MGI Latin American firms are committed to “Working Together” as part of one of the world’s leading accounting networks
The slogan “Working Together” can be found on the cover of the 2017 MGI Worldwide annual report, a special edition that celebrates the 70-year anniversary of our global accounting network.
Today, MGI Worldwide is one of the world’s oldest International accounting associations, bringing together thousands of like-minded auditors, tax advisors, accountants and consultants, all experts in their field, from highly respected firms throughout the world.
With some 5000 professionals in more than 260 locations worldwide, of which close to 30 office locations are based within the Latin America region, Members work stronger together and, beyond the network itself, strive towards mutual goals. Here are some of the recent success stories from the region showing some of the many ways members are working together within Latin America and maximizing the benefits of membership.
Staff training for mutual benefit
Last November, MGI Jebsen & Co. and MGI LT Accountant & Asociados, member accounting firms located in Argentina and the Dominican Republic respectively, agreed to offer an internship term to one of the Dominican firm’s audit supervisors, Ginelcy Paulino.
This internship is part of an ambitious staff training and succession plan set by MGI LT Accountant & Asociados, and lead by their managing partner Luis Taveras, to strengthen both technical and managerial skills among young professional staff, who will lead the firm in the next five years and thereafter.
Furthermore, this initiative is related to an improvement program of IAS quality standards, to improve auditing and other related services offered by MGI LT Accountant & Asociados. This and other similar tasks form part of the global commitments required of all MGI Worldwide network members, and also form part of the national accounting professional practice standards. Ivana Medina, a member of the MGI Jebsen & Co. professional auditing team stated that Ginelcy had the opportunity to “expand her experience in international entity auditing procedures. There was an exchange of opinions regarding planning, quality control and audit approach and procedures, which could be applied to different selected entities and activities”. In addition, MGI Jebsen & Co. had the opportunity to increase its capacity to interact with international members, which contributes to strengthening its multicultural and international experience.
Quality control revisions
Last year, quality control revision, a process mandatory for all MGI Worldwide network members, started. Reviewers from our region, performed several of these scheduled reviews. In addition to the necessary revision tasks being undertaken, members under review were provided with valuable support and advice where needed. As a result of this experience, our fellow members benefit from developing and improving their skills and professional capabilities.
Joint venture projects development
a) Throughout 2016, MGI Vía Consultoría located in the city of Cali, Colombia (third city of the country), contracted me to help them with their Audit (Fiscal Revisory) Division development, in tasks such as staff training, implementation of an international quality control standard based on ISQC1 and IAS 220, also mandatory by law in Colombia, and professional services sales. This experience has allowed our Colombian partner to strengthen its position in the local audit and related services market, with the confidence that comes from having skilled staff and being compliant with international standards. Both their audit staff and billable hours have increased as a result of this effort. Hector Mejía, partner at the firm stated: “We participated in an excellent professional and business experience. In addition to the interexchange among the firms, a strong relationship was formed.
b) During the unrest of 2017, when sitting in my Caracas office, I received a call from my partner from MGI LT Accountant & Asociados Luis Taveras with a proposal that I couldn’t refuse, to join them on a very interesting project in his country. Located in San Francisco de Macorís, by coincidence the third city in the Dominican Republic, we agreed to work towards the same objectives that the Colombian firm were targeting, with the additional objective of boosting operations in Santo Domingo, the national capital. This is an ongoing project, and both firms are optimistic and enthusiastic about the expected results. Networking activities, contact with the local Mackrell member and multilateral agreements have been made. In May, considering the high commercial trade that exists between both countries, I will meet my colleagues from the MGI North American Meeting in Miami, to present our activities.
These experiences certainly tie in with the slogan on the cover of the 2017 MGI Worldwide Annual Report, quoted in the introduction of this article. “Grow operations, improve new business locally, nationally and around the world”. That is the main purpose of a network, of an alliance.
One important and recurring aspect among all these projects is the intention and subsequent success of member firms in achieving more, investing time, money and effort to reach higher goals, and to grow and elevate the level of their accounting firms.
“MGI value is equal to the sum member engagements” - quote by Erik Emilsson our Revideco Partner and former MGI Worldwide Chairman. I couldn’t agree more. The actions taken by all these greatly appreciated members surely increase the value of MGI Worldwide.
Download the full member case study HERE.
To find out more or for further information, please contact MGI Latin America Regional Director Andrea Pallas at [email protected].
MGI Worldwide is a top 20 ranked global accounting network with some 5,000 independent auditors, accountants and tax experts in over 260 locations around the world.