Risco financeiro e honorários de auditoria independente: uma análise de empresas listadas na B3

Abstract

This study aims to analyze the impact of financial risk associated with potential fraud on independent audit fees in companies listed on the B3 (Brazilian Stock Exchange). The study is based on the premise that companies in a more fragile financial situation tend to present a higher perceived risk to auditors, which can result in greater audit effort and, consequently, higher fees. To measure the financial condition of the companies, the Z-score model developed by Altman (1968) was used. The research is characterized as quantitative, descriptive, and documentary, using multiple linear regression with unbalanced panel data. The final sample consisted of 173 non-financial companies listed on the B3 and 1485 observations in the period from 2010 to 2024. The data were collected from the LSEG/Refinitiv database and the Brazilian Securities and Exchange Commission (CVM). The results show a positive and significant relationship for: z-score; size; financial leverage; and Big Four. Furthermore, the findings both confirm and challenge previous research on the factors that influence independent audit fees. The study becomes relevant for broadening the understanding of the relationship between financial risk and audit fees in the context of Brazilian publicly traded companies.