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.

    Junta de Decanos de Colegios de Contadores Publicos del Peru

     

    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:

      Perú


    2. Name of member body:

      Or please specify name:
      Junta de Decanos de Colegios de Contadores Públicos del Perú



    3. Individual responsible for preparation:
      Diana Parodi Saico


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

      01 / 1983



    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.):
      IAA
      Comité de Integración Latino, Europa, América-CILEA
      Comunidad Andina



    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: Ley General de Sociedades No. 26887
      b). the Enacting body: Peruvian State
      c). date the Act or Code came into force: 12 / 1997


    25. How can IFAC obtain a copy of the Act or Code?
      Through the 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): Companies of the State
      Private companies   Other (please specify): Companies of the Financial System
      Governmental   Other (please specify): Companies of the Insurance Systems
      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 See note under question 32
      Private companies
      Governmental
      Not-for-profit
      Other (please describe) Companies of the State
      Other (please describe) Companies of the Financial System


    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 See note under question 32
      Private companies
      Governmental
      Not-for-profit
      Other (please describe) Companies of the State
      Other (please describe) Companies of the State


    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: 1 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:
      Note to Questions 28 and 29

      For all the cases the applicable accounting standards are that of the International Accounting Standards. Each entity is subject to an annual presentation of financial statements, and additionally must comply because of the Accounting Profession, with the requirements of the regulating bodies of the state, like for example is the Comision Nacional Supervisora de Empresas y Valores-CONASEV, and the Superintendencia Nacional de Banca y Seguros, and the Contraloria General de la Republica.

      In the case of listed entities, financial statements and audit reports must also comply with the Reglamento de Presentacion de Estados Financieros of CONASEV. This regulation establishes in addition to that recommended by the International Accounting Standards and the presentation of complementary financial information, as well as the specific disclosures in the notes of the financial statements that are related to details of specific headings in the financial statements.

      Firms of the state require that their financial statements accommodate the Ley del Sistema Nacional de Control and the regulation set forth by the Contraloria de la Republica. Insurance Companies and entities belonging to the financial system, must adapt the presentation of their financial statements to that which has been disposed by the Superintendencia Nacional de Banca y Seguros , who do not have significant differences with the International Accounting standards.


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



    Section 4B -- Securities Market Regulations


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

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

      Ley del Mercado de Valores - Art. 29 to 30

    2. the Enacting body(ies)

      Estado Peruano

    3. the latest amendment date?

      In 2002.


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


    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:
      Audits should be administered by Sociedades de Auditoria that are inscribed in the registry of the Sociedades de Auditoria.


    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 Ley General de Sociedades CONASEV
      Other (please describe) Representative Organization of the Countable Profession Presidente de la Junta de Decanos de Colegios de Contadores Publicos del Peru 01/1998 Junta de Decanos de Colegios de Contadores Publicos del Peru
      Other (please describe) Governmental Organization Ley del Sistema Nacional de Control Contraloría General de la República
      Other (please describe) Companies of the financial and Insurance Systems Ley General del Sistema Financiero y del Sistema de Seguros y Organica de la Superintendencia de Banca y Superintendencia Nacional de Banca y Seguros

      a. How can IFAC obtain copies of these documents?



      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (CONASEV)


    44. For CONASEV, 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 Listed Entities

      b. Name of standards

      Resoluciones Directorales


    45. How many voting members does the standard-setting body have?
      1


    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.)?
      They are selected based on the requirements established by the current legislation of the country.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Appointed by the Executive Power


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


    50. For how many years has the standard-setting body been in existence?
      75 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?
      Before Stockbrokers, Public and Private Entities, and Citizenship


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

      Oficial Newspaper "El Peruano"

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

      Private Meetings

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

      The are afected internationally by every entity, without previous exposure

    4. other relevant due process activities

      we do not have the information


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


    Section 5B -- Standard-Setting (Junta de Decanos de Colegios de Contadores Publicos del Peru)


    44. For Junta de Decanos de Colegios de Contadores Publicos del Peru, 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

      Includes 25 colegios of public accountants at the national level

      b. Name of standards

      Normas Internacionales de Auditoría Gubernamental Generalmente aceptadas (NAGAs)


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


    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: Chosen through voting by the 25 deans


    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.)?
      The 25 deans present a ternary of members from externtal auditing firms, whom should be active members of the Colegios.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      They are selected through a mandatory vote by the 25 deans. The chosen members will integrate the Comite Permanente de Normas Internacionales de Auditoria. (Permanent Committee of Internacional Auditing Standards)


    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)



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


    53. 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)

      The Junta de Decanos de los Colegios de Contadores Publicos del Peru

    4. other relevant due process activities



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


    Section 5B -- Standard-Setting (Contraloría General de la República)


    44. For Contraloría General de la República, 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

      Supervisor of Public Entities

      b. Name of standards

      Normas de Auditoria Gubernamental Generalmente Aceptadas (NAGAs)


    45. How many voting members does the standard-setting body have?
      1-Contralor General de la Republica


    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.)?
      The are selected based on the requirements established by the current legislation of the country


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Designated by the Constituent Congress by way of a nomination by the Executive Power.


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


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

      s/. 9,736.370

      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?
      Before the Constituent Congress state and citizenship entity


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

      Emitted standards are published in the official newspaper "El Peruano"

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

      Private Meetings

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

      They are afected internationally by each organism, without previous exposure

    4. other relevant due process activities

      we do not have that information


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


    Section 5B -- Standard-Setting (Superintendencia Nacional de Banca y Seguros)


    44. For Superintendencia Nacional de Banca y Seguros, 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

      Supervisor of banking and security entities

      b. Name of standards

      directoral resolutions


    45. How many voting members does the standard-setting body have?
      1


    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.)?
      The are selected based on the requirements established by the current legislation of the country.


    48. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Designated by the Executive Power


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


    50. For how many years has the standard-setting body been in existence?
      75 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?
      Before the Executive Power


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

      Official Newspaper "El Peruano"

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

      Private Meetings

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

      The are afected internationally by each organism, without previous exposure.

    4. other relevant due process activities

      We do not have that information.


    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 Codigo de Etica Profesional 9/99 Junta de Decanos de Colegios de Contadores del Peru
      Professional Accountants in Business
      Professional Accountants in the Public Sector Codigo de Etica del Auditor Gubernamental 7/99 Contraloria General de la Republica
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      By placing a request with the Junta de Decanos de Colegios de Contadores Publicos del Peru and the Contraloria General de la Republica

      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (Junta de Decanos de Colegios de Contadores del Peru)


    56. For Junta de Decanos de Colegios de Contadores del Peru, 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

      b. Name of standards

      Codigo de Etica Profesional


    57. How many voting members does the standard-setting body have?
      The president of the Junta de Decanos and the 24 Deans of the Colegios de Contadores Publicos del Peru


    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.)?
      The 24 deans present a ternary of active members from the colegios that represent the area the most.


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The are selected through a mandatory vote by the 24 deans, those elected are part of the ethics committee.


    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 Junta de Decanos de Colegios de Contadores Publicos del Peru


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

      Codigo de Etica para profesionales Contadores Publicos

    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 6B -- Standard-Setting (Contraloria General de la Republica)


    56. For Contraloria General de la Republica, 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

      Decentralized Body of Public Law

      b. Name of standards

      Codigo de Etica del Auditor Gubernamental


    57. How many voting members does the standard-setting body have?
      1 - The General Comptroller of the Republic


    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.)?
      They are employed by the body


    60. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      They are employed by the body


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


    62. For how many years has the standard-setting body been in existence?
      75 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)

      S/.9,736.370

      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?
      To the Constituent Congress, entity of the state and of citizens


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

      The are published in the official newspaper "El Peruano"

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

      Private meetings

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

      Approved internally by the body

    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:
      Initial: develop physical scheme, and
      temporal & spacial orientation, and the beginning independence from the home (2-5 years of age)
      Primary: basic tools so that they can learn, read, numbers, add, subtract as well as continuing the development of independence.(1st through 6th grade)
      Secondary: Not only provide specialized knowledge in each discipline but gain the abilities for investigation, questioning, observation, analysis, synthesis, so that they can continue learning (1st to 5th year of high school)
      University: Accounting


    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.

      The Ley de Profesionalizacion No. 13253 in Art. 5 indicates that the Collegiation of Public Accountants is mandatory, in order to work as an accountant. It is this was that the Reglamento Interno del Colegio de Contadores Publicos establishes requirements for membership as ordinary members.


    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)
      Constant participation in a seminar on Behavior in Professional Practice


    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) The Universities


    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.
      The Board of each University

    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.

      The Concurso de Admision is an annual and only process by which student’s vocation, aptitude and knowledge is evaluated.
      The vacancies for admission to the university are determined by the Consejo de Facultad and approved by the Consejo Universitario and should be covered by the strict order of merit. These vacancies are determined through the following criteria:
      Professional needs of the country, employment demand, teaching resources, available infrastructure, number of graduates, and percentage that go on to other careers.
      The Permanent Commission for Curriculum Evaluation and Academic Coordination (La Comision Permanente de Evaluacion Curricular y Coordinacion Academica) is in charge of advising and proposing to the Consejo de Facultad periodic readjustments to the academic curriculum in accordance with the reality of the profession, for which the curriculum is continuously evaluated. The Consejo de Facultad is in charge of coordinating and approving the curriculum - Formacion Profesional y Academica

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

      21

    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) It is established in the regulations and other normative documents of the universities

    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:
      Accountants are educated in universities within the country and once having graduated go on to work in their respective degree. Later they may join a professional association in order to be allowed to work in a public or firm environment.
      Those accountants whom exercise Independent Auditing are recognized by the Colegios de Contadores after they conclude a specialized course in Financial Auditing for a period of 300 hours. Those accountants that enter recognized Auditing firms and have worked for more than five years are recognized as Auditors for their experience.


    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?
      The Colegios de Contadores Publicos


    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): Every 2 years must provide documentation of continuing education


    80. What entity grants the license?
      The Colegio de Contadores Publicos


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      For audit associations that provide services for listed entities as well as to firms of the Financial and Securities System, should be registered in the Registro Unica de Sociedades de Auditoria (RUNSA), after being qualified by the Comision Nacional Clasificadora de Sociedades de Auditoria, the same one that is presided by the Contralor General de la Republica (General Comptroller of the Republic).
      The requirements to register with RUNSA are the following:

      Of the Society

      a) Certified copy of the updated registration card
      b) Evidence of current qualification sent by an accounting school in the country
      c) Organic structure, description of the environment and of the principal teams used in the practice of audits.
      d) Number of permanent technical staff, without including associates of the firm, enclosing a Curriculum Vita
      e) A copy of the document that affirms international representation, indicating antiquity, country of origin, reference and precedents of the represented firm.
      f)Relation of your principal clients indicating work done in the areas of operative finance, of systems, and other additional services, as well companies or audited entities in that it has specialized.
      g) Copy of the chart of wages or current employment contract of personnel, depending on the case, of the work license and the last auto valuation or current rent contract.
      h) Others that may be requested by the Comision Nacional

      Of the Associates
      i) Evidence of current qualification, sent by an accounting school in the country
      j) Curriculum Vitae that demonstrate professional competency and experience in auditing work as well as any training received.
      k) Affidavit of the exclusive dedication to the activities of the Audit Society of at least one associate, indicating number of associates who work in the same manner.
      l) Affidavit of any police, penal, or judicial antecedent, as well as any indications that it has declared bankruptcy or has begun or relinquished any proceedings of such a nature to the date at which this request was made.
      m) Others that may be requested by the Comision Nacional.



    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 Plan Contable Gubernamental/Compendio de Normatividad Contable Consejo Normativo de Contabilidad
      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?

      http://www.respondanet.com
      Admin.Financiera-Peru


      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (Consejo Normativo de Contabilidad)


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

      State

      b. Name of standards

      Plan Contable Gubernamental. Compendio de Normatividad Contable


    84. How many voting members does the standard-setting body have?
      013


    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: It is made up of institutional representatives from the country, including: the Contaduria Publica de la Nacion, the CONASEV, Superintendencia de Banca y Seguros, Junta de Decanos de Colegios de Contadores Publicos del Peru, Colegio de Contadores Publicos de Lima, Universities, BCRP, Instituto Nacional de Estadistica e Informatica, Ministerio de Economia y Finanzas, entre otros.


    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.)?
      There are certain requirements: be a collegiate accountant, have 15 or more years of professional experience and have been designated by the number or corresponding distribution


    87. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      Each institution is in charge of appointing, based on the requirements mentioned above.


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


    89. For how many years has the standard-setting body been in existence?
      17 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?
      Contaduria Publica de la Nacion


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

      On the website of the Contraloria Publico del Peru

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

      The Consejo Normativo de Contabilidad-private meetings to approve the Accounting standards set by IFAC-IASB

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

      The Accounting Standards of IFAC-IASB are approved by the Colegio Normativo de Contabilidad

    4. other relevant due process activities

      The updated Accounting Standards have been translated from English into Spanish in the Republic of Spain


    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 Contaduria Publica de la Nacion (Ministerio de Economia y Finanzas) 6/03 Contaduria Publica de la Nacion ( Ministerio de Economia y Finanzas)
      Other (please describe) not a listed entity Contaduria Publica de la Nacion 6/03 Contaduria Publica de la Nacion ( Ministerio de Economia y Finanzas)
      Other (please describe)
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      Junta de Decanos de Colegios de Contadores Publicos del Peru

      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (Contaduria Publica de la Nacion ( Ministerio de Economia y Finanzas))


    95. For Contaduria Publica de la Nacion ( Ministerio de Economia y Finanzas), please indicate the nature of the body (i.e., whether it is part of a government ministry or department, an agency appointed by government, a private organization established by the profession, or other [please describe]) and the name of the standards.
      a. Nature of body

      State

      b. Name of standards

      Normas Internacionales de Contabilidad


    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: Represents varios sectors


    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.)?
      The academics of varios institutional firms, university professors, and members of the union with professional experience


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


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


    101. For how many years has the standard-setting body been in existence?
      14 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?
      Ministerio de Economia y Finanzas


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

      They are made official by the Contaduria Publica de la Nacion and are presented through the official newspaper "El Peruano"

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

      Yes, easy access to meetings in the Consejo Normativo de Contabilidad.

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

      Normally they are now consider the International Accounting Standards as valid; but the approval process is by majority.

    4. other relevant due process activities

      The Junta de Decanos de Colegios de Contadores Publicos del Peru reviews the International Accounting Standards set by the IASB and adapts them and requests that the Contaduria Publica de la Nacion official.


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



    Section 10 -- Monitoring (Quality Assurance) and Enforcement


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

    Section 10A -- Securities Market Regulatory Authority


    106. Name the authority that regulates the securities market:
      Comision Nacional Supervisora de Empresas y Valores (CONASEV)


    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:
      Sets resolutions that must be abided by.


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

      Dictates standards on the responsibilities of the independent auditor

    2. accounting and auditing standard-setting

      Basically, establishes standards relative to auditing for example: quality of work, length of time documents must be held for, incompatibility of functions, etc.

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

      Has the authority to review work documents of the independent auditor in order to verify that they are complying with auditing standards.



    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 Lima



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


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

      If YES, please describe the following:

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



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



    3. How enforcement actions are administered.




    Section 10C -- Regulatory Oversight of the Accounting Profession


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

      If NO, proceed to the next section.

      If YES, please describe :

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



    2. The number of members on the oversight body



    3. Its powers



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



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



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



    Section 10D -- Banks Regulatory Authority


    112. Name the authority that regulates the banks and similar financial institutions. Discuss how this authority differentiates between accounting requirements for regulatory reporting and general purpose external financial reporting:
      Superintendencia de Banca, Seguros y AFP (SBS)


    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:
      The SBS has published a Regulation to define the aspects of the hiring, scope, and reports of auditors on various topics that are of interest to the SBS.


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

      They are based on the regulations of the Colegios Profesionales.

    2. accounting and auditing standard-setting

      It establishes accounting standards that are different to the NIIFs for Banks, Securities and AFPs. The auditing standards are similar to the NIAs but more general, and basically concern hiring, scope, and reports.

    3. review of financial statements prepared by listed entities

      The Financial Statements are reviewed by the SBS independently to see if they can be listed or not in the Bolsa de Valores.

    4. enforcement of accounting, reporting and auditing requirements

      The NIAs on accounting, auditing and reports are mandatory for all entities that are under the control of the SBS.



    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.
      Sunat, Conasev, Contraloria, Contaduria Publica de la Nacion, Fonafe (Fondo Nacional Fom)


    116. What is the source of Legal authority of the regulatory authority(ies)?
      Ley del Congreso de la Republica


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

      The Colegios de Contadores y la CONASEV, based on the NIAs

    2. accounting and auditing standard-setting

      Accounting Standards: El Consejo Normativo de Contabilidad Auditing Standards: Los Colegios de Contadores and the CONASEV

    3. review of financial statements prepared by listed entities

      the CONASEV

    4. enforcement of accounting, reporting and auditing requirements

      Applicable to all firms in Peru



    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 Banca, Seguros y AFP


    119. What is the source of Legal authority of the regulatory authority(ies)?
      Ley del Congreso de la Republica


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

      Colegios de Contadores Publicos and the CONASEV, based on the NIAs

    2. accounting and auditing standard-setting

      The Superintendencia de Banca, Seguros y AFP

    3. review of financial statements prepared by listed listed entities

      The Superintendencia de Banca, Seguros y AFP

    4. enforcement of accounting, reporting and auditing requirements

      All security firms



    Section 10G -- Other Regulatory Authority


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


    122. What is the source of Legal authority of each regulatory authority?
      Ley del Congreso de la Republica


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

      The Colegios de Contadores Publicas and the CONASEV based on the NIAs

    2. accounting and auditing standard-setting

      Accounting Standards: The Consejo Normativo de Contabilidad
      Auditing Standards: The Colegios de Contadores Publicos and the CONASEV


    3. review of financial statements prepared by listed listed entities

      the CONASEV

    4. enforcement of accounting, reporting and auditing requirements

      Applicable to all firms in Peru



    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.
      Comite de Etica y Tribunal de Honor de los Colegios de Contadores Publicos


    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?
      Comite de Etica: 5 Tribunal de Honor: 7


    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.)?
      Comite de Etica: at the discretion of the Consejo Directivo
      Tribunal de Honor: Ex-Deans or Ex-Vice-Deans



    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      The Consejo Directivo del Colegio de Contadores Publicos del Peru


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


    135. For how many years has the body been in existence?
      60 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?
      The Consejo Directivo del Colegio de Contadores Publicos


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



     

     

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