Colegio de Contadores, Economistas y Administradores del Uruguay

In Uruguay, the Central Bank of Uruguay (Banco Central del Uruguay, BCU) regulates auditors and audit firms providing services to entities under its supervision, including financial institutions, listed companies, insurance companies, and pension funds. The BCU maintains a Register of External Auditors and requires registered auditors and firms to meet applicable requirements, including quality control mechanisms. The BCU framework, however, is limited to regulated entities and does not establish a quality assurance (QA) review system for all audits of financial statements.

The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) has no legal authority to establish a mandatory QA review system. However, it supports audit quality through its technical standard-setting activities, including Pronouncement No. 18, which adopts International Standards on Auditing and International Standard on Quality Control 1, and through its technical commissions, including its Audit Commission and Quality Control Commission.

CCEAU also provides training and technical support to members on auditing, reporting, and related professional matters. Recent CCEAU activities include professional courses, technical guidance, and resources relevant to audit and assurance practice.

As the jurisdiction does not have a QA review system aligned with SMO 1 for all mandatory audits, CCEAU should continue to use its best endeavors to engage with the BCU and other relevant stakeholders to promote the establishment of a cyclical, risk-based QA review system and support implementation of International Standard on Quality Management 1 and International Standard on Quality Management 2.

Current Status: Review & Improve

In Uruguay, the Ministry of Education and Culture, universities, and the Central Bank of Uruguay (Banco Central del Uruguay, BCU) have roles in establishing education-related requirements for professional accountants and auditors. Decree No. 103/991 requires certain reports to be issued by professionals holding the title of Public Accountant or equivalent, while auditors registered with the BCU are subject to additional qualification and experience requirements.

The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) has no legal authority to adopt the International Education Standards (IES) into national education requirements. However, it supports implementation through continuing professional development, technical training, and collaboration with universities and other stakeholders. CCEAU maintains a Courses and Permanent Training Commission and publishes annual course programs covering accounting, auditing, tax, technology, sustainability, and other professional topics.

CCEAU also continues to promote professional development through member-focused training benefits and technical programming. While these activities demonstrate ongoing execution of its best-endeavors role, continuing professional development remains voluntary and there is no comprehensive jurisdiction-level framework aligned with the IES for all professional accountants.

CCEAU has demonstrated that, within the scope of its authority, it is executing activities to support SMO 2 obligations.

CCEAU is encouraged to continue working with universities, the BCU, and other stakeholders to promote alignment with the IES, and to explore options for strengthening continuing professional development expectations for members.

Current Status: Execute

In Uruguay, auditing standards are not comprehensively specified in law. The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) functions as the de facto audit standard-setter and has adopted International Auditing and Assurance Standards Board pronouncements as issued through Pronouncement No. 18. The Central Bank of Uruguay (Banco Central del Uruguay, BCU) requires auditors and audit firms registered to audit entities under its supervision to apply International Standards on Auditing as adopted by CCEAU.

CCEAU continues to support implementation through its technical standard-setting activities, Audit Commission, Quality Control Commission, and continuing professional development programs. Recent activities include training on audit reporting, review engagements, quality management in audit, artificial intelligence in audit, and other technical topics relevant to audit and assurance practice.

CCEAU monitors new and revised standards issued by the IAASB and disseminates updates through technical guidance, courses, and professional events. It has demonstrated an ongoing process to maintain its fulfillment of SMO 3 obligations and support continuous implementation by members.

Current Status: Sustain

Auditors of entities supervised by the Central Bank of Uruguay (Banco Central del Uruguay, BCU) and members of the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) are subject to ethical requirements in Uruguay. The BCU has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants for auditors registered with the BCU, while CCEAU has adopted the Code by reference for auditors and maintains its own Code of Ethics for other members.

CCEAU disseminates ethical requirements to members through its Code of Ethics, ethics complaint procedures, and professional training. Its recent course catalogues include ethics-related programming covering the CCEAU Code of Ethics, professional values and principles, public sector ethics, and aspects of the IESBA Code.

CCEAU has also reported the establishment of a dedicated process to review and update its Code of Ethics against the latest IESBA Code, with the objective of closing potential gaps for members beyond auditors. These activities demonstrate that CCEAU is actively executing its best-endeavors role and supporting implementation of ethical requirements within its authority.

CCEAU is encouraged to finalize the review and update of its Code of Ethics, adopt ethical requirements no less stringent than the latest IESBA Code for all members, and continue providing implementation support and training.

Current Status: Execute

The Court of Accounts (Tribunal de Cuentas de la República, TCR) is responsible for establishing public sector accounting requirements in Uruguay. The TCR has adopted national public sector accounting standards through Ordinance No. 81 of 2002, as amended by Ordinance No. 89 of 2017. The public sector framework remains based on national standards and is reported as partial accrual rather than accrual-basis International Public Sector Accounting Standards (IPSAS).

The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) has no direct responsibility for adopting public sector accounting standards. However, CCEAU continues to support implementation through technical committees, continuing professional development activities, and engagement with public sector stakeholders. Its course offerings and technical programming include public sector accounting and related professional topics, supporting members and public sector professionals in applying existing requirements and understanding international developments.

CCEAU has demonstrated an ongoing process to maintain its fulfillment of SMO 5 obligations through best-endeavors activities, including engagement with relevant public sector stakeholders and dissemination of information on IPSAS.

Current Status: Sustain

Auditors of entities supervised by the Central Bank of Uruguay (Banco Central del Uruguay, BCU) and individuals who voluntarily join the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) are subject to investigation and discipline (I&D) systems in Uruguay. No regulation establishes a jurisdiction-wide I&D system for all professional accountants.

The BCU is responsible for oversight and enforcement in relation to auditors and audit firms registered to provide services to entities under its supervision. Its framework provides for sanctions, including suspension or removal from the Register of External Auditors, for non-compliance with applicable requirements.

CCEAU has established ethical requirements and procedures for filing complaints against members. Complaints must be submitted to the CCEAU Board with details of the alleged facts, supporting evidence, identification of the relevant provisions of the Code of Ethics, and complainant information.

CCEAU has demonstrated ongoing activity to operate and communicate its I&D procedures for members. However, because the system does not apply to all professional accountants and publicly available information does not confirm full alignment of the BCU and CCEAU systems with the SMO 6 benchmark, the SMO 6 fulfillment rating is assessed as Review & Improve.

CCEAU is encouraged to continue engaging with the BCU to assess the existing I&D arrangements against the SMO 6 benchmark, identify any gaps, and further strengthen public communication on the operation and outcomes of the system.

Current Status: Review & Improve

The Permanent Commission on Adequate Accounting Standards (Comisión Permanente de Normas Contables Adecuadas, CPNCA) within the Ministry of Economy and Finance is responsible for recommending corporate accounting standards in Uruguay, which are adopted through Presidential Decrees. The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) contributes to the standard-setting process as a technical stakeholder and supports the implementation of International Financial Reporting Standards (IFRS) Accounting Standards and the IFRS for Small and Medium-sized Entities Accounting Standard.

CCEAU supports members through technical guidance, continuing professional development, and dissemination of updates on corporate reporting developments. Recent activities include technical bulletins and training on IFRS developments, including IFRS 18 Presentation and Disclosure in Financial Statements and IFRS Sustainability Disclosure Standards. CCEAU also continues to engage with stakeholders, including regulators, universities, and the business community, on corporate reporting matters.

CCEAU participates in regional standard-setting activities through the Group of Latin American Accounting Standard Setters, which supports engagement with International Accounting Standards Board and International Sustainability Standards Board consultations at the regional level.

CCEAU has demonstrated an ongoing process to maintain its fulfillment of SMO 7 obligations through sustained technical participation, member support, and dissemination of international corporate reporting developments.

Current Status: Sustain