The Ibovespa is Brazil’s principal stock-market benchmark, tracking many of the largest and most actively traded companies listed on B3, the country’s main securities exchange.
Who Audits? examines the external auditors responsible for auditing Ibovespa companies, showing which firms hold the mandates, how long they have served and, where disclosed, the audit fees paid by each company.
The table below can be sorted by company, sector, auditor, appointment year and audit fee, making it possible to examine both individual audit relationships and the broader distribution of mandates across the Brazilian market.
For details on how the data is compiled, verified and presented, see the Who Audits? Sources & Methodology page.
A concentrated market — but not exclusively Big Four
The Big Four audit 67 of the 74 companies in the Ibovespa, giving them a combined market share of 90.5% by number of audit mandates.
PwC leads the market, auditing 25 companies, or 33.8% of the index. KPMG follows with 17 mandates (23.0%), EY with 13 (17.6%) and Deloitte with 12 (16.2%).
Unlike some of the world’s largest equity indices, however, the Ibovespa has a meaningful non-Big Four presence. Seven companies are audited by firms outside the Big Four: BDO, Grant Thornton and Forvis Mazars each audit two companies, while Baker Tilly audits one.
That gives non-Big Four firms a combined 9.5% share of Ibovespa audit mandates.
What do Ibovespa companies pay their auditors?
Audit-fee information was identified for 71 of the 74 companies, giving the dataset fee coverage of 95.9%.
The fees identified across those companies total approximately R$606.6 million, although the figures do not all relate to the same financial year.
The five largest audit fees in the dataset are:
Itaú Unibanco — R$87.7 million
Bradesco — R$73.7 million
Petrobras — R$37.4 million
Vale — R$32.3 million
Santander Brasil — R$31.5 million
Together, those five account for approximately 43.3% of the fees identified in the dataset. The ten largest account for approximately 63.1%.
The figures show how concentrated audit spending is among a relatively small group of Brazil’s largest banks, energy companies, miners and multinational groups.
Auditor relationships are changing rapidly
The Ibovespa audit market shows considerable recent movement.
Of the 74 companies in the dataset, 34 have current audit engagements that began in 2023 or later — equivalent to almost 46% of the index.
Five current engagements began in 2023, nine in 2024, 12 in 2025 and eight in 2026.
Recent auditor changes include Deloitte taking over at Natura and Hapvida, EY at Sabesp and Brava Energia, PwC at Telefônica Brasil and Rumo, KPMG at PRIO, and Forvis Mazars at both CSN and CSN Mineração.
Against that turnover sit a small number of much longer relationships. The longest current engagement identified in the dataset is PwC at Itaú Unibanco, dating from 2001. KPMG has audited Bradesco since 2011, while EY has audited Rede D’Or since 2016 and PwC has audited Santander Brasil since the same year.
The contrast partly reflects Brazil’s auditor-rotation framework, although different rules can apply depending on the type of company and its governance arrangements.
About the data
This analysis uses the Ibovespa portfolio effective from 8 September 2026. The official index contains 76 securities representing 74 companies; Bradesco and Petrobras each have two share classes in the index, so each company is counted only once in the audit-market analysis.
Brazilian auditor data is drawn primarily from company filings with the Comissão de Valores Mobiliários (CVM), including the Formulário de Referência, supplemented where appropriate by annual reports and SEC filings.
There are some country-specific complications. Brazilian companies do not always disclose audit fees in exactly the same way: some report a narrow financial-statement audit fee, while others combine the statutory audit with quarterly reviews or related assurance work. Where a current fee could not be verified, the table uses the latest defensible issuer-level figure available and identifies historical, derived or outgoing-auditor fees in the underlying verification data.
Auditor tenure also requires care because Brazil operates mandatory auditor-rotation rules, with different requirements applying in some circumstances, including financial institutions and companies with particular governance structures.
For a fuller explanation of how auditors, appointment dates and fees are researched and verified across the Who Audits? series, see Who Audits? Sources & Methodology.
Who audits the world’s largest companies?
Explore the Big4News Who Audits? hub, which maps the audit firms behind the world’s leading stock-market indices — including auditor tenure, audit fees and Big Four audit market share.