• Register
Return to: Home > News > Regulation > Colombia eyes adoption of international audit standards

Colombia eyes adoption of international audit standards

Colombian standard-setting body will recommend the government the adoption of the standards issued by the International Auditing and Assurance Standards Board (IAASB), The Accountant has learnt.

After a public consultation, which ended on 31 July, the CTCP is to propose the adoption of international audit and assurance standards, the Consejo Técnico de la Contaduría Pública (CTCP) president Wilmar Franco told The Accountant.

According to Franco, by the end of 2014 the government will draft legislation incorporating the standards into national law.

Currently, the Code of Commerce needs to be amended for the IAASB standards to be applicable in Colombia, due to a special type of assurance professionals called revisores fiscales (or financial reviewers) whose functions overlap the role of external auditors.

"Both auditors and reviewers carry out similar assurance functions. Reviewers, however, are tasked by the authorities with certifying certain tax obligations on their behalf, which undermines the independence that the IAASB standards require," Franco said.

Meanwhile, Colombian GAAP is to gradually disappear as Colombia is one of the few countries in the world that has adopted IFRS not only for public interest companies but also for small and medium enterprises, as well as micro companies.

CTCP president Wilmar Franco was interviewed at length by The Accountant for its country survey on Colombia, which will be published in September.

 

Related stories:
The Accountant: Country Surveys

Cuba: Accountancy profession key to opening up economy

Brazil survey: Ever the optimist

Tax-Mex' revolution: Mexico prepares for fiscal reform

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.