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.

Instituto de Contadores Públicos Autorizados de la República Dominicana

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:

Setting auditing, accounting, ethics, public sector and education standards; and
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:

Dominican Republic

2. Name of member body:

Instituto de Contadores Públicos Autorizados de la República Dominicana

Or please specify name:

3. Individual responsible for preparation:

Rodolfo Valentino Martinez Lovera

4. Date member body became a member of IFAC:

Note: Please enter a numeric date (e.g., 12/2001, Month/Year)

01 / 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 (Interamerican Accounting Association)

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:		CODIGO DE COMERCIO DE LA REPUBLICA DOMINICANA ( CODE OF COMMERCE OF THE DOMINICAN REPUBLIC)
b). the Enacting body:		The Executive Branch (The President)
c). date the Act or Code came into force:		02 / 1983

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

You can visit this site to consult it: http://www.suprema.gov.do/codigos/welcome.htm Or if you want a hard copy ICPARD can assist in buying it.

26. Is the Act or Code available in English?

Yes

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			All the private companies with a paid capital of RD$ 50,000.00 or more as per Law 4548 must prepare annual statutory Audited financial statements following International Financial Reporting Standards
Private companies			All the private companies with a paid capital of RD$ 50,000.00 or more as per Law 4548 must prepare annual statutory financial statements following International Financial Reporting Standards
Governmental
Not-for-profit			All the private companies with a paid capital of RD$ 50,000.00 or more as per Law 4548 must prepare annual statutory financial statements following International Financial Reporting Standards
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			All the private companies with a paid capital of RD$ 50,000.00 or more as per Law 4548 must prepare annual statutory Audited financial statements following International Auditing Standards
Private companies			All the private companies with a paid capital of RD$ 50,000.00 or more as per Law 4548 must prepare annual statutory Audited financial statements following International Auditing Standards
Governmental
Not-for-profit			All the private companies with a paid capital of RD$ 50,000.00 or more as per Law 4548 must prepare annual statutory Audited financial statements following International Auditing Standards
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

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

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

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:

the major items of Legal authority for such requirements

The Legal authority is Superintendencia de Valores de la Republica Dominicana,(Superintendence of Securities of Dominican Republic)create by Ley de Mercado de Valores No. 19-2000 del 8 de mayo de 2000(Securities Market Law No.19-00 as of May 8, 2000)
REGLAMENTO DE APLICACION, Decreto No.201-02 (RULES OF APPLICATION, Decree No.201-02 as of March 19, 2202)
Specific articles or sections that pertain to auditing and financial reporting are:
Securities Market Law No.19-00: Art.15, Art.116 d.

RULES OF APPLICATION, Decree No.201-02: Art.14.A.1.g, Art.24,
the Enacting body(ies)

The Executive Branch
the latest amendment date?

June 30 2003 (Decree 645-03 that modified RULES OF APPLICATION, Decree No.201-02)

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

In these address: http://www.siv.gov.do/Ley.shtml
http://www.siv.gov.do/Docs/Decretos/dec201-02-ReglamentoMercadoValores.pdf and http://www.siv.gov.do/Docs/Decretos/dec645-03-ReglamentoAplicacionLeyLMV.pdf

36. Is the Legal authority available in English?

Yes

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

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

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

If YES, please indicate the term of appointment:

Year(s)

41. Are joint auditors required for audits of listed entities?

Yes

If YES, please describe the requirement:

42. Is rotation of the auditor or audit firm for audits of listed entities required?

Yes

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	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032	06/1984	IFAC (We adopted in September 14, 1999, the IFAC International Auditing Standards)
Other (please describe) All Other Entities	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)	06/1984	IFAC (We adopted in September 14, 1999, the IFAC International Auditing Standards)
Other (please describe)
Other (please describe)

In this Site: http://www.icpard.org/

Yes

Section 5B -- Standard-Setting (IFAC (We adopted in September 14, 1999, the IFAC International Auditing Standards))

44. For IFAC (We adopted in September 14, 1999, the IFAC International Auditing Standards), 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.

ICPARD is a self-regulating professional body established by the Law 633 and Decree 2032.
ICPARD has adopted International Financial Reporting Standards, International Standards on Auditing and IFAC Code of Ethics.
Standards adopted by ICPARD are obligatory for all professional accountants in Dominican Republic. Membership in ICPARD is obligatory for all professional accountants in Dominican Republic.

International Auditing Standards

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

N/A

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:		N/A

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.)?

N/A

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

N/A

49. What is the term of appointment for members?

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)

Please enter the exchange rate used to calculate this number.

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

0.00

52. To what entity is the standard-setting body accountable?

N/A

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

public exposure of standards

N/A
accessibility of meetings (i.e., public or private)

N/A
approval process for final standards (i.e., majority required to approve final standards)

N/A
other relevant due process activities

N/A

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	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)	11/2001	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)
Professional Accountants in Business	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)	11/2001	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)
Professional Accountants in the Public Sector	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)	11/2001	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD)
Other (please describe)

In the Web Site:http://www.icpard.org

Yes

Section 6B -- Standard-Setting (Instituto de Contadores P�blicos Autorizados de la Rep�blica Dominicana (ICPARD))

56. For Instituto de Contadores P�blicos Autorizados de la Rep�blica Dominicana (ICPARD), 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.

Code of Ethics based on IFAC Code of Ethics

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

N/A

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:		N/A

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.)?

N/A

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

N/A

61. What is the term of appointment for members?

Year(s)

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

60 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)

131,429

Please enter the exchange rate used to calculate this number.

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

35.00

64. To what entity is the standard-setting body accountable?

N/A

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

public exposure of standards

N/A
accessibility of meetings (i.e., public or private)

N/A
approval process for final standards (i.e., majority required to approve final standards)

N/A
other relevant due process activities

N/A

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

50 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:

The Dominican education system is divided in 3 fundamental levels. The Initial Level directed to the infancy population until six years of age, according to Law 66-97 Art.33, the last year is compulsory and it begins at 5 years of age. The Basic Level begins regularly at 6 years of age and and last 8 years, it serve a population form 6 to 13 years of age and it's offered free of charge. The Medium Level after the Basic Level includes a population between 14 and 17 years of age and last 4 years.The tertiary level study is voluntary, but we have and public university that is very good and charge a minimumum rate and it's available for everybody.

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

Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
To have a certification a person Must have at least 21 years of age with full exercise of his Civil Rights, to have a least a Bachelor Degree on accounting.

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 to have a least a Bachelor Degree on accounting.
	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.

A general description of the role of the relevant body(ies) including how it operates and its due process in establishing the education requirements.
Law 139-01 on Superior Education, establish that the Consejo Nacional de Educación Superior Ciencia y Tecnología (National Board of Superior Education Science and Technology)will make efforts to obtain the following objetives:
- Watch over the enforcement of active laws on Superior Education.
- Guarantee that the results of the System of Superior Education responds qualitative and quantitative to the needs of the nation's development.
- To favor a minimum of coincidence and homogeneity between the profile of similar careers of superior level offered in the country guarantying the right to diversification of the different institutions.
- To coordinate relation between the State and the Institutions of Superior Education.
- To propose and motivate the development of the Institutions of Superior Education.
- To favor the equality of opportunity in the access to Superior Education and the preservation of the freedom of practice of academics activities.
- To preserve the national character of the Institutions of Superior Education in the country.
- To favor the development of innovative and up-to-date programs in accordance with the requirements of the Dominican society, in the perspective of the advances that take place in the world.
How many voting members does the relevant body(ies) have
19. (Nineteen).
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:
For how many years has the body been in existence?

21 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?

In: http://www.seescyt.gov.do/interfaz/articulo.asp?did=24

72 b. Are these documents available in English?

Yes

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

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

	Continuing professional development
	Re-examination
	Other (please specify):

80. What entity grants the license?

The Executive Branch

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

N/A

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	N/A	N/A
Ministry/department
Statutory authority/agency
Profit entity owned by government
State governments
Local governments
Other (please describe)
Other (please describe)

There are no public sector accounting standards in our country

Yes

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	Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).		Institute of Certified Public Accountants of Dominican Republic
Other (please describe)
Other (please describe)
Other (please describe)
Other (please describe)

An:
http://www.icpard.org

Yes

Section 9B -- Standard-Setting (Institute of Certified Public Accountants of Dominican Republic)

95. For Institute of Certified Public Accountants of Dominican Republic, 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.

International Financial Reporting Standards(IFRS)

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

N/A the above standards are issued by IASB

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:		N/A

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.)?

N/A

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

N/A

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)

N/A

Please enter the exchange rate used to calculate this number.

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

N/A

103. To what entity is the standard-setting body accountable?

N/A

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

public exposure of standards

N/A
accessibility of meetings (i.e., public or private)

N/A
approval process for final standards (i.e., majority required to approve final standards)

N/A
other relevant due process activities

N/A

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:

The Legal authority is Superintendencia de Valores de la Republica Dominicana, (Superintendence of Securities of Dominican Republic) created by Ley de Mercado de Valores No. 19-2000 del 8 de mayo de 2000 (Securities Market Law No.19-00 as of May 8, 2000)
REGLAMENTO DE APLICACION, Decreto No.201-02 (RULES OF APPLICATION, Decree No.201-02 as of March 19, 2202)
Specific articles or sections that pertain to auditing and financial reporting are:
Securities Market Law No.19-00: Art.15, Art.116 d.

RULES OF APPLICATION, Decree No.201-02: Art.14.A.1.g, Art.24.
This entity is in the process of organizing the securities market in the Dominican Republic, by now Cap Cana is the only Dominican entity that had issued stocks.

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:

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
But the Department of Supervision and Control of the Superintendence of Securities of Dominican Republic, verify that only approved statutory auditing firms that belongs to ICPARD and use International Standards on Auditing can certificate financial statements of entities registered on the Superintendence of Securities. They also has the IFRS as the accounting principles that rules all entities in the Dominican Republic-

108. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
accounting and auditing standard-setting

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
review of financial statements prepared by listed entities, and monitoring of their compliance with the accounting and disclosure requirements

The Department of Supervision and Control of the Superintendence of Securities of Dominican Republic, verify that only approved statutory auditing firms that belongs to ICPARD and use International Standards on Auditing can certificate financial statements of entities registered on the Superintendence of Securities.

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
		The Stock Exchange of the Dominican Republic

Section 10B -- Stock Exchange
The Stock Exchange of the Dominican Republic Details

110. For The Stock Exchange of the Dominican Republic, is there a mechanism at the stock exchange(s) for monitoring and enforcing financial reporting, accounting and auditing of listed entities?

Yes

If YES, please describe the following:

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

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

N/A
How enforcement actions are administered.

N/A

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

If NO, proceed to the next section.

If YES, please describe :

What are the name and duties of the oversight body?
The number of members on the oversight body
Its powers
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
The sanctions the oversight body may impose in the event of non-compliance
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, creada bajo la Ley No. 1530 del 9 de octubre del 1947. Dicha Ley fue modificada y sustituida por la Ley General de Bancos No. 708, del 14 de abril del 1965. Bank Superintendence created under the Law No. 1530 of October 9 1947, modified and Substituted by the General Law of Banks No 708 of April 14, 1965. They concentrate more efforts on regulatory reporting than on general purpose external financial reporting.

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:

114. Briefly describe the role of the regulatory authority as it relates to the following:

regulation of the audit profession

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Acountants of Dominican Republic, based on Law 633 and Decree 2032).
accounting and auditing standard-setting

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
review of financial statements prepared by listed entities

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
enforcement of accounting, reporting and auditing requirements

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.

116. What is the source of Legal authority of the regulatory authority(ies)?

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

regulation of the audit profession

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
accounting and auditing standard-setting

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
review of financial statements prepared by listed entities

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
enforcement of accounting, reporting and auditing requirements

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.

119. What is the source of Legal authority of the regulatory authority(ies)?

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

regulation of the audit profession

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
accounting and auditing standard-setting

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
review of financial statements prepared by listed listed entities

The institution that rules the accounting, reporting or auditing requirements is the Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Accountants of Dominican Republic, based on Law 633 and Decree 2032).
enforcement of accounting, reporting and auditing requirements

Section 10G -- Other Regulatory Authority

121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.

N/A

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

N/A

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

regulation of the audit profession

N/A
accounting and auditing standard-setting

N/A
review of financial statements prepared by listed listed entities

N/A
enforcement of accounting, reporting and auditing requirements

N/A

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

If NO, proceed to next Section.

If YES, briefly describe the monitoring and enforcement mechanism.

Note:
ICPARD is planning to introduce a program of quality assurance review.

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?

Yes

If NO, proceed to the Certification of Chief Executive

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.

The Instituto de Contadores Públicos Autorizados de la República Dominicana (ICPARD) Ley 633 y Decreto 2032. (Institute of Certified Public Acountants of Dominican Republic, based on Law 633 and Decree 2032), through it's Disciplinary Court and the Committee of Qualification and Professional Ethic.

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?

5 (Five)

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.)?

Best person for the job.

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

Member body through the Election Assembly

134. What is the term of appointment for members?

2 Year(s)

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

20 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?

To the Institute of Certified Public Acountants of Dominican Republic.

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

12 Day(s)

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