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Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices by Anthony Tarantino

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CHAPTER 51

COMPLIANCE: BRAZIL

L. Nelson Carvalho, PhD

Elionor Weffort, PhD

Bruno Salotti, PhD

51.1 INTRODUCTION

51.2 BUSINESS OWNERSHIP STRUCTURE AND PUBLIC ACCOUNTABILITY

51.3 LEGAL ENVIRONMENT

51.4 ACCOUNTING/FINANCE ENVIRONMENT

51.5 AUDITING ENVIRONMENT

51.6 CORPORATE GOVERNANCE IN BRAZIL

51.7 SHORTFALLS IN THE LEGAL ENVIRONMENT

51.8 COMPLIANCE AND ITS DEPENDENCE ON THE FUTURE OF ACCOUNTING STANDARD SETTING IN BRAZIL

NOTES

51.1 INTRODUCTION

In both area and population, Brazil is one of the largest countries in the world, and it is classified as a developing economy. Due to the vast latitude of this poorly defined expression, it is worth pointing out certain features of the country's current economic status to properly frame the understanding of its present compliance regime.

An old-time exporter of commodities (only gold and coffee made the country famous in the then developed European courts between the sixteenth and nineteenth centuries), Brazil nowadays hosts a very diversified and modern industrial base and a world-class services industry.

About 70 percent of its exports are composed of either services or manufactured and semimanufactured products; the efficiency of its steel mills and mining exploration ventures (privatized in the early 1990s) is recognized worldwide, which also makes them global players and key foreign investors. Manufacturing and exports of passenger aircraft propelled Brazil's high-technology industry to the level of competition with soundly developed ...

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