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:

      GUATEMALA


    2. Name of member body:

      Or please specify name:



    3. Individual responsible for preparation:
      Lic. Jorge Obregon Reyna


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

      /



    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, AIC



    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 Guatemala
      b). the Enacting body: Congreso de la Republica de Guatemala (El Parlamento
      c). date the Act or Code came into force: / 1970


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


    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 Financial Statements must be accordance with the Generally Accepted Accounting Principles and in Guatemala those principles are represented by the International Accounting Standards that were adopted on January 1st, 2002
      Private companies Financial Statements must be accordance with the Generally Accepted Accounting Principles and in Guatemala those principles are represented by the International Accounting Standards that were adopted on January 1st, 2002
      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
      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

      We do not have this information.

    2. the Enacting body(ies)

      We do not have this information.

    3. the latest amendment date?

      We do not have this information.


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


    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:



    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 Normas de Auditoria 6/2000 The Colegio Profesional de las Ciencias Economicas through the Instituto Guatemalteco de Contadores Publicos y Auditores
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      IGCPA can send a copy in the mail.

      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (The Colegio Profesional de las Ciencias Economicas through the Instituto Guatemalteco de Contadores Publicos y Auditores)


    44. For The Colegio Profesional de las Ciencias Economicas through the Instituto Guatemalteco de Contadores Publicos y Auditores, 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 organization that regulates the profession in Guatemala

      b. Name of standards

      Normas de Auditoria Generalmente Aceptadas en Guatemala-Generally Accepted Auditing Standards in Guatemala
      Note: The standards are not ISAs based


    45. How many voting members does the standard-setting body have?
      The committee has 10 members


    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.)?
      In accordance with the bylaws, 7 members must work professionally in auditing and 3 in various other activities.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Board of Directors of the IGCPA, who develops the function of the Colegio de Economistas, Contadores Publicos, y Auditores y Administradores de Empresas.


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


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



    52. To what entity is the standard-setting body accountable?
      The standard-setting body is accountable to the Instituto Guatemalteco de Contadores Publicos y Auditores and the Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas


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

      They are presented in an annual conference and the members of the Committee are constantly being disclosed

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

      private and public meetings

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

      The exposure draft are disclosed to all active public accountants and auditors, they are given three months to comment. These comments are then discussed by the Committee at which time 1/3 of the committee must approve the auditing standard in order for it to be accepted.

    4. other relevant due process activities

      none


    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 Normas de Etica Profesional 06/1986 Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas through the Instituto Guatemalteco de Contadores Publicos.
      Professional Accountants in Business
      Professional Accountants in the Public Sector
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      The IGCPA can send a copy.

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas through the Instituto Guatemalteco de Contadores Publicos.)


    56. For Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas through the Instituto Guatemalteco de Contadores Publicos., 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

      Regulator of the Profession in Guatemala.

      b. Name of standards

      Normas de Etica Profesional para Graduados en CPA.

      Note: The Normas are not based on IFAC Code


    57. How many voting members does the standard-setting body have?
      It was a specific commission


    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.)?
      It was a commission created for this purpose.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Instituto Guatemalteco de Contadores Publicos y Auditores advises the Colegio Profesional. Those are elected by the members of the Colegio.


    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?
      The Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas.


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

      They are available and public.

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

      the commission was created only for that purpose

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

      It was approved in the General Assembly on June 27, 1986 by active members of the Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas.

    4. other relevant due process activities

      None


    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:
      Primary Education - 1st grade through 6th grade
      Secondary Education - 1st grade through 3rd grade
      University - 1st grade to 5th grade to become a CPA


    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.

      You must have graduated (6th grade of diversification) and must be registered in the Superintendencia de Administracion Tributaria-SAT


    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
      Have graduated from a university in Guatemala as an accountant.
      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.
      As an accountant the Ministry of Education of Guatemala and as an auditor each of the universities that have a CPA program.

    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.

      To be an accountant, it is the Ministry of Education of Guatemala based on a Program of Study, and for an auditor each of the universities that have a CPA program with a program of study that has been approved by the Consejos Superiores of each University.

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

      Depends on each of the universities, the minimum is 10.

    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?
      From IGCPA

    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?
      El Colegio de Economistas Contadores Publicos y Auditores y Administradores de Empresas. The active members.


    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): Comply with the established professional fees.


    80. What entity grants the license?
      The active members and it is given by the Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas.


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      None other



    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
      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?

      N/A

      b. Are the documents available in English?
      Yes   No



    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 Las Normas Internacionales de Contabilidad like the Principios de Contabilidad Generalmente Aceptados 7/2002 Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas through the Comite de Normas del Instituto Guatemalteco de Contadores Publicos y Auditores
      Other (please describe)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      They are the accounting standards that were published by IASC and currently IASB.

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas through the Comite de Normas del Instituto Guatemalteco de Contadores Publicos y Auditores)


    95. For Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas through the Comite de Normas del Instituto Guatemalteco de Contadores Publicos y Auditores, 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

      Regulator of the CPA profession in Guatemala

      b. Name of standards

      Principios de Contabilidad Generalmente Aceptados: Las Normas Internacionales de Contabilidad. (International Accounting Standards)


    96. How many voting members does the standard-setting body have?
      10


    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.)?
      The Board of Directors of the IGCPA, whom develop the function of the Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas.


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


    101. For how many years has the standard-setting body been in existence?
      11 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?
      The Instituto Guatemalteco de Contadores Publicos y Auditores and the Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas.


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

      The resolution of the Comite de Normas del Instituto Guatemalteco de Contadores Publicos y Auditores, which must be endorsed by the Colegio de Economistas, Contadores Publicos y Auditores and the resolution disclosed in the Diario de Centroamerica, which is the official newspaper of Guatemala.

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

      there are private and public meetings.

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

      They were approved in an Extraordinary General Assembly of the Active members of the Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas. Which took place on March 2, 2001 - based on Act No. 2-2000/2002

    4. other relevant due process activities

      The resolutions of the Comite de Normas de IGCPA for the actualization of the NIIF are pending


    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:
      Registro del Mercado de Valores y Mercancias


    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:
      none


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

      has no authority

    2. accounting and auditing standard-setting

      has no authority

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

      has no authority



    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 Vallores Nacional, S. A.
      Bolsa de Valores Global, S. A.
      Bolsa Agricola, S. A.



    Section 10B -- Stock Exchange
    Bolsa de Vallores Nacional, S. A. Details


    110. For Bolsa de Vallores Nacional, S. A., 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.

      It is required that the audit be conducted by external auditors.

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

      N/A

    3. How enforcement actions are administered.

      N/A


    Section 10B -- Stock Exchange
    Bolsa de Valores Global, S. A. Details


    110. For Bolsa de Valores Global, S. A., 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.

      It is required that the audit be conducted by external auditors.

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

      N/A

    3. How enforcement actions are administered.

      N/A


    Section 10B -- Stock Exchange
    Bolsa Agricola, S. A. Details


    110. For Bolsa Agricola, S. A., 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.

      It is required that the audit be conducted by external auditors.

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

      N/A

    3. 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   No

      If NO, proceed to the next section.

      If YES, please describe :

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

      The Superintendencia de Bancos and it has the responsibility of making sure that the manuals, accounting instructions, laws and regulations emitted by the Junta Monetaria are abided by.

    2. The number of members on the oversight body

      398 total people

    3. Its powers

      Inspect and keep vigil of all entities that the law submits under its control.

    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

      There is a regulation that concerns the hiring of external auditors, by banks and entities controlled by the Superintendencia de Bancos. In the regulation the minimum requirements that must be observed by external auditors are established. To this effect, banks can only hire auditors that are inscribed in the Superintendencia de Bancos.

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

      Cancelation from the registry

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

      Periodic reports to the Junta Monetaria


    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. Informacion financiera desagregada. Condensed financial statements.


    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:
      In accordance with the Ley de Bancos y Grupos Financieros, banks must register their accounting operations in order, due to the rules set forth by the Junta Monetaria. This was encouraged by the Superintendencia de Bancos based on the generally accepted principles of accounting and the International Accounting standards.


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

      There is a regulation for the hiring of external auditors by banks. The regulation establishes requirements that must be observed when hiring; and, among these are the fulfillment of the auditing standards. The external auditor must be registered with the Superintendencia de Bancos.

    2. accounting and auditing standard-setting

      The Superintendencia de Bancos by legal virtue is in charge of proposing the accounting standards that must be observed by banks. All this is put together in a handbook called "Manual de Instrucciones Contables para entidades sujetas a la vigilancia e inspeccion de la Superintendencia de Bancos" (Accounting Instructional Handbook for entities under the vigilence and inspection of the Superintendencia de Bancos. )

    3. review of financial statements prepared by listed entities

      none exist for the time being

    4. 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.
      The Market is rearranging itself on the part of the state. A project of law is being designed for these types of entities. Who is going to supervise has not been decided upon.


    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:
    1. regulation of the audit profession



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed entities



    4. 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.
      Superintendencia de Bancos. The applicability is the same as in banks.


    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
    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 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      Superintendencia de Bancos
      Superintendencia de Administracion Tributaria
      Inspeccion General de Cooperativas
      Contraloria General de Cuentas


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


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

      the audit profession is not regulated

    2. accounting and auditing standard-setting

      only the Inspeccion General de Cooperativas has a manual of accounting instructions.

    3. review of financial statements prepared by listed listed entities

      this is not done in Guatemala

    4. enforcement of accounting, reporting and auditing requirements

      Accounting is based on the generally accepted principles of accounting. We are currently transitioning to NIC o NIIF



    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)



     

     

    Disclaimer

    The information contained within the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaires, Part 2 SMO Self-Assessment Questionnaires, and Part 3 SMO Action Plans are based entirely on information provided to IFAC by the IFAC member or associate to which the information relates. Further, the information has been collected by IFAC for the exclusive use and benefit of IFAC and IFAC's members and associates, but is being made available through this website to the general public in the interest of transparency of the IFAC Member Body Compliance Program. While certain efforts are made to validate the information, IFAC undertakes no obligation to confirm or investigate the completeness or accuracy of any of the content of the questionnaire or action plan, now or at any time in the future. Persons accessing the questionnaire or action plan assume full responsibility for the use of the information set forth herein. IFAC does not make any express or implied warranties or representations whatsoever as to any information provided through the questionnaire or action plan, including, without limitation, that the information contained herein will be error-free. IFAC shall not be liable for any damages, including, without limitation, direct, indirect, incidental, special, punitive or consequential damages, that result in any way from your use or reliance on information provided in the questionnaire or action plan. If you need to rely on the information set forth herein for any purpose, you are urged to confirm the information set forth herein with other sources.

    * Indicates organizations that qualify to submit SMO Action Plans biennially

  •  
 

Important Note: Please read our website Terms of Use.

ALL RIGHTS ARE RESERVED. You may not reproduce, store or transmit in any form or by any means, electronic or otherwise, including photocopying, recording, or storage in any type of reference or information retrieval system, nor may you translate, modify or create derivative works or adaptations based on the text of any file, or any part thereof, without the prior written permission of the International Federation of Accountants (IFAC). Please direct permission requests to permissions@ifac.org. See also Permissions Information.