Instituto Mexicano de Contadores Públicos, A.C.

In the absence of legislation establishing a mandatory quality assurance (QA) review system for all audits of financial statements in Mexico, the Instituto Mexicano de Contadores Públicos (IMCP) has maintained a leadership role in this area through the operation of a mandatory QA review system for its members and member firms performing audits and assurance engagements.

The IMCP initially introduced its review framework in 2012 through the Norma de Revisión del Sistema de Control de Calidad, which established mandatory quality reviews for members and firms within scope. Since 2015, the quality assurance review system has been operational and aligned with the requirements of Statement of Membership Obligation 1 (SMO 1).

To support implementation and continuous improvement, the IMCP established dedicated technical and operational commissions responsible for administering, monitoring, and enhancing the review system. The Institute has also developed training programs and train-the-trainer sessions across the country, issued guidance to support firms in implementation, and disseminated updates on new and revised standards issued by the International Auditing and Assurance Standards Board.

In January 2021, the IMCP announced the mandatory adoption of International Standard on Quality Management 1 (ISQM 1) and International Standard on Quality Management 2 (ISQM 2), effective 15 December 2022. The Institute subsequently updated its quality review framework through the Norma de Revisión de Gestión de la Calidad, effective January 1, 2024, and continues to support firms with implementation through dedicated resources and annual confirmations of compliance with quality management requirements.

The IMCP has also developed a software-based system to support the registration of firms and the monitoring of quality reviews, which further strengthens the operational effectiveness of the system.

In addition, the IMCP continues to engage with regulators on the need to establish a jurisdiction-wide mandatory QA review system for all audits. Through coordination with the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the National Insurance and Surety Commission (Comisión Nacional de Seguros y Fianzas), the IMCP has helped ensure that only holders of the Contador Público Certificado designation may perform audits of regulated public interest entities. This effectively brings the principal public interest entity audit market within the scope of the IMCP’s QA review system.

Accordingly, the IMCP maintains well-established ongoing processes to fulfill its obligations under SMO 1 and continues to review and enhance its framework as part of an ongoing commitment to continuous improvement.

Current Status: Sustain

In Mexico, the Ministry of Public Education (Secretaría de Educación Pública) and higher education institutions are primarily responsible for establishing and implementing initial professional development (IPD) requirements for professional accountants. The main requirement to practice accountancy is the completion of an undergraduate degree in accounting and the issuance of a professional license by the Ministry.

Within the scope of its mandate, the Instituto Mexicano de Contadores Públicos (IMCP) has maintained well-established processes to support the alignment of professional education and continuing development requirements with the International Education Standards (IES) for its members and certified professionals.

The IMCP operates the Contador Público Certificado certification program, which is required for auditors of public interest entities regulated by the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the National Insurance and Surety Commission (Comisión Nacional de Seguros y Fianzas). The certification framework includes an undergraduate accounting degree, at least three years of practical experience, and a comprehensive professional examination covering financial reporting, taxation, business law, auditing, finance, and professional ethics.

The Institute has also established continuing professional development requirements for its members, ranging from 45 to 65 hours annually depending on certification status, and maintains specialized certifications in areas including tax, anti-money laundering, public sector accounting and auditing, and financial planning. Recent programs include continuing education on digital competencies, analytics, information security, and ethics.

In addition, the IMCP continues to engage with academic institutions and education stakeholders to promote the incorporation of the IES framework into university curricula and professional examinations. This includes ongoing collaboration with the National Association of Faculties and Schools of Accounting and Administration (Asociación Nacional de Facultades y Escuelas de Contaduría y Administración (ANFECA)), as well as communication with leading universities in the country.

The IMCP has translated the 2019 IES Handbook and continues to support implementation through seminars, technical materials, and communication channels for students, academics, and professional accountants. The Institute also maintains active participation in international accountancy education initiatives and continues to update its programs to reflect emerging areas such as digital competencies and sustainability reporting.

While the IMCP maintains strong and ongoing processes within the scope of its authority, initial professional development requirements for all professional accountants continue to be primarily established at the jurisdiction level by education authorities and universities.

The Institute should continue to focus on strengthening collaboration with education authorities and higher education institutions to further promote demonstrable alignment with the latest International Education Standards across the broader profession.

Current Status: Review & Improve

The Instituto Mexicano de Contadores Públicos (IMCP) continues to maintain well-established processes to support the adoption, implementation, and ongoing updating of International Standards on Auditing (ISA) within the scope of its mandate.

ISA were adopted by the IMCP effective for audits of financial statements for periods beginning on or after January 1, 2012. The Institute continues to monitor new and revised standards issued by the International Auditing and Assurance Standards Board (IAASB) and incorporates those revisions into the professional framework through translation, publication, and communication to members.

The IMCP maintains an official Normas de Auditoría section on its website and continues to publish updated auditing standards and related implementation materials. The Institute also undertakes timely translations of new and amended standards and disseminates technical updates to support application by practitioners.

In addition, the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores), the National Insurance and Surety Commission (Comisión Nacional de Seguros y Fianzas), and the tax authorities accept the auditing standards issued by the IMCP for entities under their supervision. As a result, audits of listed companies, financial institutions, insurance companies, and tax-related engagements are conducted within a framework based on ISA.

To support implementation, the IMCP has incorporated ISA into its education, training, and continuing professional development programs. The Institute disseminates standard-related information through technical materials, publications, webpages, and established communication channels for members. It also provides implementation support tools, including illustrative models and templates for practitioners.

The IMCP also actively participates in the international standard-setting process through representation and technical engagement with IAASB projects, working groups, and related committees.

Accordingly, the IMCP maintains well-established ongoing processes to fulfill its obligations under SMO 3 and continues to review and enhance its activities as part of an ongoing commitment to continuous improvement.

Current Status: Sustain

The Instituto Mexicano de Contadores Públicos (IMCP) is responsible for establishing ethical requirements for its members and continues to maintain a well-established process for aligning its Código de Ética Profesional with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).

The IMCP currently maintains the 2024 edition of its Code of Ethics and continues to review and incorporate amendments issued by the IESBA. In 2025, the Institute issued further updates to its Code to reflect changes introduced in the international ethical framework. The IMCP continues to monitor revisions to the IESBA Code, translate amendments, approve updates, and publish revised provisions on an ongoing basis.

To support implementation, the IMCP provides training and technical guidance to members and requires that a portion of continuing professional development requirements be fulfilled through ethics-related courses and professional development activities. The Institute also disseminates updates through its established communication channels and technical publications.

In addition, the IMCP continues to promote the adoption and implementation of the IESBA Code more broadly through engagement with regulators, chambers of commerce, professional organizations, and universities. The Institute also works with the National Association of Faculties and Schools of Accounting and Administration (Asociación Nacional de Facultades y Escuelas de Contaduría y Administración (ANFECA)) to promote the incorporation of ethics and professional standards into university curricula.

While the IMCP maintains strong and ongoing processes within the scope of its authority, continued efforts are required to ensure timely convergence with the latest edition of the International Code of Ethics and to further promote its application across the broader profession in Mexico.

The IMCP should continue to focus on timely incorporation of amendments to align its Code fully with the latest IESBA Handbook and continue promoting broader jurisdiction-wide adoption and implementation.

Current Status: Review & Improve

The Instituto Mexicano de Contadores Públicos (IMCP) is not directly responsible for establishing public sector accounting standards in Mexico. Public sector accounting standards are established by the National Council for Accounting Harmonization (Consejo Nacional de Armonización Contable (CONAC)) in accordance with the General Law on Government Accounting (Ley General de Contabilidad Gubernamental).

Mexico applies national public sector accounting standards with reference to the International Public Sector Accounting Standards (IPSAS). These standards are applied on a partial accrual basis, and state-owned enterprises and certain public entities prepare financial statements on an accrual basis in accordance with the applicable governmental accounting framework. CONAC has also authorized the use of Mexican Financial Reporting Standards and IPSAS as supplementary reference standards for certain entities.

Although the IMCP does not have direct responsibility in this area, it continues to play a proactive role through its participation in the Advisory Committee of CONAC, including through the Governmental Sector Vice Presidency. The Institute also coordinates a governmental accounting working group that reviews accounting projects and technical developments submitted to CONAC, with the objective of promoting compliance with the General Law on Government Accounting and encouraging greater alignment with accrual-based IPSAS principles.

In addition, the IMCP offers a certification for professionals providing public sector accounting services and continues to disseminate technical information and guidance related to public sector accounting standards and developments.

Accordingly, the IMCP maintains well-established ongoing processes within the scope of its mandate and continues to support improvements in public sector financial reporting as part of its ongoing commitment to continuous improvement.

Current Status: Sustain

The Instituto Mexicano de Contadores Públicos (IMCP) is responsible for establishing and operating an investigative and disciplinary (I&D) system for its members. The Institute maintains an operational I&D framework through its federal structure, with the system administered through the National Honor Board (Junta de Honor Nacional) and the 60 local Honor Committees of its affiliated state-level professional associations.

The IMCP continues to review its procedures on an ongoing basis and has undertaken an assessment of its investigative and disciplinary framework against the requirements of Statement of Membership Obligation 6 (SMO 6) and international best practices.

Through this assessment, the Institute has identified several areas requiring further harmonization and strengthening across the local structures. These include the establishment of a separate disciplinary committee function, stronger linkage between the quality assurance review system and the investigative and disciplinary process, and further development of administrative processes such as formal time targets for case resolution and mechanisms to monitor the progress of cases.

The IMCP has continued to update its regulatory framework and procedures; however, based on the available information, it is not yet evident that the identified gaps with SMO 6 best practices have been fully addressed across the system.

In addition, the IMCP continues to operate within a jurisdiction where investigative and disciplinary arrangements do not apply to all professional accountants, given the voluntary membership structure and the presence of other professional organizations.

The IMCP should continue to focus on strengthening harmonization of its investigative and disciplinary processes across local committees and addressing the remaining gaps identified in its SMO 6 assessment, particularly with respect to committee structure, linkage with quality assurance findings, and case monitoring mechanisms.

Current Status: Execute

The establishment of corporate financial reporting standards in Mexico is the responsibility of the Mexican Board for Research and Development of Financial Reporting Standards (Consejo Mexicano de Normas de Información Financiera (CINIF)) and the relevant financial sector regulators, including the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the National Insurance and Surety Commission (Comisión Nacional de Seguros y Fianzas).

Upon the establishment of CINIF, the Instituto Mexicano de Contadores Públicos (IMCP) delegated its standard-setting authority in this area and became a founding member of the organization. The IMCP continues to actively participate in the standard-setting process through representation on CINIF’s Technical Consulting Committee, where it contributes to the development of national accounting standards and to the review of exposure drafts issued by the International Accounting Standards Board.

CINIF issues Mexican Financial Reporting Standards (MFRS) and continues to work toward convergence with International Financial Reporting Standards (IFRS) Accounting Standards. The IMCP supports this process through its active participation in CINIF’s technical work and through ongoing dialogue with regulators and other stakeholders.

To support implementation among its members, the IMCP develops supplementary technical materials, including handbooks describing key differences between MFRS and IFRS Accounting Standards, glossaries of technical terminology, and specialized working groups to support the application of complex standards. The Institute also provides training activities, technical updates, publications, and regular communication through its website and technical magazine.

The IMCP continues to support the implementation of IFRS Accounting Standards and convergence efforts in Mexico; however, differences between MFRS and IFRS remain, and IFRS Accounting Standards are not yet required for all domestic publicly accountable entities.

The IMCP should continue to focus on supporting CINIF and relevant regulators in reducing remaining differences between MFRS and IFRS Accounting Standards and promoting broader alignment with full IFRS adoption across the jurisdiction.

Current Status: Review & Improve