Colegio de Contadores Públicos de Costa Rica
Member | Established: 1947 | Member since 1980
The Colegio de Contadores Públicos de Costa Rica (CCPA) was created by Law No. 1038 of 1947 as the regulator of authorized public accountants and the body responsible for setting accounting and auditing standards in Costa Rica. The CCPA represents practitioners in the public accounting and auditing profession. The CCPA’s mandate is: to promote accounting science and its objectives; to ensure the development of the profession in all its aspects, develop and implement appropriate professional activities, and nurture the best educational development in the field. To this end, the CCPA will cooperate with the University of Costa Rica and suggest legislative or regulatory reforms as it deems necessary; and will give opinions, issue technical inquiries, and settle disputes among its members or submit them to arbitration for matters within its competence.
The CCPA performs relevant functions in the government sector, the academic, and private sector, which bring quality financial information for business decisions that promote country development.
Statements of Membership Obligations (SMOs)
The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
Having adopted ISQC 1 and ISA 220 and a mandatory quality assurance (QA) review program for all statutory audits of financial statements, the CCPA has developed workshops, training, and implementation guidelines for its members.
The CCPA disseminates information on the results of QA reviews and works with the universities to promote the incorporation of QA topics into their curricula. In addition, the CCPA has met with the regulators and the General Comptroller’s Office to discuss the importance of the QA program.
The CCPA should carry out a comparison between its QA system and the requirements of SMO 1 and report the results to IFAC’s Q&M staff. Once the comparison is completed, actions should be planned to address any gaps.
The CCPA has developed different strategies to modify member qualification requirements and, to that end, tries to incorporate IES requirements, such as a competency exam, as well as a mandatory continuous professional development (CPD) program, together with specialized certifications.
Although a mandatory CPD system was ruled out by the government, the CCPA has nevertheless adopted a voluntary CPD system and has established dissemination mechanisms to distribute information on recent developments and revisions issued by the IAESB.
The CCPA has held meetings with the Consejo Nacional de Rectores to promote university curricula updates that are aligned with IES requirements. The CCPA will develop a model curriculum matrix that is expected to be completed by September 2015.
The CCPA should continue to promote the IES to relevant authorities and, to ensure its participation in the international standard-setting process, should endeavor to submit comments on IAESB Exposure Drafts as well as submit nominations to the Board.
Having adopted ISA by reference, the CCPA has ongoing processes in place to disseminate information on new and modified IAASB pronouncements, provide training activities, and develop technical guidance to support its members with the implementation of the standards.
The CCPA’s On-Going Professional Development Department has ongoing processes to include the most recent amendments to the standards in its training programs.
To ensure its participation in the international standard-setting process, the CCPA should endeavor to submit comments on Exposure Drafts issued by the IAASB, as well as make nominations to the Board.
The CCPA has completed the adoption of the IESBA Code of Ethics—which its members must apply—through a convergence process. The CCPA has made improvements to its ethics course as part of the new member qualification seminar and has disseminated information on the updates of the IESBA Code of Ethics to its members. Furthermore, the CCPA’s Honor Tribunal has created a safeguards application guide based on case studies and other examples.
The CCPA has disseminated information about the Ethics Code, professional practice, and the ethics of its members. The CCPA also monitors changes to the IESBA Code of Ethics to ensure that information on changes is communicated to its members, incorporated into the CCPA Code of Ethics, and included in the training programs.
The CCPA is encouraged to promote the adoption of the IESBA Code of Ethics for all professional accountants in Costa Rica, raising awareness about the Code among the regulators. To ensure its participation in the international standard-setting process, the CCPA should endeavor to submit comments to IESBA Exposure Drafts as well as make nominations to the Board.
Given the partial adoption of IPSAS in Costa Rica, the CCPA has focused its activities on providing training courses to support the implementation of these standards, supporting the National Accounting Office, and developing guides and manuals of processes and procedures.
The CCPA is encouraged to establish communication channels for distributing information on recent developments and revisions issued by the IPSASB. To ensure its participation in the international standard-setting process, the CCPA should endeavor to submit comments to IPSASB Exposure Drafts as well as submit nominations to the Board.
With an investigative and disciplinary (I&D) system in place in line with SMO 6 requirements, the CCPA is focused on making adjustments and improvements in line with the development and execution of its quality assurance review system. The CCPA has created a dissemination mechanism to inform members and the public about its I&D system. It has also been reviewing the system against local laws for purposes of making improvements.
In addition, the CCPA has provided training sessions to the regulators on the I&D system.
The CCPA should consider promoting to the regulators the adoption of an I&D mechanism for all professional accountants in Costa Rica that is aligned with the requirements of SMO 6.
Having adopted IFRS and IFRS for SMEs, the CCPA has established communications channels for sharing information on new and modified IASB pronouncements. The CCPA carries out annual seminars and training events on the standards.
The CCPA monitors changes made to IASB standards and ensures that such changes are communicated to its members and that training courses are revised to reflect those changes.
The CCPA has established closer links with several organizations: Colegio de Contadores Privados de Costa Rica, the Ministry of Finance, the National Council of Financial System Supervision, the General Superintendence of Financial Entities, the General Superintendence of Securities, and the General Superintendence of Insurance to ensure effective IFRS implementation.
The CCPA is a member of The Group of Latin-American Standard Setters and participates in the international standard-setting process by making comments on Exposure Drafts on a regional level.
IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.