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Authors
Abstract(s)
A crise económico-financeira mundial, originada nos EUA, em 2008, pelo colapso da bolha especulativa no mercado imobiliário, originou a quebra de confiança nos mercados financeiros num contexto de ausência de regulação financeira internacional. De modo a conter a perda de investimentos financeiros, os governos começaram a reforçar as regras existentes.
As normas de auditoria e a sua rigorosa observância constituem uma base fundamental da qualidade da mesma e têm como resultado último o relatório de revisão e certificação legal de contas. Este relatório evidencia que a certificação foi feita de acordo com as normas de auditoria que lhe são aplicáveis, constituindo-se um instrumento privilegiado de comunicação entre acionistas atuais e potenciais e prova da independência do auditor perante a sua análise. As empresas PricewaterhouseCoopers, Ernst & Young, a Deloitte e a KPMG, conhecidas como as Big Four, desenvolveram as ferramentas e habilidades necessárias para atender à procura de mercado de auditorias de alta qualidade. São facilitadores efetivos das operações dos mercados de capitais.
As empresas multinacionais são compradoras sofisticadas que exercem regularmente poder de compra significativo escolhendo novos mercados em busca das melhores estratégias de crescimento.
Assim, o objetivo deste trabalho é identificar e analisar o papel dessas firmas em atrair investimento direto estrangeiro para Portugal.
Observou-se que existe todo um conjunto de fatores ambientais, legais e de regulação, que condicionam a qualidade da revisão e certificação legal de contas: a cultura da firma de auditoria e a sua dimensão, as competências do grupo de auditores e as suas características, a extensão e os recursos aplicados, a confiabilidade do relatório de auditoria e outros fatores fora do controlo dos auditores tais como o modelo de governo das sociedades adotado pelo auditado, a obrigação de rotação do auditor ou a qualidade regulatória do país onde está inserida a firma auditada.
Através dos resultados encontrados pode-se referir que estas empresas são veículos dinamizadores da permeabilidade do mercado de capitais.
The global economic and financial crisis, which originated in the US, in 2008, due to the collapse of the speculative bubble in the real estate market, led to a loss of confidence in the financial markets in a context of lack of international financial regulation. In order to contain the loss of financial investments, governments have begun to strengthen existing rules. The audit standards and their strict observance constitute a fundamental basis of its quality and have as final result the review report and legal certification of accounts. This report shows that the certification was made in accordance with the auditing standards applicable to it, constituting a privileged instrument of communication between current and potential shareholders and proof of the auditor's independence in the analysis. PricewaterhouseCoopers, Ernst & Young, Deloitte and KPMG, known as the Big Four, have developed the tools and skills needed to meet the market demand for high quality audits. They are effective facilitators of capital markets operations. Multinational companies are sophisticated buyers who regularly exert significant purchasing power by choosing new markets in pursuit of the best growth strategies. Thus, the objective of this work is to identify and analyze the role of these firms in attracting foreign direct investment to Portugal. It is shown that there is a whole set of environmental, legal and regulatory factors, which condition the quality of the legal audit and certification: the culture of the audit firm and its size, the skills of the group of auditors and their characteristics , the extent and resources invested, the reliability of the audit report and other factors beyond the auditors' control such as the corporate governance model adopted by the auditee, the auditor's rotation requirement or the regulatory quality of the country where the signature audited. Through the results found it can be mentioned that these companies are vehicles that promote the permeability of the capital market.
The global economic and financial crisis, which originated in the US, in 2008, due to the collapse of the speculative bubble in the real estate market, led to a loss of confidence in the financial markets in a context of lack of international financial regulation. In order to contain the loss of financial investments, governments have begun to strengthen existing rules. The audit standards and their strict observance constitute a fundamental basis of its quality and have as final result the review report and legal certification of accounts. This report shows that the certification was made in accordance with the auditing standards applicable to it, constituting a privileged instrument of communication between current and potential shareholders and proof of the auditor's independence in the analysis. PricewaterhouseCoopers, Ernst & Young, Deloitte and KPMG, known as the Big Four, have developed the tools and skills needed to meet the market demand for high quality audits. They are effective facilitators of capital markets operations. Multinational companies are sophisticated buyers who regularly exert significant purchasing power by choosing new markets in pursuit of the best growth strategies. Thus, the objective of this work is to identify and analyze the role of these firms in attracting foreign direct investment to Portugal. It is shown that there is a whole set of environmental, legal and regulatory factors, which condition the quality of the legal audit and certification: the culture of the audit firm and its size, the skills of the group of auditors and their characteristics , the extent and resources invested, the reliability of the audit report and other factors beyond the auditors' control such as the corporate governance model adopted by the auditee, the auditor's rotation requirement or the regulatory quality of the country where the signature audited. Through the results found it can be mentioned that these companies are vehicles that promote the permeability of the capital market.
Description
Versão final: Esta versão contém as críticas e sugestões dos elementos do júri
Keywords
Auditoria Investimento "Big Four" Qualidade Audit Quality Investment