by Federica Tedeschi
The Institute of Independent Auditors of Brazil (Ibracon) has conducted a research on audit committees of listed companies in Brazil and found that only a few companies have one in compliance with the guidelines of the The Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários – CVM).
The research was conducted through interviews with members of the companies’ boards of directors.
The research found that around 30% of the respondents stated that they had an audit committee in place in compliance with the requirements of the CVM. However 40% of respondent said they had an audit committee but not in compliance with the CVM’s requirements, and 30% said they didn’t have an audit committee.