A brief account of how the profession
evolved in Brazil
and how it is still developing
by Jorge Fischer, Jr.
LOOKING BACK OVER THE PICTURE OF AUDITING IN BRAZIL, we have
' noticed from the early days the existence of two types of firms.
First, the Brazilian firms, made up of people who were born here,
studied and acquired their basic experience here. Second, the branch
firms or those affiliated with large American or English organizations,
whose partners and managers are foreigners in the great majority.
The type of work done was also quite different. The foreign firms
followed the standards used in the United States, making tests of
transactions during one or two definite periods of the business year
and certifying the balance sheet and preparing analysis thereof at the
end of the year. The clients of these firms were almost all non-Brazilian
firms, or those which were financially associated with American or European
organizations. The economic support of these international auditing
firms came from other countries, however, and they could go on
remaining almost completely aloof to the financial conditions existing
12 THE QUARTERLY