The objective of the present study was to raise the cases of restatements and to evaluate whether these events were associated with the low earnings quality and with the provision of advice with a qualified opinion by audit firms. The results obtained with the analysis indicate that the low earnings quality increases the chances of republishing the financial statements. Additionally, the results indicate that there is no evidence that lower earnings quality increases the chances of issuing a qualified audit report or disapproval of the financial statements by the independent auditors. These results point to a divergence regarding the understanding of earnings quality by the auditors and by the regulatory agency.