Colegio de Contadores de Chile

There is still no mandatory quality assurance review system in Chile covering all audits of financial statements. The Financial Market Commission (CMF) remains the authority responsible for supervision of external audit firms and continues to operate within a risk-based and supervisory framework rather than a cyclical review system aligned with Statement of Membership Obligations 1. In December 2025, the CMF issued a draft compendium to modernize and harmonize regulation for external audit firms across the securities, insurance, and banking sectors, which indicates ongoing regulatory development but does not yet establish an operational SMO 1-compliant jurisdiction-wide quality assurance system.

Since the previous assessment, the Colegio de Contadores de Chile (CCCH) has taken concrete steps to strengthen the standards framework that supports quality assurance. The CCCH approved NAGA 73, moving Chile’s auditing framework from the former American Institute of Certified Public Accountants-based model to direct adoption of the International Auditing and Assurance Standards Board standards, and made the new compilation mandatory for audits of financial statements for periods ending on or after 31 December 2025. The CCCH has therefore supported implementation of the International Standards on Quality Management by updating national standards and maintaining technical guidance and training activities for members.

The CCCH continues to support members through courses, technical materials, and implementation assistance related to audit quality and the updated auditing framework. It also continues to advocate for stronger jurisdiction-level quality assurance arrangements with the CMF and relevant stakeholders. However, because the external quality assurance review system remains incomplete at the jurisdiction level, the CCCH’s fulfillment is best assessed as ongoing but not yet fully mature. Accordingly, SMO 1 is assessed as Review & Improve.

The CCCH should continue working with the CMF to support the establishment of a mandatory cyclical quality assurance review system for all relevant audits and to build member readiness for its implementation.

Current Status: Review & Improve

Universities, the National Accreditation Commission, the Ministry of Education, and the Superintendency of Higher Education continue to be responsible for the higher education framework in Chile, while there are still no jurisdiction-wide minimum entry requirements or mandatory continuing professional development requirements for accountants generally. In addition, the Financial Market Commission (CMF) continues to maintain separate registration requirements for inspectors of accounts and external auditors within its regulated perimeter.

The Colegio de Contadores de Chile (CCCH) continues to support implementation of the International Education Standards through its education-related committees and member services. The CCCH’s Education Commission is mandated to liaise with Chilean educational institutions offering accounting and auditing degrees, monitor International Education Standards developments, and prepare and disseminate technical education materials. The CCCH also continues to provide training and professional development opportunities to members through its course and diploma offerings and other technical dissemination channels.

Available current public sources do not clearly confirm that the CCCH’s previously referenced certification and mandatory continuing professional development initiative has been fully implemented at the jurisdiction or membership level. The broader jurisdictional framework therefore remains only partially aligned with Statement of Membership Obligations 2, and the CCCH’s role continues to focus primarily on advocacy, outreach to universities, and member support rather than on operating a fully implemented International Education Standards-aligned professional entry and continuing professional development system. Accordingly, SMO 2 is assessed as Execute.

The CCCH should continue working with universities, the CMF, and other stakeholders to advance a formal certification and continuing professional development framework aligned with the International Education Standards and to strengthen implementation beyond outreach and guidance.

Current Status: Execute

The Colegio de Contadores de Chile (CCCH) has significantly strengthened its fulfillment of Statement of Membership Obligations 3 since the previous assessment. In 2024, the CCCH formally approved the new Normas de Auditoría Generalmente Aceptadas en Chile (NAGAs) for 2025, based directly on the standards issued by the International Auditing and Assurance Standards Board (IAASB) rather than on the former American Institute of Certified Public Accountants-based framework. The CCCH now publishes the full 2025 NAGA suite on its website, including updated standards corresponding to revised and post-2018 ISA.

This transition reflects a major regulatory and standard-setting development in the jurisdiction. The Financial Market Commission (CMF) continues to require the application of standards issued by the CCCH for entities within its supervisory perimeter, and in late 2025 the CMF also consulted on a new compendium for external audit firms aimed at modernizing and harmonizing the regulatory framework applicable to those firms.

The CCCH has also continued to support implementation through publication of the updated standards, communications on the new framework, and ongoing training and technical education activities available to members and practitioners. This demonstrates that the CCCH now maintains an established process to adopt, update, disseminate, and support implementation of ISA and related IAASB pronouncements on an ongoing basis. Accordingly, SMO 3 is assessed as Sustain.

Current Status: Sustain

The Colegio de Contadores de Chile (CCCH) continues to be responsible for establishing ethical requirements for its members under Law No. 13.011 of 1958. Since the previous assessment, the CCCH has updated and published its Code of Ethics (2024) and, in October 2025, its Ethics Commission approved additional implementation guidance stating that the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants is to apply integrally and without reservation, with the International Code prevailing in case of discrepancy.

The CCCH also continues to support implementation through its ethics governance and training structures. Its website maintains dedicated ethics resources, including the Code and related materials, and the institute continues to offer courses and other professional development activities through its training platform. Public information also shows that ethics leadership remains embedded in the CCCH’s governance structure through its Ethics Commission.

At the jurisdiction level, the Financial Market Commission (CMF) continues to impose ethical requirements on regulated auditors and audit firms, while the broader profession outside the CCCH and CMF-regulated segments is still not covered by a single jurisdiction-wide code. This affects jurisdictional adoption, but it does not prevent the CCCH from maintaining strong ongoing processes to fulfill its own SMO 4 responsibilities for members.

The CCCH is encouraged to continue promoting the adoption and implementation of its Code or the International Code of Ethics for Professional Accountants for individuals who may just be practicing not as a member of CCCH or registered with the CMF.

Current Status: Sustain

The Colegio de Contadores de Chile (CCCH) is not responsible for adopting public sector accounting standards in Chile; that responsibility remains with the Controller General of the Republic of Chile (CGRCH), which continues to apply accrual-based International Public Sector Accounting Standards (IPSAS) modified for the local context.

Since the previous assessment, the CCCH appears to have maintained ongoing support activities rather than launched a new formal convergence initiative. Its public technical materials continue to include IPSAS-focused presentations and updates, indicating that the institute remains active in disseminating IPSAS developments and supporting awareness among members and other stakeholders. This is consistent with the CCCH’s reported role in supporting implementation and sharing developments rather than serving as the public sector standard-setter.

The jurisdictional framework affecting fulfillment has remained broadly stable: the CGRCH continues to lead public sector accounting standard-setting, and Chile continues to use accrual IPSAS with local modifications. Given the CCCH’s limited mandate in this area and its continued dissemination and support role, its processes remain appropriate to its responsibilities under SMO 5.

Current Status: Sustain

The Colegio de Contadores de Chile (CCCH) is responsible for establishing and operating an investigative and disciplinary (I&D) system for its members, while the Financial Market Commission (CMF) continues to exercise supervisory and sanctioning authority over external audit firms and related registered professionals within its regulatory perimeter.

The CCCH continues to maintain and operate its I&D framework through its National Honor Tribunal and Regional Disciplinary Tribunals, as set out in its statutes and Code of Ethics. These bodies are responsible for receiving complaints, investigating potential breaches of professional and ethical requirements, and applying disciplinary measures in accordance with the institute’s internal procedures. The CCCH has therefore maintained ongoing processes to address its SMO 6 responsibilities for members.

At the jurisdiction level, the CMF continues to operate an enforcement framework applicable to external audit firms and registered professionals, including the publication of sanctions and disciplinary actions within its supervisory scope. Recent regulatory developments, including the CMF’s draft compendium for external audit firms issued in December 2025, further support the ongoing strengthening of the regulatory framework affecting the profession.

While the CCCH continues to operate its I&D system, further improvements remain necessary to enhance alignment with Statement of Membership Obligations 6, particularly with respect to public transparency of disciplinary outcomes and continued strengthening of procedures in line with international best practice. Accordingly, SMO 6 is assessed as Execute.

The CCCH should continue strengthening its I&D framework, including greater public transparency of disciplinary outcomes and continued coordination with the CMF to support greater jurisdiction-level alignment with SMO 6 requirements.

Current Status: Execute

The Colegio de Contadores de Chile (CCCH) continues to fulfill a central standard-setting and implementation role for corporate financial reporting in Chile for non-regulated entities. It maintains the national Normas Contables (NIIF/IFRS) platform, through which it publishes the full suite of International Financial Reporting Standards and related materials, including extensive implementation resources for the IFRS for Small and Medium-sized Entities Standard. This demonstrates an ongoing process to adopt, maintain, disseminate, and support the application of IFRS-based standards in the jurisdiction.

At the jurisdiction level, the Financial Market Commission (CMF) continues to require IFRS-based reporting for many supervised entities, while banks remain subject to the Compendium of Accounting Standards for Banks, which contains CMF-issued accounting instructions and continues to operate as a distinct framework for that sector. Recent CMF materials and bank financial statements confirm that banks continue to report under the CMF banking compendium rather than IFRS as issued. This remains the principal jurisdiction-level limitation affecting full alignment with Statement of Membership Obligations 7.

The CCCH also continues to support implementation through the publication of standards, technical materials, and IFRS for SMEs guidance and examples, and it remains positioned to engage with regulators and other stakeholders on financial reporting developments. Given its established ongoing processes to adopt and support IFRS-based standards for the segment within its mandate, and notwithstanding the continuing jurisdiction-level gap for banks and certain financial institutions, the CCCH’s fulfillment of Statement of Membership Obligations 7 remains strong. Accordingly, SMO 7 is assessed as Sustain.

Current Status: Sustain