Colombia : Accounting and Auditing
This report is based on the findings of a review of accounting and auditing standards and practices in Colombia. The review exercise focused mainly on the strengths and weaknesses of the institutional framework that supports a corporate financial r...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/07/6561430/colombia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14470 |
| Summary: | This report is based on the findings of
a review of accounting and auditing standards and practices
in Colombia. The review exercise focused mainly on the
strengths and weaknesses of the institutional framework that
supports a corporate financial reporting system in the
country. The current legal and regulatory requirements on
accounting have led to issuance of conflicting accounting
standards from multiple sources. Legal arrangements that
gave various regulatory bodies the right to determine the
accounting requirements for entities within their
jurisdiction have led to the predominance of special-purpose
financial reporting. This report provides policy
recommendations to improve accounting and auditing
practices, including strengthening enforcement mechanisms to
ensure compliance with accounting and auditing requirements,
and a professional code of ethics for auditors. In this
context, it is recommended that a statutory regulatory body
be established. Other policy recommendations include the
creation of a Higher Council that would be responsible for
issuing international accounting and auditing standards as
local mandatory requirements for public interest entities;
establishing a new professional organization for auditors of
financial statements; reforming accounting curriculum and
improving significantly the teaching capacity of accounting
instructors at universities; and organizing training
programs on practical aspects of international auditing
standards for accountants, auditors, and others. |
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