Instituto Guatemalteco de Contadores Públicos y Auditores

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 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 does not demonstrate that these arrangements are aligned with all the requirements of Statement of Membership Obligations 1.

Within this environment, the Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA), as a voluntary professional accountancy organization, does not have direct responsibility for establishing a quality assurance system. However, IGCPA supports the development and implementation of quality assurance practices through its professional development activities. IGCPA provides training, seminars, and technical guidance to its members to strengthen understanding of quality control and auditing standards, including International Standards on Auditing.

IGCPA also collaborates with the Colegio de Contadores Públicos y Auditores de Guatemala and other stakeholders to promote improvements in audit quality and supports broader initiatives aimed at establishing a more robust quality assurance framework at the jurisdiction level. Accordingly, IGCPA is assessed as Execute for SMO 1.

To further align with SMO1, IGCPA should continue supporting the establishment of a comprehensive quality assurance review system in collaboration with relevant authorities and provide targeted implementation support to its members as the framework develops.

Current Status: Execute

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 is based primarily on completion of a university degree, and universities retain responsibility for academic curricula. As a voluntary professional accountancy organization, the Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA) does not have legal authority to mandate education requirements at the jurisdiction level.

Within this framework, IGCPA supports the implementation of International Education Standards (IES) through its professional development activities. IGCPA provides continuing professional development through seminars, courses, and conferences and promotes best practices in professional education. IGCPA has also collaborated with CCPAG and universities in prior initiatives, including gap analysis work on accountancy education and outreach to academic institutions.

While IGCPA actively supports education and training, the jurisdiction-level framework remains only partially aligned with IES, as universities are not required to adopt them and the latest standards are not fully embedded in national requirements. Accordingly, IGCPA is assessed as Execute for SMO 2.

To further align with SMO 2, IGCPA should continue working with universities and CCPAG to promote incorporation of the latest IES and expand implementation support for its members.

Current Status: Execute

The Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) is responsible for setting auditing standards in Guatemala and has adopted International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB) with an ongoing adoption mechanism. IGCPA, as a voluntary professional accountancy organization, does not have direct responsibility for the adoption of auditing standards.

Within this framework, the Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA) supports implementation of ISA through its professional activities. IGCPA provides training, seminars, and technical guidance to its members and promotes awareness of auditing standards and related developments.

Accordingly, IGCPA demonstrates an ongoing process to support the implementation of ISA within the scope of its authority and is assessed as Sustain for SMO 3.

Current Status: Sustain

The Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) is responsible for establishing ethical requirements in Guatemala and has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA). IGCPA does not have direct authority to set ethical requirements at the jurisdiction level.

Within this framework, the Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA) supports the implementation of ethical requirements through its professional development activities. IGCPA promotes awareness of the Code through training, seminars, and dissemination of guidance to its members and encourages adherence to ethical standards in practice.

These activities indicate that IGCPA maintains an ongoing process to support implementation of ethical requirements within the scope of its authority. Accordingly, IGCPA is assessed as Sustain for SMO 4.

Current Status: Sustain

Public sector accounting standard-setting in Guatemala is led by the Ministry of Public Finance, which issues national accrual-based standards with reference to International Public Sector Accounting Standards (IPSAS). Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA) does not have direct responsibility in this area.

Within this framework, IGCPA supports the implementation of IPSAS through its professional activities. IGCPA provides training and educational activities to its members and stakeholders on public sector accounting topics and promotes awareness of international standards.

These activities demonstrate that IGCPA uses its best efforts to support implementation within the scope of its authority. Accordingly, IGCPA is assessed as Sustain for SMO 5.

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 professional accountants. Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA), as a voluntary professional accountancy organization, does not have direct responsibility for establishing or operating this system.

Within this framework, IGCPA supports strengthening of the investigative and disciplinary system through collaboration with CCPAG and other stakeholders. IGCPA has previously participated in initiatives to identify gaps and promote alignment with the requirements of SMO 6.

While IGCPA contributes to these efforts, jurisdiction-level gaps remain, including limitations in the current investigative and disciplinary framework. Accordingly, IGCPA is assessed as Execute for SMO 6.

To further align with SMO 6, IGCPA should continue collaborating with CCPAG to support reforms that strengthen the investigative and disciplinary system.

Current Status: Execute

The Colegio de Contadores Públicos y Auditores de Guatemala (CCPAG) is responsible for adopting accounting standards for its members, including International Financial Reporting Standards (IFRS) and International Financial Reporting Standards for Small- and Medium-sized Entities (IFRS for SMEs), although these are not mandated at the jurisdiction level. Instituto Guatemalteco de Contadores Públicos y Auditores (IGCPA) does not have authority to mandate accounting standards.

Within this framework, IGCPA supports the implementation of IFRS and IFRS for SMEs through its professional activities. IGCPA provides training, seminars, and technical guidance to its members and promotes awareness of developments issued by the International Accounting Standards Board.

These activities demonstrate that IGCPA continues to support implementation of international accounting standards within the scope of its authority. Accordingly, IGCPA is assessed as Sustain for SMO 7.

Current Status: Sustain