Global Journal of Management and Business Research, D: Accounting and Auditing, Volume 22 Issue 2

Informational Performance of Audit Reports Content: Case of French Companies Listed on the Stock Exchange during the Decade 2010-2020 14 Global Journal of Management and Business Research Volume XXII Issue II Version I Year 2022 ( )D © 2022 Global Journals Table 8: Announcement of “uncertainty” reserves Date Excess return T-test Cumulative excess T-test on cumulative -5 -0,26 -1,02 -1,61 -1,21 -4 -0,01 -0,04 -1,62 -1,19 -3 0,26 1,01 -1,36 -0,99 -2 -0,26 -1,02 -1,62 -1,16 -1 -0,11 -0,43 -1,73 -1,22 0 0,17 0,66 -1,56 -1,08 1 -0,51 -1,97 -2,07 -1,41 2 -0,71 -2,75 -2,79 -1,87 3 0,35 1,34 -2,44 -1,62 4 0,09 0,36 -2,35 -1,53 5 0,08 0,18 -2,30 -1,48 6 -0,16 -0,64 -2,46 -1,56 7 -0,51 -1,95 -2,97 -1,86 8 0,12 0,45 -2,85 -1,76 9 -0,15 -0,59 -3,01 -1,83 10 -0,29 -1,10 -3,29 -1,98 Note: Returns are expressed as a percentage. sixty-nine events are used. The assumed announcement date is set in the middle of the interval between 15 days before the date of the AGM and the date of signature of the reports by the auditor. Abnormal returns are defined regarding the Dimson model, according to the specification: , = + ∑ , − − + , +2=−2 ; With RM the index returns, and e the excess returns. Note: The points joined by a solid line represent the cumulative average abnormal returns (CMARt). Graph 6: Announcement of “uncertainty” reserves As the results show, average abnormal returns are negative around the event date. However, these returns are not always significant. Two days after the event date, the profitability is -0.71% (Student's t 2.75) when applying the Dimson model (that for the market model is -0.66% with a t of Student of 2.52). Overall, the results show the seriousness of this type of reserve, because before and after the three-event dates, abnormal returns are often negative. ii. The “work limitation” reserve and its impact on stock market prices According to the standards established by the CNCC, the limitations constitute an impossibility for the statutory auditor to implement the procedures that he deemed necessary, and those concerning the collection of evidence. -3.5 -3 -2.5 -2 -1.5 -1 -0.5 0 -6 -4 -2 0 2 4 6 8 10 12 Cumulative excess