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Professional Ethics and Standards for Accountants and Auditors in Bolivia

The Consejo Técnico Nacional de Auditoría y Contabilidad (CTNAC) of the Colegio de Contadores Públicos del Estado Plurinacional de Bolivia (CAUB) has outlined current regulations and standards adopted by accountants and auditors in Bolivia.

Key Standards and Regulations

1. International Code of Ethics

• The CTNAC has adopted the current and emerging International Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants (IESBA).
• This code is in full force and effect.

2. International Standards on Auditing, Review, Assurance, and Related Services

• The CTNAC has approved the adoption of International Standards on Auditing, Assurance and Related Services, issued by the International Auditing and Assurance Standards Board (IAASB).
• These standards are in full application in Bolivia as of January 1, 2017.

3. International Quality Management Standards

• The CTNAC has adopted the current and emerging International Quality Management Standards, issued by the IAASB.
• These standards are in full application in Bolivia.

4. Sustainability Disclosure

• The International Sustainability Standards Board (ISSB) has issued two standards: IFRS S1, General Disclosure Requirements for Sustainability-Related Financial Information; and IFRS S2, Climate-Related Disclosures.
• The CTNAC has adopted these standards for full application in Bolivia as of January 1, 2027.

5. International Standard on Sustainability Assurance

• The IAASB is proposing a global sustainability assurance standard, the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
• The CTNAC will monitor its progress and adopt it for application in Bolivia when approved.

Recommendations

To ensure the full implementation of these regulations, we recommend the following:

1. Support from Government Agencies

Support from government agencies is necessary to fully implement these regulations.

2. Continuous Process of Adoption and Application

The CAUB should continue to work on maintaining a continuous process of adoption and application of international pronouncements for the accounting profession in Bolivia.

3. Coordination with Government Agencies

The CAUB should coordinate actions with government agencies to promote the formalization of the regulatory process and the full adoption of international pronouncements in Bolivia.

By adopting these standards, accountants and auditors in Bolivia can ensure that their practices are aligned with international best practices and that they provide high-quality services to their clients.