Relationship between Compliance with Benford's Law and Timeliness of Financial Statements: An Empirical Analysis
DOI:
https://doi.org/10.17524/repec.v19.e3710Keywords:
Benford's law, Big Four, TimelinessAbstract
Objective: To analyze the relationship between the compliance of accounting numbers with Benford's Law (BL) and the time for publishing Standardized Financial Statements (SFSs).
Method: A regression model with panel data was used, in a sample of 205 publicly traded Brazilian companies, between 2010 and 2019.
Results: It was found that companies that are in compliance and that are undergoing audit changes disclose their financial statements more quickly. The results suggest that the Big Four pay greater attention and care to ensure that their financial statements are in compliance, resulting in a slower timeliness of the financial statements. This finding was corroborated by the finding that the non-compliance of accounting figures in past periods, due to audit rotation, when the company is audited by the Big Four, results in a slower timeliness of the financial statements.
Contributions: The study points out the relationship between BL and the delivery time of DFPs for future research. It highlights the importance of Big Four audits in the quality of accounting information, and points out to stakeholders that companies accounting information, especially those that take longer to disclose and are not audited by Big Four, may be non-compliant with the BL.
Translation
This article is a translation in English of the article:
Relação entre a conformidade com a Lei de Benford e o tempo de divulgação das demonstrações contábeis: uma análise empírica
References
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Budiman, M., Anwar, C., & Sudjono, S. (2021). Factors Affecting Fraud Prevention And Its Implication To The Quality Of Financial Statements. Journal of Applied Finance and Accounting, 8(1), 1-25. https://doi.org/10.21512/jafa.v8i1.6858
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Dibia, N.O., & Onwuchekwa, J.C. (2013). An examination of the audit report lag of companies quoted in the Nigeria stock exchange. International Journal of Business and Social Research, 3(9), 8-16.
Durtschi, C., Hillison, W., & Pacini, C. (2004). The effective use of Benford’s law to assist in detecting fraud in accounting data. Journal of Forensic Accounting, 5(1), 17-34.
Filho, M.A.F.M. (2013). A Confiabilidade dos Dados Financeiros de Hospitais Filantrópicos Canadenses: Um Estudo Empírico Baseado na Lei de Benford. Sociedade, Contabilidade e Gestão, 8(2), 47-63.
Ganz, A.C.S., Bilk, Â., Marques, L., & da Cunha, P.R. (2019). Relação entre a especialização da Firma de Auditoria e Audit Delay. Enfoque: Reflexão Contábil, 38(2), 123-140.
Goh, C. (2020). Applying visual analytics to fraud detection using Benford's law. Journal of Corporate Accounting & Finance, 31(4), 202-208. https://doi.org/10.1002/jcaf.22440
Grammatikos, T., & Papanikolaou, N.I. (2020). Applying Benford’s law to detect accounting data manipulation in the banking industry. Journal of Financial Services Research, 59(1), 115-142. https://doi.org/10.1007/s10693-020-00334-9
Harb, E.G., Nasrallah, N., El Khoury, R., & Hussainey, K. (2023). Applying Benford's law to detect accounting data manipulation in the pre-and post-financial engineering periods. Journal of Applied Accounting Research, 24(4), 745-768. https://doi.org/10.1108/JAAR-05-2022-0097
Harris, M., & Raviv, A. (1990). Capital Structure and the Informational Role of Debt. The Journal of Finance, 45(2), 321–349. https://doi.org/10.1111/j.1540-6261.1990.tb03693.x
He, L. (2024). Biggest fraud in Chinese history? Beijing accuses Evergrande of inflating revenues by $78 billion. Cnn Business. Recuperado em 03 de maio, 2024, de https://edition.cnn.com/2024/03/19/business/china-evergrande-fraud-csrc-investigation-hnk-intl/index.html
Idawati, W., Prabowo, H.S., & Rachmadi, D.I. (2023). The Effect of Profitability, Solvency, and Liquidity on Audit Report Lag in the Period before and During the Covid 19 Pandemic. International Journal of Social Science and Education Research Studies, 3(5), 878-887.
Iksan, D.J., Cahyono, Y., & Suryani, P. (2021). The characteristics of auditee and audit report lag. Jurnal Riset Akuntansi Terpadu, 14(1).
Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 305–360.
Jiménez, C., & Mendonça, H. (2015) Petrobras reconhece perda de 6,2 bilhões de reais com a corrupção. El País. Recuperado em 05 setembro, 2022, de https://brasil.elpais.com/brasil/2015/04/23/politica/1429744001_078177.html
Jura, J.V.J., & Tewu, M.D. (2021). Factors Affecting Audit Report Lag (Empirical Studies on Manufacturing Listed Companies on the Indonesia Stock Exchange). Petra International Journal of Business Studies, 4(1), 44-54.
Kanapickienė, R., & Grundienė, Ž. (2015). The Model of Fraud Detection in Financial Statements by Means of Financial Ratios. Procedia - Social and Behavioral Sciences, 213, 321–327. https://doi.org/10.1016/j.sbspro.2015.11.545
Klapper, L.F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728. https://doi.org/10.1016/S0929-1199(03)00046-4
Nardi, P.C.C., Amadi, A.F., & Silva, R.L.M. da. (2019). Análise da relação entre as características qualitativas da informação contábil e o audit delay. Advances in Scientific and Applied Accounting, 12(3), 101–119. https://doi.org/10.14392/asaa.2019120306
Nardi, P.C.C. & Nakao, S.H. (2009). Gerenciamento de resultados e a relação com o custo da dívida das empresas brasileiras abertas. Revista Contabilidade & Finanças - USP, 20(51), 77-100. http://dx.doi.org/10.1590/S1519-70772009000300006
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Newcomb, S. (1881). Note on the frequency of use of the different digits in natural numbers. American Journal of Mathematics, 4(1), 39-40. https://doi.org/10.2307/2369148
Nigrini, M.J., & Mittermaier L.J. (1997). The use of Benford's law as an aid in analytical procedures. Auditing: A Journal of Practice & Theory, 16(2), 52-67.
Nigrini, M.J. (1999). I’ve got your number. Journal of Accountancy, 187(5), 79–83.
Nigrini, M.J., & Miller, S.J. (2009). Data diagnostics using second‐order tests of benford's law. Auditing: A Journal of Practice & Theory, 28(2), 305-324. https://doi.org/10.2308/aud.2009.28.2.305
Nigrini, M.J. (2012). Benford's Law: Applications for forensic accounting, auditing, and fraud detection. John Wiley & Sons, 586, 199-244.
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2025-05-13
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Humberto Cunha Macedo, B., & Carolina Ciampaglia Nardi, P. (2025). Relationship between Compliance with Benford’s Law and Timeliness of Financial Statements: An Empirical Analysis. Journal of Education and Research in Accounting (REPeC), 19. https://doi.org/10.17524/repec.v19.e3710
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