A PUBLICATION FROM IBRACON - INSTITUTE OF INDEPENDENT AUDITORS OF BRAZIL

YEAR 6 NO. 24 R$ 18.00

IN CONSTANT EVOLUTION

ON THE RISE LONG WAY IFAC COUNCIL MEETING

Audit committees gain In an exclusive interview, Meeting formalizes
greater relevance IASBs chairman, Hans the appointment
in the Brazilian Hoogervorst, speaks of Idsio Coelho to
economic scenario about the IFRS evolution the Ifac board
Editorial

45 years of evolution
I
bracon celebrates 45 years of its foundation. And it is with
the great pleasure of holding the presidency of the Institute
at the moment in which it completes four and a half decades
of existence that we present a renewed Revista Transparncia,
with a new layout, cleaner and more modern.
This edition shows that Ibracon continues to evolve, in line with
the overall global progress. And brings the full coverage of the Ifac
Council Meeting, performed for the first time in Latin America, with

Photo: Arquive Ibracon

the support of Ibracon, the Federal Accounting Council (CFC) and
the Brazilian Accounting Foundation (FBC).
Conducted by Olivia Kirtley, president of the International
Federation of Accountants (IFAC), who came accompanied by
Rachel Grimes, the President-elect of the entity for a term of
2 years, the Meeting was attended by about 300 participants from
130 countries.
In addition to the recognition of the work of entities representing
the Brazilian profession and the stage of maturity of the areas of
accounting and independent audit in Brazil, the holding of the
most important Ifacs event in Brazil confirms the prominence of
our country in the international scenario.
At the time, appointments of Brazilian representatives for
positions in the IFAC board and committees were formalized,
which certainly will contribute to positively influence agendas and
content, submit claims and a Brazilian agenda, focused on the
needs of the country.
Be sure to read, moreover, a special interview with Hans
Hoogervorst, chairman of the International Accounting Standards
Board (IASB), in which he says that Brazil is a very important
jurisdiction for the IFRS Foundation.
Also, in this issue, we highlight the actions of Ibracon to spread
the best practices in the process of implementing the New Auditors
Report in Brazil.
I leave this year with my best wishes for a great 2017 to all, full
of accomplishments.
Happy holidays and good reading,

Idsio Coelho
IBRACONS PRESIDENT

REVISTA TRANSPARNCIA DECEMBER 2016 3

 In this issue

9 45 years at the service

of the independent audit
In constant evolution, Ibracon completes 45 years with much to
celebrate. The Institute has developed and reached the current
status of recognized representation in Brazil and abroad.

Audit Committees
24 on the rise
New scenario of the Brazilian economy
values the corporate governance and
encourages the adoption of best practices.

Interview
Hans Hoogervorst, lasbs chairman, says that
122 countries already require the use of IFRS
by all or the majority of listed companies.
And evaluates: We have come a long way
in a relatively short period of time.

6
Photo: Arquive CFC

4 REVISTA TRANSPARNCIA DECEMBER 2016

 22
New Auditors
Report
New Auditors Report
An initiative of the International Federation of Accountants (IFAC),
the New Auditors Report shall be applied for the audits for the
year ending December 31, 2016 and brings significant changes in
Ibracon launches site about the New format and content to make it more relevant to users.

Auditors Report, which centralizes Although there are no changes with regard to the scope of audit
work, a more constant and efficient communication among
auditors, management, and components of agencies of corporate
information aimed at disseminating best governance throughout the work and also additional effort in the
preparation and discussion of a report with specific content instead

practices of international experience. of a standardized content will be needed. These changes tend to

Photo: Arquive Ibracon

enrich the discussion between the auditor and the entity, especially
its governance in the discussion of the risks identified by the auditor
and its planned approach to mitigate such risks.

The FAPMP
challenges
Results of the 5th issue of Ifacs Global
Search indicate a reduction in the level of
27
difficulties faced by Small and Medium-
Ilustration: Ingram Image

Sized Auditing Firms (FAPMP).

32
Ifac Council
Meeting
The standards issued by Ifac are
indispensable for Brazils fiscal health and
sustainable growth. The assessment was
made by the president of the Superior
Photo: Arquive Ibracon

Electoral Court (TSE), justice Gilmar Mendes,

in a lecture at Ifac Council Meeting.

It is time to grow
Government recognizes: the State cannot do
everything alone. And announces 34 projects
of the Investment Partnerships Program (PPI),
all intended to grants for the private initiative.
35
Ilustration: Ingram Image

REVISTA TRANSPARNCIA DECEMBER 2016 5

 INTERVIEW

A Long Way
IN JUST 15 YEARS, the International Financial
Reporting Standards (IFRS) has become the global
language of financial information. And 122 countries
already require the use of IFRS by all or the majority
of companies listed on the stock exchange, which
equates to more than 80% of the total.
RT In only 15 years, IFRS has become the global language
of financial information. How would you evaluate the current
state of IFRS in Brazil and in the world?
Hans Hoogervorst Brazil is a very important jurisdiction for
the IFRS Foundation. The adoption process was successful
and we have strong and long lasting relationships with
relevant Brazilian organizations.

W
In addition, whereas almost all of Latin America applies
e have come a long way in a relatively short period the IFRS, with the Latin-American Group of Issuers of
of time, says Hans Hoogervorst, chairman of the Financial Information Standards (Glenif) acting to strengthen
International Accounting Standards Board (lasb), in the ties between the countries of the region, Brazil plays
an exclusive interview given to Revista Transparncia. an important role in the implementation efforts, sharing
Moreover, he recalls that more than 80 countries its experience in applying our standards in a particularly
require or allow the use of IFRS for small and medium- varied economy.
sized enterprises. In addition, it is important to note that the Brazilian
For this reason, the IASBs chairman interests are well represented at all levels
emphasizes that the profession will of the IFRS Foundation and advisory
continue to play a very important role bodies of the organization.
in the global business and finance BRAZIL IS A
world and that the Brazilian Accounting RT How many countries have, in full or
professional has been valued due to the VERY IMPORTANT in part, already adopted IFRS?
categorys support to the IFRS transition. JURISDICTION Hans Hoogervorst Regarding the
Accounting professionals are climbing FOR THE IFRS world situation, the IFRS Foundation
the career ladder, arriving on the roles has a project underway to evaluate
of CFOs and CEOs. As a profession,
FOUNDATION the adoption of IFRS standards around
Accounting has a wide range of great the world. Up until now, profiles in 147
opportunities, he says. Read below the jurisdictions have been developed.
main excerpts of the interview: Of these, 122 require the use of IFRS
by all or the majority of listed companies, which equates
RT How do you evaluate the global developments of to more than 80% of the total. And the majority of other
Accounting and the impact of International Financial countries allows companies to use the IFRS standard.
Reporting Standards (IFRS) on this activity? So, we have come a long way in a relatively short period
Hans Hoogervorst we live in a global world in which of time.
companies sell internationally and it is common for More than 80 countries require or allow the use of IFRS
professionals to pursue their careers in different countries. for small and medium-sized enterprises, which are not
This is, in part, helped by the development of international listed on stock exchanges. Millions of companies use this
standards, but it is also something that feeds the development standard and we believe that a large portion of them are
of international standards. headquartered in Brazil.

6 REVISTA TRANSPARNCIA DECEMBER 2016

RT How is the adoption of IFRS in Asia and the Middle
East?
Hans Hoogervorst There are a few important countries
which have not adopted the standards yet, but even in these
there are already some progress - especially in large Asian
markets.
China, for example, recently reaffirmed its commitment
to the IFRS standards. We do not yet consider China as
one of the countries that have adopted IFRS, because there
are some differences between the Chinese accounting
standards and the IFRS Standard.
But the initial evaluation indicates that they do not
represent material effects on the financial reports. India
has changed its standard - called Ind AS - and it was very
close to IFRS.
RT In Japan, the adoption of IFRS is voluntary, but almost
30% of the Japanese market have adopted the standard.
How do you evaluate the pace of convergence in Japan?
Hans Hoogervorst In Japan, where companies can
choose between several sets of accounting standards,
there is a great tendency toward the adoption of
IFRS. The number of companies that have opted to
switch to IFRS has exploded in the last two years.
There are approximately 140 companies that have
already made the change or are planning to do it.
It is a good sign that companies, as well as
investors, recognize the benefits of the IFRS
Standard.
In the Middle East, there is also great progress.
In 2017, Saudi Arabia will adopt IFRS, increasing
to 75% the proportion of countries in the G-20 that
use them. Other countries in the Middle East are
preparing to incorporate IFRS into their legislation. For
example, IFRS Foundation has just signed
a licensing agreement with Iran,
giving this country the
right to translate the
Photo: Arquive CFC
IFRS Standard into Farsi and publish it as part of national
legislation.
RT What are your expectations for the Accounting
professional in the world and specifically in Brazil?
Hans Hoogervorst I believe that the profession will continue
to play a very important role in the global business and
finance world - and that understanding and knowledge of
how to do business internationally, as well as of international
standards, will be increasingly important.
My expectations are the same in relation to the profession
in Brazil. The Brazilian professional accountant has been
valued due to the categorys support to the IFRS transition.
We hope that you will continue to work hard in the
implementation of the recently issued standards. We
will continue to cooperate with you to ensure that the
commitment of Brazil with IFRS is reciprocated.
RT What can you tell us about the
convergence of US Generally Accepted
Accounting Principles (USGAAP) to
IFRS in the United States?
Hans Hoogervorst Since 2007,
the foreign companies listed in
the United States have been
able to use the IFRS Standard,
without the consolidation to
USGaaP. There are about
500 foreign companies listed
on stock exchanges in the
United States doing just that.
Thus, the US market is suitable
for the IFRS Standard. There is
REVISTA TRANSPARNCIA DECEMBER 2016 7
 little evidence that the US will change to the IFRS Standard the information is grouped and presented. And we will
in the near future. However, things can change. continue working on the IFRS Taxonomy, which is our way
The International Accounting Standards Board and the of supporting the production of digital reports. We will also
Financial Accounting Standards Board of the United States continue to improve the disclosures, an area that has already
have worked together for several years in the development advanced a lot.
of new standard Revenue from Contracts with Customers,
IFRS 15. The two boards have issued a converging Revenue RT How about the education tools?
Standard in 2014. Hans Hoogervorst Another priority is supporting the
We have also worked together with respect to the new implementation of new standards and work to effectively
standards on leases and financial instruments. We brought maintain the existing standards. We are striving to develop
the leases to the balance sheet with our new standards and education tools to support implementation, including the
we went from a model of incurred loss to a model of expected use of online tools.
loss with our new financial instruments. Although they have The IFRS maintenance is done in two ways: through
not done the same thing, the IFRS Interpreta-
both Boards are moving in tio ns C o m m i t te e, th e
the same direction. role of which is to timely
Currently, we have no review implementation is-
plans of new joint projects. sues that that have aris-
However, we work in close en in the practice and pro-
collaboration through the vide authoritative guidance
Accounting Standards Ad- (Ifric) on these issues and
visory Forum and the two through Post-Implementa-
Boards also remain in- tion Reviews (PiR).
formed of the develop- The PiRs are made after
ment of each side and a new standard has been
make comparisons when used for a few years and
appropriate. the goal is to determine if it
works as planned. If there
RT What is the lasbs is a need for amendments,
agenda for the dissemina- it will follow the normal
Photo: Arquive CFC

tion and update of IFRS? process, with consultations

Hans Hoogervorst lasb
has just published the
conclusions about the
recent Consultation
Agenda. With this agenda, we ask all interested parties
around the world their opinion about what must be our
priorities for the next five years. It is an important and
comprehensive process - and helped to shape our future
work plan.
Listening to the feedback, we decided that a better
communication will be a central topic for our work
over the coming years. Instead of creating new major
standards, lets focus on improving what we have - once
the Insurance Contracts and Conceptual Framework
standard is completed.
We will work to improve the effectiveness of the financial
statements communication, analyzing the way in which
and public hearings.
RT How do you see the
interest of young people in
Accounting?
Hans Hoogervorst It is important, in all countries, to have
expert Accounting professionals.
For the IFRS to be consistently applied throughout the
world, professionals need to have a good understanding
of the financial reports, in general, and the IFRS standards,
in particular. Attracting young people to the profession is,
therefore, very important.
It is a profession that can give them the opportunity to work
around the world, a very attractive perspective to young people.
Accounting professionals are climbing the career ladder,
arriving at the roles of CFOs and CEOs. As a profession,
Accounting has a wide range of great opportunities.

8 REVISTA TRANSPARNCIA DECEMBER 2016

 INSTITUTIONAL

Ibracon completes 45
years of its foundation 45 years at the
service of the
in constant evolution,
accompanying the
overall global progress

independent audit
W
hen completing 45 years of its challenges faced from year to year and
foundation, Ibracon - Institute how the Institute has developed and
Ilustrations: Ingram Image

of Independent Auditors of reached the current status of recognized

Brazil has much to celebrate. In our independent audit representation in
special 40 years edition, of December Brazil and abroad.
2011, we plotted the story of Ibracon The last five years confirm that
in its first four decades of existence, in Ibracons evolution path continues
a journey back in time describing the keeping up with the overall progress
Photo: Arquive Ibracon

Photo: Arquive Ibracon

Idsio Coelho Eduardo Pocetti

REVISTA TRANSPARNCIA DECEMBER 2016 9

 that, since its foundation, The
Institute always evolves from already
consolidated achievements and, thus,
is strengthened to overcome the new
challenges.
This strengthening is reflected in
the Institutes membership list, which
until the closing of this edition totaled
1,470 professionals, distributed among
independent auditors, accountants and
Accounting students.
Recalling the efforts that were part
of the Institute over the past five years,
Guy Almeida Andrade, chairman of the
Board of Directors from 2012 to 2014
and appointed by Ibracon and CFC
to the Nominating Committee of Ifac,
highlights the importance of strategic
planning of the Institute. And remember:
A strength of Ibracon is that the work
initiated by one management team is
still being developed. There is continuity.
Minutes records the
foundation of Ibracon
on December 13, 1971
and the standards adopted in large part
of the developed world. And, especially,
helping the national development, to
the extent that the trajectory of Ibracon
cannot be divorced from the history of
the Brazilian market.
Ibracon was present and actively
ser ved in moments of essential
decision-making for the restructuring
of accounting practices and audit
Photo: Arquive Ibracon

procedures, responding to Brazils

d e m a nd s, s ays Id s io C o e lho,
president of the Institute.
Eduardo Pocetti, Chairman of
the Board of Directors, endorses the
analysis of Idsio CoeIho and highlights Guy Almeida Andrade

10 REVISTA TRANSPARNCIA DECEMBER 2016

 Stronger and
more influential
J
ust like Brazil, Ibracon also grew,
matured, established itself as a
In the last
national entity and has expanded
five years, its sphere of activity in partnership
Ibracon further with the most important national and
strengthened international bodies.
its institutional In the last five years, Ibracon
relations, both further strengthened its institutional
on the national relations, both on the national scene
scene and with and with international bodies. We
international have a solid relationship with the Public
bodies Power, regulatory bodies, institutions
representing the profession and the
market. In this way, we consolidated
even more our position of spokesman
for the independent audit over the past
five years says Idsio CoeIho.
Ibracon maintains institutional
relations and an intense schedule of
meetings with the Federal Accounting
Council (CFC), the Accounting
Pronouncements Committee (CPC), the
Securities and Exchange Commission
(CVM), the Public Prosecutors Office
and the Central Bank of Brazil (CBB),
among others.
Inte r n atio n a ll y, Ib rac o n a lso
strengthens, year by year, its relations
with the International Federation of
Accountants (IFAC), with the Latin-
American Group of Issuers of Financial
Information Standards (Glenif), with the
International Accounting Standards
Board (IASB), the International Auditing
and Assurance Standards Board (Iaasb)
and the Inter-American Accounting
Association (AIC).
Ibracon has representatives at the
Ifac board, at the entitys Nominating
Committee and at the International
Public Sector Accounting Standards
Board (Ipsasb). Monica Foerster,
director of Small and Medium Practices
Committee (FAPMP), takes over, in 2017,
the presidency of IFACs Small and
Medium Practices Committee (SMPC).
The Institute also maintains a close
relationship with the IFRS Foundation,
being the entity authorized to translate
and publish with exclusivity in Brazil,
with the support of CPC, the book
International Financial Repor ting
Standards (IFRS) issued by Iasb.
Idsio recalls that, in addition to an
increase in the Ibracons network of
institutional relations, there has been
a significant change in the focus of
these relations, which until then were
essentially technical. The Institute
thinks about the entire environment
that involves the profession, he says,
citing as an example, Ibracons firm
performance in relation to the limitation
of liability of the auditor - subject of
extreme relevance, which impacts the
legal security of independent audit firms
and professionals of the country.
REVISTA TRANSPARNCIA DECEMBER 2016 11

REPRESENTATIVENESS
The trajectory of Ibracon is marked
by the participation of representatives
in several instances of CFC, as
the Technical Qualification Exam
Committee (CAE), the External Quality
Review Program Committee (CRE),
and the Continued Professional
Education Committee (CEPC).
T he Chairman of the Board
of Tr uste e s of the Accounting
Pronouncements Committee Support
Foundation (FACPC) and CPCs
coordinator of International Relations
are members of Ibracon.
T h e Insti tu te a lso m a inta ins
representatives in the Management
Commit tee of the Pro-Ethics
Companies Registry of the Office of
the Comptroller General (CGU), the
Resource Council of the National
Financial System (CRSFN) and at
the Special Committee of the Private
Insurance Superintendence (SUSEP).
At the National Health Agency
(ANS), Ibracon has representatives in
the Technical Chamber of Guarantor
Assets for Events to be Settled, at
the Technical Chamber for review of
normative instruction IN-DIOPE No.
38/99 and at the Technical Group for
Study and Improvement of the Current
Solvency Regime in the Health Sector.
Ibracon also participates on the
Advisory Board of the Brazilian Institute
of Corporate Governance (IBGC), and
maintains a permanent forum for
technical discussion with the Securities
and Exchange Commission (CVM).
At BM&FBovespa, the Institute
participates in the Council of the
Corporate Sustainability Index (Cise).
12 REVISTA TRANSPARNCIA DECEMBER 2016
IBRACON CONFERENCE
Since its first edition in 2011, the
year of the celebrations of the 40th
anniversary of Ibracon, the Brazilian
Conference on Accounting and
Independent Audit has guaranteed
space in the agenda of accounting
profe s sionals a nd inde pe nde nt
auditors. And this is due, among other
factors, to the high technical content
and the participation of speakers of
significant experience in the national
and international scene.
In those five years, the Conference
has made significant progress, not
only in the number of participants, but
mainly in the approach to issues of
impact, such as what happened in the
6th edition of the event, held in June,
with lectures by James Gunn, director-
general of IFAC Professional Standards,
who handled the adoption of the New
Auditors Report, and Marek Grabowski,
Audit Policy director of the Financial
Reporting Council (FRC), who spoke
about the experience in the application
of the New Auditors Report in the United
Kingdom, in addition to Amaro Gomes,
a member of the board of International
Accounting Standards Board (IASB),
who participated in several editions of
the event to present the IFRS news.
Evolution in the number of participants
434
350
315
2011 2012 2013
The Federal Accounting Council
(CFC), the Federal Police (ADPF),
the Council for Financial Activities
Control (COAF), the Federal Attorneys
Office, the Securities and Exchange
Commission (CVM), the Central
Bank of Brazil (CBB), the Private
Insurance Superintendence (SUSEP),
the Brazilian Institute of Corporate
Governance (IBGC), the Brazilian
Federation of Banks (Febraban), the
Brazilian Federal Revenue (RFB),
the National Bank of Economic and
Social Development (BNDES) and
personalities such as Mrio Srgio
Cor tella, philosopher, writer and
educator, are part of the trajectory of
the successful Ibracon Conference
because they believe in the Ibracons
mission and send professionals to
share knowledge and contribute to
the strengthening of the independent
audit in Brazil.
Over the years the technology
also monitored the progress of the
Conference. In its 6th edition, Ibracon
launched an application to make the
relationship between panelists and
participants more dynamic in the sending
of questions during the event, in addition
to concentrating all the information about
the Conference.
735
639
538
2014 2015 2016
 Communication 45 years spreading
helps to forecast
a more dynamic knowledge
I
and active image
n 2011, Ibracon developed an
of Ibracon Image Plan, which involved major
projects, such as the launch of the
new logo, which reflects the dynamism,
modernity and the professionalism of
Ibracon and shows the main pillars
of the entity: ethics, transparency,
excellence, independence, integrity,
Photo: Arquive Ibracon
leadership and reference.
In the same year, the Institute has
launched the Transparency Award
(which is already in its 6th edition,
in the two categories, Journalism
Francisco Maldonado SantAnna and Education) and the Revista
Transparncia, official advocate of the
entity, which is fulfilling its important role
of diffusion of knowledge, discussion
of ideas and promotion of good
governance practices in Brazil, giving
Technical Area Synergy with the market
promotes Ibracons
strengthening and regulators
T
and preserves he structuring of a Technical
the memory of area within Ibracon, from 2011,
the Institute was very relevant, reinforcing
the presence of the Institute in the dis-
cussions on the subjects that most
impacted the profession over the last
five years.
Rogrio Hernandez Garcia, Techni-
cal director of the Institute, says: The
Photo: Arquive Ibracon
structuring of the Technical area also
has an important role in maintaining
the Ibracon memory and the knowl-
edge shared at meetings conducted
by the Institute.
Rogrio Hernandez Garcia Composed of a Technical Board,
the National Technical Standards
Commission (CNNT), the Accounting
greater visibility to the work of Ibracon
and bringing the point of view of the
Institute on matters of national and
sector interests to a large contingent
of business leaders and opinion makers.
From there to here, we saw the
consolidation of these projects,
in addition to advances on the
Ibracon Portal, on social networks
and on relationship with the press
and other important audiences to
the Institute. We also worked on
the internationalization of our main
communication materials, which
started to be bilingual, due to the
increasing synergy of Ibracon with
international entities, explains the
director of Communication Francisco
Maldonado SantAnna.
Standards Committee (CNC), the
Au d i ti n g S ta n d a rd s C o m m i t te e
(CNA) and Working Groups (WGS),
with members that are outstanding
professionals in their businesses, the
area is responsible for the Technical
Releases, guidelines issued by Ibracon
and for the interaction with regulatory
agencies and market players on the
approach of technical subjects.
Fruits of a broad debate among
professionals of Ibracon, regulatory
ag e n c i e s a n d th e m a r ket, th e
Technical Releases help the sector in
the execution of the projects and the
issue of audit reports, adds Rogrio
Hernandez Garcia.
REVISTA TRANSPARNCIA DECEMBER 2016 13
 Ibracons Remote Knowledge
Education (ODL)
has been added Platform
O
to the classroom ne of the challenges of the In-
and in company dependent Audit in Brazil and
courses in the world is the guarantee of
continuous learning on the part of pro-
fessionals. To meet this demand for
ongoing professional qualification,
Ibracon offers modular courses and
trainings aimed to improve the pro-
fessional performance of the auditors
Photo: Arquive Ibracon
and accountants, says Tadeu Cendn,
Ibracons director of Professional
Development.
He recalls that, in celebration of
the 45th anniversary of its foundation,
Tadeu Cendn Ibracon has developed and launched
its own platform for Remote Educa-
tion (ODL).
The subjects addressed in the
classroom courses as well as in the
in company formats and ODL are
being expanded, year by year, to meet
Ibracon expands Aligned for the
the support
provided to strengthening of audit
I
Regional Sections bracon has also been strength-
ening its Regional Sections (SR)
that, aligned to the strategic plan
of the National Board, showed im-
provements in the States which they
represent.
The Regional Sections have the
Photo: Arquive Ibracon
important task of strengthening the in-
dependent audit activity at the nation-
al level. And are playing this role with
praise. After all, they are the ones who
have the knowledge of the particular-
Adelino Dias Pinho ities of the States that they represent,
14 REVISTA TRANSPARNCIA DECEMBER 2016
the needs of the profession, which
is increasingly broadening, says the
director.
Until the closing of this edition,
approximately 2,500 professionals
performed activities of Continued
Professional Education at Ibracon in
2016, in more than 60 events promoted.
He also highlights that the Institute
has acted not only through initiatives
under taken by the National and
Regional Boards but also in partnership
with other entities.
The Project for the Harmonization of
International Accounting and Auditing
Standards, carried out by Ibracon and
completed this year, with resources
from the Multilateral Investment Fund
(MIF) of the Inter-American Development
Bank (IDB), is an example of successful
initiatives.
says Adelino Dias Pinho, Ibracons di-
rector of Regional Sections.
He also highlights that each year the
Regional Sections have been strength-
ened in several fronts of action.
Ibracon broadened the support pro-
vided to the Regional Sections, adds
Adelino Dias Pinho, reminding that they
are very important to the success of the
Continued Professional Education Pro-
gram (PEPC) of the Federal Accounting
Council (CFC), of which the Institute is
a natural enabler.
 FAPMP are subjects
of highlight at the
Ibracon Conference
and in activities
of Continued
Professional
Education
Photo: Arquive Ibracon
Monica Foerster
Photo: Arquive Ibracon
Francisco de Paula dos Reis Jnior
Good management practices
and attention to FAPMP
F
rancisco de Paula dos Reis Jnior,
director of Administration and
Finance, in turn, highlights the
synergy between the successive man-
agement teams of the Institute.
For him, Ibracons good practices in
financial management are an important
step for the sustainable development of
the Institute.
Monica Foerster, director of Small
and Medium Practices (FAPMP) of
Ibracon and vice-president of the Small
and Medium Practices Committee
(SMPC), of the
International Federation of Accoun-
tants (Ifac), emphasizes the importance
of the support that Ibracon ensures to
these companies.
The focus on FAPMP is to present
not only in the Technical Group that we
have that deals specifically with this
sector, but also in the scheduling of
the Brazilian Accounting and Indepen-
dent Audit Conference promoted every
year by Ibracon, the topics of the pro-
moted activities of Continued Profes-
sional Education, and the supporting
materials, says the director.
REVISTA TRANSPARNCIA DECEMBER 2016 15
 CAMPAIGN
Proud to be an auditor Ibracon supported the #Auditor Proud Day in Brazil
I
n September, the Center of Quality
Audit (CAQ) held the second an-
nual social media campaign #Au-
ditorProud to encourage debate about
the independent auditor profession and
career opportunities for young profes-
sionals. The campaign highlighted the
benefits of the career as part of CAQs
ongoing efforts to attract more poten-
tial candidates for the profession.
The campaign shared, globally, the
stories of professionals telling why they
chose the career of audit and what
they are proudest about it.
The majority of professionals who
have posted their stories through the
campaigns hashtag reported that audit
is a dynamic and rewarding profession,
especially at the present moment,
which undergoes major changes to
meet the growing needs of investors
16 REVISTA TRANSPARNCIA DECEMBER 2016
2ND ANNUAL
#AuditorProud
SOCIAL MEDIA BLITZ
and the market, offering important
information on companies finances.
The auditors play a crucial role
in the capital market. And Ibracon,
through its actions, at the example of
the Continued Professional Education,
has been engaged in helping to
improve the qualification of young
people who choose the profession.
Ibracon supported the campaign
in Brazil. The Auditor Proud Day helps
to show the young how the profession
is challenging and essential for our
capital markets, said Idsio Coelho,
president of Ibracons National Board,
complementing: I am proud, mainly
because our activity contributes to the
creation of a better, more transparent
and more ethical society
Remembering that audit is a
specialty of accounting, the chairman
of Ibracons Board of Directors,
Eduardo Pocetti, also reaffirmed
his pride of being an accountant.
With 40 years dedicated to audit, he
emphasized that it is an honor to be
part of this group of professionals,
in which I achieved professional
recognition and built my social and
family life.
The director of Regional Sections
of Ibracon Nacional, Adelino Dias
Pinho, recalled that the profession
requires great capacity for work and
educational and technical updating,
but, on the other hand, helps to
develop a set of skills that allows the
auditor to take leadership roles.
Other professionals and members
of Ibracon also left their testimonies.
All the reports are available on
Ibracons social networks.
 CONTINUED EDUCATION
Experts are included
in the Technical
Qualification Examination
T
he Federal Accounting Council (CFC)
published the Brazilian Accounting
Standard on Professional Accounting
Expert (NBC PP) 02, which creates and
regulates the Technical Qualification
Examination (EQT) for accounting experts.
Only the experts approved in the examination
can join the National Registry of Accounting
Experts (CNPC).
C r e a te d i n M a r c h,
CNPC offers to society a list
of professionals qualified to
work in accounting expert
services. With the registry,
it is possible to identify
quickly the exper t, his
Photo: Arquive Ibracon
professional specialization
and geographic location in
which he operates, says
Nelson Zafra, CFCs vice
president of Professional
Nelson Zafra Development.
He explains that the
participation in the registry is
voluntary. Until December
31, 2017, the registry with
CNPC may be done by
proving minimal experience.
Then, only with the approval
in the Technical Qualification
Photo: Arquive Ibracon
Examination (EQT) he says.
Ibracons director of
Professional Development,
Tadeus Ce ndn, adds
that the NBC PG 12 (R1)
Tadeu Cendn review, in the final stage
of approval, promotes changes in the
Continued Professional Education Program
(PEPC). He recalls that the standard extends
18 REVISTA TRANSPARNCIA DECEMBER 2016
the PEPC obligation to all professionals who
are technical responsible for the financial
statements or perform duties of management
and leadership in the process of preparation
of financial statements of companies subject
to be hired by the National Superintendence
of Supplementary Social Welfare (Previc)
and by federal regulatory agencies, from
January 2017, and to accounting experts
that are registered in the National Registry of
Accounting Experts from January 2018.
These professionals will need to achieve
40 points in the program, as the NBC PG 12
(R1) already determines today, he says. And
he adds that Ibracon offers a wide range of
courses, not only in person, but also in the
exclusive platform for Remote Learning (ODL)
and online courses in partnership with the
Institute of Accounting, Actuarial and Financial
Research Foundation (Fipecafi).
The extension in the standard experienced
this year stimulated the expansion of the offer
and participation in activities of Continued
Professional Education.
From January to October of last year,
1,333 professionals took part in activities of
Continued Professional Education promoted
by Ibracon. In the same period this year,
Ibracon registered 1,707 participations.
A relevant topic that attracted profes-
sionals to Ibracon courses was the New
Auditors Repor t, held in So Paulo,
Brasilia, Belo Horizonte, Recife, Por to
Alegre and Rio de Janeiro.
Check out the range of courses on the portal
www.Ibracon.com.br
 DRIPS AND SPLASHES

FAPMP director participates

in a Ifac meeting
M onica Foerster, director of Ibracons Small and Medium Practices
(FAPMP) attended a meeting from the Small and Medium
Practices Committee (SMPC), held at the International Federation of
Accountants (IFAC), in New York.
Monica Foerster, current vice-president of SMPC, will assume
the presidency in 2017.
Photo: Arquive Ibracon

Photo: Arquive Ibracon

33rd Isar Session

T he President of Ibracons National Board, Idsio CoeIho, participated
with other members of the Brazilian delegation of the 33rd meeting
of the Intergovernmental Working Group of Experts on International
Standards of Accounting and Reporting (Isar), of the United Nations
Conference on Trade and Development (UNCTAD), held in Geneva, Guide for Audit
Switzerland. Committees
Hearing between Ibracon I bracon and the Brazilian Institute of Corporate Governance (IBGC)
met in September to continue the work of review of the Guide for

and Central Bank Audit Committees of IBGC.

The review will consolidate a new publication that serves both the

I dsio Coelho, President of the National Board, Rogrio Garcia,

technical director of Ibracon National, and Otto Steiner Junior,
members of Audit Committees and independent auditors.

legal advisor, attended a hearing with Sidnei Correa Marques,

director of Rural Credit Financial System Organization and Control
of Operations (Diorf) of the Central Bank of Brazil (CBB). On
the occasion, Idsio Coelho stressed the importance of a close
relationship with regulatory agencies for the benefit of the profession,
the market and, consequently, of society.
Ibracon meets with Cade
T adeu Cendn, Ibracon Nationals director of Professional
Development, and Marco Aurelio Fuchida, general superintendent
of the Institute, met with Victor Santos Rufino, attorney-in-chief of
the Administrative Council of Economic Defense (Cade), in Brasilia.
Among the main points discussed are the establishment of a

Desenhando o Futuro permanent agenda and the holding of regular meetings to discuss
topics of interest to the profession and to Cade.

I bracon attended the 67th and the 68th graduation ceremonies of the
Action Desenhando o Futuro (Designing the Future), conducted by
Sescon Solidrio, a social responsibility program from the Accounting Clean Company Law Conference
Services Companies Union and Advisory, Investigation, Information and
Research Companies in the State of So Paulo (Sescon-SP).
The Action Desenhando o Futuro offers free professional training
I bracon attended the 3rd Clean Company Law Conference, held
by the Ministry of Transparency, Oversight and the Comptroller
General (CGU).
courses in areas of Personnel Department and Tax Bookkeeping, in Member of the Managing Committee of the Pro-Ethics Program
partnership with several institutions. The Sescon Solidrio Program of CGU, the associate Jorge Alberto da Cunha Moreira represented
has already qualified more than eight thousand young people. the Institute.

20 REVISTA TRANSPARNCIA DECEMBER 2016

 Accounting and Costs
Applied to the Public Sector
T
Photo: Arquive Ibracon

he National Treasury Secretariat (STN), in partnership with the

Federal Accounting Council (CFC) and the School of Treasury
Administration (ESAF), held the III Brazilian Seminar on Accounting
and Costs Applied to the Public Sector, in Brasilia.
Representing Ibracon, Ayres Moura, a member of the Institute

CFC, CFOAB and OSB and technical advisor of the International Public Sector Accounting
Standards Board (Ipsasb), was a speaker at the event and talked

T he president of the National Board, Idsio Coelho, attended the

signing ceremony of the cooperation agreement between the
Federal Accounting Council (CFC), the Social Observatory of Brazil
about the Lessons of the convergence process in the private sector.

(OSB) and the Federal Council of the Brazilian Bar Association (CFOAB).
The objective of the agreement is to provide technical support to Photo: Arquive Ibracon
Social Observatories (OS) that already exist and encourage the creation
of OS in other municipalities.

Abrasca Award of
Annual Report 4th Egescon in Porto Alegre
R ogrio Hernandez Garcia, technical director of Ibracon Nacional,
participated in the 18th Abrasca Award of Annual Report, from the
Brazilian Association of Publicly Traded Companies.
M arcelo Saweryn, president of the Ibracons 6th Regional
Section, participated in the 4th Meeting of Accounting Service
Companies of Rio Grande do Sul (Egescon), which had as the main
Invited to speak, Rogrio Garcia said the New Independent
topic Management Universe and its main worlds.
Auditors Report is an initiative of the International Federation of
The President of Sescon-RS, Diogo Chamum, evaluates that the
Accountants (Ifac) and will be applied, in Brazil, in audits of financial
Egescon is already a consolidated event in the calendar of Rio Grande
statements for the year ended 31/12/2016.
do Suls corporate meetings. We always raise discussions and seek
to bring innovative subjects for the development of good management
practices, he said.

Accountant Womens
Meeting
Photo: Arquive Ibracon

I bracon, represented by the director of Communication, Francisco

Maldonado SantAnna, honored the Accountant Womens Meeting
of the State of So Paulo, from the Regional Accounting Council of
So Paulo (CRC-SP).

Seminar at CRC-MG New Auditors Report

T adeu Cendn, Ibracon Nacionals director of Professional
Development, participated in the Audit and Controllership Seminar,
held by the Federal Accounting Council (CFC) and the Regional
T he New Auditors Report was the subject of a Ibracons presentation
in Brasilia, to the members of the Central Bank of Brazil (CBB),
conducted by Rogrio Hernandez Garcia, Ibracon Nacionals technical
Accounting Council of the State of Minas Gerais (CRC-MG). Cendn director, and Alberto Spilborghs, coordinator of the Financial Institutions
lectured on the New Auditors Report. Working Group (WG), from Ibracon.

REVISTA TRANSPARNCIA DECEMBER 2016 21

 MORE RELEVANCE
New Auditors
Report
I
bracon has closely followed the
implementation process of the New
Auditors Report and maintains a
permanent agenda with the Securities
and Exchange Commission (CVM),
in addition to promoting actions to
different audiences that somehow
will be impacted by the change and
participate in national and international
forums that discuss the topic.
Photo: Arquive Ibracon
Rogrio Hernandez Garcia
The Institute monitors what happens
in countries that have already adopted
the New Report, in order to spread, in
Brazil, the international experiences
best practices.
Now, Ibracon maintains a hot-
site that centralizes the activities re-
lated to the New Auditors Report, as
well as documents and support ma-
terials, information on the Continued
22 REVISTA TRANSPARNCIA DECEMBER 2016
Professional Education activities,
videos, and dissemination of the
subject in the press and in Ibracons
communication outlets.
The New Report should be applied
in audit of financial statements for
the year ended December 31, 2016.
Therefore, it is imperative to keep
informed of the reports to be issued
in early 2017.
It brings significant changes
in format and content, in a way to
make it more relevant to users, says
Rogerio Hernandez Garcia, Ibracons
technical director.
Although there are no changes
with regard to the scope of audit
work, a more constant and efficient
communication among auditors,
m a n a g e m e n t, a n d c o r p o r a te
governance bodies of the entities
throughout the work and also
additional effort in the preparation and
discussion of a report with specific
content instead of a standardized
content will be needed. These
changes tend to enrich the discussion
between the auditor and the entity,
especially its governance in the
discussion of the risks identified by
the auditor and its planned approach
to mitigate such risks.
Go to the hotsite at
http://www.Ibracon.com.br/nra
 Ibracons Actions
A t the hotsite, accountants and
auditors may accompany Ibracons
Technical Releases, Circular Letters
Rog rio He r nandez Garcia,
technical director of Ibracon Nacional,
remembers that the hotsite brings the
and Newsletters about the subject. support material with the Main Audit
The documents disclosed also Topics in the New Auditors report,
include materials developed by the which illustrates how the concept can
Financial Reporting Council (FRC) be applied in practice.
and the Public Company Accounting Ibracon also promotes several
Oversight Board (PCAOB). courses on the New Auditors
The New Auditors Reports hotsite Repor t, which will be valid for
also includes updates of the Technical the Continued Professional
Releases issued by the Institute, as Education Program of the Federal
well as the translated standards and Accounting Council (CFC). Take a
the content of the meetings held. look at the hotsite for the range of
The new rules for the new Auditors courses in the Institutes Regional
Report published by the CFC (NBC- Sections. Also check out all materials
TA260R2, NBC- TA570, NBCTA700, published on Revista Transparncia
NBCTA701, NBC- TA705 and NBC- about the New Auditors Report.
TA706) are some of the information
that can be accessed.

New Auditors Report

An initiative of the International Federation of Accountants (IFAC),
the New Auditors Report shall be applied for the audits for the
year ending December 31, 2016 and brings significant changes in
format and content to make it more relevant to users.

Although there are no changes with regard to the scope of audit

work, a more constant and efficient communication among
auditors, management, and corporate governance bodies of
entities throughout the work and also additional effort in the
preparation and discussion of a report with specific content instead
of a standardized content will be needed. These changes tend to
enrich the discussion between the auditor and the entity, especially
its governance in the discussion of the risks identified by the auditor
and its planned approach to mitigate such risks.
Photo: Arquive Ibracon

REVISTA TRANSPARNCIA DECEMBER 2016 23

 GOVERNANCE

Audit Committees
on the rise
Ilustration: Ingram Image

I
n the face of the new scenario
of the B ra zilia n e c onomy,
which values the corporate
governance and encourages the
adoption of best practices, the Audit
Committees have gained relevance.
And this scenario encourages
various initiatives, such as changes
in the Brazilian Institute of Corporate
Governance (IBGC), in the New
Market regulation and the New Law
of Responsibility in State-owned
Companies (Law No. 13.303/2016).
The latter was the theme of the
Lines of Defense seminar, held on
November 9 and 10 in Brasilia, by the
Ministry of Planning, Development
and Management (MP), through
the Department of Coordination
and Governance of State-owned
Companies (Sest).
The main objective of the meeting
was to discuss the adoption of good
practices related to risk management,
internal controls, internal audits and
Audit Committees in state-owned
companies.

24 REVISTA TRANSPARNCIA DECEMBER 2016

 The IBGCs Board of Directors, in The Code is an invitation to the
turn, held in October its 17th Congress, members of the board of directors and
which had as its theme Corporate other governance agents to finally take
Governance: Essence and Appearance. a new approach in decision making, in
At the event, IBGC highlighted the a process that considers the impacts
Code of Best Corporate Governance and expectations of a set increasingly

Ilustration: Ingram Image

Practices, which had its fifth edition diverse and complex of stakeholders.
published in November 2015. Ethical principles should inform the
In the current edition, IBGC values deliberations. And, for this to occur,
the principles of governance so that the the ultimate goal of good governance
practices adopted reflect the essence is not only the success or longevity of
of the recommendations, not limited the business, but the common good.
to structures and formal mechanisms In a chapter dedicated to the Audit
Statutory Committee
of control, stressing also the need for Committee, the IBGC Code emphasizes Ibracon is conducting a survey, with
migration from an exclusive focus on that it is a relevant counseling body to the support of the Brazilian Associa-
the shareholder to a broader vision, the Board of Directors, to assist it in tion of Publicly Traded Companies
which includes the aspirations of all the control over the quality of financial (Abrasca), on the reasons that led
stakeholders. statements and internal controls, aiming to a low adherence to the Securi-
ties and Exchange Commissions
(CVM) instruction regarding the Sta-
tutory Audit Committee. Idsio da
Silva Coelho, president of the Ins-

Cdigo das titutes National Board, recalls that

on November 16, 2011, the Securi-
Melhores
Av. das Naes Unidas, 12.551
World Trade Center
25 andar - conjunto 2.508
ties and Exchange Commission is-
So Paulo - SP - 04578-903
sued Instruction 509 that added ar-
Prticas de
Cdigo das Melhores Prticas de Governana Corporativa

ticles to the CVM Instruction 308 for

55 11 3185 4200
ibgc@ibgc.org.br
www.ibgc.org.br
introduction of implementation ru-
CAPTULOS
Governana les of the Statutory Audit Commit-
Cear
ibgc@ibgc.org.br

Minas Gerais
Corporativa tee. Five years after its introduction,
only a small number of publicly tra-
ibgcmg@ibgc.org.br
ded companies in Brazil have fully
Paran
ibgcparana@ibgc.org.br adopted the requirements of this
5 Edio
Pernambuco
ibgc@ibgc.org.br
instruction.
Rio de Janeiro
With the aim of promoting
ibgcrj@ibgc.org.br
discussion about the reasons that
Rio Grande do Sul
ibgcsul@ibgc.org.br led to the low adherence to this
Santa Catarina
instruction, Ibracon and Abrasca
5 Edio

ibgc@ibgc.org.br
Photo: IBGC

launched the survey, which is short

and to the point. The surveys
result will be presented to CVM,
for considerations in the context
of its process of preparation and
issuance of standards.
oidE 5

ibgc@ibgc.org.br
Santa Catarina

ibgcsul@ibgc.org.br
Rio Grande do Sul
REVISTA TRANSPARNCIA DECEMBER 2016 25
ibgcrj@ibgc.org.br
Rio de Janeiro
avitar

ibgc@ibgc.org.br
 at its reliability and integrity of the
information to protect the organization
and all stakeholders.
The document also teaches that the
Audit Committee should preferably
be formed only (or at least mostly) by
independent directors coordinated by
an independent director. Given the high
possibility of conflicts of interest, it is not
advisable to have internal directors or
officers in its composition, the latter to
be invited to the meetings when needed
Another advice is that at least one
of its members must have proven
experience in accounting, finance
or audit.
The Audit Committee shall be
body responsible for recommending
to the Board of Directors the hiring or
replacement of the independent auditor,
and for monitoring the effectiveness of
their work and their independence.
The IBGCs Code of Best Corporate
Governance Practices ensures that
the existence of an Audit Committee
is a good practice for any type of
organization, regardless of its life
cycle stage; however, it does not
release the Board of Directors from full
responsibility on the issues dealt with by
the Committee, since this is the Boards
support body.
In the absence of the Audit
Committee, the Board of Directors shall
carry out the duties that would be of
the Committee. The Audit Committee is
not to be confused with the Supervisory
Board. While the Audit Committee
is an advisory body of the Board of
Directors, the Supervisory Board has
as objective to oversee the acts of the
administration. Thus, the existence of
the Audit Committee does not exclude
26 REVISTA TRANSPARNCIA DECEMBER 2016
the possibility of setting a Supervisory and have its own budget, approved by
Board, teaches the IBGCs Code. the Board, to hire consultants for legal,
The Code also recommends, as accounting or other matters, when it
good practice, that the existence and deems the opinion of an expert to carry
the attributions of the Audit Committee out their activities necessary.
be laid down in the bylaws/articles of
incorporation.
In addition, the Audit Committee
OCT
16 Worl d Econ omic and Finan cial
Sur veys
shall meet in a frequency suitable to
Global Financial Stability Report
the characteristics of the organization
Global Financial Stability Report
New Market Fostering Stability in a
Low-Growth, Low-Rate Era
A nother ongoing initiative is the
reform of the New Market regulation
Fostering Stability in a Low-Growth, Low-Rate
16
OCT
and of Corporate Governance Level
2 from BM&FBovespa, which is in
Photo: IMF
public hearing process.
Era
The second phase of the public
Global Financial Stability Report,
October 2016
IMF
hearing continues until 01/06/2017,
I N T E R N A T I O N A L M O N E T A R Y F U N D
to discuss with publicly traded
companies, investors, intermediaries of governance and protection for
and market players a new regulation minorities. The segment has resulted
proposal for the development of in important changes to the Brazilian
special segments (New Market and stock market.
Level 2). Released in 2000, the New Market
The schedule also provides for leads companies to the highest
the performance of a private hearing standard of corporate governance.
from 03/01/2017 to 05/31/2017, and The adherence to the segment by
voting period for listed companies companies is done on a voluntary basis
from 06/01/2017 to 06/30/2017. and companies listed in this segment
The report of the International can only issue shares with voting rights,
Monetary Fund (IMF) that studies the so called common shares (ON).
corporate governance in companies From the first list, in 2002, it
from emerging markets, published in became the standard of transparency
September, praised the pioneering and governance required by investors
of BM&FBovespa in relation to the for new IPOs and is recommended
New Market. for companies that intend to make
The report highlights that the great offerings and aimed at any type
New Market has higher standards of investor.
 IFACS RESEARCH
Ilustration: Ingram Image
The FAPMP challenges
See the results of
the 5th edition of
the Global Research
on Small and
Medium Practices
T
he Small and Medium Practices
(FAPMP) face difficulties, but, in
all service lines, from 33% to 38%
answered that the revenues remain
the same; while 13% to 17% reported
moderate loss of revenue and 5% to
12% registered a significant drop.
These are some of the results of the
5th edition of the Global Research on
Small and Medium Practices (FAPMP),
from the Small and Medium Practices
Committee (SMPC) of the International
Federation of Accountants (IFAC). The
poll obtained 6,725 responses (1,642
more than in the previous edition) from
169 countries.
Also in this edition, Ibracon stimulated and in Central and South America the
the participation of FAPMP associates, respondents indicated as the second
which reinforces the Institutes biggest concern to keep pace with the
commitment to the strengthening of new technologies (59%).
the profession in all its aspects, says In the global context, in 2014, 58%
Monica Foerster, Ibracons director of of the companies pointed to attracting
Small and Medium Practices (FAPMP)
and SMPCs vice-president. Only
representative of Latin America at the
Committee, Monica Foerster takes over
the SMPCs presidency in January 2017.
The four major challenges in 2015
were the same as those pointed out in
2014, however, the results indicate that
the severity of each of them has fallen
last year. Regionally, the main FAPMPs
challenge in 2015 was to remain
updated with the new regulations and
Photo: Arquive Ibracon
standards, both in North America (41%)
and in the Caribbean and in Central and
South America (63%).
In North America, the second
biggest challenge was to attract and
retain staff (36%), while in the Caribbean Monica Foerster
REVISTA TRANSPARNCIA DECEMBER 2016 27
 Major environmental factors pointed out in the research*

61% 2014
new clients as the main challenge, a
57%
number that dropped to 47% in 2015. 52% 49%
2015
Meet the new regulations and standards 46% 43%
was the second biggest challenge
for 57% of the respondents in 2014,
compared to 44% in 2015. For 60%
of the respondents, in 2014, the third
biggest challenge was to differentiate
themselves from the competition, data
that fell to 43% in the past year. The
fourth main challenge was the pressure
for lower fees (51% in 2014, which fell Regulatory Competition Technological
environment development
to 41% in 2015).
Other global challenges detected * high and very high combined

in 2015 were to serve clients which

operate internationally (38%), keep up
to date with new technologies (37%), Other environmental factors pointed out in the research:
increased costs (37%), attract and
retain staff (33%), manage the cash
flow and late payments (32%), allow the
employee to balance professional and
personal life (27%), retain clients (24%),
and succession planning (23%).
The interviewees also analyzed Political Ability to adapt to Perception of trust
instability new client needs and credibility of the
scenarios that may impact the next profession
five years.
In 2014, 61% of the companies
were concerned about the regulatory
environment, a rate that has fallen
to 52% in 2015; 57% indicated the
competition as a major challenge,
compared to 46% in 2015. And the Globalization Mergers, acquisitions
and consolidation in
technological development, which the Audit sector
impacted 49% of the firms in 2014,
dropped to 43% in 2015.
O the r e nv ironme nta l factor s
mentioned in the research were the Next edition The Small and Medium Practices Committee (Smpc) of
political instability (37%), ability to adapt the International Federation of Accountants (IFAC) held the 2016 edition of
to new client needs (36%), perception the Global Research on Small and Medium
of trust and credibility of the profession Practices (FAPMP). The results will be pu-
(35%), globalization (33%) and mergers, blished in 2017 on the IFAC site.
acquisitions and consolidation in the
Audit sector (29%).

28 REVISTA TRANSPARNCIA DECEMBER 2016

 GLOBAL VISION
CPC International
Seminar
H
eld at Amcham Business Center
So Paulo, the 13th International
Seminar of the Accounting
Pronouncements Committee (CPC),
discussed, in October, the critical points
of various standards, with the aim of
providing an overview of the current
stage of adoption of the International
Financial Reporting Standards (IFRS)
in Brazil, of the most relevant changes
which are underway, as per the Iasb
(International Accounting Standards
Board) and CPCs agendas, as well as
their potential tax consequences.
Held with the support of Ibracon,
entity member of CPC, the Seminar
Photo: Arquive Ibracon
Idsio Coelho was honored at the event
was opened by Alfried Ploger, CPCs
Institutional Relations coordinator,
the president of Ibracons National
Board and of the Board of Trustees
of the CPCs Support Foundation
(FACPC) Idsio Coelho, and by Maria
Helena Santana, trustee of the IFRS
Foundation. The meeting devoted
a minute of silence for the death, in
April, of professor Iran Siqueira Lima
who was a former president of FACPC
Board of Trustees.
For the contribution to the Brazilian
process of convergence to IFRS, the
event also honored Idsio CoeIho,
Lisa Germano Osrio de Oliveira,
former member of the CPC and
former FACPCs chief financial officer,
and Ernesto Rubens Gelbcke, former
CPCs Vice-Technical Coordinator and
member of Ibracons Board of Directors.
I understand that Brazil has begun
the process of convergence to inter-
national accounting and independent
audit standards at the right time.
Although in 2008 we were facing a
global crisis, our country was in a
different situation, which allowed us
to do the job and the investments
required for the success of the con-
vergence, said Idsio Coelho in his
opening speech.
REVISTA TRANSPARNCIA DECEMBER 2016 29
 In the first panel, Eduardo Flores,
CPCs invited member, representing
the National Confederation of Industries
(CNI), spoke about Financial Instruments
with Characteristics of Equity
The second panel, Financial
Instruments (IFRS 9) for Non-Financial
and Financial Companies - Critical
Points, with moderation of Vania Maria
da Costa Borgerth, member of IASBs
Standards Advisory Council (SAC),
counted with the participation of Jorge
Vieira da Costa Junior, advisor to the
Photo: Arquive Ibracon

Superintendent of Accounting and

Auditing Standards of the Securities
and Exchange Commission (CVM),
and Caio Ibrahim David, Executive vice-
president at Ita Unibanco.
After lunch, the third panel was
Leases (IFRS 16). Fernanda Malta, SBA Haroldo Levy Neto, Eduardo Pocetti, Amaro Gomes, Leonardo Pereira, Alexsandro Broedel
Torres Brasils Tax manager, spoke about and Edison Arisa
Accounting Approach in the Tax Area,
while Renata Bandeira, Controllership
director at Latam, spoke on the topic
from the analytic point of view.
The panel counted with moderation
of Jos Carlos Bezerra da Silva, CVMs
superintendent of Accounting and
Auditing Standards and CPCs observer
member.
In the panel Revenue from Contracts
with Customers - Revenue Recognition
Photo: Arquive Ibracon

(IFRS 15), Silvio Takahashi, CPCs

International Relations coordinator and
member of Ibracons National Technical
Standards Committee (CNNT), spoke
about the critical points in the Accounting
Approach, while Edison Fernandes,
coordinator of the Group of Law and
Accounting Studies of the Getlio Vargas
Foundation (FGV-SP), examined the
critical points in the Tax Approach. The
moderation was performed by Zulmir
Ivnio Breda, CPCs coordinator of
Operations of Technical Vice president
of the Federal Accounting Council (CFC).
The seminar was held with the support of Ibracon, entity member of CPC
The seminar was held with the support of Ibracon, entity member of CPC
The closure of the 13 th CPC Group of Issuers of Financial Information
International Seminar was conducted Standards (Glenif), Alexsandro Broedel
by Amaro Gomes, a member of the Lopes, member of the Accounting
IASB board, Eduardo Pocetti, chairman Standards Advisory Forum (Asaf) and of
of Ibracons Board of Directors and CPCr, Leonardo Pereira, CVMs president,
vice president of the Latin-American and Edison Arisa, FACPCs president.

30 REVISTA TRANSPARNCIA DECEMBER 2016

 CONJUNCTURE

6 Accounting and
th

Auditing Meeting
H
eld by Ibracon - Institute of Companies, moderated by Flavio Committee, and Jernimo Antunes,
Independent Auditors of Brazil Peppe, EYs Audit partner, had as pa- member of Sabesps Audit Committee.
in partnership with the Brazilian nelists Rogrio Mota, coordinator of The 6th Meeting of Accounting and
Association of Publicly Traded Com- Ibracons National Technical Stan- Auditing also presented the Implemen-
panies (Abrasca), the 6 th Meeting of dards Commitee (CNNT), Elidie Palma ting the IFRS 15 round table, modera-
Accounting and Audit for Publicly Tra- Bifano, Member of Santanders Audit ted by professor Ricardo Lopes Cardo-
ded Companies and Large Companies so, from Getlio Vargas Foundation, with
gave a comprehensive overview of the panelists Thiago Kenzo, from Embraers
accounting situation, in Brazil and in Technical Accounting Group, and Car-
the world. los Cesar Mazur, Vivos accountant.
Idsio Coelho, President of Ibracons The debate Clarifying IFRS 9 had
National Board, and Alfried Ploger, Abras- the participation of Alexsandro Broe-
cas vice-president, opened the Meeting. del, member of the Accounting Pro-
Photo: Arquive Ibracon

In his speech, Idsio spoke about nouncements Committee (CPC) and

the increasing contribution of Accoun- of the Accounting Standards Advi-
ting and audit professionals in Brazil in sory Forum (Asaf), Jorge Andrade
the search for greater compliance with Costa, manager of Accounting Stan-
laws and regulations, greater transpa- dards at Banco Bradesco, and pro-
rency and better use of public assets. The closing session was conducted by Idsio fessor Natan Szuster, from the Federal
Moderated by Eduardo Pocetti, and Ploger University of Rio de Janeiro (UFRJ).
Chairman of Ibracons Board of Directors,
the panel Vision of the Accounting situa-
tion in the world had as panelists Idsio
Coelho and Tadeu Cendn, Ibracons
director of Professional Development.
The debate The new tax challen-
ges had the participation of Marcelo
Natale, Deloittes partner; Marina Wil-
lisch, GM do Brasils Tax director; and
Gustavo Carmona, Companhia Si-
derrgica Nacional (CSN)s director.
On the second day, the panel Sped
Enhancements, moderated by Fbio
Ota, EYs Audit partner, had as pane-
Photo: Arquive Ibracon

lists Jos Jayme Moraes Junior, Fede-

ral Revenue of Brazils tax auditor, Igor
Soares Leite, Vale S.A.s accountant,
and Durval Portela, PwCs Audit partner.
The panel Impacts of the New
Auditors Report on Publicly Traded Tadeu Cendn, Idsio Coelho and Eduardo Pocetti

REVISTA TRANSPARNCIA DECEMBER 2016 31

 Foto: Arquivo Ibracon
Ifac Council Meeting
Ifacs Meeting in Brazil
T
he standards issued by the
International Federation
of A c c o u n t a n t s ( I f a c) a r e
indispensable for Bra zils fiscal
health and sustainable growth. The
assessment was made by the president
of the Superior Electoral Court (TSE),
justice Gilmar Mendes, in a lecture at
Ifac Council Meeting, the entitys Annual
Meeting, which dealt with matters
such as the International Accounting
Standards Applied to the Public Sector
(Ipsas) and the International Standard of
Ethics (Non-compliance with laws and
regulations - Noclar).
Held with the support of the Federal
Accounting Council (CFC), Ibracon and
the Brazilian Accounting Foundation
(FBC), the Meeting was conducted
by Olivia Kirtley, Ifacs president, with
the presence of approximately 170
member entities.
The most important event in the
IFACs calendar, with more than
175 members and affiliates in more
than 130 countries and jurisdictions,
representing almost three million
professionals, was held on November
16 and 17 in Brasilia.
32 REVISTA TRANSPARNCIA DECEMBER 2016
Ifac Council Meeting formalized the
appointment of Ibracons president,
Idsio Coelho, as a member of Ifacs
board. This is the first time that this
Annual Meeting takes place in Latin
America, which makes us very honored,
says Idsio CoeIho, remembering that
Ibracon is one of IFACs founders.
Receiving the Ifac Council Meeting
demonstrates the relevance of Brazil
in the international accounting and
auditing scenario. We are the 8th
largest economy in the world, we must
seek alignment and convergence to
international Accounting standards,
says Idsio CoeIho.
The meeting also formalized the
appointment of Guy Almeida Andrade,
former chairman of Ibracons Board
of Directors, as a member of IFACs
Nominating Committee.
Brazil is inserted in a globalized
economy context. The participation of
Brazilian professionals in international
forums is crucial if we are to influence
agendas and contents, comments
Idsio Coelho.
In addition to Idsio and Guy, Monica
Foerster, director of Ibracons Small
and Medium Practices (FAPMP), was
recently appointed president of the
Small and Medium Practices Committee
(Smpc) starting from January 1, 2017,
after tenure as vice president on the
committee.
S tre n g th e n i n g th e B r a z i l i a n
representation at Ifac, Leonardo
Silveira do Nascimento and Ayres
Moura are on the International Public
Sector Accounting Standards Board
(Ipsasb); and Robert Juenemann on the
International Ethics Standards Board for
Accountants (Iesba).
TRIBUTES
With the participation of Rachel Grimes,
IFACs president-elect, who takes the
position in 2017, the current president,
Olivia Kirtley, praised Ibracon, CFC
and FBC for their support in holding
the event and Brazils consistent
participation in the technical and
decision-making processes and in the
development of international standards.
Upon receiving the homage from
Olivia Kirtley, CFCs president, Joseph
Martonio Alves CoeIho, highlighted
that having representatives in the most
relevant international forums, especially

Photo: Arquive Ibracon

in the higher positions, brings direct
benefits to Brazil, since we participate
in discussions and decisions along with
the largest countries in the world.
Ibracon, CFC and FBC also paid
tribute to Olivia Kirtley for her dedication Justicer Gilmar Mendes presents during Ifacs Meeting
to accounting and independent audit
worldwide.
Ana Mara Elortieta, president of
the Institute in the 2009-2011 term,
former member of the board and IFACs
Nominating Committee, was also
honored by the invaluable contribution
to the Brazilian Accounting class

NEW PRESIDENT
Rachel Grimes, the new Ifac president,
in the 2017-2018 period, also came to
Brazil, alongside the current president
Photo: Arquive Ibracon

of the entity, Olivia Kirtley, and the

CEO, Fayezul Choudhury. She will
have as vice president In-Ki Joo, from
South Korea.
I am honored to be the new Ifac
president in an era of major global Idsio Coelho, Olivia Kirtley and Jos Martonio Alves Coelho: a tribute from IFAC to the Brazilian entities
challenges. There are also considerable
oppor tunities to strengthen the
accounting profession and promote the
adoption of global standards of public
interest, said Rachel Grimes.
With over 25 years of experience in
accounting, Rachel Grimes has worked
in important agencies representing the
accounting profession in Australia and
at IFAC.
In-Ki Joo, emeritus professor of
Accounting at Yonsei University, one
Photo: Arquive Ibracon

of the most ancient schools in Korea,

was president of several professional
institutions in Asia, particularly the Asia
Pacifics Confederation of Accountants,
Koreas Accounting Association and
the Korean Student Society in Business Idsio Coelho, Jos Martonio Alves Coelho, Maria Clara Bugarim, Monica Foerster, Guy Almeida Andrade
Administration. and Eduardo Pocetti

REVISTA TRANSPARNCIA DECEMBER 2016 33

 6TH REGIONAL SECTION

Porto Alegre hosts the 4th Audit

and Accounting Seminar
A theme of great impact nowadays,
the New Auditors Report was presented
by Idsio CoeIho, and moderated by
Paulo Ricardo Pinto Alaniz, Ibracon 6th
SRs Technical Director.
In addition to this topic, other current
and impacting issues to Accounting
professionals were discussed by
experts: An overview of the quality of
audit in Brazil and the enforcement
Photo: Arquive Ibracon

processes the regulatory experience

and the expected changes; fraud
and illegal acts investigation and the
responsibility of the Independent
Auditor; and FAPMPs sustainable
Marcelo Saweryn thanked the presence of participants

I
Management and growth and the
bracons The 6th Regional Section regulation of Accounting Standards.
held, on November 28, at the The events program also included:
headquarters of the Accounting Marcelo Saweryn, Monica Foerster,
Services Companies and Advisory, director of Ibracons Small and Medium
Investigation, Information and Research Practices (FAPMP), Claudio Longo,
Companies Union of the State of Rio member of the National Technical
Photo: Arquive Ibracon

Grande do Sul (Sescon-RS), the IV Standards Committee (CNNT) maintained

Auditing and Accounting Seminar. The by Ibracon, Ronei Xavier Janovik,
event, which had the support of the Director of Professional Development
Regional Accounting Council of the of Ibracons 6th Regional Section,
State of Rio Grande do Sul (CRC-RS) Madson de Gusmo Vasconcelos,
Idsio Rabbit during his opening speech
and Sescon-RS, replicated the main manager of Accounting Standards of the
issues addressed during Ibracons 6th Marcelo Saweryn, president of Securities and Exchange Commission
Brazilian Conference of Accounting Ibracons 6th Regional Section, in his (CVM), Jos Reynaldo Furlani, head of
and Independent Audit. speech thanked the speakers, who the Organization Chief of the Financial
In the opening ceremony, the donate their time, knowledge and vision System and Control of Operations of the
President of Ibracons National of the future, and the professionals Rural Credit Office (Diorf) of the Central
Board, Idsio Coelho, said that such present, for the engagement. Bank of Brazil (CBB), Luiz Roberto
initiatives are aligned with the strategic A n to n i o P a I c i o s , C R C - R S Ungaretti de Godoy, chief police officer
objectives of the Institute, such as the president, in his speech, emphasized of the Federal Police (PF), Joaquim da
Continued Professional Education, the the importance of the present moment Cunha, Analysis General coordinator of
strengthening of the profession, the of the accounting profession in Brazil the Financial Activities Control Council
appreciation of auditing firms of all sizes and the contribution of the event to (COAF), Enory Spinelli, partner of
and the narrowing of the dialogue with the full exercise of the activities of Rio Spinelli Contabilidade, and Ana Trcia
regulatory bodies, consecrated entities Grande do Sul and Santa Catarinas Lopes Rodrigues, vice president of
and the Public Power. Accounting professionals. Management at CRC-RS.

34 REVISTA TRANSPARNCIA DECEMBER 2016

 PARTNERSHIPS
It is time to grow
W
hat is important is to restore
Brazils growth. With these
words, the president Michel
Ilustrations: Ingram Image
Temer has defended, whenever he
can, the Public-Private Partnerships
(PPPs) and the Partnership Investment
Program (PPI).
The president evaluates that: the
State cannot do everything alone. In
that he is supported by PPIs executive
secretary, Moreira Franco. Both he and
president Michel Temer are convinced area of infrastructure and in planned
that PPPs and PPI are the best way to PPPs for Brazil in the coming months.
generate jobs, while at the same time The goal is to remove regulatory red
improving Brazils infrastructure. tape barriers, giving legal certainty,
Moreira Franco says that the transparency and responsiveness to
unemployment level today is a tragedy the entire process the Minister explains.
and explains that Projeto Crescer The project was discussed between
(Project Grow), in which he is also the Government, regulatory agencies
executive secretary, was created with and representatives of the market, to
the mission to formulate the rules to be ensure clear rules on the contracts,
applied to all public concessions in the in order to ensure legal certainty and
REVISTA TRANSPARNCIA Dezembro
DECEMBER 2016 35
 predictability for the investor. The
concessions will be conducted under the
most technical rigor, without ideologies.
Also speaking of PPI, from the
Presidency of the Republic, Moreira
Franco reinforces that the mission
is unique and clear: unlock the
processes of roads, railways, ports,
airports, oil and gas basins, power
distribution, sanitation and public
lighting concessions, so that private
companies can invest and open job
vacancies throughout the country as
quickly as possible.
The Minister explains that PPI was
created by the Federal Government
to strengthen the coordination of
infrastructure investments policies
through partnerships with the private
sector. The idea is to have a new flow
of decisions to prioritize and monitor
the projects that will be performed
through concessions, PPPs and
privatizations, in addition to ensuring
an environment that is favorable to
the expansion of the infrastructure, of
economic development and investment
opportunities and employment in the
Country, says Moreira Franco.
He says that, with the PPI law, two
important structures were created in
the Federal administration: the PPI
Council and the PPI Secretariat.
36 REVISTA TRANSPARNCIA Dezembro
DECEMBER 2016
The Council is the collective body
that evaluates and recommends to the
president of the Republic the projects
that will integrate the PPI, deciding also,
on issues related to the implementation
of par tnership contracts and
privatization. The Secretariat, linked to
the Presidency of the Republic, works
as a task force which acts in support of
Ministries and Regulatory Agencies for
the implementation of the Programs
activities.
These structures, including the
sector bodies and control bodies,
should act in an articulate manner
to ensure stability, legal certainty,
predictability and effectiveness of
investment policies he says.
The PPI Council is formed by the
president of the Republic, by the
Minister Moreira Franco, as well as
by the ministers of Finance, Planning,
Development and Management,
Transport, Ports and Civil Aviation,
Environment and the chief minister
of the Civil House. The Council
also includes the presidents of the
National Bank of Economic and Social
Development (BNDES) and Caixa
Econmica Federal.
According to Moreira Franco,
in addition to the macroeconomic
aspect (grow th and jobs), there
is a fundamental reason for the
concessions. They give us better
roads between our cities. We will have
safer and well-lit streets. There will be
fewer outbreaks of disease in sewers
without treatment. Consumer goods
and food can be transported at a
lower cost. Passengers will have more
comfortable airports. All this, all these
benefits, are blocked due to objective
questions, which we will tackle one by
one he explains.
In his opinion, to rebuild the country,
it is necessary to innovate. The
concession system adopted in recent
years will give way to a more effective
model he says.
According to him, in accordance
with the rules to be developed by the
Projeto Crescers task force, the State
will no longer try to limit the internal
return rate of enterprises, and will not
confuse the roles and responsibilities by
forcing public enterprises to participate
as a partner in private projects. Nor it
will invoke cross-subsidies to artificially
reduce the price of fees, a mechanism
that produces even more expenses to
the Treasury
Another point that is strongly in
favor of the new model, according to
the minister, is that the participation
of technical studies authors in the
bidding of concessions will be denied.
In other words, the adjustments are
being made to provide legal certainty
and to eliminate the interventionist bias
of the government in the sector.
In the context of the new partnerships
model, a list of concessions considered
as a priority for the government will
be presented, in accordance with
the criteria defined by the Investment
Partnership Program Council, headed
by the president of the Republic. The
task force responsible for reforming the
partnership mechanisms is mapping
the barriers to concessions. The plan
is to eliminate them quickly and thus
recover the interest from the private
sector.
Not in vain the Government
established that enterprises formed
u n d e r Pro j eto C re s c e r w i l l b e
considered a national priority by the
Union, the States and municipalities,
guarantees Moreira Franco.
To him, the reform of the concession
model is the bridge that will lead Brazil
to a new cycle of prosperity. The
citizen will have better public services
and employment opportunities. The
Government may boost the investment
to the economy and organize public
accounts, notwithstanding the social
gains. The Country asks for solutions.
One of the paths is already mapped
out concludes Moreira Franco.
PROJECTS IN PROGRESS
In September, the Federal Government
announced 34 PPI projects, all intended
to the private initiative concessions.
PPIs executive secretary, Moreira
Franco, stated that each project should
receive at least 20% of resources
from investors. The remaining amount
can be financed through loans
and issuing of debentures. Caixa
Econmica Federal and BNDES shall
provide, together, R$ 30 billion in initial
resources to finance the concessions.
Among the projects to be executed
are roads and airports, such as the ones
of Porto Alegre and Salvador, among
others, as well as terminals (wheat, in
Rio de Janeiro, and fuels, in Santarm).
These include, also, bidding of oil fields,
mills and hydroelectric plants, water
distribution and sewage collection
networks and mining projects.
Remembering that it is necessary
to reduce exchange rate risks, as a way
to attract investors to PPIs, Moreira
Franco said that this is being studied
with Banco do Brasil, BNDES and
Caixa Econmica Federal. According
to him, indexing is completely ruled
out. We have to find another solution,
because this one has already proved
to be a disaster he said.
Remembering the meetings with
investors in Japan and England, the
minister said that the confidence
in Brazil is beginning to resume.
Therefore, the issue of exchange rate
risk must be addressed within the
contract rules.
Another strategy for attraction of
foreign capital, according to Moreira
Franco, can be the adoption of
debentures in the financing of projects.
The debentures will be issued by the
bidding winners. The papers shall pay
market interest. At first, they will be
acquired by BNDES and by FGTSs
fund for Investment in infrastructure
(FI-FGTS), managed by Caixa. The two
public banks, however, have already
announced their intention to resell the
papers on the secondary market.
A t te n d i n g, i n l a te O c to b e r,
the Bra zilian Special Forum of
Infrastructure, in So Paulo, Moreira
Franco said that Brazil is experiencing
what he called the greatest economic
crisis of its history and raised the
possibility of ex tending existing
concession contracts, so that we
can immediately begin to generate
investments and jobs, without changes
in the contracts.
REVISTA TRANSPARNCIA Dezembro
DECEMBER 2016 37
 3RD REGIONAL SECTION
Photo: Jota Zeferino

Rio de Janeiro
hosts the 3rd Audit and
Accounting Panel
Meeting brought all sizes and strengthen dialog with In a scenario of economic, political,
together professionals regulatory bodies, consecrated entities moral and of confidence crisis, the work
and representatives of and the public power, for the benefit of of independent auditors earns greater
accounting entities society and the business environment relevance to society, and may contribute
he concluded. to respond to the aspirations of the

T
Representing the president of Brazilians for compliance, transparency,
he 3rd Ibracons Regional Section Ibracon Nacional, Idsio Coelho, the ethics and integrity, he said.
(Rio de Janeiro and Esprito Santo) director of Regional Sections, Adelino In the first lecture of the day,
held in October, the 3rd Audit and Dias Pinho, highlighted the current Marcelo Cavalcanti Almeida spoke
Accounting Panel, replicating the main moment of the Countr y and the about Current Affairs of IFRS (IFRS 9,
topics addressed in the 6th Accounting independent audit profession. 15 and 16). Then it was the turn of Paulo
and Independent Audit Brazilian
Conference, held by Ibracon National,
in June, in So Paulo.
The meeting was opened by
Paulo Buzzi Filho, president of the
3rd SR. I thank the participation of
the Accounting professionals present
here, as well as the representatives
Photo: Jota Zeferino

Photo: Jota Zeferino

of accounting entities and industry

leaders, said Paulo Buzzi. These
events are very important, because
they strengthen the profession, value
the professionals of auditing firms of Adelino Dias Pinho and Paulo Buzzi Filho Rogrio Hernandes Garcia

38 REVISTA TRANSPARNCIA DECEMBER 2016

Photo: Jota Zeferino
Photo: Jota Zeferino
Claudio Longo
Thiago Pedra Signorelli, Jos Reynaldo Furlani, Madson de Gusmo Vasconcelos and Luiz Fernando Nbrega
Buzzi and Rogrio Hernandez Garcia,
Ibracon Nacionals technical director,
lecture on the Adoption of the New
Auditors Report.
They pointed out that the New
Auditors Report, to be applied in
audits of financial statements for
Photo: Jota Zeferino
the year ended 12/31/2016, adds
more transparency and provides a
more comprehensive view about the
organization audited, which was prior
Roberto Tadeu Antunes Fernandes restricted to discussions with the
entitys management and governance.
Yet before lunch, Antonio Castro,
president of the Brazilian Association of
Publicly Traded Companies (Abrasca),
and Roberto Tadeu Antunes Fernandes,
director of the Securities and Exchange
Commission (CVM), conducted the
lecture An overview of the audit quality
in Brazil.
Photo: Jota Zeferino
In the af ternoon, the lecture
E nfo rc e m e nt p ro c e s s e s - T h e
regulatory experience and expected
changes counted with the
Antonio Carlos Sousa participation of Madson de Gusmo
Va s c o n c e l o s , C V M s A u d i t i n g
Standards manager; Jos Reynaldo
Furlani, head of the Board of Financial
System Organization Office of the
Central Bank of Brazil (CBB); Luiz
Fernando Nbrega, vice president
of the Federal Accounting Council
(CFC); and Thiago Pedra Signorelli,
Solvency Monitoring and Accounting
coordinator of the Private Insurance
Superintendence (SUSEP).
C l a u d i o Lo n g o, m e m b e r of
I b r a c o ns N a t i o n a l Te c h n i c a l
Standards Committee (CNNT), and
Antonio Carlos Ferreira de Sousa,
Analysis and Supervision director of
the Financial Activities Control Board
(COAF), lectured on Fraud and illegal
acts investigation and the auditors
responsibility in relation to fraud and
illegal acts
G i l b e r to B r a g a, a c c o u nt a nt,
economist and economy commentator,
closed the meeting with the lecture
Economic and business perspectives
in Brazil.
REVISTA TRANSPARNCIA DECEMBER 2016 39
 INSTITUTIONAL

Ibracons
Transparency
Award
Winners travel
V
ery fruitful for the professional
to London and academic development.
and attend That is how the winners of
technical events Ibracons 5th Transparency Award in
Journalism and Education classified
the journey they have done to London,
England, from September 26 to 30.
Daniela Rocha, journalist of the
Investor Relations Magazine (IR),
won the Transparency Award in the
Journalism category, with the article
Photo: Arquive Ibracon
The role and responsibilities of the
audits.
In the Education category, the winner
was Paulo Roberto Matos de Carvalho,
a student of Accounting Sciences of
the University of Brasilia (UnB), with
the project Relationship between
the compensation of auditors and the
structure of corporate governance of
companies audited, under the guidance
of professor Jos Alves Dantas.

Paulo Roberto Matos de Carvalho, Eduardo Pocetti, Daniela Rocha, Juarez Domingues Carneiro, Ana Carolina Vasconcelos Colares, Amaro Gomes,
Adriana Caetano and Silvio Takahashi

40 REVISTA TRANSPARNCIA DECEMBER 2016


Photo: Arquive Ibracon
Paulo Roberto Matos de Carvalho, Daniela Rocha, Stephen Haddrill, CEO do FRC, Ana Carolina
Vasconcelos Colares and Jos Alves Dantas
Counselor of the winner student
in the fourth edition, Professor Ana
Carolina Vasconcelos Colares, from
PUC Minas, who could not travel in
2015, also joined the group.
Accompanied by Adriana Caetano,
Ibracons manager of the Technical
Area, and Fernanda Queiroz Rivelli, the
Institutes Corporate Communication
c o o r d i n a to r, t h e y v i s i t e d t h e
headquarters of the International
Accounting Standards Board (IASB)/
IFRS Foundation and participated as
observers of important events held
by the entity: World Standard-Setters
Meeting (6400); International Forum of
Accounting Standard Setters (Ifass);
and Accounting Standards Advisory
Forum (Asaf). They also met with IASBs
and Financial Reporting Council (FRC)
leaders, including the agencys CEO,
Stephen Haddrill.
The winners had the opportunity
to attend meetings in which IFRS
standards were debated, and how they
can be improved. And they saw that
everything needs to be discussed in
order to obtain a consensus, by listening
to the opinions of member-nations.
The complexity of these discussions
is not only in the context of accounting,
but also in the culture of each country,
says Adriana Caetano.
In addition to the winners, Eduardo
Pocetti, Chairman of Ibracons Board
of Directors and vice-president of
the Latin-American Group of Issuers
of Financial Information Standards
(Glenif); Silvio Takahashi, International
Relations coordinator of the Accounting
Pronouncements Commitment (CPC)
and member of the Institutes National
Technical Standards Committee
(CNNT ); and Juarez Domingues
Carneiro, president of the Brazilian
Accounting Foundation (FBC) also
participated in the WSS.
UN OF ACCOUNTING
For the journalist Daniela Rocha, the
highlight of the trip was the World
Standard- Setters Meeting (WSS),
which she defines as the UN of
accounting
We joined lectures by representatives
of organizations of different nations.
And we were able to chat with Amaro
Gomes, a member of the Iasb board, in
meetings organized by Ibracon with Iasb
members, says the journalist.
Jos Alves Dantas highlighted
the importance of technical events
for the professional and academic
development of the winners of the
Transparency award, by providing an
understanding about how the major
themes related to the development
of accounting standards, on Iasbs
part, are being handled; what are the
standards setters areas of greatest
concern; the Iasbs structure and
operation to carry out its mission.
Paulo Roberto Matos de Carvalho,
in turn, evaluates that the experience
opened my mind with respect to my
professional expectations. I returned full
of ideas. It has been a unique opportunity
promoted by Ibracon he says.
T he profe s sor A na Ca rolina
Vasconcelos Colares says that in the
meeting with FRC members we had
the chance to ask about the British
experience on the New Auditors
Report, which was very interesting to
get an idea of what is going to happen
in our context and prepare ourselves
to deal with market expectations as
Accounting professionals.
6th edition
The winners of the 6th edition of
Ibracons Transparency Award will
be announced at the 7th Ibracons
Accounting and Independent Audit
Brazilian Conference, in 2017. They
will also win a cultural and technical
trip of five days to London.
REVISTA TRANSPARNCIA DECEMBER 2016 41
 PROFILE
Pride of the profession
Learn about the history
of Fernando Carneiro
da Motta, the oldest
Ibracons associate
B
orn in Manaus, in 1924, Fernando
Carneiro da Motta is Ibracons
associate N o. 006, signed up
on 03/23/1972. The history of the
Institute is strongly marked by him, who
developed the Minas Gerais Regional
Section, 4th SR, which also covers the
Federal District, Tocantins, and Gois.
Founding partner of Fernando Motta
& Associados, in his almost seven
decades of professional performance,
he has earned the Accounting Medal
of Merit of Minas Gerais (CRCMG);
and the medal of Inconfidncia (MG).
In 2014, he was honored with the Jos
Dias Pereira Junior award, on the 10th
Congress of the National Association
of Pension Fund Accountants (Ancep).
I started my professional life very
early. I worked at the Central Bank of
Brazil (CBB) and Banco do Brasil. At
Ibracon, I presided over the 4th SR and
was vice president of the National Board,
and finally President of the National
Board, in the term from 1996 to 1998
he recalls with pride. Also I presided
over the Belo Horizontes Union of
Accountants and was vice-president of
the Regional Accounting Council of the
State of Minas Gerais he says.
He recalls that, when choosing
the accounting profession, which he
studied at the Brazilian Accounting
Institute (IBC), in 1940, he had different
influences. My father, Armando,
also graduated from IBC. And my
42 REVISTA TRANSPARNCIA DECEMBER 2016
grandfather, Commander Carneiro da
Motta, had an office in Manaus and
Belm, in which he had international
connections and learned how to work
in the English manner
And he has real pride of the family.
Recently, the grandson Fernando
Campos Motta, who is also an auditor
and works at the firm founded in 1971
by his grandfather, Fernando Motta
& Associados, with offices in Belo
Horizonte, Rio de Janeiro and So
Paulo, got married.
Married for 69 years with Alice, with
whom he had four children (Cleyde, Ivo,
Simona and Sandra), Fernando Carneiro
da Motta has five grandchildren and
four great-grandchildren.
Another pride of the patriarch is to
have shown the professional path also
to his grandchildren Fernando and
Paulo Campos Motta, who, following
the example of the sons Ivo and Simona,
opted for a degree in Accounting
Sciences and today serve at his side
in the auditing firm.
But, even in the midst of the attention
devoted to the family, he recalls with
pride his work in the profession. And
remembers that it was under his
management at Ibracon that the review
and publication of the international
accounting standards happened.
I gave continuity to the work initiated
in the previous administration, of Ireneus
de Mula. We had the translation of
the auditing standards, but not of the
accounting standards. The process
continued under my administration at the
Ibracons presidency, from 1996 to 1998,
when the rules were formally reviewed
and published in 1998, he says.
He recalls that, before, the most
used versions in Brazil were edited in
English and Spanish.
And he says that it was thanks to this
work that the approach and the alignment
between Ibracon and the Federal
Accounting Council (CFC) happened, as
well as getting closer to the international
regulatory bodies, especially the
International Accounting Standards
Board (Iasb) and the International
Federation of Accountants (Ifac).
In 1996, Fernando already spoke
a b o u t inte r natio na l ac c ou ntin g
principles. He was, in fact, the father
of the International Financial Reporting
Standards (IFRS) in Brazil, says
Alessandro Dias Pinho, Ibracons
current director of Regional Sections
and a long-time friend, who joined
the board in the administration led by
Fernando Carneiro da Motta.
Adelino says that even today he
recalls when, in 1997, he was invited to
speak at the University of Mooca, in So
Paulo, during the Week of Accounting
Sciences. I said that I would rather
bring Ibracons president. Fernando
began to speak and delighted the
audience. He said that accounting
had to be international, not national.
And asked if students had classes on
international accounting standards.
When all responded that no, at the
same time the college announced that
it would include the discipline in the
course, says Adelino. And concludes:
I worked with five Ibracon presidents
and Fernando was spectacular. I
never forgot about him. He helped me
grow, formed the foundations of the
profession in Brazil.
 On the Accountant Day, celebrated
on September 22, Fernando Carneiro
da Motta published an article on the
National Association of Pension Fund
Accountants website recalling that the
profession has more than 500,000
professionals in Brazil.
To him, the role of half a million
Accounting professionals in the Brazilians
large, medium and small size companies,
a total that exceeds 6 million companies,
speaks a lot about what the role of such
professionals in Brazils economic social
life means. The universal language of
businesses is Accounting and, hence,
then, the worldwide expression of the
Accountants mission.
To him, the IFRS and Interna-
tional Accounting Standards
(IAS) implementation was a
task of great size and the
Brazilian Accountants are,
perhaps, the ones who
most subscribed to such
principles, rules and
standards.
Still an enthusiast
of the profession,
he evaluates that
the fast pace of
A c c o u n t i n g s
universalization
is largely due to
the dynamism
of the accoun-
tants.
Photo: Arquive Ibracon

REVISTA TRANSPARNCIA DECEMBER 2016 43

 FINE TUNE
Manual of
Accounting for the
Electricity Sector
I bracon issued the Technical Notice No. 02/2016,
which guides the independent auditors regarding
the issuance of the audit report on regulatory financial
statements (DCRs), prepared in accordance with the
Manual of Accounting for the Electricity Sector (MCSE).
The Notice meets the needs that have arisen
with MCSE, both with regard to significant changes
in accounting with the convergence of the Brazilian
standards to international accounting standards, and
due to the changes in the Brazilian electricity sector.
CVM Instructions
I bracon issued the Technical Notice No. 03/2016,
which guides the independent auditors for compliance
with the requirements of the Securities and Exchange
Commission (CVM) Instructions issued after July 1, 2014.
ICVM 541/2013, which regulates the rendering of
services of centralized deposit of securities;
ICVM 542/2013, which regulates the rendering of
Ilustration: Ingram Images
services of custody of securities; and
ICVM 543/2013, which regulates the rendering of
services of bookkeeping of securities and issuance
of securities certificates.
44 REVISTA TRANSPARNCIA DECEMBER 2016
Audit Work of
Lesser Complexity
I bracon released the update of the Manual of Audit
Work of Lesser Complexity, focused primarily on
Small and Medium Practices (FAPMP). The update
consists of adding Module III (Planning and the initial
identification and risk analysis phase).
The Manual, under development by the Institute
under the coordination of the FAPMP Working Group
(WG), covers the main audit steps and concepts, in
line with current international and Brazilian auditing
standards.
The Manual can be accessed through the Ibracon
portal: www.Ibracon.com.br.
Iesba conducts
Outreach in
So Paulo
W ith the support of Ibracon and the Federal
Accounting Council (CFC), the International
Ethics Standards Board for Accountants (Iesba)
held in November an Outreach in So Paulo,
having as panelists Stavros Thomadakis,
Iesba president; Robert Juenemann and Ken
Siong, Iesbas member and Technical director,
respectively.
With moderation by Rogrio Hernandez Garcia,
Ibracon Nacionals Technical director, the meeting
discussed the importance of international ethics
and independence standards; the implications
of the new Non-compliance with laws and
regulations (Noclar) standard for independent
auditors and Accounting professionals; the
relationship between corporate governance and
ethical standards; and Iesbas current strategic
areas and future focus.
 ARTICLE
Social Welfare Reform:
we have to face this
challenge
It is essential that
the Brazilian society
face the problem
and make, as
quickly as possible,
a wide Social
Welfare reform
S
o c i a l We l f a re i n B r a z i l i s
structured in three schemes. The
compulsory basic Social Welfare,
managed by the Union, through the
General Scheme of Social Welfare
(RGPS), responsible for the coverage
of private sector workers. RGPS works
through a simple distribution system
and defined benefit plans, where the
contributions of active workers finance
the benefits of those who are already
retired. This model is often called the
generational pact.
T h e S p e c i a l S o c i a l We l f a re
Scheme of Public Servants (RPPS)
covers the public servants of the
Judiciary, Legislative and Executive,
civil and military, at the federal, state
and municipal levels. The third
Brazilian system is the closed and
open supplementary social welfare,
of voluntary contributions, operated
by private-law entities, under the
supervision and regulation of the State.
In addition, there are the Continued
Provision Benefits (BPC), which are
46 REVISTA TRANSPARNCIA DECEMBER 2016
considered welfare, but, in fact, are
non-contributory social welfare benefits.
The aging process of the Brazilian
population is occurring faster than the
observed in Europe and the United
States. In about 10 to 12 years the
demographic bonus will be gone, that
is, the percentage of people in active
age will begin to decrease and the
increase in the percentage of elderly
individuals will accelerate.
THE AGING PROCESS
IN BRAZIL IS
OCCURRING MUCH
FASTER THAN
IN EUROPE AND
IN THE USA
In parallel to this phenomenon,
we are going through impor tant
transformations in the labor market
since the beginning of the last decade:
the percentage of formal workers has
substantially increased, as well as the
percentage of economically active
women; young people are entering
the labor market later and with better
qualifications, especially women, which,
combined with the elderlies with low
qualifications exit from the labor market,
has strongly raised the average wage
of workers.
This alleviated the RGPS deficit
until 2014, considering the increase
in revenue. However, the enormous
recent economic crisis minimized this
effect, accelerating even more the
already expected increase in the RGPS
unbalance for demographic reasons.
In 2015, there were 141 million
Brazilians between 15 and 64 years,
that is, in active age, and only 16 million
people aged 65 years or more. In 2050,
when the people that are just entering
the labor market will be retiring by the
current rules, there will be 143 million
people in active age, virtually the same
as the current number, and 51 million
elderlies, more than three times the
amount that we have today.
Therefore, it is clear that, if today
the system is already highly deficient,
in the future our generational pact will
not have a chance to be kept with the
current rules.
Life expectancy at birth of the
Brazilian jumped from 52 years in 1960
to 74 years in 2010 and is expected to
reach 81 years in 2050. This is excellent
news, but requires adjustments in the
social welfare rules to ensure that we
do not turn the system into a financial
pyramid, in which the first to enter ends
up very well, contributing little and
receiving many larger benefits, and the
last ones are defaulted in function of the
systems bankruptcy.
This problem affects all social welfare
schemes, but is more evident among
public servants. An elite comprised of
judges, attorneys, public defenders,
tax auditors, academia professors and
the military, among other categories,
contributed a large part of their working
lives under a much lower salary, but
retired young and with their last salary,
having the right to all the adjustments
granted to active servants. In many
cases they still received promotions
after retirement and left their pensions
to her daughters older than 18. For
some categories such rules are still in
force. Even the already revoked ones
will still have an impact on social welfare
spending for decades, due to vested
right. This is an already incurred debt.
RPPSs actuarial deficit, updated, but
without the discount rate, is around
R$ 13.7 billion, representing more than
twice our GDP.
Precisely this elite of civil servants,
of which I am part of, tries to cheat
the society, with fallacious concepts
and arguments, saying that the social
welfare reform is not necessary because
there will be no deficit, with the goal of
keeping our privileges. They mistake,
Foto: Arquivo Ibracon
Leonardo Rolim is a Budget
Consultant of the Chamber
of Deputies in the areas of
Social Welfare and Labor
and ex-secretary of Social
Welfare Policies of the
Ministry of Social Welfare
deliberately, social security with Social
Welfare and show data from the past,
when we were in the demographic
bonus, in addition to hide the gigantic
deficit of the Social Welfare of civil and
military public servants of the Union.
Social security comprises, in
addition to social welfare, health care
and social assistance. Programs of
greatest relevance to the low-income
population as the Unified Health System
(SUS), Bolsa Famlia, unemployment
insurance, BPC PIS/Pasep salary
allowance are part of social security.
However, even if, by absurd, all these
programs were discontinued and the
Social Welfare deficit of the servants
of the Union were be paid with other
resources, all the revenue from social
security would not be sufficient to pay
RGPS benefits starting in 2043 with the
current rules.
Therefore, it is of utmost importance
that the Brazilian society face the
problem and make, as quickly as
possible, a wide Social Welfare
reform I believe that this reform must
have as assumptions the guarantee
of a dignified old age to all, but in
a model that is sustainable in the
long term; a predominantly public
management, but with constant
efficiency improvements to both the
funding and the social welfare benefits;
an integration between the welfare
systems, with converging rules of
access to the benefits among the
systems and that contribute to the
reduction of informality and turnover;
implementation of a smooth transition
rule for those already in the labor
market; and a permanent monitoring
of the evolution of social welfare
indicators.
This article reflects the views of the author, and not of
Revista Transparncia. The publication is not responsible
and cannot be held responsible for the information above
or for loss or damage of any kind resulting from the use
of this information.
REVISTA TRANSPARNCIA DECEMBER 2016 47
 Learn about the auditing
firms associated to Ibracon
Alagoas
Convicta Auditores Independentes S/S
Macei, AL / Tel: (82) 3336-5479
Amazonas
Baker Tilly Brasil Norte S/S
Auditores Independentes EPP
Manaus, AM / Tel: (92) 3232-6046
Jd Auditores Independentes Ltda
Manaus, AM / Tel: (92) 3631-0118
Bahia
Audicont Auditores e Consultores S/C
Salvador, BA / Tel: (71) 3341-8977
Performance Auditoria e
Consultoria Empresarial S/C
Salvador, BA / Tel: (71) 3113-4530
Cear
Controller Auditoria e
Assessoria Contbil S/C
Fortaleza, CE / Tel: (85) 3208-2700
Dominus Auditoria Consultoria
e Treinamentos S/S
Fortaleza, CE / Tel: (85) 3224-6393
Distrito Federal
pice Contbil Auditores Recife, PE / Tel: (81) 3465-0762
Independentes S/S Ltda
Braslia, DF / Tel: (61) 3346-0667
Audiger Auditores e Consultores
Braslia, DF / Tel: (61) 3328-2628
Global Auditores Independentes S/C
Braslia, DF / Tel: (61) 3224-5494
Itecon Instituto Tcnico de
Consultoria e Auditoria
Braslia, DF / Tel: (61) 3224-7799
Gois
Masters Auditores Independentes S/C
Goinia, GO / Tel: (62) 3224-6116
Minas Gerais
ADPM Administrao Pblica
Para Municpios Ltda
Belo Horizonte, MG / Tel: (31) 2102-3711
Baker Tilly Brasil MG Auditores
Independentes
Belo Horizonte, MG / Tel: (31) 3118-7800
Castro, Serra, Nirdo Auditores
Independentes
Belo Horizonte, MG / Tel: (31) 3226-6286
Fernando Motta e Associados
Auditoria Independente
Belo Horizonte, MG / Tel: (31) 3221-3500
48 REVISTA TRANSPARNCIA DECEMBER 2016
Nexia Teixeira Auditores
Belo Horizonte, MG / Tel: (31) 3282-9939
Orplan Auditores Independentes
Belo Horizonte, MG / Tel: (31) 3115-1400
Paran
Bazzaneze & Auditores Independentes S/S
Curitiba, PR / Tel: (41) 3322-9098
CPN Auditores Independentes S/S
Curitiba, PR / Tel: (41) 3222-0048
Grunitzky Auditores Independentes S/S
Curitiba, SP / Tel: (41) 3322-9982
Muller & Prei Auditores Independentes S/S
Curitiba, PR / Tel: (41) 3078-9990
Torre Auditores Independentes S/S
Curitiba, PR / Tel: (41) 3018-3880
Pernambuco
ARC & Associados Auditores
Independentes S/C
Recife, PE / Tel: (81) 3035-6500
Chronus Auditores Independentes
Recife, PE / Tel: (81) 3231-6563
Directivos Auditores Independentes
Recife, PE / Tel: (81) 3325-2251
Guimares & Associados Aud. e Cons. S/C
Ricarte Contabilidade S/C LTDA
PHF Auditores Independentes
Recife, PE / Tel: (81) 3463-0797
Referencial Auditores e Consultores S/S
Recife, PE / Tel: (81) 3421-9001
SA Leito Auditores S/C
Recife, PE / Tel: (81) 3366-9922
100Porcento Auditores Independentes S/S
Recife, PE / Tel: (81) 3242-2406
Rio de Janeiro
Acal Auditores Independentes S/S
Rio de Janeiro, RJ / Tel: (21) 2159-8801
Criterio Auditores e Consultores
Associados S/C
Rio de Janeiro, RJ / Tel: (21) 2233-0977
Crowe Horwath Bendoraytes e
Cia Auditores Independentes
Rio de Janeiro, RJ / Tel: (21) 3385-4662
FSA Network
Rio de Janeiro, RJ / Tel: (21) 2509-6200
HLV Auditores S/S
Rio de Janeiro, RJ / Tel: (21) 2262-5115
Indep Auditores Independentes S/C
Rio de Janeiro, RJ / Tel: (21) 2263-5189
LMPG Auditores Independentes
Rio de Janeiro, RJ / Tel: 21- 2524-0345
Loudon Blomquist Auditores Independentes
Rio de Janeiro, RJ / Tel: (21) 2509-8658
Opinio Auditores Independentes
Rio de Janeiro, RJ / Tel: (21) 2223-2785
Premium Auditores Associados
Rio de Janeiro, RJ / Tel: (21) 3410-3679
Premium Auditores e Consultores Ltda.
Rio de Janeiro, RJ / Tel: (21) 3233-47382
Walter Heuer Auditores Independentes
Rio de Janeiro, RJ / Tel: (21) 2240-1332
Rio Grande do Sul
Arruda & Matos Auditores Associados S/S
Porto Alegre, RS / Tel: (51) 3072-5282
Maciel Auditores S/S EPP
Porto Alegre, RS / Tel: (51) 3037-5034
UHY Moreira Auditores
Porto Alegre, RS / Tel: (51) 3210-8000
Santa Catarina
Martinelli Auditores
Joinville, SC / Tel: (47) 2101-1900
Sergipe
A Priori Auditores Independentes S/S
Aracaju, SE / Tel: (79) 3011-5005
Aracaju, SE / Tel: (79) 2106-3800
So Paulo
4partners Auditores Independentes S/S
So Paulo, SP / Tel: (11) 5102-2510
Aguiar Feres Auditores Independentes S/S
Ribeiro Preto, SP / Tel: (16) 3632-3100
Alonso Barreto e Cia Auditores
Independentes
So Paulo, SP / Tel: (11) 3255-8310
Andreoli e Associados
Auditores Independentes
So Paulo, SP / Tel: (11) 5052-6250
pice Auditores Independentes Ltda.
So Paulo, SP / Tel: (11) 3171-2727
Apply Auditores Associados
Santos, SP / Tel: (13) 3228-2700
Approach Auditores Independentes
Presidente Prudente, SP / Tel: (18) 3916-5185
Assessor Bordin Consultores
Empresariais Ltda
So Paulo, SP / Tel: (11) 3526-7346
Atac Auditores Independentes S/S
Santos, SP / Tel: (13) 3221-8879
Athros Auditoria e Consultoria
So Caetano, SP / Tel: (11) 4435-7302
The companies are listed by State, considering the association jurisdiction, which can be done in more than one
Ibracons Regional Section. The identification of the State does not mean the geographical area of operations,
information that should be consulted directly with the company selected. Ibracon is not a certifying body of its.
Attest Auditores Independentes
Ribeiro Preto, SP / Tel: (16) 3237-3534
Audilink e Cia Auditores Ltda
So Paulo, SP / Tel: (11) 3819-2207
Audioesp Auditoria e Consultoria S/S
Campinas, SP / Tel: (19) 3255-7966
Audisa Auditores Associados
Santana de Parnaba, SP / Tel: (11) 3825-9671
Auditora Brasileira S/S
Limeira, SP / Tel: (19) 3701-4718
Azevedo Auditoria e Assessoria
Contbil Ltda.
Araatuba, SP / Tel: (18) 3117-4500
BC Control Auditoria e Consultoria
So Paulo, SP / Tel: (11) 3828-0911
BDO RCS
So Paulo, SP / Tel: (11) 3848-5880
BKR Lopes, Machado
Auditores e Consultores
So Paulo, SP / Tel: (11) 5041-4610
BLB Auditores Independentes
Ribeiro Preto, SP / Tel: (16) 3941-5999
Caaud Auditores Independentes S/S
So Paulo, SP / Tel: (11) 9.8609-7089
CCA Continuity Auditores Independentes S/S
So Paulo, SP / Tel: (11) 2613-0293
Cokinos & Associados Auditores
Independentes S/S
So Paulo, SP / Tel: (11) 5085-0280
Conaud Auditores Independentes S/C
Ribeiro Preto, SP / Tel: (16) 3931-1718
Confiance Auditores Independentes
So Paulo, SP / Tel: (11) 5044-0683
Consulcamp Auditoria e Assessoria
Campinas, SP / Tel: (19) 3231-0399
Cotrin e Associados Auditores
Independentes
So Paulo, SP / Tel: (11) 3062-9185
Crowe Horwath Macro Auditores
Independentes S/S
So Paulo, SP / Tel: (11) 5632-3733
De Biasi Auditores Independentes
So Jos dos Campos, SP / Tel: (12) 2138-6000
Deloitte
So Paulo, SP / Tel: (11) 5186-1000
EY
So Paulo, SP / Tel: (11) 2573-3000
ETAE Auditores Independentes
So Paulo, SP / Tel: (11) 3122-6333
Evoluo Auditores Independentes S/S
Campinas, SP / Tel: (19) 3324-6696
Exame Auditores Independentes
Nova Ribeirnia, SP / Tel: (16) 3514-5300
Fabbri Auditores
So Paulo, SP / Tel: (11) 3141-0398
FSA Network
So Paulo, SP / Tel: (11) 3097-9994
Galloro e Associados Auditores
Independentes
So Paulo, SP / Tel: (11) 3255-0555
Geasc Auditoria, Assessoria
e Servios Contbeis Ltda.
So Paulo, SP / Tel: (11) 2272-3501
Grant Thornton Auditores Independentes
So Paulo, SP / Tel: (11) 3886-5100
Hirashima & Associados
Auditores Independentes
So Paulo, SP / Tel: (11) 5102-0007
HLB Onix Auditoria e Consultoria
Empresarial Ltda
So Paulo, SP / Tel: (11) 5579-8988
Igaf Rodyos Auditores Independentes S/S
So Paulo, SP / Tel: (11) 5081-5458
Irmos Campos e Cerbocini
Auditores Associados
So Paulo, SP / Tel: (11) 3675-1228
JDM Auditores e Consultores S/C
So Paulo, SP / Tel: (11) 3872-1995
KPMG
So Paulo, SP / Tel: (11) 3940 1500
KSI Brasil Auditores Independentes
So Paulo, SP / Tel: (11) 3218-7795
LCC Auditores Independentes
So Paulo, SP / Tel: (11) 3798-3313
LM Auditores Associados
So Paulo, SP / Tel: (11) 5572-3962
Lopes Auditoria e Contab. Ltda.
Piracicaba, SP / Tel: (19) 3434-3659
Magalhaes Andrade Auditores
Independentes S/S
So Paulo, SP / Tel: (11) 3814-3377
MAP Auditores Independentes EPP
So Paulo, SP / Tel: (11) 3145-3545
Mazars Auditores Independentes S/S
So Paulo, SP / Tel: (11) 3524-4500
Moore Stephens Lima Luchesi
Auditores Independentes
So Paulo, SP / Tel: (11) 5561-2230
Moore Stephens Prisma
Auditoria e Consultoria
Ribeiro Preto, SP / Tel: (16) 3019-7900
Narazzaqui HF & Cia Auditores
So Paulo, SP / Tel: (11) 5572-4156
NK Auditores Independentes
So Paulo, SP / Tel: (11) 3062-3000
Opinion Auditores e Consultores S/C
So Paulo, SP / Tel: (11) 3256-4864
Padiani Auditores Independentes S/S
Boituva, SP / Tel: (11) 3263-1798
Padro Auditoria S/S
So Paulo-SP / Tel: (11) 5080-5855
Partnership Auditores e Consultores S/S
So Paulo, SP / Tel: (11) 3541-2992
Pemom Auditores Independentes S/S
So Paulo, SP / Tel: (11) 2619-0500
Peppe Associados Consultores
e Auditores Independentes
So Paulo, SP / Tel: (11) 5531-9975
Personal Auditoria e Consultoria
Empresarial S/C
So Paulo, SP / Tel: (11) 3637-6192
PP&C Auditores Independentes
So Paulo, SP / Tel: (11) 3883-1600
PwC
So Paulo, SP / Tel: (11) 3674-2000
Rengi Trevor Auditores Independentes S/S
So Paulo, SP / Tel: (11) 2129-8980
RM Auditoria Contabil S/S
Santos, SP / Tel: (13) 3222-5848
Rodl e Partner Auditores Independentes
So Paulo, SP / Tel: (11 )5094-6060
Sacho Auditores Independentes
So Paulo, SP / Tel: (11) 2796-2977
SGS Auditores Independentes
So Paulo, SP / Tel: (11) 3862-1844
Simionato Auditores Independentes
Campinas, SP / Tel: (19) 3255-8040
TG&C Auditores Independentes
So Paulo, SP / Tel: (11) 5908-4220
Trade Auditores e Consultores
So Paulo, SP / Tel: (11) 3079-3022
Units Auditores e Consultores S/C
So Paulo, SP / Tel: (11) 5102-3793
Unity Auditores Independentes
So Paulo, SP / Tel: (11) 2869-8358
Upwards Auditores Independentes S/S EPP
So Paulo, SP / Tel: (11) 5503-6588
W.R.M Auditoria e Consultoria S/S Ltda
Bauru, SP / Tel: (14) 9.9148-7076
Base: dec/16
REVISTA TRANSPARNCIA DECEMBER 2016 49
 NATIONAL BOARD 2nd Regional Section
Rua Jos Aderval Chaves, 78, sl. 405
President
51111-030, Recife, PE
ldsio da Silva Coelho Jnior
A PUBLICATION FROM IBRACON - INSTITUTE OF INDEPENDENT AUDITORS OF BRAZIL YEAR 6 NO. 24 R$ 18.00

Phone : 81- 3327-1174 e/ou 81-9.9191-0311

Technical Director ibraconsegunda@smartsat.com.br
Rogrio Hernandez Garcia
Ilustration of cover: Ingram Image

3rd Regional Section

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ON THE RISE LONG WAY IFAC COUNCIL MEETING
Audit committees gain
greater relevance
in the Brazilian
economic scenario
In an exclusive interview,
IASBs chairman, Hans
Hoogervorst, speaks
about the IFRS evolution
Meeting formalizes
the appointment
of Idsio Coelho to
the Ifac board
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