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.


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