Federación Argentina de Consejos Profesionales de Ciencias Económicas
Member | Established: 1973 | Member since 1995
The Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE) is the national voluntary professional accountancy organization (PAO) of a federated system, with representatives from the 24 provincial jurisdictions sitting on the council. The FACPCE represents not only accountants but also economists, business administrators, and actuaries. The FACPCE has a large number of responsibilities ranging from setting of accounting and auditing standards to the promotion of the accountancy profession in Argentina. The FACPCE administers the Centro de Estudios Científicos y Técnicos, the technical and standard-setting body, where professional volunteers work through technical commissions to develop proposed technical resolutions and pronouncements to be adopted in the provinces and by the regulators. The FACPCE is a member of the Inter-American Association of Accountants, the Integration Committee Europe—Latin America, and a member of the Group of Latin-American Accounting Standard Setters.
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.
Given its lack of responsibility for establishing a quality assurance (QA) system mandatory for all audits of financial statements, the FACPE has been reporting since 2008 that it is in the process of considering the establishment of a mandatory QA system and promoting the need to adopt such a system to the regulators. Nevertheless, no substantial progress has been made to date.
The FACPCE has issued Technical Resolution No 34 of 2012 adopting ISQC 1. In addition, one of its most significant members, The Ciudad Autónoma de Buenos Aires Professional Association, launched its own analysis on whether and how to implement a QA system.
The FACPCE should continue to promote the establishment of a mandatory QA review system to the regulators and indicate the specific actions it undertakes to this effect.
With IES not incorporated into the national requirements, and given the FACPCE’s lack of authority to adopt IES requirements, its activities primarily include actions to promote and support the adoption and implementation of IESs to the universities and to the Ministry of Education, Science, and Technology. Also, the FACPCE has organized training activities, participated in events, and established dissemination mechanisms to distribute information to members on recent developments and revisions issued by the IAESB. Since there are no legal requirements for continuing professional education (CPD), the FACPCE has developed a voluntary CPD program for its members.
The FACPCE should continue promoting to the regulators and government the adoption of the IESs requirements. The FACPCE would also benefit from participating in the international standard-setting process by providing comments on Exposure Drafts and other consultative papers issued by the IAESB.
Because the FACPCE adopted ISAs for application by stock and limited liability companies, it has been promoting the adoption of ISAs for all audits to the regulators and government.
The FACPCE has been a leader in the Latin America Joint Venture for Spanish translations of ISAs and the IESBA Code of Ethics. The FACPCE has included standard-related topics in its training and continuing professional development programs and disseminates information on updates and revisions to ISAs.
The FACPCE should continue raising awareness about ISAs and other standards issued by the IAASB among Argentinean regulators and promote the adoption of ISAs for insurance companies. Also, the FACPCE should submit comments on IAASB Exposure Drafts.
The FACPCE has focused it is activities on bringing its ethical requirements into line with the IESBA Code of Ethics for Professional Accountants. The FACPCE has adopted the independence aspects of the IESBA Code through Technical Resolution No 32 of 2012 and has produced a comparison between the local code and the IESBA Code of Ethics.
The FACPCE is encouraged to provide more details and information about the plan to eliminate the differences with the IESBA Code of Ethics. The FACPCE should include information related to the incorporation of ethics in the training courses and the continuing professional development program. Also, the FACPCE is encouraged to disseminate ethics-related materials and provide technical guidance to facilitate members’ compliance with ethics requirements.
The FACPCE does not have the legal authority to require public sector bodies to apply IPSASs. Nevertheless, it has made significant efforts to promote the adoption of the international standards to the regulators.
The FACPCE has developed technical recommendations to the government, contributed comments on IPSASB exposure drafts, disseminated information on the updates to the standards, signed cooperation agreements aiming to research management and control of public funds, and offered training courses on the standards.
Even though the provincial association are responsible for establishing investigative and disciplinary (I&D) systems for their members, and the FACPCE does not have any legal responsibility for those systems, the FACPCE reports that it has been working with the provincial associations to promote the establishment of I&D systems that are in line with the requirements of SMO 6. However, no information on specific actions has been provided.
The FACPCE should continue working with the provincial organizations and include information on any specific actions it undertakes to this effect.
The FACPCE’s Centro de Estudios Científicos y Técnicos (CENCyA) has established an ongoing process to incorporate amendments and new standards issued by the IASB into the national requirements. The CENCyA provides technical guidance to facilitate compliance with IFRSs requirements.
The FACPCE has been encouraging and promoting adoption of IFRSs to the regulators. It has included IFRS topics in its education, training, and voluntary continuing professional development programs, and has established dissemination mechanisms on updates and revisions.
The FACPCE is a member of the Group of Latin-American Accounting Standard Setters and participates in the international standard-setting process by commenting on Exposure Drafts at regional levels.
The FACPCE should continue to promote the adoption of IFRSs for banks and insurance companies.
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