Colegio de Auditores o Contadores Públicos de Bolivia

Although the CAUB has no legal authority to establish a mandatory quality assurance (QA) review system, the CAUB has been working to operationalize a voluntary QA review system for its members and proactively adopted ISA by reference as issued by the IAASB, including the relevant IAASB quality management standards through Resolution No. 02/2020.

In 2012, the CAUB established a voluntary QA system for its members, executed numerous steps to promote the QA review system and communicate with stakeholders and members, and created a CAUB’s Quality Control Review Committee. Subsequently, it launched a pilot review with four firms participating on a voluntary basis in 2013. The CAUB states that a lack of support and coordination from regulators and resistance by its members and firms to participate in the QA review system are significant challenges that the institute is facing to progress further with the implementation of its QA review system.

Nonetheless, since 2016, the CAUB has pursued and held multiple meetings with regulators—the Authority for Fiscal and Social Control of Businesses, the Authority of the Financial System Supervision (ASFI) and the General Comptroller of the State—to raise awareness about the need for a QA system and relevant standards. As a result of these activities, the ASFI did adopt ISA and ISQC 1 as the mandatory standards that audit firms authorized to audit companies under its control must apply.

To overcome challenges and support its members’ understanding of the value of QA reviews, the CAUB has developed Train the Trainers workshops in each of the country’s provinces where it has branch offices to better disseminate information about the system nationwide; issued a Quality Control Manual; and collaborated with the Inter-American Accounting Association to develop training activities on Quality Control for Small- and Medium-Sized Practices. In addition, the CAUB shares information on related standards to its members and stakeholders on an ongoing basis.

As of 2025, the CAUB reports it is focusing its efforts on providing training activities and preparing members for the IAASB Quality Management standards.

The CAUB has undertaken several commendable actions to drive the adoption and implementation of a QA system for all auditors that aligns with the SMO 1 requirements. To advance adoption at the jurisdiction level, the CAUB is also encouraged to continue its engagement with other stakeholders that regulate auditors to develop a unified, mandatory QA review system in line with SMO 1 requirements.

Current Status: Review & Improve

In accordance with the Law 3911 of 1957 professional accountants are only required to have a university degree in accounting to practice the profession. The Ministry of Education, Ministry of Finance, universities, and regulators all have a role in controlling initial professional development requirements for professional accountants. To date, only a minimal portion of the IES requirements appear to be adopted into national requirements.

The CAUB indicates that its activities primarily include actions to promote the adoption and implementation of IES requirements to the regulators. Accordingly, the CAUB has signed an inter-institutional cooperation agreement with several universities and is working with the Executive Committee of the Bolivian University to promote the incorporation of updated IES requirements into the professional curricula.

As part of a Multilateral Investment Fund (FOMIN) project, the CAUB hired a consultant in 2012 to assess the accounting curricula against the IES requirements to develop a curricula model for students in the jurisdiction. The consultancy culminated in a document that outlined a curricula model and was shared with the universities. Since 2013, CAUB has been monitoring the progress of the universities in updating the professional curricula by conducting meetings with each of the universities and developing seminars and conferences to inform university instructors about the latest IES. Despite CAUB’s best efforts, the universities’ autonomy over the accounting curricula means that it is ultimately their decision to progress with the initiative in a timely manner.

Under the FOMIN project, the consultant was also responsible for designing a voluntary certification program that included a final assessment, practical experience requirements, and continuing professional development (CPD) obligations for CAUB members. However, aside from a general statement, no specific activities have been indicated, although CAUB notes it has been promoting voluntarily professional certifications in IFRS and ISA as means to offer CPD.

The CAUB is encouraged to continue collaborating with the regulators and universities to promote and support adopting and implementing the IES requirements. The CAUB can refer to examples in the region for best practices and learnings, including a voluntary certification aligned with the IES, and a university accreditation scheme. The Accountancy Education E-Tool and the IES Checklist developed by IFAC may help identify implementation support materials.

The CAUB is encouraged to adopt specific CPD requirements for its members – especially auditors that must join the association and audit specific entities.

Current Status: Consider

The CAUB is not legally responsible for the final adoption of auditing standards in Bolivia, but it does play an important role in the standard-setting process through its National Technical Board of Auditors and Accountants (CTNAC). The CTNAC is a technical board of the CAUB, which was delegated the responsibility as the auditing standard-setter by the Authority for Fiscal and Social Control of Businesses (AEMP). However, the AEMP must ultimately approve and issue the standards through an official Administrative Resolution. In addition, the Supervisory Authority of the Financial System (ASFI) and the Supervisory Authority of Pensions and Insurance (APS) have authority to set auditing standards for audits of the regulated entities under its purview.

The CAUB, through CTNAC, has been engaged in a series of convergence projects since 2008. In 2008, the AEMP approved Bolivian Auditing Standards issued by CTNAC which were based on the 2008 ISA as translated by the Instituto Mexicano de Contadores Públicos. Subsequently, in 2015, CTNAC issued Resolution 001/2015 adopting by reference ISA as issued by the IAASB for application in the jurisdiction in the absence of any other national technical pronouncements in the area even though these were legally only viewed as guidelines. In 2021, the AEMP approved the CTNAC standards by the Administrative Resolution AEMP No. 009/2021, aligning Bolivia with international best practices. The CAUB dedicated over 13 years of steadfast advocacy, education, and outreach efforts amongst multiple stakeholders to have the AEMP to endorse the updated standards.

Additionally, since 2016, the CAUB has held meetings with relevant regulators—the Authority for Fiscal and Social Control of Businesses (AEMP) and the Authority of the Financial System Supervision (ASFI)—to raise awareness about the ISA. As a result of these activities, the ASFI has included ISA as applicable standards audits of companies under its control since 2019.

The CAUB disseminates ISA-related materials to the universities to encourage its incorporation in the accountancy curricula. Additionally, to support its members, the CAUB provides trainings on ISA on an ongoing basis through conferences and seminars; offers a voluntary ISA certification program; and disseminates information on the standards and international developments through printed materials and its website. In addition, the CAUB has stated plans to develop and disseminate guidelines on ISA implementation.

Finally, the CAUB participates in the international standard-setting process by coordinating with other member organizations in the region to send comments to exposure drafts to the IAASB through the Inter-American Accounting Association (AIC) and contributes to regional initiatives that aim to produce a single, unified, high-quality Spanish translation.

The CAUB has demonstrated an ongoing process to maintain its fulfillment of the SMO 3 obligations and is committed to continuous improvement.

Current Status: Sustain

In Bolivia, professional accountants are subject to ethical requirements set in Law 3911 of 1957 and may become subject to additional ethical requirements by voluntarily joining a PAO. The CAUB, as one of the Bolivian PAOs, has established an Ethics Council that is responsible for setting and updating the ethical requirements and ensuring compliance among its members—which include auditors on a mandatory basis and other professionals that join on a voluntary basis. Having previously adopted the 2009 and 2014 IESBA Codes, in 2021, the CAUB decided to adopt the International Code of Ethics for Professional Accountants by reference and as issued by the IESBA.

The CAUB provides trainings on the IESBA Code on an ongoing basis through conferences and seminars; disseminates information on the standards and international developments through printed materials and its website; and contributes to regional initiatives that aim to produce a single, unified, high-quality Spanish translation.

Additionally, the CAUB reports that since 2013 it has been encouraging universities to incorporate the Code of Ethics into accounting curricula. Its engagements with universities on this topic have been well-received.

The CAUB is encouraged to also undertake actions to promote the adoption of the IESBA Code of Ethics for all professional accountants in the jurisdiction to relevant authorities and stakeholders.

Current Status: Review & Improve

The Controller General is the entity legally responsible for public accounting standards. The Controller General has developed national standards that are on a partial accrual-basis.

The CAUB reports that this is the SMO area with the least progress due to the lack of political will of the authorities and government regulators. However, the CAUB continues to use its best endeavors to promote the adoption of IPSAS.

In 2017, because of several years of engagement, the CAUB was able to sign a cooperation agreement with the Controller General to raise awareness of international developments, promote IPSAS, coordinate institutional activities, and develop strategies to strengthen the audit services of auditors for regulated companies.

The institute also states that it electronically distributes recent developments and revised standards issued by the IPSASB. The current IPSAS Handbook, published in Spanish on the IPSASB website, is shared with all professional accountants in Bolivia.

Given the nature of its mandate, membership composition, and the legal and regulatory environment, CAUB has demonstrated it is using its best endeavors to fulfill the SMO 5 requirements

Current Status: Sustain

The CAUB is responsible for establishing and operating an investigative and disciplinary (I&D) system for its members, including auditors on a mandatory basis and other professionals who join on a voluntary basis. The CAUB indicates that it has an Ethics Council authorized to investigate and discipline CAUB members. In addition, the CAUB has nine departmental colegios within each of the provinces of Bolivia. Each branch has an Ethic Tribunal responsible for the I&D of members of their respective branch. The CAUB reports that its I&D system and its branches’ I&D systems have been fully aligned with the SMO 6 requirements since 2020 after several self-assessments and policy reforms aimed at improving the enforcement systems.

In 2014, the CAUB assessed its I&D policies and processes against the requirements of SMO 6 and acknowledged there were gaps in compliance. The CAUB developed a project to reform its bylaws and regulations in order establish and I&D system in line with the requirements of SMO 6. The project was approved by the Council in 2017. In 2020, the CAUB achieved the significant milestone of the approval and legal recognition of its organic statute and updated internal regulations through Ministerial Resolution No. 161/20, issued by the Ministry of the Presidency of Bolivia, allowing CAUB to address gaps and bring its enforcement system in line with international best practices.

The CAUB has carried out a series of training activities with its members to sensitize them to the procedures.

I&D procedures that meet the SMO 6 benchmark are an essential part of to maintaining public trust and confidence in the profession. The CAUB should continue using its best efforts to collaborate with the regulators and relevant stakeholders to promote enforcement mechanisms for all professional accountants in the jurisdiction that can meet the SMO 6 benchmark.

Current Status: Review & Improve

Although the Authority for Fiscal and Social Control of Businesses (AEMP) is legally responsible for the final approval and issuance of accounting standards, the CAUB actively participates and contributes to the standard-setting process through its National Technical Board of Auditors and Accountants (CTNAC) which was delegated standard drafting and setting responsibilities from the AEMP. In 2012, the CTNAC issued Resolution 002/2012 adopting IFRS as issued by the IASB for application in the jurisdiction. In 2021, the AEMP approved the CTNAC standards by the Administrative Resolution AEMP No. 009/2021. The CAUB dedicated over 13 years of steadfast advocacy, education, and outreach efforts amongst multiple stakeholders to have the AEMP to adopt the updated standards.

In the meantime, CAUB has been supporting implementation of the standards as well. It has trained its members on the application of the standards and distributes the IFRS and IFRS for SMEs digitally. Additionally, the CAUB disseminates IFRS and IFRS for SMEs-related materials to the universities to encourage its incorporation in the accounting curricula and offers the Inter-American Accounting Association’s IFRS for SMEs certification.

Furthermore, the CAUB is a member of the Latin American Accounting Standard Setters Group and participates in the international standard-setting process by providing comments to exposure drafts on a regional level. In addition, the CAUB actively participates in the IFRS Foundation Spanish translation review committee.

The CAUB is encouraged engage regulators and stakeholders to promote the adoption and implementation of IFRS for SMEs.

Current Status: Review & Improve