In Mexico, the Ministry of Education (MoE) and universities are responsible for setting and implementing initial professional development (IPD) requirements for professional accountants. The main requirement to practice accountancy in Mexico is a bachelor's degree in accounting from a higher education institution and universities set the curriculum for accounting degrees. Several universities require their students to undertake a final exam when they finish their formal education program. An independent evaluation body manages the exam (CENEVAL), and the exam's content is aligned with the 2019 International Education Standards (IES). The MoE then licenses professional accountants to practice public accountancy.
The IMCP has focused its activities on implementing Initial Professional Development and Continuous Professional Development (CPD) requirements for its members that join voluntarily. The IMCP endeavors to align its IPD and CPD with the 2019 IES and international best practices. For example, in 1999, the IMCP introduced the voluntary certification of Certified Public Accountant (CPA; Contador Publico Certificado—CPC) for auditors of public interest entities, which the IMCP states it is in line with the 2019 IES requirements.
The obtain the CPC designation, an individual needs to conclude an undergraduate program in accounting and have a period of practical experience of at least three years, and take a comprehensive examination in accounting topics that include financial accounting and reporting, cost accounting, taxation business law and regulation, finance and auditing and professional ethics. These requirements are accepted as equivalent to those required for CPA Canada and CPA US.
The IMCP undertook a strategic survey and analysis on adopting a mandatory certification program for other IMCP members and decided that the initiative would not be able to succeed based on the voluntary nature of its membership.
The IMCP also has set CPD requirements for its members between 45 - 65 CPD credits per year, depending on if they are a CPA or not. In addition, the IMCP also offers certifications by disciplines for professionals providing specialty services, such as financial planning, public sector accounting and auditing, tax, and anti-money laundering. The IMCP states that the certifications are in line with the IES requirements.
The IMCP has been working with the National Association of Colleges and Schools of Accounting and Management (ANFECA), an organization that represents more than 400 institutions of higher education in Mexico. The IMCP has promoted incorporating the IES requirements into ANFECA's accountancy curricula. The IMCP has also provided implementation guidelines and encouraged the Ministry of Education and other universities to adopt IES requirements in the education of professional accountants in Mexico.
In addition, the IMCP is also in communication with academics from the leading universities in the country (UNAM, ITAM, Tecnológico de Monterrey) to include the IES framework in their accountancy curricula. The IMCP had worked with CENEVAL to include the IES framework in the Accounting Bachelor integrated test (the final exam).
The IMCP has translated the 2019 IES Handbook. Since 2019, it has developed materials for IES communication and facilitated their application through virtual and in-person seminars for students, academics, and accounting professionals. In 2021, the IMCP launched a national continuing education program about digital competencies that includes topics on Analytics, Big Data, Information Security, among others. In addition, the IMCP also has a special program about ethics called "HYPERLINK "https://imcp.edu.mx/course/etica-profesional/"Conversatorio de Etica". Finally, the IMCP Continuous Development Committee includes digital competencies in the CPD for IMCP members.
The IMCP has a representative on the IFAC International Panel on Accountancy Education, and it is committed to following IPAE projects and recommendations; for example, the IMCP is working to develop a program about sustainability and ESG indicators, considering the recent revisions to CPA education models in the United States and Canada.
Finally, the IMCP has also established communication channels for distributing information to members about recent developments and revisions around education requirements.
The IMCP has demonstrated an ongoing process to maintain its fulfillment of the SMO 2 obligations and is committed to continuous improvement.
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