International Accounting Bulletin 2015 Latin America has revealed that increased regional business activities especially amongst SMEs have resulted in a need for greater integration amongst member firms of international networks and associations.
As a result of an economic slowdown in key markets, like Brazil, as well as challenges linked to local currency devaluation and inflation, Latin American businesses are more and more trading across border in the region.
While this trend has been a reality for a few years amongst the larger businesses, in recent years SMEs are also going regional.
Consequently accountancy networks and associations member firms feel the need to further integrate.
For example MGI P&P Asociados Contadores Publicos Ricardo Ruiz revealed that MGI Latin American firms are in the process of building a network which will remain within the MGI association on the same model as Praxity and Mazars.
"Latin America is MGI’s region with the most constant growth in the last five year," he says. "We had less than 20 members five years ago; we now have 28 all involved in getting together within a network structure."
The project of a network was first discussed in 2012 and Betancourt expects that by 2017 it will be fully operational. "The objective is to improve the overall audit quality of our firms and also to recruit better firms as MGI members."
Read International Accounting Bulletin 2015 Latin America survey here: After the party, the hangover