2011 - SMS Latinoamérica
Annual Memory 2011
Latinoamérica is the first network of professionals in auditing, accounting,
management, economy and finance that specializes in providing high-quality
professional services to companies and other entities settled in Latin America
for the development of their commercial, industrial and services operations, whether public or
private or for the public good.
Since it is integrated by independent national firms with a high professional standard, SMS
Latinoamérica is the only professional organization in the continent with Latin American values
to serve all those companies in the world that may settle their operations in the countries of the
area and assist to the expansion of Latin American companies in their insertion in the rest of the
Our common history and the complexity of the Latin American difficulties cannot be solved with
imported technologies based upon transculturalizations. That is why our success is based upon
the specific knowledge of each situation in order to always give the proper answer and this is
only attained belonging to and being an active part of the region.
Thus, from SMS Latinoamérica we privilege the national knowledge and experience, enabling
the creation of Latin American multinationals permitting their expansion towards the world
SMS Latinoamérica interacts in a market of more than 600 million consumers, covering the entire
Latin American territory. Our members are present in: Argentina (head office); Bahamas; Bolivia;
Brazil; Chile; Colombia; Costa Rica; Ecuador; El Salvador; United States; Guatemala; Haiti;
Honduras; Jamaica; Mexico; Nicaragua; Panama; Paraguay; Peru; Puerto Rico; Dominican
Republic; Trinidad & Tobago; Uruguay; and Venezuela.
Our Executives talk
has been a year marked by challenges. We faced each of them with the
distinguished team of professionals we have, and were able to conduct the
organization within the Strategic Plan drawn up.
The interaction among the members of the forums, the increase in the professional hours
provided to transnational clients, the start-up of new IT tools, the incorporation of video
communications systems have marked 2011 as a year to be remembered.
The incorporation of new Firms is part of the attainments of the year. On the one hand, we were
contacted by colleague networks to establish professional links, we were invited by the IFAC in
order to assist with the CAP (Compliance Advisory Panel) for the supervision of the professional
organizations of our area; we have renewed for another five years our connection with the
University of Bologna for our PIADeF-related postgraduate and specialization course. In this
sense, we have also reached a Master Agreement with the Monterrey Technological Institute for
the training of Latin American entrepreneurs in search of professionalization.
During 2011, we were able to work in the integration of our Firms, going through different
cultures and geographies but with a common root: our Latin American identity, which is
strengthened in a world that faces huge challenges. Our support team for SMS Latinoamérica
based at the head office of Buenos Aires, replied numberless requests from our members and we
have received the visit from many Partners to the head office.
Our new proposals include our newsletters, our web page, we interact with the worldwide
business press specialized in our profession. We participated together with the IFAC, the World
Bank and the IDB of the CReCER 2011 program, and were invited to participate in its 2012
On the one hand, the closing of what we call “Technical Development Cycle” (design and
adaptation of methodologies, development of IT tools, design of education cycles pursuant to
the IES 7 and 8 standards from the IAESB), are crowned by the commencement of the quality
On the other hand, the commencement of what we call the “Commercial Cycle” shall give the
results for which we have been working during years. And we already are, in accordance with
the worldwide rankings, the 8th network in Latin America.
We have lots of work ahead and I know that with the quality of the members that
integrate SMS Latinoamérica we shall be up to the challenges that face us. We close 2011
with the feeling of the job well done, and we go by 2012 with renewed energy to continue
our progress of this reality that we are building among all of us: SMS Latinoamérica.
Pablo San Martín
Our Executives talk
2011 was a year of fundamental changes for SMS Latinoamérica, which has
strengthened with the incorporation of Daniel Grassi as Chief Executive
Office or the Organization.
Daniel Grassi has an extensive curriculum; Certified Public Accountant from the Universidad de
Belgrano, his professional career has developed in PricewaterhouseCoopers and Arthur
Andersen. After working for these Firms, he has acted as Director for important companies such
as Aerolíneas Argentinas and Telefé.
At the time of his incorporation he declared: “What has been done up to now seems an excellent
attainment to me. I believe that the network has an important size that groups the main countries of
Latin America with a methodology based upon the quality of the work. The challenge for which I have
come to SMS is to achieve that the network continues to grow and be able to integrate the member
Firms into an environment for the generation of professional businesses and interrelationship within
Latin America but integrated to the rest of the world”.
And this has been attained. During 2011, Daniel strongly worked to attain the incorporation of
four Firms with an excellent professional level in Brazil, Costa Rica, Colombia (Bogotá) and
Dominican Republic. “With these incorporations we have completely covered the Latin American
territory, which permits us to be seen each time as stronger and committed with the area”, he stated
–as a conclusion- at the end of this period.
“Already focused on 2012, I believe it shall be a year of expansion within the territory of México and
Argentina, on which we are already working. Also, we shall continue to bet on the strengthening of
the links between the members, and for so doing we shall commence to carry out semi-annual
meetings per region, which shall permit to improve the links for geographical
area and boost our activities”, he concluded.
Chief Executive Officer
New Members Firms
has been a year of extensive activity in the continent and in the world.
Regional blocks versus global blocks; regional growth versus worldwide
crisis; technological progress versus social regression have put our region
on the tenterhooks but with the firm conviction to move forward
From SMS Latinoamérica, once more, we have bet on growth and the following have been the
Firms that have joined our organization in this period:
Brazil, San Pablo
Firm: Hirashima & Associados
Address: Rua Flórida 1758, 1º andar (04565-001) Sao Paulo - SP- Brazil
Teléphone : (55 11) 5102-0007
Web Page: www.hirashima.com.br
Brief presentation: Founded by Taiki Hirashima in May 2002, Hirashima & Asociados is a Firm
that aims at providing professional services of consultancy in the fields of accounting, tax, labor
and social security, corporate finance, focusing on entrepreneurial transactions and
restructuring. Recently, and given the growing demand of independent auditing services, they
founded Independent Hirashima & Asociados, registered with the Stock Exchange and Securities
Committee – CVM.
Its mission is to offer solutions through consultancy and auditing either accounting, fiscal, labor,
social security and corporate finance speedily, with technical excellence, ethics and with a
different contact focused on the client and its expectations. Its vision: being a consultancy Firm
recognized as reference in Brazil in the areas where it works, growing in an orderly manner,
maintaining its identity and increasingly consolidating its presence in the corporate transactions.
Costa Rica, San José
Firm: Despacho Luis Carlos Umaña, Asociados y Sucesores
Address: Avenidas 2 y 4, calle 5, San José de Costa Rica, Costa Rica
Telephone: (506) 2228-4813/2228-8042
Web Page: www.umanayasociados.com
Brief presentation: The Despacho Luis Carlos Umaña, Asociados y Sucesores is a Costa Rican
professional Firm devoted to the provision of services of a varied nature in the certified public
accounting field, the auditing practice and/or tax, financial or administrative planning, the
accounting and administrative organization of companies of any kind, as well as the provision of
technical advisory services, the preparation of economic and information technology surveys,
experts’ and lawyers’ reports, among others.
The Firm is duly registered with the Certified Public Accountants Association of Costa Rica (Code
500035) and its entire works are based upon the International Auditing Standards (IAS), the
International Financial Reporting Standards (IFRS), as well as the Charter and the Regulations of
New Members Firms
Firm: Consultoría Nacional Contable LTDA
Address: Calle 100 Nº 19 – 61, Of. 311 - Edificio Centro Empresarial, Bogotá, Colombia
Telephone: (57 1) 635-3794/635-3806
Web Page: www.conalcon.com
Brief presentation: Consultoría Nacional Contable Ltda. is an Organization specialized in the
provision of professional services related to Certified Public Accounting. It offers the traditional
services of accounting, auditing, fiscal review, and taxes supplemented with a large portfolio of
legal, financial, information technology and business-related services, among others.
Its actions are marked by a deep respect for moral, liberty, equality, solidarity and dignity, which
values are spread among its clients and suppliers to promote the healthy competition, the
quality, the innovation and the excellence within the strictest professional ethics
Dominican Republic , Santo Domingo
Firm: GES Consultores SRL
Address: Guarocuya Nº 25
Telephone: (829) 545-1000
Web Page: www.gesconsultoresrd.com
Brief presentation: Ges Consultores, SRL, is the union of a group of experts and professionals in
the areas of: accounting, auditing, finance, taxes, labor and legal. The Firm gathers not only the
experience of the certified public accounting professionals, auditors, lawyers, business
administrators and engineers, but also employees and assistants with a high professional level
to meet the needs of support the business of its clients requires, related to fiscal advising,
external auditing, labor advising, commercial and banking advising, financial consultancy,
accounting outsourcing, governmental management and proceedings.
The years of experience of its partners assure quality, earnestness, responsibility and reliability,
based upon the following values: ethical principles, professionalism, loyalty, sincerity,
confidentiality, responsibility, commitment, team-work and support to the community and to
the SME sector.
uring 2011 we have strongly worked in extending and generating new spaces permitting
dialogue among the organization members. We believe and are confident in the
importance of the feedback and the brainstorming that makes us grow and work as a team
the same way as we internally encourage. Discussing, dialoguing and sharing experiences and
knowledge are the mainstay of the unity and development of our organization.
That is why we have improved the existing forums and created new spaces for meeting, for the
brainstorming of issues that may help to clear doubts or inquiries from the different professional
profiles comprised in each Firm.
During 2011 we have thoroughly worked in unifying the Forums on Quality and the
International Standards giving a new identity to this space: the Standards Forum, aimed at
discussing the different standards that affect the auditing practice in SMS.
The Standards Forum (CEI • CAS) takes place the first Tuesday of each month, at 4 p.m. (Buenos
Aires time). The purpose of the meeting is to be a tool supporting the different implementation
stages of the International Standards (IFRS y IAS) in the environment of the SMS Latinoamérica’s
During 2011 we started the enforcement of the IRFS in different countries of the area such as
Argentina, Brazil and México; which permitted to share this experience with those countries that
already use them as in the case of Chile, Ecuador and Venezuela.
Additionally and during 2012, we shall continue analyzing the changes in the standards, with the
expectations put in the end of this critical stage of the convergence process towards the
International Financial Reporting Standards (IFRS). The end of this stage includes the
commitment from the SEC (the United States Security and Exchange Commission) to announce
the commencement date for the application of the IFRS or the extension towards a new
The use of the SENDA® system by some Firms of the network is, from the quality assurance point
of view, the most influential issue of the year, since it positions our commitment towards quality
in a new level, thus complying with the commitments assumed by SMS Latinoamérica before the
Forum of Firms. The progress in the application of the International Auditing Standards in the
different countries of the continent gives way to requirements of quality and quality control in
the Firms, whether by the Professional Associations or by the control agencies of the regional
Stocks of Exchange. Hence, the importance of the compliance thereof.
In line with the above discussed, from SMS Latinoamérica we worked intensely to adequate the
“Quality Manuals”, as explained in the IAS 220 (and related); and the “Manual for the Application
of the ISQC1” for their application in all the Firms, steadily following the advantages afforded by
the different tools we have, either through SENDA® to document and control the audits, or
through PRISMA® to train our professionals and reach the highest quality standards.
In order to bring the English-speaking countries together, we have created the Caribbean Forum
for the actual knowledge of its participants. The meetings take place the second Tuesday of each
month, at 4.00 p.m. (Miami time), with an extended participation of the members of Bahamas,
Trinidad & Tobago and Haiti.
During 2012 we have maintained certain discussions of great interest, either from the technical
point of view –on the application of the standards- or the development of the business of the
Firms belonging to the area. The conversations examine in detail issues that go beyond the
exclusive application of the standards and we seek to obtain mutual benefits for the participants
regarding the possibilities of their interconnection with the rest of the Firms from the network.
Through the growing development of activities in the English language, we are seeking to
increase the level of participation and connection of those Firms located in English-speaking
The SENDA® Forum is directed to implement the reference tool. SENDA® (Auditing Standards
Execution System) was developed by our Systems Department for the performance of audits,
and permits its monitoring by the entire working team, a permanent updating of the global
status of the audits and of the tasks carried out for each client.
Its purposes contemplate: reducing the use of paper through the generation of electronic files,
permitting the remote access and ensuring that all the steps have been complied with before
the final closing of an audit, which guarantees the integrity of the information.
The meetings take place the first Tuesday of each month at 5:00 p.m. (Buenos Aires time) and are
led by Sandra Serejski, Partner of the Firm for the Systems Department, and seek the
consolidation of the tool among the members of the organization in order to guarantee the
quality standards that are our mainstay.
We have created the “D2D Forum: Face to face with the Chief Executive Officer of the
Organization”, an space for direct discussion with Daniel Grassi (Chief Executive Officer of the
Organization) on issues related to the development of the network, opportunities and
We have inaugurated the videoconference system for this kind of meetings, which enables the
feedback and direct contact among the Partners of the area. The meetings take place the first
Wednesday of each month, at 4:00 pm (Buenos Aires time).
The D2D Forum has quickly positioned as an excellent space for inquiries, which enables the
interaction and the contact and permits to maintain and strengthen the relationship among all
the members of SMS Latinoamérica. A new meeting place where the Firms of the organization
may get to know each other, be in touch, communicate and continue to improve the
relationships of SMS Latinoamérica.
Bearing in mind that the role of the Managing Partner is of vital importance in every professional
services Firm, since he is the person in charge of taking over the helm and set the course to be
followed and, considering that “networking” is one of our main goals, we created a space where
we may directly connect among the Partners and Directors of the Latin American Firms.
In this sense, we developed the MPF Forum: Managing Partners Forum, a new space for
discussion among all the Managing Partners of our Organization. The purpose is to be able to
discuss together subjects of interest such as Human Development, Marketing, Finance, the
generational Transition and matters related to the business, among others.
The meetings take place –also through the videoconference system- the second Wednesday of
each month, at 4:00 p.m. (Buenos Aires time). In this case, the cases are directly moderated by
Pablo San Martín (President of the Organization) who leads the discussion and shares the actions
and measures taken from the head office of SMS Latinoamérica.
In this connection, the MPF Forum works as a space to share and discuss matters that concern or
interest the Firms that are part of the network and permits to brainstorm the individual
prospects that may advise or cooperate in the development thereof.
The Latin American Tax Forum (LTF) takes place the last Thursday of each month at 2:00 p.m.
(Buenos Aires time) since 2009.
Although the space works as a source of contact and communication among the countries that
are part of the SMS Latinoamérica network and the purpose thereof is to discuss on technical
matters in the tax field in each country, during 2011 these meetings have been completed with
other instances of contact and participation.
Consequently, during May there was a brief participation by videoconference at the Annual
Meeting of Partners that took place at the city of Bogotá, Colombia, where the members were
encouraged to participate in this kind of activities in order to jointly detect benefits for the
clients and new business opportunities that may result in a value added to each Firm.
On the other hand, there was during June and also by the videoconference system, a discussion
on Transfer Pricing. There participated in this meeting members from Argentina, Colombia,
Ecuador, Guatemala, Honduras, México and Peru. As a result of this activity the acquisition of a
new database was decided: OSIRIS, accepted and authorized by all the fiscal agencies of the
During 2011 we succeeded in working, from each country, in the preparation of the document
called “Doing Business”, a technical tool for inquiries and of vital importance to know how to
handle the tax systems of the area. The same permits to get to know the economy and
operations of each country to detect business opportunities.
The proposals for 2012 are: continue to intensify the participation of each of the members,
continue to insist on the updating of the “Doing Business” given the importance it may generate
in the manner of business in the area; and be able to develop a document on investment
platforms and the effects of the double taxation treaties.
uring 2011, the academic and training activity of our professionals has been exhaustive.
As a goal attained by the Training and Professional Skills Development Center of SMS we have
succeeded in recording all the information referred to internal staff training, making it available
to whoever may request it. On the other hand, we have reviewed the total of the presentations
used and the internal instructors have been trained in pedagogical techniques.
All in all, during 2011, our professionals have received an average of 81 hours of face-to-face
training; our Center has given 116 hours training in open courses; has devoted 67 hours to incompany training (in clients such as Pointer Localización y Asistencia SA, EMDERSA, Angel
Estrada y Cía., Pluspetrol SA, Grupo Clarín SA, Invista Argentina SRL, Comisión Nacional de
Valores, Nación Factoring SA, Alta Plástica SA, among others); it has participated in more than 20
open talks in professional chambers and associations; and has signed new cooperation
agreements with UNIBO and with TEC of Monterrey.
Since 2007, SMS Latinoamérica develops –together with the Buenos Aires headquarters of the
University of Bologna- the PIADeF® (International Program for Auditing and Detection of Fraud)
intended for Managers and Partners of the network Firms.
In the successive 5 editions there have participated a total of 88 professionals, among them,
members from Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guatemala, Honduras,
México, Paraguay, Peru, Dominican Republic and Venezuela. Since 2011, the PIADeF® shall be an
activity fully managed by the Training Department, in all aspects regarding communication,
preparation and logistics.
We estimate as a goal for 2012, the commencement of the PRISMA® (SMS Methodology and
Auditing Integral Program) Training Cycle with the intention that all our professionals be
instructed on the manner of maintaining the quality standards, whether in skills and attitude,
which are our fundamental purpose. The Cycle is intended to be completed on a remote basis,
through the videoconference system.
The purpose of SENDA® is to unify the quality criteria in the audits performance. In Buenos Aires,
the use thereof has been implemented since 2009, with great success among the users and the
clients of the Firm. Its practice has also been extended to certain Latin American countries and is
in the consolidation period.
During 2011 the 2.00 version of the system was developed. The same has two important new
functionalities: the management of preliminary audits and the possibility of generating back-ups
of the audit files. On the other hand, and as an activity related to PIADeF –International Program
for Auditing and Detection of Frauds- on October there took place an intensive seminar on the
use of the organization IT tools, including SENDA®, DINAMIA® and Time Report®.
SENDA® complies with the Quality Assurance requirements demanded by SMS Latinoamérica
and by international agencies such as the International Federation of Accountants (IFAC), the
Inter American Development Bank(IDB) and the World Bank. In this sense, we shall continue to
bet on the development of this tool and its use by all the member Firms, in order to guarantee
the quality of the auditing service.
Also, on January 1st, 2012, we implemented CONDOR® a new system that shall permit to
centralize and monitor the proposals of professional services managed by Partners, Associates,
Directors and Managers.
CONDOR® permits to work on the business opportunities, and also works as a database to know
the status of the proposals and budgets submitted to the clients. Thus, it enables to systematize
the processes for the handling of the proposals to potential and/or existing clients.
CONDOR® is fully integrated with SENDA® and Time Report®, since it permits to measure the
budget submitted to a client and compare it with the one actually planned and carried out.
New web + Intranet
A great success of 2011, and in order to generate a bigger visual impact, has been the renewal of
the Organization web page: www.smslatam.com.
With a more modern aesthetics, the new site permits to learn about the history of SMS
Latinoamérica, its experience and strengths. Also, the new platform affords the possibility of
getting to know –in detail- the profile of each of our members. It also offers detailed information
on the services provided, categorized through visual icons for an easy memory.
The dynamism and interactivity of the new site permits a fast and simple access to the contact
information for all those wishing to know us from any corner in the world.
From this new page, the members of SMS Latinoamérica have access to the Intranet, an internal
site of our Organization where we share the most important and relevant events of each
country. In this connection, during 2011 we have steadily worked in a “communication
facilitators” campaign, those persons in charge of being the generators of news and
developments at the local level of each country.
The Intranet is updated in its contents, with information furnished from every corner of the area.
On the other hand, the tool continues to work as the main channel for access to the different
management systems, such as SENDA®, DINAMIA® or Time Report®.
Corporate Social Responsibility
Latinoamérica, particularly through its main office in Buenos Aires, has
developed throughout the years, different Corporate Social Responsibility
actions that, today, are included within the SumaRSE Program.
We recognize the importance of those actions or businesses that, based upon our ethical values
and principles, respect and support the sustainable development of society. This assumption is
the basis of our interest to grow, year after year, through practices and actions that may result in
a benefit for our members and for the community.
We understand the CSR from Peter Drucker’s perspective, “as a corporate ethic to address the
manner in which the company treats its internal and external members and the world where they
In SMS we address this subject not only at the external level but also we help our members to
participate through the development of entrepreneurial goals and objectives compatible with
the sustainable development of society, and the awareness of our environmental and cultural
resources, respecting diversity and promoting the reduction of the social inequalities.
We segregate our activities in:
• Donation Programs: that involve the participation and mobilization of the members vis-à-vis a
common objective (such as the performance of collections for outstanding dates such as the
“Child Date”, the “Beginning of the classes”, or the “End of year festivities”).
• Sports and Culture Sponsoring Programs: involves actions that promote art and creativity in
the Society as part of the contribution to the development of the human being. In this sense, we
promote shows of photographs, art, and sport activities, among others.
• Awareness Programs: which imply the awareness of our members regarding ecological,
environmental and health matters.
• Social Welfare Programs through our Services: which imply the ProBono tasks, allocating
professional hours to NGOs or projects from institutions that so require.
• Citizen Commitment: from SMS Latinoamérica we participate of the public discussion in issues
where we feel that we have a role to contribute to the society’s
development (the need of counting on a tax reform, citizen
awareness in issues related to civic education, publication of
newspaper articles regarding economic and social impact issues).
Forum of Firms
n compliance with our Quality policy and following the regulations required by the Forum
of Firms of the International Federation of Accountants, SMS Latinoamérica has
maintained –during 2011- the policy of segregating categories within its Firms between
“Member Firm” and “Correspondent Firm”.
This distinction has become clear through the web page of the organization, highlighting those
Firms that adhere to the commitment to move forward managing the quality parameters
required by such international agencies.
We describe our Firms below and the classification each of them receives:
SMS – San Martín, Suarez y Asociados
Arg. , Bahía Blanca
Arg. , Catamarca
Estudio MA Consulting
Arg. , Chubut
Estudio Glades-Gatica Contadores Públicos
Arg. , Córdoba
Estudio Conforto, Fissore y Asociados
Arg. , Formosa
Estudio Oscar Kraupner y Asociados
Arg. . La Rioja
Estudio Quijano y Asociados
Arg. , Mendoza
Arg. , Misiones
Estudio Haene y Asociados
Arg. , Salta
Estudio Hadad Consultores de Empresas
Arg. , San Luis
Estudio Pereira y Asociados
Arg. , Santa Fe, Rafaela
Arg. , Santa Fe, Rosario
Estudio CIFEM Consultores de Empresas
Arg. , Sgo. del Estero
Estudio Facello, Palavecino y Asociados
Arg. , Tierra del Fuego
Estudio Lapadula y Asociados
Arg. , Tucumán
Estudio López Ríos y Asociados
Forum of Firms
Delta Consult Ltda.
Hirashima y Asociados
ACG Auditores Consultores Gerenciales
Consultoría Nacional Contable LTDA
MRD Accountants & Consultants SA
Luis Carlos Umaña, Asociados y Sucesores
Morales y Morales Asociados
Tezó y Asociados
Sarmiento y Asociados
Chambers Henry and Partners
Cáceres Quintana & Asociados
Trejos, Egan & Asociados
Luis Acosta & Asociados
Rodríguez, Rivera y Toro
SMS República Dominicana
Trinidad y Tobago
Orbit Solutions Limited
Marambio & Asociados
As emphasized during all these years, this distinction
places our organization at the maximum level of
professionalism and as reference both in the local and in
the international scenario, working with methodologies
according to the clients’ needs and the technical
commitment that characterizes SMS Latinoamérica that
permits us to incorporate the best practices existing in
the worldwide profession.
© 2012, SMS Latinoamérica