Uruguay

The financial reporting framework in Uruguay is primarily established under Commercial Companies Law No. 16.060 of 1989, which requires companies to maintain accounting records and prepare annual financial statements in accordance with generally accepted accounting principles established at the national level.

Accounting standards in Uruguay are established through decrees issued by the Executive Power based on recommendations of the Permanent Commission on Adequate Accounting Standards (Comisión Permanente de Normas Contables Adecuadas, CPNCA), which operates under the Ministry of Economy and Finance. Uruguay has adopted International Financial Reporting Standards (IFRS Accounting Standards) issued by the International Accounting Standards Board for listed entities and other public interest entities. The Central Bank of Uruguay (Banco Central del Uruguay, BCU), through the Superintendency of Financial Services, requires banks, financial institutions, insurance companies, pension fund administrators, and other regulated financial entities to apply IFRS Accounting Standards as issued by the International Accounting Standards Board.

Uruguay has also adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs) for eligible entities that do not have public accountability and meet specified size and indebtedness thresholds established in national regulations. Other entities may apply simplified national accounting requirements depending on their size and legal classification.

Statutory audit requirements in Uruguay are established through various legal and regulatory provisions. Financial institutions, insurance companies, pension funds, listed entities, and other regulated entities supervised by the Central Bank of Uruguay are required to have their financial statements audited. In addition, companies exceeding specified indebtedness thresholds are subject to mandatory audit requirements.

The Central Bank of Uruguay, through the Superintendency of Financial Services, is the principal authority responsible for establishing auditing requirements for regulated entities. Audits of regulated entities are required to be conducted in accordance with International Standards on Auditing (ISA). In practice, ISA as issued by the International Auditing and Assurance Standards Board are applied in the jurisdiction through adoption by the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) and recognition by the Central Bank of Uruguay.

Listed companies are additionally required to appoint a síndico, whose responsibilities include oversight of corporate administration and issuance of reports on the financial statements. The functions of the síndico may overlap with certain aspects of the external audit function.

The General Tax Directorate (Dirección General Impositiva, DGI) establishes additional requirements related to financial reporting and tax compliance. Large and medium-sized entities, as defined by the DGI, are generally required to submit audited financial statements for tax purposes.

The accountancy profession in Uruguay is subject to limited state regulation. There is no comprehensive legal framework regulating all professional accountants, nor are there statutory professional certification, practical experience, examination, continuing professional development, ethical, or investigation and disciplinary requirements applicable to the profession as a whole.

Access to the profession is generally linked to obtaining a university degree in public accounting or an equivalent qualification recognized by the Ministry of Education and Culture. Certain reports and certifications submitted to public authorities must be issued by individuals holding the title of Public Accountant.

Auditors of regulated financial entities are subject to additional regulatory oversight. The Central Bank of Uruguay (Banco Central del Uruguay, BCU), through the Superintendency of Financial Services, maintains a Register of External Auditors for professionals and firms authorized to perform audits of entities under BCU supervision, including banks, financial institutions, insurance companies, pension funds, and other regulated entities.

The BCU establishes requirements related to auditor registration, independence, professional experience, quality control, and ongoing compliance. Registered auditors are required to apply International Standards on Auditing and comply with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants. The BCU framework also includes provisions related to auditor rotation, restrictions on incompatible non-audit services, access to audit working papers, reporting obligations, and sanctions for non-compliance.

The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) operates as the principal professional accountancy organization in the jurisdiction on a voluntary membership basis. Membership is open to individuals holding relevant university qualifications in accounting, economics, or administration.

CCEAU plays an important role in supporting the development and regulation of the profession. Its activities include providing professional training and continuing education, issuing professional and ethical guidance for members, supporting the implementation of international standards, representing and promoting the profession, and administering investigation and disciplinary procedures for its members.

Uruguay does not have an independent public audit oversight authority responsible for the comprehensive regulation and oversight of the audit profession. Oversight arrangements are instead exercised through a combination of sectoral regulation and professional self-regulation.

The Central Bank of Uruguay (Banco Central del Uruguay, BCU), through the Superintendency of Financial Services, is responsible for the supervision of auditors and audit firms providing services to entities under BCU oversight, including banks, financial institutions, insurance companies, pension funds, and other regulated entities.

Under the BCU regulatory framework, the authority maintains the Register of External Auditors and establishes requirements related to auditor registration, independence, professional experience, quality control, ethical compliance, and reporting obligations. The BCU may conduct inspections and impose sanctions on registered auditors and audit firms for non-compliance with applicable requirements.

Outside the financial sector, there is no independent audit oversight authority responsible for the approval, registration, inspection, or discipline of auditors performing statutory audits. In practice, professional oversight for members of the profession is supported by the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) through its professional standards, ethical requirements, continuing professional development activities, and investigation and disciplinary procedures applicable to members on a voluntary basis.

The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU)

The CCEAU is a voluntary professional accountancy organization representing accountants, economists, and business administration professionals in Uruguay. Established in 1893, CCEAU is the principal professional accountancy organization in the jurisdiction and operates through a national structure supported by regional affiliated associations.

Membership in CCEAU is voluntary and is generally open to individuals holding recognized university qualifications in accounting, economics, or business administration.

CCEAU plays a significant role in supporting the development and regulation of the profession in Uruguay. Its activities include providing professional education and continuing professional development programs; issuing professional, technical, and ethical guidance for members; supporting the implementation of international standards; representing and promoting the profession nationally and internationally; and administering investigation and disciplinary procedures for its members.

CCEAU is recognized as an important technical stakeholder in the development and implementation of accounting and auditing standards in Uruguay and participates in consultations and technical discussions with regulators and public authorities on matters affecting the profession.

In addition to being a member of the International Federation of Accountants, CCEAU is a member of the Asociación Interamericana de Contabilidad, the Comité de Integración Latino Europa-América, and the Group of Latin American Accounting Standard Setters.

There is no legal requirement in Uruguay for a quality assurance (QA) review system covering all audits of financial statements. The Central Bank of Uruguay (Banco Central del Uruguay, BCU) maintains a register of external auditors authorized to issue reports for entities under its supervision, and BCU requirements include quality control mechanisms for registered auditors and firms. However, the system is limited to entities supervised by the BCU and does not constitute a jurisdiction-wide QA review system for all mandatory audits.

The Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) has adopted professional standards through Pronouncement No. 18, which covers International Standards on Auditing, review, assurance, related services, and International Standard on Quality Control 1. CCEAU’s current list of pronouncements refers to ISQC 1 rather than the International Standards on Quality Management.

The BCU framework establishes regulatory oversight for registered auditors, but the available evidence does not indicate that the jurisdiction-level QA review system incorporates the relevant requirements of SMO 1 for all mandatory audits. Under the 2026 adoption definitions, a QA system that is operational only for some mandatory audits, or does not fully incorporate SMO 1 requirements, is assessed as Partially Adopted.

Current Status: Partially Adopted

Initial professional development requirements for professional accountants in Uruguay are not comprehensively established at the jurisdiction level. In accordance with Decree No. 103/991, individuals seeking to practice as public accountants are generally required to hold a university degree in accounting or an equivalent qualification recognized in the jurisdiction. However, there are no jurisdiction-wide requirements for professional examinations, mandatory practical experience, or continuing professional development applicable to all professional accountants.

Auditors providing services to entities supervised by the Central Bank of Uruguay (Banco Central del Uruguay, BCU) are subject to additional registration and professional experience requirements under the BCU Register of External Auditors. These requirements apply only to auditors of regulated financial entities and do not constitute a comprehensive jurisdiction-level framework aligned with the International Education Standards (IES).

The Colegio de Contadores, Economistas y Administradores del Uruguay provides continuing professional development activities and training programs for its members on a voluntary basis. However, participation is not mandated at the jurisdiction level for all professional accountants.

Accordingly, while certain elements of initial professional development and practical experience requirements exist for segments of the profession, the jurisdiction-level framework does not demonstrate full alignment with the IES in effect as of the time of the assessment. Under the 2026 adoption definitions, IES are assessed as Partially Adopted.

Current Status: Partially Adopted

Mandatory audit requirements in Uruguay apply to entities supervised by the Central Bank of Uruguay (Banco Central del Uruguay, BCU), including financial institutions, listed entities, insurance companies, and pension funds, as well as other companies exceeding specified indebtedness thresholds. Audits of these entities are required to be conducted in accordance with International Standards on Auditing (ISA).

De facto, all audits are conducted in accordance with the standards issued by the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU), which adopted IAASB standards as issued through the Pronouncement No. 18 in 2010. As the official standard-setter for the abovementioned entities, the BCU has adopted ISA as adopted by the CCEAU through Regulation Nº 2136 of 2013.

ISA for Audits of Financial Statements of Less Complex Entities has not been adopted in Uruguay.

Current Status: Adopted

Auditors of entities regulated by the Central Bank of the Republic (BCU) and individuals who voluntarily join the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) are subject to ethical requirements in Uruguay.

The BCU has adopted the IESBA Code of Ethics, as issued, through Regulation Nº 2136 of 2013 for auditors registered with the BCU.

The CCEAU has adopted the IESBA Code of Ethics by reference through Pronouncement No. 18 in 2010 for all auditors. The other members are subject to CCEAU own Code of Ethics based on the 2009 IESBA Code of Ethics while utilizing the latest version of the IESBA Code as a supplement to its own Code.

Current Status: Partially Adopted

In accordance with the Constitution of Uruguay, the Court of Accounts (Tribunal de Cuentas de la República, TCR) is responsible for setting accounting standards for public sector entities. The TCR has established national public sector accounting requirements through Ordinance No. 81 of 2002, as amended by Ordinance No. 89 of 2017. The framework is based on national standards and is reported as partial accrual, rather than accrual-basis International Public Sector Accounting Standards (IPSAS).

Current Status: Not Adopted

Auditors of entities supervised by the Central Bank of Uruguay (Banco Central del Uruguay, BCU) and individuals who voluntarily join the Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU) are subject to investigation and discipline (I&D) systems in Uruguay. No regulation establishes a jurisdiction-wide I&D system for all professional accountants.

The BCU maintains a Register of External Auditors for auditors authorized to issue reports required for entities under its supervision and establishes regulatory requirements for registered auditors. The BCU framework provides for sanctions, including suspension or exclusion from the register, where registered auditors or firms do not comply with applicable requirements.

For its members, CCEAU has established ethics requirements and a process for filing ethics complaints. The CCEAU process requires complaints to be submitted to its Board and supported by a detailed description of the alleged facts and relevant evidence.

Accordingly, while I&D mechanisms exist for BCU-registered auditors and CCEAU members, there is no jurisdiction-level I&D system that applies to all professional accountants or clear evidence that the existing systems fully align with the relevant SMO requirements. Under the 2026 adoption definitions, I&D is assessed as Partially Adopted.

Current Status: Partially Adopted

In accordance with Resolution No. 90/991, the Permanent Commission on Adequate Accounting Standards (Comisión Permanente de Normas Contables Adecuadas, CPNCA) within the Ministry of Economy and Finance is responsible for recommending accounting standards, which are adopted through Presidential Decrees.

Presidential Decree No. 266/007 adopted International Financial Reporting Standards (IFRS) Accounting Standards for listed companies. In addition, the Central Bank of Uruguay (Banco Central del Uruguay, BCU) requires banks, insurance companies, pension funds, and other regulated financial institutions to apply IFRS Accounting Standards. The standards are applied as issued by the International Accounting Standards Board.

Presidential Decree No. 291/014 adopted the IFRS for Small and Medium-sized Entities Accounting Standard for eligible entities that meet specified criteria.

Current Status: Adopted

Relevant Organizations

Banco Central del Uruguay (BCU)

Colegio de Contadores, Economistas y Administradores del Uruguay (CCEAU)

Group of Latin American Accounting Standard Setters (GLENIF)

IFRS Foundation Jurisdiction Profile – Uruguay

Tribunal de Cuentas de la República (TCR)

Relevant Legislation

Commercial Companies Law No. 16.060 of 1989

Decree No. 103/991

Decree No. 266/007

Decree No. 291/014

Law No. 18.401 of 2008

Ordinance No. 81 of 2002

Ordinance No. 89 of 2017

Resolution No. 90/991

Superintendencia de Servicios Financieros Regulation No. 2136 of 2013

Relevant Publications

CCEAU Code of Ethics and Ethics Complaint Procedures

CCEAU Pronouncement No. 18

CCEAU Technical Commissions

CCEAU Training and Professional Development Activities

IFAC/CIPFA International Public Sector Financial Accountability Index 2020

Manual del Código Internacional de Ética para Contadores Profesionales Edición 2024

World Bank Report on Accounting and Auditing in Uruguay