The Brazil Securities Commission (CVM) concluded a sanctioning administrative proceeding and unanimously imposed fines on COOPERAUDI - Auditores Independentes and its technical lead, Edimar Wanderley, for shortcomings in the audit of investment funds’ financial statements dated 30 June 2019 that were managed and administered by Um Invest. The penalties were set at BRL 170,000 for the audit firm and BRL 85,000 for the individual, for breaches treated as violations of Article 20 of CVM Instruction 308. The case, opened by the Superintendent of Accounting and Auditing Standards (SNC), examined alleged non-compliance with specific requirements in Brazilian Auditing Standards, including NBC TA 200 (R1), NBC TA 500 (R1), NBC TA 501 and NBC TA 505. The Board’s decision followed the reporting director João Accioly’s vote and found non-observance of NBC TA 200 (R1) items 15 to 17, NBC TA 500 (R1) item 6, and NBC TA 501 item 8; Director Marina Copola filed a separate voting statement, while Director Otto Lobo and CVM President João Pedro Nascimento also joined the reporting vote. The sanctioned parties may appeal, with suspensive effect, to the National Financial System Appeals Council.
Brazil Securities Commission (CVM) 2025-02-25
Brazil Securities Commission fines COOPERAUDI BRL 170,000 and Edimar Wanderley BRL 85,000 for audit failures in Um Invest fund statements
The Brazil Securities Commission (CVM) fined COOPERAUDI - Auditores Independentes and its technical lead, Edimar Wanderley, for audit deficiencies in investment funds’ financial statements managed by Um Invest. The penalties, totaling BRL 255,000, were for breaches of Brazilian Auditing Standards, specifically NBC TA 200 (R1), NBC TA 500 (R1), NBC TA 501, and NBC TA 505. The decision, led by reporting director João Accioly, allows for an appeal to the National Financial System Appeals Council.