Bolivia

The financial reporting framework in Bolivia is established by the Commercial Code of 1977 and other applicable legislation, which set out the requirements for the preparation and presentation of financial statements by companies.

Law No. 2495 of 2003 designates the Authority for Fiscal and Social Control of Businesses (Autoridad de Fiscalización de Empresas, AEMP), an entity under the Ministry of Economy and Public Finance, as responsible for establishing accounting and auditing standards applicable to companies.

In practice, the AEMP has delegated technical standard-setting responsibilities to the National Technical Board of Auditors and Accountants (Consejo Técnico Nacional de Auditoría y Contabilidad, CTNAC) of the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB). However, standards issued by CTNAC require formal approval by the AEMP through Administrative Resolutions to become legally enforceable.

In 2012, CTNAC issued Resolution No. 002/2012 adopting International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). In 2015, CTNAC issued Resolution No. 001/2015 adopting International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB). These standards were subsequently approved by the AEMP through Administrative Resolution No. 009/2021.

The AEMP resolution further establishes that, in the absence of national technical pronouncements, international standards issued by the International Federation of Accountants (IFAC) and its standard-setting boards are to be applied.

Additional reporting and auditing requirements apply to regulated entities. Financial institutions, insurance companies, and pension entities are subject to regulations issued by the Financial System Supervisory Authority (ASFI) and the Supervisory Authority of Pensions and Insurance (APS), which may prescribe specific reporting frameworks and auditing requirements within their respective jurisdictions.

The accountancy profession in Bolivia is regulated by Law No. 3911 of 1957, which establishes the legal framework for the profession, including entry requirements, ethical obligations, and investigative and disciplinary (I&D) procedures. The law distinguishes between Financial Auditors, General Accountants, and Accountants.

Under the law, Financial Auditors are required to hold a university bachelor’s degree, while General Accountants must hold a university certificate or equivalent qualification, and Accountants must hold a certificate from a recognized specialized institution.

The Ministry of Economy and Public Finance is legally responsible for maintaining a national registry of professional accountants and for overseeing investigative and disciplinary processes. However, as reported by the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB), the national registry has not been operationalized. In practice, professional accountants register with departmental colegios on a voluntary basis and are subject to their respective oversight mechanisms.

Statutory auditors providing services to the public sector and to regulated entities are required to be members of CAUB.

In addition, sector-specific regulators oversee auditors operating within regulated industries. The Financial System Supervisory Authority (Autoridad de Supervisión del Sistema Financiero, ASFI) and the Supervisory Authority of Pensions and Insurance (APS) maintain registries of audit firms authorized to audit entities under their supervision and establish requirements for these auditors, including minimum practical experience. However, it is unclear whether these authorities operate comprehensive systems for quality assurance reviews or investigative and disciplinary procedures.

Other professional accountants may voluntarily join a professional accountancy organization (PAO) and are subject to the respective PAO’s requirements, including continuing professional development, ethical standards, and investigative and disciplinary processes.

Overall, the regulation of the profession in Bolivia reflects a mixed model, with statutory provisions complemented by self-regulation through professional accountancy organizations and oversight by sectoral regulators.

There is no independent public audit oversight authority in Bolivia.

The regulation of auditors is governed by Law No. 3911 of 1957 and supplemented by oversight from sector-specific regulators. The Ministry of Economy and Public Finance is legally responsible for maintaining a registry of professional accountants and for overseeing investigative and disciplinary processes; however, as reported by the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB), these functions have not been fully operationalized in practice.

In the absence of an independent oversight body, elements of audit oversight are carried out by multiple entities. The Financial System Supervisory Authority (ASFI) and the Supervisory Authority of Pensions and Insurance (APS) maintain registries of audit firms authorized to audit regulated entities and establish requirements for those auditors, including practical experience requirements.

Professional accountancy organizations, in particular CAUB, also play a role in regulating their members through the establishment of ethical requirements and investigative and disciplinary processes. However, these arrangements do not constitute a unified, independent public audit oversight system.

The Colegio de Auditores o Contadores Públicos de Bolivia (CAUB)

The Colegio de Auditores o Contadores Públicos de Bolivia (CAUB), established in 1989 and ratified by Supreme Resolution No. 209343 in 1991, is a professional accountancy organization representing auditors and accountants and is composed of nine departmental colegios.

Membership in CAUB is mandatory for statutory auditors providing services to the public sector and regulated entities, while other professionals may join on a voluntary basis.

CAUB plays a key role in supporting the development of the profession. Its activities include promoting the adoption and implementation of international standards, providing professional training, establishing ethical requirements for its members, and operating investigative and disciplinary mechanisms.

CAUB is a member of the International Federation of Accountants (IFAC), the Inter-American Accounting Association (AIC), the Group of Latin American Accounting Standard Setters, and the Committee of Integration for Latin Europe and America.

The Colegio de Contadores de Bolivia

The Colegio de Contadores de Bolivia, established in 1947, is a voluntary professional accountancy organization representing accountants.

The organization undertakes activities to promote the accountancy profession, including providing training and professional development opportunities, and operating investigative and disciplinary processes for its members.

The Colegio de Contadores de Bolivia is a member of the Inter-American Accounting Association (AIC).

In Bolivia, there is no legal requirement for a mandatory quality assurance (QA) review system for auditors.

In 2012, the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB), with support from a Multilateral Investment Fund project, developed regulations establishing a voluntary QA review system for its members intended to align with the requirements of SMO 1. However, as of 2025, the system has not been operationalized and QA reviews are not conducted for mandatory audits.

The CAUB’s National Technical Board of Auditors and Accountants (CTNAC) has adopted International Standards on Auditing (ISA) by reference, including the IAASB’s quality management standards, through Resolution No. 02/2020. These standards were approved by the Authority for Fiscal and Social Control of Businesses (AEMP) through Administrative Resolution No. 009/2021.

While quality management standards have been adopted for application by auditors, a QA review system that monitors compliance with these standards has not been established or implemented in practice.

Current Status: Not Adopted

In accordance with Law No. 3911 of 1957, professional accountants in Bolivia are required to obtain a university degree in accounting to practice the profession. The Ministry of Education and universities are responsible for establishing and delivering accountancy education programs.

Due to the legal autonomy of universities, the International Education Standards (IES) are used as a reference in the development of accounting curricula; however, their adoption is not mandatory at the jurisdiction level.

The law distinguishes between Financial Auditors, General Accountants, and Accountants. Financial Auditors are required to hold a university bachelor’s degree, while General Accountants must hold a university certificate or equivalent qualification, and Accountants must hold a certificate from a recognized specialized institution.

Additional requirements apply to auditors providing services to regulated entities under the Financial System Supervisory Authority (ASFI) and the Supervisory Authority of Pensions and Insurance (APS), including minimum practical experience requirements.

Overall, while certain elements of initial professional development such as university education and practical experience exist, the national requirements do not fully incorporate the latest International Education Standards.

Current Status: Partially Adopted

In accordance with Law No. 2495 of 2003, the Authority for Fiscal and Social Control of Businesses (AEMP), an entity under the Ministry of Economy and Public Finance, is responsible for establishing auditing standards applicable to companies in Bolivia.

The AEMP has delegated technical standard-setting responsibilities to the National Technical Board of Auditors and Accountants (CTNAC) of the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB). Standards issued by CTNAC require formal approval by the AEMP through Administrative Resolutions to become legally enforceable.

In 2015, CTNAC issued Resolution No. 001/2015 adopting International Standards on Auditing (ISA) as issued by the International Auditing and Assurance Standards Board (IAASB) by reference. These standards were subsequently approved by the AEMP through Administrative Resolution No. 009/2021 and are applicable in the jurisdiction.

Additional requirements apply to regulated entities. The Financial System Supervisory Authority (ASFI) requires the application of ISA for audits of entities under its supervision through its regulatory framework. As reported by CAUB, the Supervisory Authority of Pensions and Insurance (APS) has not issued separate auditing standards, and CTNAC-issued standards are applied in practice.

Current Status: Adopted

Law No. 3911 of 1957 establishes ethical requirements for the accountancy profession in Bolivia; however, these requirements are limited and are not aligned with the International Code of Ethics for Professional Accountants (including International Independence Standards).

At the jurisdiction level, there is no legal requirement mandating the application of the IESBA Code for all professional accountants.

The Colegio de Auditores o Contadores Públicos de Bolivia (CAUB) has adopted the International Code of Ethics by reference, as issued by the International Ethics Standards Board for Accountants (IESBA), for application by its members since 2021. Statutory auditors providing services to the public sector and regulated entities are required to be members of CAUB and are therefore subject to these requirements.

The Colegio de Contadores de Bolivia has also adopted the IESBA Code of Ethics for its members on a voluntary basis; however, the version of the Code adopted and the extent of its implementation are unclear.

Overall, while the IESBA Code has been adopted by professional accountancy organizations, its application is not mandated for all professional accountants at the jurisdiction level.

Current Status: Partially Adopted

Public sector accounting in Bolivia is governed by the Government Administration and Control Law No. 1178 of 1990 and Supreme Decree No. 23215 of 1992, which designate the Office of the Comptroller General of the State as the authority responsible for establishing public sector accounting standards.

The Comptroller General has developed national public sector accounting standards that are based on a partial accrual framework. International Public Sector Accounting Standards (IPSAS) have not been adopted in Bolivia.

Current Status: Not Adopted

In accordance with Law No. 3911 of 1957, the Ministry of Economy and Public Finance is legally responsible for investigating and disciplining (I&D) professional accountants. However, as reported by the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB), the Ad Honorem Committee responsible for these functions has not been operationalized.

In practice, investigative and disciplinary mechanisms are implemented by professional accountancy organizations. Statutory auditors providing services to the public sector and regulated entities are required to be members of CAUB and are therefore subject to its I&D system.

CAUB has established an Ethics Council at the national level and Ethical Tribunals within its nine departmental colegios, which are responsible for investigating and disciplining members. CAUB reports that its I&D system is aligned with the requirements of SMO 6.

The Colegio de Contadores de Bolivia also operates an investigative and disciplinary system for its members on a voluntary basis. However, as a non-IFAC member organization, its system has not been benchmarked against SMO 6 requirements.

Overall, while I&D mechanisms exist and are operational for segments of the profession, there is no unified system that applies to all professional accountants at the jurisdiction level.

Current Status: Partially Adopted

In accordance with Law No. 2495 of 2003, the Authority for Fiscal and Social Control of Businesses (AEMP), an entity under the Ministry of Economy and Public Finance, is responsible for establishing accounting standards applicable to companies in Bolivia.

The AEMP has delegated technical standard-setting responsibilities to the National Technical Board of Auditors and Accountants (CTNAC) of the Colegio de Auditores o Contadores Públicos de Bolivia (CAUB). Standards issued by CTNAC require formal approval by the AEMP through Administrative Resolutions to become legally enforceable.

In 2012, CTNAC issued Resolution No. 002/2012 adopting International Financial Reporting Standards (IFRS) and the IFRS for Small- and Medium-sized Entities (IFRS for SMEs), as issued by the International Accounting Standards Board (IASB), for application in the jurisdiction. These standards were subsequently approved by the AEMP through Administrative Resolution No. 009/2021.

In practice, the application of IFRS and IFRS for SMEs varies depending on the type of entity, and national requirements continue to apply in certain cases.

Current Status: Adopted

Relevant Organizations

• Authority for Fiscal and Social Control of Businesses (AEMP)
• Colegio de Auditores o Contadores Públicos de Bolivia (CAUB)
• Colegio de Contadores de Bolivia
• Latin American Accounting Standard Setters Group
• Ministry of Economy and Public Finance
• Office of the Comptroller General of the State
• Supervisory Authority of the Financial System (ASFI)
• Supervisory Authority of Pensions and Insurance (APS)

Relevant Legislation

• Law No. 3911 of 1957 (Regulation of the Accountancy Profession)
• Law No. 2495 of 2003 (Accounting and Auditing Standards Authority)
• Commercial Code of 1977
• Government Administration and Control Law No. 1178 of 1990
• Supreme Decree No. 23215 of 1992
• Administrative Resolution AEMP No. 009/2021
• Ministerial Resolution No. 161/20

Relevant Publications

• CAUB, SMO Action Plan, 2025.
• IFRS Foundation, “IFRS Application Around the World, Jurisdictional Profile: Bolivia,” June 2016.