18 Nov 2023

Newly elected EC member Karin Monchak talks to the IAB about the buoyancy of the Brazilian economy

MGI Worldwide member firm MGI Assurance contributes to September issue of IAB

Karin Monchak, partner at MGI Assurance Auditores Independentes S.S. and recently elected member of MGI Worldwide's Executive Committee, recently took time out of her busy schedule to speak with the International Accounting Bulletin about her thoughts on the Brazilian economy. 

Brazil’s buoyant outlook fuels accounting industry

Brazil is beating all market forecasts. While other economies have been struggling with the effects of the pandemic, an aggressive ESG strategy, sweeping tax reforms, as well as a maturing business environment, are creating a gold rush for the local accountancy market.

The last time IAB reported on Brazil, there were concerns that the quality of auditing was not up to a high standard. But the aggressive drive by the government to persuade private companies to implement an ESG strategy is having a big impact on audit quality. 

As well as pushing an ESG agenda, Brazil is currently undergoing significant tax reform. The recently approved tax reform in the Chamber of Deputies is a proposed constitutional amendment that will replace five current taxes with two new taxes. The objective is to simplify the tax system, reduce distortions and enhance transparency.

Karin Monchak shares her thoughts on how all this reform is keeping Brazilian accountants very busy.

Karin Monchak
“The Brazilian independent audit market is solid and consolidated. It is an experienced business segment, with credibility and capable of meeting the most complex demands with excellence.
However, client demand for increasingly specialised services, with shorter deadlines and lower costs is increasing, while the impact of technology on the work of auditors is a deep, broad and diverse transformation process.”

To read the full article in the September edition of the IAB, members can click here (login to the MGI Worldwide member portal will be required).

For more industry-related information in Brazil reach out to Karin Monchak: [email protected] at MGI Assurance Auditores Independentes S.S.

Rankings remain strong

The most recent data has been published and we are delighted to see that our member firms continue to rank highly against other top accounting networks in the Latin America region.

In Brazilian our member firms ranked 16th for both fee income and staff data. Our member firms in Colombia are ranked 18th for both fee income and staff data. Member firms in Chile ranked at the 17th position for both fee income and for staff data and in Panama, our member firms ranked a very impressive 12th for fee income and 10th for staff data.

MGI Worldwide would like to congratulate our member firms in Brazil, Colombia, Chile and Panama who were responsible for helping achieve these fantastic results.


MGI Worldwide, is a top 20 ranked global accounting network and association with almost 9,000 professionals, accountants and tax experts in some 400 locations in over 100 countries around the world.