The Brazil Securities Commission (CVM) has begun adjudicating an administrative sanctioning proceeding against BDO RCS Auditores Independentes SS and its technical lead, Alfredo Ferreira Marques Filho, over alleged irregularities in the independent audit of the financial statements of Osasco Properties Fundo de Investimento em Participações Multiestratégia for the financial years ended 29 February 2016 and 28 February 2017. The proceeding was opened by the Superintendence of Accounting and Auditing Standards and focuses on alleged non-compliance with items 23, 24 and 25 of NBC TA 540, framed as potential breaches of Article 25(IV) and Article 20 of CVM Instruction 308. Reporting Director João Accioly voted to deem the accusation defective in relation to Article 20 and to acquit both respondents of the alleged breach of Article 25(IV); CVM President João Pedro Nascimento supported the rapporteur’s conclusions while adding observations. Deliberations were suspended after Director Otto Lobo requested time to review the case file, and Director Marina Copola did not participate in the session due to an institutional engagement.
Brazil Securities Commission (CVM) 2025-06-03
Brazil Securities Commission opens judgment in BDO audit case as rapporteur votes to dismiss charges and acquit defendants
The Brazil Securities Commission (CVM) has initiated an administrative proceeding against BDO RCS Auditores Independentes SS and its technical lead over alleged audit irregularities for Osasco Properties Fundo de Investimento em Participações Multiestratégia. The case involves potential breaches of NBC TA 540 and CVM Instruction 308. Deliberations were paused after Director Otto Lobo requested more review time, with Director Marina Copola absent due to an institutional engagement.