A comparison between the Brazilian Auditing Norms and the international ones (IAASB)

Abstract

The increasing globalization and harmonization process all over the world requires reliable and comparable financial reporting. As a result of this process, the Accounting and Auditing environment tends to promote the harmonization of its standards with those produced by international committees. There is a dynamic research process that helps to accelerate and encourage an auditing harmonization, and also helps to adopt international auditing standards as demanded by the World Bank and the Interamerican Development Bank, among others. This paper shows the main differences between international auditing standards and the Brazilian auditing standards issued by the Federal Accounting Council (Conselho Federal de Contabilidade – CFC). Although a majority of international standards are somehow related with Brazilian standards, there are some standards without any link. Consequently, Brazil needs to make major efforts to achieve a full harmonization of its national auditing standards with the international auditing standards of the International Federation of Accountants – IFAC.