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.

     

    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:

      COLOMBIA


    2. Name of member body:

      Or please specify name:



    3. Individual responsible for preparation:
      Gabriel Vasquez Tristnacho


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

      09 / 1977



    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.):
      Asociacion interamericana de contabilidad (AIC)
      FEDECOP - CONFECOP - FEDESC - COOMEVA



    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
      b). the Enacting body: President of the Republic de Colombia
      c). date the Act or Code came into force: 03 / 1971


    25. How can IFAC obtain a copy of the Act or Code?
      This is available in Spanish and non official versions available in English by Internet


    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):
      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 Colombia has multiple legally established sources of accounting standards and rules, and some of the accounting requirements conflict with each other. The legal requirements on accounting can be found in (a) Code of Commerce; (b) Law 43 of 1990, which provides a general legal framework authorizing the government to issue detailed Colombian accounting and auditing standards, and (c) Decree 2649, which prolulgates Colombian generally accepted accounting principles (Colombian GAAP). In addition, the Superentencies and other government entities issue accounting rules. The main ones are Superintendency of Corporations, Superintendency of Securities, and Banking Superintendency (includes insurance companies).
      Private companies See above
      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 There are no legaly binding auditing standards in Colombia.
      Private companies See above
      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: 2 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

      In addition to the requirements for commercial entities, we are required to report to the Superintendent of Securities for listed companies. the major items are financial statements, disclosures, operations, statutory audit certification, corporate governance, etc.

    2. the Enacting body(ies)

      In addition to the Congress, the Superintendent of Securities,

    3. the latest amendment date?



    35. How can IFAC obtain a copy of the Legal authority?
      www.superintendenciadevalores.com


    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: 2 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:



    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 Congress can delegate this authority to the executive branch and other institutions through an act of law. Law 43 of 1990 created the Technical Council for Public Accounting under the Central Board of Accountancy to issue technical guidance on accounting
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Laws and Superintendence's regulations are open to the public. They could be obtained in public websites from government entities. Private requirements, in some cases, such as open bids, are also available to the public. IFAC could obtain copies through the Instituto Nacional de Contadores Publicos (INCP). The INCP has a regular electronic publication that includes links to public source information.

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (Congress can delegate this authority to the executive branch and other institutions through an act of law. Law 43 of 1990 created the Technical Council for Public Accounting under the Central Board of Accountancy to issue technical guidance on accounting)


    44. For Congress can delegate this authority to the executive branch and other institutions through an act of law. Law 43 of 1990 created the Technical Council for Public Accounting under the Central Board of Accountancy to issue technical guidance on accounting, 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



      b. Name of standards



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


    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: The population publicly elects Congress. Governments name superintendents. Superintendents name superintendence's employees, supposedly based on skills. Private entities name employees based on skills.


    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.)?
      Popularity and in some cases, skills. there are no requirements on professional skills related to the accounting profession


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Generally, the Government appoints members. Congress is elected.


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


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

      Not a dedicated budget

      Please enter the exchange rate used to calculate this number.

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

      n/a



    52. To what entity is the standard-setting body accountable?
      We cannot say that there is a standard-setting body. Accountability of congressmen is not enforced.


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

      Although laws are exposed, lobbying is required in order to modify any proposal. there is no formal process to receive comments. There is a proposal to adopt International Standards through a law project. This law project has been exposed to public comments, but the process does not guarantee that no changes will be made by the time the Congress approves the projected law, if so.

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

      Public can listen to Congress debates with permission.

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

      Congress approves laws by majority.

    4. other relevant due process activities

      nothing


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      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 12/90 The requirements on professional ethics can be found in a few articles of Law 43 of 1990, but do not include guidelines on independence principles.
      Professional Accountants in Business 12/90 The requirements on professional ethics can be found in a few articles of Law 43 of 1990, but do not include guidelines on independence principles.
      Professional Accountants in the Public Sector 12/90 The requirements on professional ethics can be found in a few articles of Law 43 of 1990, but do not include guidelines on independence principles.
      Other (please describe)

      a. How can IFAC obtain copies of these documents?



      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (The requirements on professional ethics can be found in a few articles of Law 43 of 1990, but do not include guidelines on independence principles.)


    56. For The requirements on professional ethics can be found in a few articles of Law 43 of 1990, but do not include guidelines on independence principles., 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

      CBA is under the Minister of Education and regulates the public practice of accounting and auditing

      b. Name of standards

      Law 43 of 1990 (as described above) there is a large gap between the requirements by the law and the prescriptions in the IFAC Code of Ethics for Professional Accountants. Due to the requirements that are included in the law, it is difficult to update them to reflect changes in the IFAC Code.
      The National Institute of Public Accountants (Accounting Association) has adopted the IFAC Code for its members, but compliance is voluntary.


    57. How many voting members does the standard-setting body have?
      See comments above


    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: See comments above


    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.)?
      See comments above


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      See comments above


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


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

      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?


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



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



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



    4. other relevant due process activities



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


    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.



    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
      Professional examinations
      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.

    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.

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

    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?

    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?


    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?


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



    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 Legilativo y Presidencia de la Republica 9/2003
      Ministry/department Minhacienda 6/96 IDEN
      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?



      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (Contadura General de la Nacin)


    83. For Contadura General de la Nacin, 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

      Publico o Estatal

      b. Name of standards

      Plan General de la Contabilidad del Sector Publico


    84. How many voting members does the standard-setting body have?
      3


    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.)?
      academic


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


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


    89. For how many years has the standard-setting body been in existence?
      11 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)

      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?


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

      Bulletins

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

      Private, webpage

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

      absolute majority

    4. other relevant due process activities

      discusion or debates through various sessions.


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


    Section 8B -- Standard-Setting (IDEN)


    83. For IDEN, 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



      b. Name of standards



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


    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.)?


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


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


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

      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?


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



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



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



    4. other relevant due process activities



    93. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      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
      Other (please describe) Private Sector in General Decreto 2649/93 Decreto 51 del 1/31/2003 1) Congress 2) President of the Country through different entities such as: Superintendencia de sociedades, Superintendencia bancaria, Superintendencia de valores
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Through our Institution

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (1) Congress 2) President of the Country through different entities such as: Superintendencia de sociedades, Superintendencia bancaria, Superintendencia de valores)


    95. For 1) Congress 2) President of the Country through different entities such as: Superintendencia de sociedades, Superintendencia bancaria, Superintendencia de valores, 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

      Technical organization of the Trade Industry and Tourism Ministery, technical organization of Finance Ministery, technical organization of Finance Ministery

      b. Name of standards

      Regulatory rules


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


    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.)?


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


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


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

      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?


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



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



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



    4. other relevant due process activities

      There is actually a project of a law aimed to establish International Accounting Standards
      In Colombia


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      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 valores-Security Exchange Commission-Sec


    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:
      SEC has for law mandatory, the responsibility for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements. Number law is 32 from 1979 and 35 from 1993 and number regulation law is 1941 from 1986.


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

      SEC can not make regulation but have inspection and vigilance faculties for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements over audit and special inspection named in Spanish "Revisoria Fiscal"

    2. accounting and auditing standard-setting

      SEC has accounting regulation faculties through the general accounting standard of regulation, the Regulatory Decreed 2649 of 1993 article 137. In terms of regulation in audit, it only has the capability of requesting information from auditors and fiscal inspectors but cannot make regulation in audit

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

      Has the capability of revision of financial statement and of examining the compliance of accounting and providing information.

      SEC can do that




    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 de Valores de Colombia



    Section 10B -- Stock Exchange
    Bolsa de Valores de Colombia Details


    110. For Bolsa de Valores de Colombia, 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 Bancaria


    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:
      Superintendencia Bancaria has for law mandatory , the reponsibility for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements. Number law is 795 from 2003 and number regulation law is 683 from 1993


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

      Superintendencia Bancaria can not make regulation but have inspection and vigilance faculties for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements over audit and special inspection named in Spanish "Revisoria Fiscal"

    2. accounting and auditing standard-setting

      Superintendencia Bancaria has accounting regulation faculties but can not make regulation in audit.

    3. review of financial statements prepared by listed entities

      Superintendencia Bancaria can do that

    4. enforcement of accounting, reporting and auditing requirements

      Superintendencia Bancaria can do that



    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 Bancaria


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Superintendencia Bancaria has for law mandatory, the responsibility for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements. Number law is 795 from 2003 and number regulation law is 683 from 1993.


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

      Superintendencia Bancaria can not make regulation but have inspection and vigilance faculties for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements over audit and special inspection named in Spanish "Revisoria Fiscal"

    2. accounting and auditing standard-setting

      Superintendencia Bancaria has accounting regulation faculties but can not make regulation in audit.

    3. review of financial statements prepared by listed entities

      Superintendencia Bancaria can do that

    4. enforcement of accounting, reporting and auditing requirements

      Superintendencia Bancaria can do that



    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.
      Superintendencia Bancaria


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Superintendencia Bancaria has for law mandatory, the responsibili9ty for monitoring and enforcing compliance with accounting, reporting or auditing lagal requirements. Number law is 795 from 2003 and number regulation law is 683 from 1993


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

      Superintendencia Bancaria can not make regulation but have inspection and vigilance faculties for monitoring and enforcing compliance with accounting, reporting or auditing legal requirements over audit and special inspection named in Spanish "Revisoria Fiscal"

    2. accounting and auditing standard-setting

      Superintendencia Bancaria has accounting regulation faculties but can not make regulation in audit.

    3. review of financial statements prepared by listed listed entities

      Superintendencia Bancaria can do that

    4. enforcement of accounting, reporting and auditing requirements

      Superintendencia Bancaria can do that



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      In addition SEC and "Superintendencia Bancaria" Colombia has six Superintendencias, that have same regulation faculties before writing.

      The commissions of regulation of the public domiciliary services, have the capabilities to emit standard frameworks of accounting.

      The national, departmental and municipal controller's offices have faculties of examination and vigilance over institutions of the public sector, and the general accountancy of the nation, it has the faculty to emit standards of accounting and reporting of information for the public sector.


    122. What is the source of Legal authority of each regulatory authority?


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



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities



    4. enforcement of accounting, reporting and auditing requirements




    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.
      Junta Central de Contadores


    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?
      11


    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.)?
      There are no criteria en terms of professional suitability


    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The professional entities, the members that represent the government are elected by the boss of each participating entity


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


    135. For how many years has the body been in existence?
      15 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)

      1.450.0

      Please enter the exchange rate used to calculate this number.

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

      Colombian peso (specify currency)



    137. To what entity is the body accountable?
      Ministry of Education/Ministerio de Educacion


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



     

     

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