THE BRAZILIAN FRAMEWORK Robert Juenemann IESBA Meeting Madrid
THE BRAZILIAN FRAMEWORK Robert Juenemann IESBA Meeting Madrid March 2016 Page 1 | Proprietary and Copyrighted Information
REGULATORY FRAMEWORK • Various bodies are responsible for regulating the accounting profession in Brazil, for example: – Conselho Federal de Contabilidade (CFC) – Instituto dos Auditores Independentes do Brasil (IBRACON) – Comissão de Valores Mobiliários (CVM) Page 2 | Proprietary and Copyrighted Information
COMMITMENT ENVIRONMENT • Brazil has the commitment to be 100% aligned with the auditing standards issued by IFAC’s IAASB and also with the IESBA code. • There is a taskforce formed by IBRACON’s and CFC’s professionals that is responsible for keeping the information updated. Page 3 | Proprietary and Copyrighted Information
ROTATION RULE (DIFFERENCES IN BRAZIL) • The CVM rules demands rotation of auditors every 5 years. • The CFC felt that complying with the five year rotation timeframe would give more consistency to the process in Brazil. Page 4 | Proprietary and Copyrighted Information
LASTS EFFORTS • Since 2014 the changes and updates are monitored to ensure that the Brazilian rules are updated. Page 5 | Proprietary and Copyrighted Information
LASTS EFFORTS • The last major effort to align the Brazilian rules to the IFAC’s (IESBA) took place in 2014 with the translation of the Parts A, B, and C that corresponds to the NBC PG’s 100, 200 and 300 (except sections 290 and 291 from part B that were translated before in 2010 and are in force since 01/01/2011). Page 6 | Proprietary and Copyrighted Information
OTHER MINOR DIFFERENCES Page 7 | Proprietary and Copyrighted Information
OTHER MINOR DIFFERENCES Page 8 | Proprietary and Copyrighted Information
OTHER MINOR DIFFERENCES Page 9 | Proprietary and Copyrighted Information
OTHER MINOR DIFFERENCES Page 10 | Proprietary and Copyrighted Information
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