Compliance Responses and Action Plans

  • Compliance Responses and Action Plans

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

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

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

    Colegio de Contadores de Chile

     

    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:

      Chile


    2. Name of member body:
      Colegio de Contadores de Chile

      Or please specify name:



    3. Individual responsible for preparation:
      Luis A. Werner-Wildner


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

      10 / 1997



    Questions 5 - 22 are for internal use only


    Section 3G -- Affiliations


    23. Please list those regional organizations to which your organization belongs (e.g., FEE, CAPA, ECSAFA, IAA, etc.):
      ASOCIACION INTERAMERICANA DE CONTABILIDAD (AIC)



    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 de Sociedades Anónimas Law 18,046
      b). the Enacting body: Superintendency of Corporations and Insurance Companies
      c). date the Act or Code came into force: 10 / 1981


    25. How can IFAC obtain a copy of the Act or Code?
      www.svs.cl ( See english version, financial statements, Securities Exchange) Note to Q. 28: Under Chilean Company Law,(1) corporations may be “open” or “closed” (i.e. Sociedades Anónimas Abiertas or Sociedades Anónimas Cerradas), which leads to different financial reporting and auditing obligations. To be considered a Sociedad Anónima Abierta, a corporation must have 500 or more shareholders and at least 10% of its subscribed capital must belong to a minimum of 100 shareholders. Open corporations are statutorily regulated by the Superintendency of Corporations and Insurance Companies (Superintendencia de Valores y Seguros or SVS). Closed corporations may voluntarily register with (and be regulated by) the SVS; over 200 of these closed corporations have opted to do so and are presently on SVS’ Securities Registry (Registro de Valores).(2) (1) Ley de Sociedades Anónimas – Law 18,046 of 1981, modified in 2001 and 2002. The law has been supplemented by Company Regulations (Reglamento de Sociedades Anónimas or RSA) issued by the Government in 1982 (Decreto Supremo 587). (2) Within this report, “registered companies” is used to refer to (i) open companies and (ii) closed companies that have elected to be subject to SVS regulation (i.e., companies that are on the SVS’ Securities Registry). The Company Law requires that all corporations prepare annual financial accounts in accordance with Chilean generally accepted accounting principles (GAAP) and that registered corporations be audited each year by an independent auditor. Non-registered corporations (i.e. closed companies that have not voluntarily submitted to the regulation of SVS) are not required to be audited but rather to have their accounts verified by a company-appointed “inspector of accounts”. “Inspectors of accounts” are required to submit “a written report regarding their inspection of the accounting, inventory, and financial statements” at the annual shareholders’ meeting. These inspectors are only required to be “individuals of adult age who have not been found guilty of a criminal offence” and their examination cannot be considered to be the equivalent of an audit. Article 56 of the Company Regulations (Reglamento de Sociedades Anónimas or RSA) requires that auditors apply generally accepted auditing standards (GAAS) and, specifically for open corporations, and follow any instruction issued by the SVS on auditing mattes. The annual financial statements of all registered companies must be audited and filed with the SVS within 60 days after the calendar year-end;(3) the SVS then makes these financial statements public on its website.. Audited financial statements must be submitted in a standard format, the Uniform Codified Statistical Form (Ficha Estadística Codificada Uniforme or FECU). Non-audited, half-year and quarterly financial statements must also be filed with the SVS within respectively 45 and 30 days after the corresponding period-end. The time limits for filing annual, half-year and quarterly statements used to be respectively of 90, 60 and 45 days until 2003 and were shortened very recently. This change is positive insofar as it addresses the needs of the financial statement users for timely access to information. Nevertheless, it adds pressure on companies and auditors to expedite the financial reporting and auditing processes and increases the risk of errors in the financial statements. Companies must also inform the SVS of the fees paid to audit firms no later than February 28 of each year. Open corporations are required to publish their audited balance sheet and income statement in a high circulation newspaper between 10 and 20 days before the shareholders’ annual general meeting at which the financial statements are expected to be presented for approval. The SVS also publishes on its website(4) the complete financial statements of all of the companies it supervises (under the FECU format). (3) SVS General Rule (Norma de Carácter General) no. 160 of February 2004, amending General Rule no. 30 of 1989. Banks, pension funds, insurance companies and other financial institutions are subject to separate financial reporting regulation. Banks and other financial institutions are regulated by the Superintendency of Banks and Financial Institutions (SBIF) and must follow the accounting rules issued by the SBIF. These include submitting to the SBIF monthly, quarterly, and annual year-end financial reports using the specific SBIF format. Similarly, pension funds and pension fund administrators are regulated by the Superintendency of Fund Administrators (SAFP) and must submit to the SAFP daily, quarterly, and annual year-end financial reporting under a specific format. In the case of insurance companies, in addition to regular reporting requirements, the SVS(4) requires the external auditors to issue an opinion with respect to the quality of internal controls. Pension funds and pension fund administrators have similar obligations vis-à-vis the SAFP. (4) Access at http://www.svs.cl/sitio/html/novedades/f_info_sa.html.


    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 audited and published according to Chilean GAAP and Superintendency´s Standards (SVS: Superintendency of Corporations and Insurance Companies; SBIF: Superintendency of Banks and Financial Institutions; SAFP: Superintendency of Pension Fund Administrators) See also note under q. 25
      Private companies Financial Statements audited and published according to Chilean GAAP and Superintendency´s Standards (SVS: Superintendency of Corporations and Insurance Companies; SBIF: Superintendency of Banks and Financial Institutions; SAFP: Superintendency of Pension Fund Administrators) see also note under q. 25
      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 Independent Auditor Report according Chilean’s Standards and Superintendency Standards respective.
      Private companies Independent Auditor Report according Chilean’s Standards and Superintendency Standards respective.
      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: 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:


    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

      Circular N°1,501 (October 15,2000)

    2. the Enacting body(ies)

      Superintendency of Securities and Insurance (SVS)

    3. the latest amendment date?

      Circular 1,699 (12/2003)


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


    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:
      FECU: Uniform Codified Statistical Form (Including: Identification, Financial Statements, Ratio Reasoned Analisys, Relevant Facts, Responsibility Declaration)


    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:
      In addition to regular reporting requirement, the SVS requires the external auditors to issue an opinion with respect to the quality of internal controls.


    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: 1 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 SVS 09/2004 CCCH
      Other (please describe) SBIF 09/2004 CCCH
      Other (please describe) SAFP 09/2004 CCCH
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.contach.cl
      www.sbif.cl
      www.svs.cl
      www.safp.cl


      b. Are the documents available in English?
      Yes   No


    Section 5B -- Standard-Setting (CCCH)


    44. For CCCH, 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

      Law 13,011 of 1958 designates the CCCH as the body responsible for the determination of Chilean GAAP. Subsequent laws have seen this authority superseded in the case of corporations subject to regulation by the SVS, SBIF, or SAFP. There is no single body of work available documenting the differences between the accounting norms issued by the CCCH and those issued by the various regulatory authorities and as such. In recent years there has been more of a concerted effort on the part of each of the standard-setters to coordinate the development and issuance of new pronouncements, but this has been more of an ad-hoc than a systematic process. Prior to 1997, Chilean GAAP and GAAS tended to be based upon U.S. standards. Since 1997, Chilean standard setting authorities have been converging their national standards with international accounting and auditing standards, while at that same time retaining some local rules or interpretations of said standards in those instances needing specific reference to the Chilean context.

      The Chilean Institute of Accountants (Colegio de Contadores de Chile or CCCH), a voluntary organization, is legally recognized as the body responsible for the development and issuance of generally accepted accounting principles (GAAP) and auditing standards (GAAS). Even so, as previously indicated (Q28), the SVS, SBIF, and SFP have accounting standard-setting powers (1) and some regulatory authority over the accounting profession. The CCCH is a member of both the International Federation of Accountants (IFAC) and the Inter-American Accounting Association (Asociación Interamericana de Contabilidad or AIC). Its membership represents 38,000 accountants, an estimated one-third being active members. Nevertheless, affiliation to the CCCH is not required for a person to perform accounting activities in Chile.

      (1) These standard-setting powers extend beyond the form of the financial reporting and include accounting principles. In the case of the SVS, there are 25 of these accounting principles, most of which provide details on how CCCH accounting principles (Technical Bulletins) should be applied. Nonetheless, SVS accounting principles are more than mere precisions on the CCCH Technical Bulletins, and take precedence over these as indicated in note 2 of the FECUs (section on accounting policies).


      b. Name of standards

      Chilean Generally Accepted Auditing Standards (GAAS)


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


    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.)?
      Best person for the job in private and public member, academic, and geographical representations.


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


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


    50. For how many years has the standard-setting body been in existence?
      47 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)

      1,607,700

      Please enter the exchange rate used to calculate this number.

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

      559.83



    52. To what entity is the standard-setting body accountable?
      The Chilean Institute of Accountants (Colegio de Contadores de Chile or CCCH), a voluntary organization, is legally recognized as the body responsible for the development and issuance of generally accepted accounting principles (GAAP) and auditing standards (GAAS). Even so, as previously indicated (Q28), the SVS, SBIF, and SAFP have accounting standard-setting powers and some regulatory authority over the accounting profession. The CCCH is a member of both the International Federation of Accountants (IFAC) and the Inter-American Accounting Association (Asociación Interamericana de Contabilidad or AIC).


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

      The printed version is distributed to all members and entities involved in the professional standars ( auditing firms , University, Professional Institutes)

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

      Private meeting

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

      Majority required to approve final standards

    4. other relevant due process activities

      N/A


    54. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      12 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 Law 13,011 08/2000 CCCH
      Professional Accountants in Business Law 13,011 08/2000 CCCH
      Professional Accountants in the Public Sector Law 13,011 08/2000 CCCH
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.contach.cl
      contach@netexpress.cl


      b. Are the documents available in English?
      Yes   No


    Section 6B -- Standard-Setting (CCCH)


    56. For CCCH, 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

      See answer to Question 44

      b. Name of standards

      Ethics Standards
      Chilean ethical rules refer to the observance of IFAC Code of Ethics


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


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


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


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


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


    62. For how many years has the standard-setting body been in existence?
      47 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 Chilean Institute of Accountants (Colegio de Contadores de Chile or CCCH), a voluntary organization, is legally recognized as the body responsible for the development and issuance of generally accepted accounting principles (GAAP) and auditing standards (GAAS) and Ethics Statements. The CCCH is a member of both the International Federation of Accountants (IFAC) and the Inter-American Accounting Association (Asociación Interamericana de Contabilidad or AIC).


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

      Distribution of the Ethic Standards to CCCH member´s

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

      Private

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

      Majority required to approve final standards

    4. other relevant due process activities

      N/A


    66. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      3 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:
      a) Preschool Education: ( 3 – 5 years old)
      b) Primary Education: ( 6 – 13 years old)
      c) Secondary Education: ( 14 – 17 year old)
      d) Higher Education; (18 – 23 year old)


    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 SVS, the SBIF, and the SAFP all keep a register of public accountants authorized to perform statutory audits in their respective areas of supervision. The requirements set by the SVS for the registration of auditors, whether firms or individuals, are in substance (i) a university degree in accounting and auditing or in business administration, and, (ii) depending on the type of accounting degree, a three- or five-year experience in the field of audit;(1) SVS does not take any proactive measures to review the qualifications of those in its register other than request that an annual information form be submitted. The SVS does have the authority to suspend or remove firms or individuals from the register. There are currently several hundred accountants in the SVS register and, therefore, able to sign audited financial statements; however, as of June 30, 2003, only 46 of the auditors licensed by the SVS actually conducted financial statement audits among registered companies.(2)

      (1) The SVS recognizes three different categories of professionals who may sign audit reports for companies under its jurisdiction. Two of these, ingenieros comerciales and contador-auditores, are graduates of university programs and the third, contadores (accountants) are graduates of technical programs. Ingenieros comerciales and contador-auditores require three years of work experience to be able to sign audit reports, while contadores require five years. For audit firms, those conditions apply to the directors and main partners; there are additional specific requirements with respect to the ownership of the firms; see also paragraph 6.

      (2) Source: SVS. The SVS is considering proposing amendment to its Regulations on External Auditors regarding registration of statutory auditors, by removing from the statutory auditor register those individuals or firms have not performed audits in the last two years.

      The SBIF has more stringent requirements for registration, including the fact that only firms are qualified and the requirement for previous experience in auditing banks and financial institutions. As a result, only nine firms are currently authorized by the SBIF to audit banks and financial institutions in Chile. The six pension funds are audited by three international firms, two belongs to the “Big-4”. Neither the SVS, SBIF, nor SAFP have a requirement for the rotation of auditors.(3) Shareholders are required to designate the external auditors each year at the annual shareholders’ meeting; in practice, they validate the choice proposed by the board of directors. Changes of auditors are relatively infrequent.

      (3) Very few countries currently mandate statutory auditor (firm or appointed individual) rotation, and there is currently no international consensus on the appropriateness of this measure. Italy has been requiring it for many years. Brazil introduced it very recently in both the banking sector and the stock market. Banking regulators in other jurisdictions have also introduced it. Periodic rotation of the professionals within a firm supervising the audit (i.e. engagement partner and possibly engagement manager) is a much more widespread requirement (it has been applied in the United States for many years and has been adopted by most EU counties).

      According to Company Regulations, auditors are not permitted to have more than 15% of their revenues come from any one client, directly or otherwise and they are required to be independent of the companies they audit. Independence is defined as “not possessing, directly or indirectly, more than 3% of a company’s subscribed capital”.(4) This is not in line with international best practices on independence requirements, which generally prohibit external auditors, whether individuals of firms, from owning any shares in a client company whatsoever.(5) In practice, international audit firms require and apply international independence requirements more stringent than Chilean requirements. The independence requirements of an “inspector of accounts” are not nearly as rigorous as those of external auditors; while they must not be directors, debtors, or employees of the inspected company, they can in theory have unlimited ownership of the company. Finally, there is no limit on the number of clients any one audit firm or individual auditor may audit.

      (4) In the banking sector, the SBIF has lowered this threshold to 1%.

      (5) In the case of audit firms, such prohibition would apply to all employees, irrespective of the fact that they work directly with the client company or not.

      Since the passing of the capital market law of 2001, open corporations exceeding a certain size are required to have directors’ committees (comité de directores) exercising oversight on various issues including financial reporting.(6) The main functions of the directors’ committee are to: (i) examine the reports from the inspectors of accounts and external auditors and opine on these to the shareholders so that they may approve those reports; (ii) propose the appointment of external auditors and credit rating agencies to the shareholders, through the Board of directors; (iii) review related party transactions and report thereon to the Chairman of the Board (with communication to the shareholders); (iv) review compensation systems and proposals for high-ranking executives; and (v) perform any function they are entrusted with in the company By-laws. The main purpose of creating the directors committees was to protect minority interests, by providing an ex-ante scrutiny on related-party transactions; for that reason, they are widely acknowledged to represent a significant accomplishment in terms of improving corporate governance. Notwithstanding, a vast majority of these committees are not currently exercising active oversight of their company’s internal control environment, audit process and financial reporting, mainly due to a lack of resources to cover those issues in adequate of depth; as such, they cannot be viewed as equivalent to audit committees. Also, as in a majority of developed countries, active oversight of the financial reporting process was not traditionally a function of directors, and it will require a corporate culture change that can be accomplished with time and awareness. In the financial sector, banks have recently begun to introduce audit committees, on a voluntary basis.

      (6) Company Law, as amended as a result of Capital Market Law of 2001 (Article 50 bis). This obligation applies to listed companies with market capitalization in excess of 1.5 million unidades de fomento (U.F.), i.e. US$ 40 million approximately (one U.F. was equivalent to 16,920 Chilean Pesos or US$ 27 in December 2003).


    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)
      NOTE:
      There is neither a professional examination nor a practical experience requirement for registering as a professional accountant in Chile. The CCCH is considering developing a program for the certification of accountants that would be recognized within all NAFTA member countries. This project is supported by the Multilateral Investment Fund, a trust fund managed by the Inter-American Development Bank (IDB). CCCH intends to follow the example of the Mexican Institute of Public Accountants, which introduced such certification requirements in 2001


    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) See note under q. 71


    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.
      Note:
      No minimum requirement governs the content of academic curricula leading to the accounting profession. Each of the nation’s 44 universities that award accounting degrees is responsible for its own curriculum. There is little coordination both between universities and/or with the CCCH. There is a voluntary process of university certification underway, which has been validated by the CCCH; but at this stage few university programs have agreed to be certified. The largest audit firms tend to recruit from the main universities (e.g. the University of Santiago, Universidad Católica and Universidad de Chile and some of the better regarded private universities), but some interviewed representatives from audit firms mentioned that they were experiencing difficulties in identifying recruits with sufficient skills.

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

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

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

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

      Year(s)


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

    72 a. How can IFAC obtain copies of these documents?
      N/A

    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?
      CCCH


    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)
      Police or criminal record certificate


    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): compliance with ethics statements


    80. What entity grants the license?
      CCCH


    81. Describe any additional licensing requirements for auditors of listed entities (e.g., additional education requirements, registration, etc.).
      The SVS, the SBIF, and the SAFP all keep a register of public accountants authorized to perform statutory audits in their respective areas of supervision. The requirements set by the SVS for the registration of auditors, whether firms or individuals, are in substance (i) a university degree in accounting and auditing or in business administration, and, (ii) depending on the type of accounting degree, a three- or five-year experience in the field of audit;(1) SVS does not take any proactive measures to review the qualifications of those in its registry other than request that an annual information form be submitted. The SVS does have the authority to suspend or remove firms or individuals from the register. There are currently several hundred accountants in the SVS register and, therefore, able to sign audited financial statements; however, as of June 30, 2003, only 46 of the auditors licensed by the SVS actually conducted financial statement audits among registered companies.(2)

      The SBIF has more stringent requirements for registration, including the fact that only firms are qualified and the requirement for previous experience in auditing banks and financial institutions. As a result, only nine firms are currently authorized by the SBIF to audit banks and financial institutions in Chile. The six pension funds are audited by three international firms, two of which belongs to the “Big-4”.

      (1) The SVS recognizes three different categories of professionals who may sign audit reports for companies under its jurisdiction. Two of these, ingenieros comerciales and contador-auditores, are graduates of university programs and the third, contadores (accountants) are graduates of technical programs. Ingenieros comerciales and contador-auditores require three years of work experience to be able to sign audit reports, while contadores require five years. For audit firms, those conditions apply to the directors and main partners; there are additional specific requirements with respect to the ownership of the firms.

      (2) Source: SVS. The SVS is considering proposing amendment to its Regulations on External Auditors regarding registration of statutory auditors, by removing from the statutory auditor register those individuals or firms who have not performed audits in the last two years.



    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 Contraloria General de la Republica 12/2004 Contraloria General de la Republica
      Ministry/department Contraloria General de la Republica 12/2004 Contraloria General de la Republica
      Statutory authority/agency Contraloria General de la Republica 12/2004 Contraloria General de la Republica
      Profit entity owned by government Contraloria General de la Republica 12/2004 Contraloria General de la Republica
      State governments Contraloria General de la Republica 12/2004 Contraloria General de la Republica
      Local governments Contraloria General de la Republica 12/2004 Contraloria General de la Republica
      Other (please describe)
      Other (please describe)

      a. How can IFAC obtain copies of these documents?

      www.contraloria.cl

      b. Are the documents available in English?
      Yes   No


    Section 8B -- Standard-Setting (Contraloria General de la Republica)


    83. 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

      An agency appointed by government and Law

      b. Name of standards

      Norms applicable to the government General Accounting System


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


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


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


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


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


    89. For how many years has the standard-setting body been in existence?
      12 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)

      923,135

      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?
      government and congress


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

      www.contraloria.cl

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

      private

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



    4. other relevant due process activities



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



    Section 9 -- Private Sector Accounting Standards


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

    Section 9A -- Statutory Framework


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

      a. How can IFAC obtain copies of these documents?

      www.contach.cl
      www.sbif.cl
      www.svs.cl
      www.safp.cl


      b. Are the documents available in English?
      Yes   No


    Section 9B -- Standard-Setting (CCCH)


    95. For CCCH, 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

      See answer to Q. 44

      b. Name of standards

      Chileans Generally Accepted Accounting Principles (GAAP)


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


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


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


    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?
      3 Year(s)


    101. For how many years has the standard-setting body been in existence?
      47 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 Chilean Institute of Accountants (Colegio de Contadores de Chile or CCCH), a voluntary organization, is legally recognized as the body responsible for the development and issuance of generally accepted accounting principles (GAAP) and auditing standards (GAAS). Even so, as previously indicated (Q28), the SVS, SBIF, and SAPF have accounting standard-setting powers and some regulatory authority over the accounting profession. The CCCH is a member of both the International Federation of Accountants (IFAC) and the Inter-American Accounting Association (Asociación Interamericana de Contabilidad or AIC).


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

      The printed version is distributed to all members and entities involved in the professional standards (auditing firms, Universities, Professional Institutes)

    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)

      CCCH National Council majority vote is required to approve final standards

    4. other relevant due process activities

      N/A


    105. Approximately how many days per year does the standard-setting body meet in full session (including teleconferences)?
      12 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:
      Superintendency of Securities and Insurance (SVS)


    107. What responsibilities does this organization have for monitoring and enforcing compliance with accounting, reporting or auditing requirements? Please identify the Legal authority that establishes that responsibility:
      The annual financial statements of all registered companies must be audited and filed with the SVS within 60 days after the calendar year-end; (SVS General Rule (Norma de Carácter General) no. 160 of February 2004, amending General Rule no. 30 of 1989). the SVS then makes these financial statements public on its website.. Audited financial statements must be submitted in a standard format, the Uniform Codified Statistical Form (Ficha Estadística Codificada Uniforme or FECU). Non-audited, half-year and quarterly financial statements must also be filed with the SVS within respectively 45 and 30 days after the corresponding period-end. The time limits for filing annual, half-year and quarterly statements used to be respectively of 90, 60 and 45 days until 2003 and were shortened very recently. This change is positive insofar as it addresses the needs of the financial statement users for timely access to information. Nevertheless, it adds pressure on companies and auditors to expedite the financial reporting and auditing processes and increases the risk of errors in the financial statements. Companies must also inform the SVS of the fees paid to audit firms no later than February 28 of each year. Open corporations are required to publish their audited balance sheet and income statement in a high circulation newspaper between 10 and 20 days before the shareholders’ annual general meeting at which the financial statements are expected to be presented for approval. The SVS also publishes on its website the complete financial statements of all of the companies it supervises (under the FECU format).

      The SVS has made recent commendable efforts to enhance registered companies’ compliance with financial reporting requirements, still the SVS’ enforcement continues to need strengthening. Under Law 3,538 (1980) and the RSA( Corporations Regulation), the SVS has wide powers for enforcing financial reporting requirements from entities under its supervision (registered and/or insurance companies). In the case of the securities market, it has a specialized department dealing with enforcement, the Financial Control Department (División de Control Financiero), with a staff of 31 people who have adequate academic and professional backgrounds. The SVS has been recently recruiting new personnel to increase its enforcement of financial reporting. The SVS reviews external auditors’ reports on the financial statements for any qualification; it may request, at its discretion, their working papers or any relevant information from a corporation’s records that it deems necessary. By necessity, much of the SVS’ efforts must be dedicated to evaluating and validating formal requirements such as the filing of financial statements and compliance with specific rules (e.g. business combinations). Also, specific attention is paid to checking the standard F.E.C.U. format, which contains extensive, detailed information on the various captions of the financial statements. This tends to divert available resources from on effective and in-depth verification of compliance with financial reporting requirements, on a systematic and preventive basis.


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

      The SVS, the SBIF, and the SAFP all keep a registry of public accountants authorized to perform statutory audits in their respective areas of supervision. The requirements set by the SVS for the registration of auditors, whether firms or individuals, are in substance (i) a university degree in accounting and auditing or in business administration, and, (ii) depending on the type of accounting degree, a three- or five-year experience in the field of audit;(1) SVS does not take any proactive measures to review the qualifications of those in its registry other than request that an annual information form be submitted. The SVS does have the authority to suspend or remove firms or individuals from the registry. There are currently several hundred accountants in the SVS registry and, therefore, able to sign audited financial statements; however, as of June 30, 2003, only 46 of the auditors licensed by the SVS actually conducted financial statement audits among registered companies.(2) The SBIF has more stringent requirements for registration, including the fact that only firms are can be qualified and the requirement for previous experience in auditing banks and financial institutions. As a result, only nine firms are currently authorized by the SBIF to audit banks and financial institutions in Chile. The six pension funds are audited by three international firms, two of which are a “Big-4”.

      (1) The SVS recognizes three different categories of professionals who may sign audit reports for companies under its jurisdiction. Two of these, ingenieros comerciales and contador-auditores, are graduates of university programs and the third, contadores (accountants) are graduates of technical programs. Ingenieros comerciales and contador-auditores require three years of work experience to be able to sign audit reports, while contadores require five years. For audit firms, those conditions apply to the directors and main partners; there are additional specific requirements with respect to the ownership of the firms.

      (2) Source: SVS. The SVS is considering proposing amendment to its Regulations on External Auditors regarding registration of statutory auditors, by removing from the statutory auditor registry those individuals or firms who would not have conducted audits in the last two years.


    2. accounting and auditing standard-setting

      The Chilean Institute of Accountants (Colegio de Contadores de Chile or CCCH), a voluntary organization, is legally recognized as the body responsible for the development and issuance of generally accepted accounting principles (GAAP) and auditing standards (GAAS). Even so, as previously indicated (Q28), the SVS, SBIF, and SAPF have accounting standard-setting powers and some regulatory authority over the accounting profession. The CCCH is a member of both the International Federation of Accountants (IFAC) and the Inter-American Accounting Association (Asociación Interamericana de Contabilidad or AIC).

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

      In-site inspections take place a minimum of once per year and if necessary, the SVS has the authority to solicit the working papers of the audit firm or any relevant information from the entity’s internal records that it deems necessary.



    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
      Santiago Stock Exchange (BCS)
      Bolsa Electronica de Chile
      valparaiso Exchange (Bolsa de Corredores)



    Section 10B -- Stock Exchange
    Santiago Stock Exchange (BCS) Details


    110. For Santiago Stock Exchange (BCS), 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 10B -- Stock Exchange
    Bolsa Electronica de Chile Details


    110. For Bolsa Electronica de Chile, 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 10B -- Stock Exchange
    valparaiso Exchange (Bolsa de Corredores) Details


    110. For valparaiso Exchange (Bolsa de Corredores), 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:
      Superintendency of Banks and Financial Institutions (SBIF)


    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:
      See Q. 107


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

      See. Q. 108

    2. accounting and auditing standard-setting

      See Q. 108

    3. review of financial statements prepared by listed entities

      See Q. 108

    4. enforcement of accounting, reporting and auditing requirements

      See Q. 108



    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.
      Superintendency of Banks and Financial Institutions (SBIF)


    116. What is the source of Legal authority of the regulatory authority(ies)?
      See Q. 107


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

      See Q. 108

    2. accounting and auditing standard-setting

      See Q. 108

    3. review of financial statements prepared by listed entities

      See Q. 108

    4. enforcement of accounting, reporting and auditing requirements

      See Q. 108



    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.
      Superintendency of Corporations and Insurance Companies (SVS)


    119. What is the source of Legal authority of the regulatory authority(ies)?
      See Q. 107


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

      See Q. 108

    2. accounting and auditing standard-setting

      See Q. 108

    3. review of financial statements prepared by listed listed entities

      See Q. 108

    4. enforcement of accounting, reporting and auditing requirements

      See Q. 108



    Section 10G -- Other Regulatory Authority


    121. Name any other regulatory authority(ies) responsible for monitoring compliance with and enforcing accounting, reporting and auditing requirements.
      (None Noteworthy)


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


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



    2. accounting and auditing standard-setting



    3. review of financial statements prepared by listed listed entities



    4. enforcement of accounting, reporting and auditing requirements




    Section 10H -- Quality Assurance


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

      If NO, proceed to next Section.

      If YES, briefly describe the monitoring and enforcement mechanism.



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


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




    Section 10 I -- Investigation and Discipline


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

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


    129. Please indicate the name of the body or bodies responsible for investigation and discipline.
      Chilean Institute of Accountants - All government Superintendencies


    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: Voluntary CCCH; Employed: All governments Superintendences


    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.)?
      CCCH: Best person for the job

      Superintendencies: Public members



    133. Who appoints these members (e.g., member body, government, user, regulator, etc.)?
      CCCH: Member body; Superintendencies: Public members


    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?
      CCCH: AIC and IFAC

      Superintendencies: To Government and Congress



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



     

     

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