análisis del informe de auditoría A cross-sector comparison and size comparison of the quality of accounting information through the analysis of the audit report. *Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad*, 31(112), 545--581. doi:10.1080/02102412.2002.10779457

Ruiz Barbadillo, E., Rodríguez Castro, P. I., & Biedma López, E. (2016). Barreras de entrada, concentración y competitividad en el mercado de auditoría español. *Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad*, 45(1), 92-133. https://doi.org/10.1080/02102412.2015.1092232

Rutherford, B.A. (2003). Obfuscation, textual complexity and the role of regulated narrative accounting disclosure in corporate governance. *Journal of Management and Governance*, 7(2), 187-210. https://doi.org/10.1023/A:1023647615279.

Salehi, M. (2011). Audit expectation gap: Concept, nature and trace. *Journal of Management and Governance*, 7(2), 187-210. https://doi.org/10.1023/A:1023647615279.

Samsonova-Taddei, A., & Humphrey, C. (2015). Risk and the construction of a European audit policy agenda: The case of auditor liability. *Accounting, Organizations and Society*, 41, 55-72. https://doi.org/10.1016/j.aos.2014.08.002

Sikka, P. (2009). Financial crisis and the silence of the auditors. *Accounting, Organizations and Society*, 34(6-7), 868-873. https://doi.org/10.1016/j.aos.2009.01.004

Sirois, L. P., Bédard, J., & Bera, P. (2018). The informational value of key audit matters in the auditor's report: Evidence from an eye-tracking study. *Accounting Horizons*, 32(2), 141-162.

Steven J. K., Schmith, J.J., & Valentine, K. (2017). The Disclaimer Effect of Disclosing Critical Audit Matters in the Auditor's Report. *Journal of Accounting and Economics, 1-48.* https://doi.org/10.2139/ssrn.2481284

Tahinakis, P., & Samarinas, M. (2016). The incremental information content of audit opinion. *Journal of Applied Accounting Research*, 17(2), 139-169. https://doi.org/10.1108/JAAR-01-2013-0011

Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. *British Journal of Management*, 14(3), 207--222.

Toumeh, A., Yahya, S., & Walid Z.. (2018). Expectations gap between auditors and user of financial statements in the audit process. *Asia-Pacific Management Accounting Journal*, 13(3),79-107.Available at: http://arionline.uitm.edu.my/ojs/index.php/APMAJ/article/view/86

Vanstraelen, A., Schelleman, C., Meuwissen, R., & Hofmann, I. (2012). The audit reporting debate: Seemingly intractable problems and feasible solutions. *European Accounting Review*, 21(2), 193-215. https://doi.org/10.1080/09638180.2012.687506

Wong, R.M.K., Firth, M.A., & Lo, A.W.Y. (2018). The impact of litigation risk on the association between audit quality and auditor size: Evidence from China. *Journal of* *International Financial Management & Accounting*, 29(3), 280-311. https://doi.org/10.1111/jifm.12082.

Zenzerovic, R., & Valic-Vale, M. (2016). Diagnosing companies in financial difficulty based on the auditor's report. *Croatian Operational Research Review*, 7(1), 147-158. doi:10.17535/crorr.2016.0010

Publicado
01-01-2021
Cómo citar
Pérez Pérez, Y., Camacho Miñano, M. del M., & Segovia-Vargas, M. J. (2021). Riesgo en la información financiera en el contexto del nuevo informe de auditoría en España: Risk on financial reporting in the context of the new audit report in Spain. Revista De Contabilidad - Spanish Accounting Review, 24(1), 48-61. https://doi.org/10.6018/rcsar.363001
Número
Sección
Artículos