Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

    IFAC members and associates have provided self-assessment information about the regulatory and standard-setting framework in their countries (Part 1) and their organizations' activities in addressing IFAC's membership requirements (Part 2) as described in the Statements of Membership Obligations. Based on an analysis of this information, they are developing SMO Action Plans for continuous development and improvement.

    Some organizations have qualified to submit SMO Action Plans on a biennial basis by meeting eligibility criteria. These organizations are indicated with an asterisk (*).

    In the interest of transparency and providing information to the profession, regulators, and other stakeholders, all responses and SMO Action Plans are accessible below.

    Colegio de Auditores de Bolivia

     

    Introduction

    The information below has been submitted as part of the IFAC Member Body Compliance program. The Program has two components:

    Part 1: Assessment of the Regulatory and Standard-Setting Framework (provides information about regulatory requirements and standard-setting processes in member body countries); and
    Part 2: Assessment of Compliance (provides information on compliance by member bodies with the Statements of Membership Obligations). Part 2 of the Compliance Program will begin later this year, and the results will also be posted to the website.

    The responses to Part 1 are provided below. IFAC staff has reviewed the responses and, where necessary, validated them with external knowledgeable parties. A list of key terms is available to assist readers in understanding the responses.

    The purpose of this Part 1 Assessment is to collect information on the roles of IFAC member bodies and other organizations (including government, regulatory or other appointed authorities) with respect to:

    1. Setting auditing, accounting, ethics, public sector and education standards; and
    2. Regulating the accountancy profession.

    Sections 1 and 2 of Part 1 contain an introduction and instructions for member body respondents. For this reason, they are not included here, and the responses begin with Section 3.

    Questions or comments may be sent to complianceassessment@ifac.org.


    Section 3 -- Member Body General Information

    1. Country:

      Bolivia


    2. Name of member body:

      Or please specify name:
      Colegio de Auditores o Contadores Publicos de Bolivia



    3. Individual responsible for preparation:
      Jorge Sapag Rodas/Gustavo Gil Gil


    4. Date member body became a member of IFAC:
      Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

      05 / 1998



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      IFAC, CILEA, AIC,
      CACP-Comunidad Andina de Contadores Publicos (Andenean Community of Public Accountants)



    Section 4 -- Statutory Framework


    Responses to this section will provide a description of the legal framework governing the commercial aspects of auditing and financial reporting in your country.

    Section 4A -- The Companies Act or Commercial Code


    The following questions concern the Companies Act (the Act) or Commercial Code (the Code) or similar Legal authority in your country. If no Legal authority exists, or the Legal authority does not address particular questions, please indicate "N/A" for Not Applicable.

    24. What is the full name of:
      a). the Act or the Code: Code of Commerce-DL No. 14379 (Codigo de Comercio-DL No. 14379
      b). the Enacting body: Bolivia Government
      c). date the Act or Code came into force: 01 / 1978


    25. How can IFAC obtain a copy of the Act or Code?


    26. Is the Act or Code available in English?
      Yes   No


    27. What are the types of entities covered by the Act or the Code?
      Please check all that apply.
      Listed entities   Other (please specify): Societies of mixed economy
      Private companies   Other (please specify):
      Governmental   Other (please specify):
      Not-for-profit   Other (please specify):


    28. Is there a requirement for the following entities to prepare annual statutory financial statements? If YES, please describe the financial reporting requirements including the accounting standards to be followed.
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities national standards and in absence of these the international standards, specific reports for the financial sector
      Private companies
      Governmental
      Not-for-profit
      Other (please describe)
      Other (please describe)


    29. Is there a statutory requirement for the following entities to be audited? If YES, describe the requirement including the auditing standards to be followed:
      Please check all that apply.
        No Yes (If YES, please describe)
      Listed entities national standards and in absence of these the international standards
      Private companies
      Governmental
      Not-for-profit
      Other (please describe)
      Other (please describe)


    30. Are the auditors ("statutory auditors") that are appointed for audits required by the Act or Code ("statutory audits") appointed for a specific period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    31. Who appoints the statutory auditors?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    32. Does the Act or Code require joint auditors for the statutory audit?
      Yes   No
      If yes, please describe the requirement:


    33. Does the Act or Code require the rotation of the auditors or audit firms performing statutory audits?
      Yes   No
      If yes, please describe the requirement:



    Section 4B -- Securities Market Regulations


    Responses to this section will provide a description of the financial reporting and auditing requirements for listed entities in your country.

    34. What are (a) the major items of Legal authority for such requirements, (b) the Enacting body(ies) and (c) the latest amendment date? Please identify the specific articles or sections that pertain to auditing and financial reporting:
    1. the major items of Legal authority for such requirements

      Ley No. 1834 del 31/3/98 Ley de Mercado de Valores DS No. 25022 del 3/8/98-Reglamento de la Ley de Mercado de Valores

    2. the Enacting body(ies)

      Ley No. 1834 and DS No 25022, Promulgado Gobierno de Bolivia (Gral. Hugo Banzer S.)

    3. the latest amendment date?

      no modifications made

      I.Art. 15 Law 1834 Funciones y Atribuciones de la Superintendencia de valores, Puntos: 11,16y 20.
      II.Art. 8 DS 25022 Requisitos generales para la inscripcion, Puntos: 4 Parrafo 1 y 4 inciso d
      III. Art. 62 DS 25022 Requisitos para la inscripcion, Puntos: 4
      IV.Art. 75 Ley 1834 informacion obligatoria. Inciso b)
      V. Art. 74 Ley 1834 Informacion Financiera
      VI. Art. 148 DS 25022 Estados Financieros Trimestrales y Anuales, Puntos: 2y3
      VII. Art. 150DS 25022 Memoria Anual, Puntos: 3 Inciso h)
      VIII. Capitulo XIV DS 25022 Del registro de Empresas de Auditorias Externas en el registro del Mercado de valores: Art. 234 al 238


    35. How can IFAC obtain a copy of the Legal authority?
      www.spvs.gov.bo


    36. Is the Legal authority available in English?
      Yes   No


    37. Are there any additional or alternative financial statement reporting requirements for listed entities that are not described in your answer to Question 28?
      Yes   No
      If YES, please describe the requirement:


    38. Are there any additional auditing requirements that apply to listed entities other than those described in your answer to Question 29 (e.g., additional GAAS requirements, additional independence requirements, requirements to report to those charged with governance, etc.)?
      Yes   No
      If YES, please describe the requirement:


    39. Who appoints the statutory auditors of listed entities?
      Please check all that apply.
      Shareholders   Management
      Board of directors   Other (please specify):
      Audit committee   Other (please specify):
      Government agency   Other (please specify):


    40. Are auditors who perform audits of listed entities appointed for a specified period?
      Yes   No
      If YES, please indicate the term of appointment: Year(s)


    41. Are joint auditors required for audits of listed entities?
      Yes   No
      If YES, please describe the requirement:


    42. Is rotation of the auditor or audit firm for audits of listed entities required?
      Yes   No
      If YES, please describe the requirement:
      Based on the Administrative Resolution of the Superintendence of Values, external audit firms must rotate every three years



    Section 5 -- Auditing Standards


    Responses to this section will provide a description of the legal and professional framework governing audit and other assurance standards in your country. The section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 5A -- Statutory Framework


    43. Please provide the name of the Legal authority and/or self-regulatory rules that establish audit and other assurance standards in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting audit and other assurance standards. If the standards are different for different entities (e.g., listed entities, private companies, governmental bodies, not-for-profit organizations, etc.), please specify the details that apply to each:
      Type of entity Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting audit and
      other assurance standards
      Listed entity 1- CTNAC, 2-CAUB 1-Consejo Tecnico Nal. de Auditoria y Contabilidad,2- Colegio de Auditores o Contadores Publicos de Bolivia
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      by request

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (1-Consejo Tecnico Nal. de Auditoria y Contabilidad,2- Colegio de Auditores o Contadores Publicos de Bolivia)


    44. For 1-Consejo Tecnico Nal. de Auditoria y Contabilidad,2- Colegio de Auditores o Contadores Publicos de Bolivia, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      CTNA - Develops
      CAUB - Approves
      Nature - Collegiate


      b. Name of standards

      CTNAC-Consejo Tecnico
      CAUB-Colegio de Auditores


    45. How many voting members does the standard-setting body have?
      12


    46. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    47. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      needs 5 years of professional experience, best geografic representation


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      chosen in Congress by unions made up of professionals in Bolivia


    49. What is the term of appointment for members?
      2 Year(s)


    50. For how many years has the standard-setting body been in existence?
      13 Year(s)


    51. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      2.400

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    52. To what entity is the standard-setting body accountable?
      the Executive Committee of the Colegio de Auditores de Bolivia


    53. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Detection of development and problems, in the draft of the standard that circulates during 90 days at the national level in the CTDAC
      (Consejos Tecnico Departamentales de Auditoria y Contabilidad)


    2. accessibility of meetings (i.e., public or private)

      group discussion meetings by members before approval

    3. approval process for final standards (i.e., majority required to approve final standards)

      Presented to the Executive Committee for its consideration, after 90 days, and once observations have been corrected if there were any the CAUB will approve and publish so that it can become valid

    4. other relevant due process activities

      publishing, spreading and qualification


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      9 Day(s)



    Section 6 -- Ethics


    Responses to questions in this section will provide a description of the legal and professional framework governing ethics standards for accountants in your country. This section focuses on the establishment of such standards. Please indicate the role your organization plays within this framework.

    Section 6A -- Statutory Framework


    55. For each of the following types of professionals, please indicate the name of the Legal authority and/or self-regulatory rules establishing ethics standards for accountants and auditors in your country, the date of the last amendment of such authority or rules and the name of body responsible for setting the ethics standards.
      Type of professional covered Name of
      applicable
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting ethics standards
      Professional Accountants in Public Practice Comite de Etica Profesional de Auditoria y Contabilidad CAUB, Colegio de Auditores o Contadores Publicos de Bolivia
      Professional Accountants in Business
      Professional Accountants in the Public Sector
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      by request

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (CAUB, Colegio de Auditores o Contadores Publicos de Bolivia)


    56. For CAUB, Colegio de Auditores o Contadores Publicos de Bolivia, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      committee of professional ethics

      b. Name of standards

      Ethics Standard


    57. How many voting members does the standard-setting body have?
      12 members


    58. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    59. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      best people from the profession, best geografic representation


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      chosen in Congress by unions made up of professionals in Bolivia


    61. What is the term of appointment for members?
      2 Year(s)


    62. For how many years has the standard-setting body been in existence?
      13 Year(s)


    63. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      2.400

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    64. To what entity is the standard-setting body accountable?
      the Executive Committee of the Colegio de Auditores de Bolivia


    65. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Detection of the problem, development of the draft of the standard that circulates during 90 days at the national level

    2. accessibility of meetings (i.e., public or private)

      group discussion meetings by members.

    3. approval process for final standards (i.e., majority required to approve final standards)

      Presented to the Executive Committee for its consideration, after 90 days, and once observations have been corrected if there were any

    4. other relevant due process activities

      impression, spreading and qualification


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      10 Day(s)



    Section 7 -- Education


    Responses to questions in this section will provide a description of how education requirements for the profession are established. Please indicate the role your organization plays within this process.

    Section 7A -- Education Requirements


    67. Please describe in general terms the education system in your country including the different stages of education from early childhood education through to tertiary level study. Please indicate which aspects / levels are compulsory as part of the national education system:
      Primary Education-Obligatory by the Constitution of the State
      Secondary Education-Optional-Bachiller Humanista
      University Education-Optional-Licenciatura
      Requirement for entrance into university-bachillerato and entrance exam


    68. Is there a legal authority or regulation that specifies the requirements for an individual to operate as an accountant or auditor in your country?
      Yes   No

      If YES, please provide the name and describe the requirements, including any relating to education, experience or qualifications.

      Licenciatura Degree-Auditing or Accounting
      Registered Professional-Regional National
      Documented Experience-3 years from time degree is issued


    69. Please select from below all the relevant key levels of requirements to obtain certification from your member body (i.e. to qualify as a certified or chartered accountant) and provide a general description of the requirement.
      Academic requirements
      Academic Diploma, personal identification, certification of membership of the regional and national union, resume (evidence of experience)
      Professional examinations
      Training, Evaluation, certification (process of implementation)
      Practical experience
      Final qualifying examination
      Other (please describe)


    70. Which of the following arrangements best describes who establishes the education requirements for the accounting profession in your country? Please select one option.
      A government ministry, department or agency establishes education requirements for the accounting profession with no additional requirements set by the member body(ies).
      A government ministry, department or agency establishes minimum education requirements for the accounting profession, and member body(ies) supplement these requirements.
      Member body(ies) establishes the education requirements for the accounting profession.
      Other (please describe)


    71. Please provide the name(s) of the relevant body in the government ministry, department, agency and / or member body who establishes the education requirements.
      CEUB - Comite Ejecutivo de la Universidad Boliviana
      Ministerio de Educacion, Cultura, Deportes Ciencias y Tecnologia

    1. A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.

      CEUB-Regulating entity of the public sector of universities-operation through national congresses
      Ley 1565 de Reforma Educativa-Level of Bachillerato Humanistico y Tecnico-The Ministerio de Educacion-is the regulating entity of the education system of private universities (regulated by the executive power)

    2. How many voting members does the relevant body(ies) have

      6 members - 5 National secretaries and 1 president and one vice-minister of high education.

    3. Are the members of the relevant body(ies) involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:

    4. For how many years has the body been in existence?

      Year(s)


    72. How would you describe the authority that the education requirements have?
      Requirements are legally-based
      Requirements are set in the constitution, by-laws or other rules of the relevant body(ies).
      Requirements are set in member body(ies) policy document(s).
      Other (please describe)

    72 a. How can IFAC obtain copies of these documents?
      Gaceta Oficial

    72 b. Are these documents available in English?
      Yes   No


    73. Are the education requirements for accountants and auditors the same throughout your country, or do they differ among regions, provinces or states?
      Same   Different
      If different, please briefly describe the main differences:


    74. Please indicate the scenario that best describes who delivers the education and examination process for members of the profession. Please only select one option.
      The education program and final examination are delivered by the member body.
      The education program and final examination are delivered by the member body and other education institutions (e.g., universities, colleges, and others).
      The education program and final examination are delivered by education institutions (e.g., universities, colleges, and others).
      Other (please explain)


    75. Once qualified as a member of your professional body, can members offer their services directly to the public?
      Yes   No



    Section 7B -- Licensing


    76. Are there licensing requirements for auditors in your country?
      Yes (continue with Question 77)   No (proceed to Section 8)


    77. Who sets the requirements to obtain a license?
      1- El Colegio de Auditores o Contadores Publicos de Bolivia
      2-El Estado Boliviano


    78. What are the requirements to obtain a license (please select all relevant requirements.)?
      Academic study specific for obtaining a license
      Practical experience
      Licensing examination
      Final qualifying examination
      Other (please describe)


    79. Are there ongoing requirements to retain a license?
      Yes   No

      If YES, please select all relevant requirements.
      Continuing professional development
      Re-examination
      Other (please specify):


    80. What entity grants the license?
      El Colegio de Auditores o Contadores Publicos de Bolivia


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      Register in the superintendency



    Section 8 -- Public Sector Accounting Standards


    Responses to this section will provide a description of the legal and professional framework governing public sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate, where appropriate, the role of your organization within this framework.

    Section 8A -- Statutory Framework


    82. Please provide the name of the Legal authority and/or self-regulatory rules establishing public sector accounting standards in your country, the date of last amendment and the name of the body responsible for setting public sector accounting standards. If the standards are different for different entities (e.g., whole of government, ministry/department, statutory authority/agency, profit entity owned by government, state governments, local governments, other [please specify]), please specify the details that apply to each.
      Type of entity Name of
      legal
      authority
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting public sector
      accounting standards
      Whole of government Contaduria del Estado
      Ministry/department
      Statutory authority/agency
      Profit entity owned by government
      State governments
      Local governments
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      by request

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (Contaduria del Estado)


    83. For Contaduria del Estado, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      State

      b. Name of standards

      PCGA of Public Secotr


    84. How many voting members does the standard-setting body have?
      12


    85. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    86. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Professional with 5 years of experience and via elections every 2 years


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      By Assemby popular vote every 2 years


    88. What is the term of appointment for members?
      2 Year(s)


    89. For how many years has the standard-setting body been in existence?
      13 Year(s)


    90. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      2.400

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    91. To what entity is the standard-setting body accountable?
      To the executive committe of BOLV1


    92. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      As detailed in Section 5

    2. accessibility of meetings (i.e., public or private)

      As detailed in Section 5

    3. approval process for final standards (i.e., majority required to approve final standards)

      As detailed in Section 5

    4. other relevant due process activities

      As detailed in Section 5


    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      3 Day(s)



    Section 9 -- Private Sector Accounting Standards


    Responses to the questions in this section will provide a description of the legal, statutory and professional framework governing private-sector accounting standards in your country. The section focuses on the establishment of such standards. Please indicate what role your organization plays within this framework.

    Section 9A -- Statutory Framework


    94. Please provide the name of the Legal authority and/or self-regulatory rules that establish private-sector accounting standards in your country, the date of last amendment, and the name of the body responsible for setting private sector accounting standards. If the standards are different for different entities (for example, listed entities, private companies, governmental organization, not for profit organizations, etc.), please specify the requirements that apply to each.
      Type of entity Name of legal
      authority or
      applicable
      rules
      Date of last
      amendment
      (e.g. MM/YYYY 06/2001)
      Name of body responsible
      for setting private sector
      accounting standards
      Listed entity SA SAM Colegio de Auditores o contadores publicos de Bolivia
      Other (please describe)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.spvs.org.bo

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (Colegio de Auditores o contadores publicos de Bolivia)


    95. For Colegio de Auditores o contadores publicos de Bolivia, please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      Private

      b. Name of standards

      Accounting Standards and Financial Accounting Standards


    96. How many voting members does the standard-setting body have?
      13


    97. Are the members of the standard-setting body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    98. What are the criteria considered in selecting members of the standard-setting body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?
      Professionals with 5 years experience
      Geography/Location Representation


    99. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Constituted Assembly


    100. What is the term of appointment for members?
      2 Year(s)


    101. For how many years has the standard-setting body been in existence?
      13 Year(s)


    102. Please indicate the budget in US$ of the standard-setting body for the last fiscal year:
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      2.400

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)



    103. To what entity is the standard-setting body accountable?
      The standard setting boyd is accountable to the Executive Committee of the Colegio de Auditores o Contadores Publicos de Bolivia


    104. Describe the due process followed by the standard-setting body. Please include explanations of the following:
    1. public exposure of standards

      Detection of development and problems, in the draft of the standard that circulates during 90 days at the national level in the CTDAC (Consejos Tecnico Departamentales de Auditoris y Contabilidad)

    2. accessibility of meetings (i.e., public or private)

      group discussion meetings by members before approval

    3. approval process for final standards (i.e., majority required to approve final standards)

      presented to the Executive committee for its consideration, after 90 days, and once observations have been corrected if there were any, the CAUB will approve and publish so that it can become valid

    4. other relevant due process activities

      publising, spreading, and qualification


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      3 Day(s)



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


    Responses to the questions in this section will provide a description of the legal and professional framework governing regulation of the profession in your country. Please indicate what role your organization plays within this framework.

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      Superintendencia de Bancos y Entidades Financieras
      Superintendencia de Pensiones, Valores y Seguros
      Contaduria del Estado - Ministerio de Hacienda


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      DS No 26226 expressed by Hacienda, for firms with more than Bs. 15.000.000


    108. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      Colegio de Auditores o Contadores Publicos

    2. accounting and auditing standard-setting

      -detection of a problem and the need to correct -develop a draft that is circulated for 90 days at the national level in the CTDAB (in the departments)
      -member meetings-regional technical advice-in group discussions before approval
      -presentation before the executive committee for consideration after the 90 days and observations are corrected if any have been made. The CAUB approves a publishes for enforcement


    3. review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements





    Section 10B -- Stock Exchange


    109. Name the four largest stock exchangers (by market capitalization) and whether it is organized as a profit or not-for-profit organization:
      Profit Not
      for
      profit
      Stock Exchange
      Bolsa Boliviana de Valores-Privada



    Section 10B -- Stock Exchange
    Bolsa Boliviana de Valores-Privada Details


    110. For Bolsa Boliviana de Valores-Privada, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?
      Yes   No

      If YES, please describe the following:

    1. How the monitoring and enforcement of financial reporting, accounting and auditing is conducted.



    2. The consequences of non-compliance with the financial reporting, accounting or auditing requirements.



    3. How enforcement actions are administered.




    Section 10C -- Regulatory Oversight of the Accounting Profession


    111. Has an audit profession oversight body been established (e.g., to oversee the external quality assurance review process, etc.)?
      Yes   No

      If NO, proceed to the next section.

      If YES, please describe :

    1. What are the name and duties of the oversight body?



    2. The number of members on the oversight body



    3. Its powers



    4. How the oversight body conducts or oversees a program of inspections to assess the degree of compliance of each audit firm/auditor with applicable auditing standards and regulations



    5. The sanctions the oversight body may impose in the event of non-compliance



    6. How the oversight body is accountable to any public institution or body



    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      Superintendencia de Bancos y Entidades Financieras


    113. Discuss briefly the legal requirements with respect to monitoring and enforcement by the regulatory authority of accounting and auditing standards that apply to the banks and similar financial institutions:
      There does not exist a channel of communication between the issuing entity and the regulator of the standards


    114. Briefly describe the role of the regulatory authority as it relates to the following:
    1. regulation of the audit profession

      Ley 3911

    2. accounting and auditing standard-setting

      CTNAC-Consejo Tecnico Nacional de Auditoria y Contabilidad de Bolivia CAUB-Colegio de Auditores o Contadores Publicos de Bolivia

    3. review of financial statements prepared by listed entities

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia

    4. enforcement of accounting, reporting and auditing requirements

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia



    Section 10E -- Non-Banking Financial Institutions Regulatory Authority


    115. Name the regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on non-banking institutions.
      Superintendencia de Bancos y Entidades Financieras


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Ley General y Entidades Financieras


    117. Briefly describe the role of the regulatory authority(ies) as it relates to the following:
    1. regulation of the audit profession

      Requires inscription in the Superintendencia de Bancos y Entidades Financieras

    2. accounting and auditing standard-setting

      Regulates control aspects, presentation of reports, standing of portfolio and establishes an account plan for the sector

    3. review of financial statements prepared by listed entities

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia

    4. enforcement of accounting, reporting and auditing requirements

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia



    Section 10F -- Insurance Companies Regulatory Authority


    118. Name the regulatory authority responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements imposed on insurance companies.
      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Recognized legally by the Ley 3911 and DS26226


    120. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      Through matriculation in accounting studies and auditing and the Certification as an authorized auditor in order to bring about audits.

    2. accounting and auditing standard-setting

      The standards are proposed by the CTNAC to the Executive Committee and are published by the CAUB

    3. review of financial statements prepared by listed listed entities

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia

    4. enforcement of accounting, reporting and auditing requirements

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia


    122. What is the source of Legal authority of each regulatory authority?
      Recognized legally by Ley 3911 and DS 26226


    123. Briefly describe the role of the regulatory authority(ies) as it relates to the following
    1. regulation of the audit profession

      Through matriculation in accounting studies and auditing and the Certification as an authorized auditor in order to bring about audits.

    2. accounting and auditing standard-setting

      The standards are proposed by the CTNAC to the Executive Committee and are published by the CAUB

    3. review of financial statements prepared by listed listed entities

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia

    4. enforcement of accounting, reporting and auditing requirements

      CAUB-Colegio de Auditores o Contadores Publicos de Bolivia



    Section 10H -- Quality Assurance


    124. Does any organization of professional accountants/auditors organize a program of quality assurance review to monitor compliance with accounting, reporting and auditing requirements?
      Yes   No

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.



    125. Under what authority does the organization conduct the program of quality assurance review?


    126. Who performs the review (e.g., one firm reviewing another firm, staff from the national professional organization, contractors, or a combination of these)?




    Section 10 I -- Investigation and Discipline


    127. Is there a process for investigating and disciplining the accounting profession in your country?

    128. Which of the following best describes the responsibility for the investigatory and disciplinary function in your country?
      Government or other agencies are solely responsible for this function.
      Government or other agencies have this responsibility, but the member body or bodies participate in the process.
      Government formally delegates this function to the member body or bodies, to exercise on its behalf.
      Member body or bodies have separate and independent processes that operate alongside processes of legal authorities.
      Other (please explain)


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.



    Responses to the remaining questions in this Section are required if your organization has responsibility for investigation and disciplinary actions.

    130. How many voting members does the body have?


    131. Are the members of the body involved on a voluntary basis or employed by the standard-setting body?
      Voluntary  
      Employed  
      Both - Please describe:


    132. What are the criteria considered in selecting members of the body (e.g., best person for the job, sector of the profession, private and public members, academic, geographical representation, etc.)?



    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?


    134. What is the term of appointment for members?
      Year(s)


    135. For how many years has the body been in existence?
      Year(s)


    136. Please indicate the budget in US$ of the body for the last fiscal year.
      Note: Please enter a whole number using commas (e.g., 4,000,000)

      Please enter the exchange rate used to calculate this number.

      Note: Please enter a decimal amount (e.g., 4.0027)

      (specify currency)



    137. To what entity is the body accountable?



    138. Approximately how many days per year does the body meet in full session (including teleconferences)?
      Day(s)



     

     

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