Colegio de Contadores Públicos y Auditores de Guatemala

There is no legal requirement for a comprehensive quality assurance review system covering all audits of financial statements in Guatemala. Sectoral arrangements remain limited. The Superintendencia de Administración Tributaria has been described by IFAC as operating a review system for auditors serving medium- and large-sized entities, while the Superintendence of Banks undertakes supervisory reviews on a risk basis. Publicly available information still does not demonstrate that these arrangements are aligned with all the requirements of Statement of Membership Obligations 1.

Within this environment, the Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) continues to take steps to support development of a quality assurance framework. CCPAG’s 2023–2025 action plan includes preparation of a quality control roadmap aligned with Statement of Membership Obligations 1, development and socialization of quality control regulations for professionals and firms performing audits of financial statements, designation and training of a National Quality Control Commission, creation of a register of professionals and firms subject to quality control, and annual reviews intended to monitor compliance with the components of Statement of Membership Obligations 1.

CCPAG has also continued to support implementation through member education. Its action plan includes continuing education activities and certification programs on quality control and International Standards on Auditing, as well as conferences for practitioners on the objectives of the quality control system. These activities complement the college’s broader continuing professional development framework and demonstrate ongoing efforts to prepare members for eventual operation of a more formal review system.

At the same time, the available evidence indicates that the jurisdiction-level framework remains incomplete and that CCPAG’s quality assurance arrangements are still being operationalized rather than functioning as a fully established system. The timeline for establishment and implementation remains unclear, and CCPAG’s own action plan shows that core elements such as the commission, register, and annual review cycle were still being put in place through 2024 and 2025. Accordingly, CCPAG is assessed as Plan for SMO 1.

To further align with SMO 1, CCPAG should establish a clear timetable to operationalize its review system, demonstrate how reviews will function in practice for relevant audit firms, and continue advocating with the Superintendencia de Administración Tributaria, the Superintendence of Banks, and other regulators for a more unified jurisdiction-level framework aligned with SMO 1 best practices.

Current Status: Plan

In Guatemala, universities, the Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG), and certain sectoral regulators are involved in establishing and implementing initial and continuing professional development requirements for professional accountants. Entry to the profession continues to be based primarily on completion of a university degree, while universities retain responsibility for academic curricula and practical experience requirements. CCPAG does not have legal authority over universities and therefore cannot mandate full incorporation of International Education Standards at the jurisdiction level.

Since the previous assessment, CCPAG has taken more concrete steps to fulfill its obligations in this area. In 2022, it approved the Academic Credits Regulation, which makes continuing professional development mandatory for members seeking to maintain active status, establishes the Continuing Professional Update Commission, and requires the college to offer an annual training plan including free training hours for members.

CCPAG’s recent action plans also indicate that it has continued promoting the International Education Standards to universities and other stakeholders, including through prior gap analysis work, plans to develop an accountancy curriculum aligned with the standards, consideration of a certification or entry examination process, and exploration of specialty certifications in areas such as International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), and International Standards on Auditing (ISA). These activities show that CCPAG is not only planning reforms, but actively implementing measures within the scope of its authority.

At the same time, the jurisdiction-level framework remains only partially aligned with the International Education Standards because universities are not bound to apply them and the latest standards have not been fully embedded in national requirements for all aspiring and professional accountants. Accordingly, CCPAG is assessed as Execute.

To further align with SMO 2, CCPAG should continue working with universities and regulators to promote incorporation of the latest IES into national education requirements and consider implementing additional member-level mechanisms, such as certification or assessment processes, within the scope of its authority

Current Status: Execute

The Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) is empowered to set auditing standards for its members, whose membership is mandatory for practicing public accountants and auditors in Guatemala. CCPAG has adopted International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB) and applies an ongoing adoption approach for subsequent revisions and updates.

At the jurisdiction level, the Superintendencia de Administración Tributaria and the Securities and Commodities Market require audits for entities under their supervision to be performed in accordance with standards issued by CCPAG, while the Superintendence of Banks requires the application of ISA for audits of regulated entities.

CCPAG continues to support the implementation of ISA through ongoing activities. Its recent action plans indicate that it monitors new and revised standards issued by the IAASB, disseminates updates to members, and incorporates these developments into continuing professional development activities. CCPAG also promotes the application of auditing standards through technical guidance, training programs, and outreach activities involving practitioners and other stakeholders.

Accordingly, CCPAG demonstrates an ongoing process to adopt, maintain, and support the implementation of ISA within the scope of its authority and is assessed as Sustain.

Current Status: Sustain

Decree No. 72-2001 grants the Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) authority to establish ethical requirements for its members. In March 2013, CCPAG adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) through a resolution published in the Diario de Centro América, with an ongoing mechanism to incorporate subsequent revisions and updates.

CCPAG continues to support implementation of the Code through its governance and education activities. The Tribunal de Honor is responsible for overseeing application of the Code, reviewing ethical matters, and promoting compliance among members. CCPAG’s 2023–2025 action plan also indicates that the Tribunal de Honor established an Ethics Commission in 2023, approved its operating protocol, and included ethics training for new members prior to admission. The plan further provides for continuing professional development activities, dissemination of updates to the Code, and outreach to universities and members to strengthen awareness and understanding of ethical requirements.

These activities indicate that CCPAG maintains an ongoing process to review, update, and support implementation of ethical requirements within the scope of its authority. No recent regulatory development was identified that would reduce CCPAG’s fulfillment in this area. Accordingly, CCPAG is assessed as Sustain.

Current Status: Sustain

Public sector accounting standard-setting in Guatemala is led by the Ministry of Public Finance through the Integrated Government Accounting System framework. Current ministry sources continue to show that public sector accounting is based on national accrual-based requirements with reference to International Public Sector Accounting Standards, including the current Manual de Contabilidad Integrada Gubernamental 2024 and related guidance issued by the ministry.

Within this framework, the Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) does not have direct standard-setting responsibility, but it continues to support implementation activities. CCPAG’s 2023–2025 action plan states that it plans to relaunch its Public Sector International Accounting Standards Commission, continue monitoring new and amended public sector standards, raise awareness of the standards, provide technical support to the Ministry of Public Finance where appropriate, and develop educational and certification activities in this area. The action plan also notes prior and ongoing conferences and seminars on public sector accounting standards involving national and international experts and public sector stakeholders.

These activities indicate that CCPAG continues to use its best efforts to promote understanding and implementation of public sector accounting standards within the scope of its authority, including support to members and outreach to relevant stakeholders. No recent regulatory development was identified that would reduce CCPAG’s fulfillment in this area. Accordingly, CCPAG is assessed as Sustain.

Current Status: Sustain

Decree No. 72-2001 authorizes the Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) to establish an investigative and disciplinary system for its members. The framework is supported by the college’s statutes, under which the Tribunal de Honor is responsible for investigating complaints, conducting the relevant inquiries, and imposing sanctions where appropriate.

Since the previous assessment, CCPAG has taken additional steps to strengthen its framework. Its 2023–2025 action plan confirms that the Tribunal de Honor remains responsible for directing investigations and disciplinary decisions and that it created an Ethics Commission in 2023, approved its operating protocol, and incorporated ethics-related education and dissemination activities for members and new entrants. These actions indicate that CCPAG continues to maintain and develop its investigative and disciplinary arrangements within the scope of its authority.

At the same time, important jurisdiction-level gaps remain. CCPAG’s published action plan states that the Tribunal de Honor cannot initiate an investigation in the absence of a formal complaint, which means the system remains complaint-based rather than incorporating both complaint-based and information-based approaches. Publicly available sources also continue to indicate limited evidence of clear separation between investigation and disciplinary functions, participation of non-accountants in the disciplinary process, linkage with quality assurance review results, and a clearly defined independent appeals mechanism aligned with SMO 6 best practices. Accordingly, CCPAG is assessed as Execute for SMO 6.

To further align with Statement of Membership Obligations 6, CCPAG should continue pursuing amendments to its legal and regulatory framework to introduce an information-based approach, strengthen separation of investigative, disciplinary, and appeals functions, and improve transparency and linkage with quality assurance processes.

Current Status: Execute

The Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) does not have legal authority to mandate International Financial Reporting Standards (IFRS) at the jurisdiction level. Financial reporting requirements in Guatemala remain fragmented. The Code of Commerce does not require IFRS, the Superintendence of Banks (SIB) applies its own accounting manual for regulated entities, and the use of IFRS by other entities is generally permitted rather than uniformly required.

Within the scope of its authority, CCPAG continues to support the adoption and implementation of IFRS and International Financial Reporting Standards for Small- and Medium-sized Entities (IFRS for SMEs). Its recent action plans indicate that it monitors new and amended standards issued by the International Accounting Standards Board (IASB), disseminates updates to members, and promotes application of the standards through technical guidance, continuing professional development activities, and conferences. CCPAG also reports plans to relaunch its private sector international accounting standards commission to support awareness, implementation, and coordination with other internal commissions.

CCPAG also continues to engage regionally through the Group of Latin American Accounting Standard Setters (GLENIF), which supports participation in technical discussions and regional responses to exposure drafts. These activities, together with training and dissemination efforts, demonstrate ongoing support for implementation within the profession even though jurisdiction-level adoption remains incomplete.

Recent regulatory sources continue to indicate that IFRS and IFRS for SMEs were adopted by CCPAG, but that these resolutions are not legally binding at the jurisdiction level. This limits CCPAG’s ability to achieve full jurisdiction-wide alignment on its own.

Accordingly, CCPAG continues to demonstrate active and sustained efforts to promote adoption and implementation of international accounting standards within the scope of its authority and is assessed as Sustain.

Current Status: Sustain