BACKGROUND NOTE ON ACTION PLANS

Transcription

1 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) BACKGROUND NOTE ON ACTION PLANS SMO Action Plans are developed by IFAC Members and Associates to demonstrate fulfillment of IFAC Statements of Membership Obligations (SMOs). SMOs require IFAC Members and Associates to support the adoption 1 and implementation 2 of international standards and other pronouncements issued by independent standard-setting boards under the auspices of IFAC as well as by the International Accounting Standards Board (IASB); and to establish a Quality Assurance (QA) review and Investigation and Disciplinary (I&D) systems. IFAC Members and Associates conduct a self-assessment against the requirements of SMOs and identify areas where improvements are needed. Based on the results of the assessment, Members and Associates develop an SMO Action Plan to (a) demonstrate how they fulfill the requirements of the SMOs and (b) where some requirements are not yet addressed, to present plans towards their fulfillment. SMO Action Plans are designed to be ever-green documents that provide a comprehensive description of the accountancy profession and its legislative and regulatory environment in the jurisdiction as well as the actions undertaken by IFAC Members or Associates to support adoption and implementation of international standards and best practices. Regular updates of the SMO Action Plans are required as part of the IFAC Member Compliance Program. Use of Information Please refer to the Disclaimer published on the Compliance Program website. ACTION PLAN IFAC Member: Junta de Decanos de los Colegios de Contadores Públicos del Perú () Approved by Governing Body: Board of the Original Publish : September 2010 Last Updated: May Next Update: May Adoption is concerned with the decision that international standards are appropriate for use in specific national financial reporting environments and with the actions necessary to effect those decisions, including incorporation into national requirements or requiring the use of international standards through law. Adoption may include a process to review draft international standards, translation, public exposure of proposed standards, approval, incorporation into national requirements as necessary, and promulgation of final standards, and, where applicable, a convergence process to eliminate or minimize differences between international and national standards. 2 Implementation may include a process to build awareness of the adopted standards, provide relevant education and training, develop or disseminate implementation guidance and any other activities that promote proper understanding and use of the standards in practice. Status as of of Publication Page 1 of 28

2 GLOSSARY Action Plan Developed by (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) CNC Consejo Normativo de Contabilidad / Accounting Standard Board CONEAU Comisión Nacional de Evaluación y Acreditación Universitaria / National Committee of Assessment and Accreditation CPCC Contador Publico Colegiado Certificado / Chartered Certified Public Accountant IAASB International Auditing and Assurance Standard Board IASs International Auditing Standards IES International Education Standards IFAC International Federation of Accountants IFRS International Financial Reporting Standard IPSAS International Public Sector Accounting Standard ISQC 1 International Standard on Quality Control 1 Junta de Decanos de Colegios de Contadores Públicos del Perú. / QA Quality Assurance SBS Superintendencia de Banca, Seguros y AFP / Superintendence of Banking, Insurance and AFP SINEACE Sistema Nacional de Evaluación, Acreditación y Certificación de la Educación Superior / National System of Assessment, Accreditation and Certification of Higher Education SME Small and Medium Enterprise SMO Statement of Membership Obligation SMV Superintendencia del Mercado de Valores / Superintendence of Security Market Status as of of Publication Page 2 of 28

3 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) BACKGROUNDS OF THE BOARD OF DEANS OF PUBLIC ACCOUNTANTS ASSOCIATIONS OF PERU () General Information The is the highest representative body of de public accountant profession, within the country and abroad, in accordance with the provisions of the Article 1 of Decree Law No and in accordance with article 1 of its Rules, approved by Supreme Decree JUS, which provide that the professional associations that are not of national ambit must have a Board of Deans. Organization The consists of 25 Public Accountants Associations (Departmental Associations), one in each department of our country (24 Departments and the Public Accountants Association of the Constitutional Province of Callao). Through the Departmental Associations all individual professional accountants and accounting and auditing firms in the country become membership. Government Bodies The government bodies of the () are: The General Assembly of the Board of Deans; integrated by de Deans of each of the Departmental Associations that are part of the. The Council, integrated by five members elected from among the members of the : President, Vice President, Secretary, Treasurer and Vocal. Technical Organization The appoint for a period of two years, the following National Technical Committees: National Technical Standing Committee National Technical Committee on Accounting Research National Technical Committee on Audit National Technical Committee on Public Sector National Technical Committee on Education National Technical Committee on Administration and Finance National Technical Committee on Ethics and Professional Practice National Technical Committee on Taxation National Technical Committee on Accounting Expertise National Technical Committee on Comprehensive Management of Small and Medium Organizations National Technical Committee on Systems and Information Technology National Technical Committee on Financial Information Standards In turn, as part of its outreach activities and promotion of the accounting research, organizes each two years a National Convention in each one of Status as of of Publication Page 3 of 28

4 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) the areas corresponding to each committee, in order to as in a period of two years take place the following National Conventions: National Convention on Accounting Research National Convention on Audit National Convention on Public Sector National Convention on Education National Convention on Administration and Finance National Convention on Ethics and Professional Practice National Convention on Taxation National Convention on Accounting Expertise National Convention on Small and Medium Organizations National Convention on Systems and Information Technology National Convention on Financial Information Standards The technical organization of these National Conventions is in charge of the relevant National Technical Committee under the supervision of the National Technical Standing Committee. At the end of the two years period, is carried out the National Congress of Accountants, which is our higher event nationwide, in which are analyzed all the issues raised in each of the National Conventions, and are taken agreements about technical and institutional aspects that are important to the accounting profession. Likewise, with Resolution N AG/ of 30, 2013, the approved the headquarters y the members of the National on Certification and Recertification whose functions are the preparing the tests and asses the process of Professional Certification and Recertification of the Chartered Public Accountant. This continues operating to date. Status as of of Publication Page 4 of 28

5 Action Plan Subject: SMO 1 Quality Assurance Action Plan Objective: Implement a system for reviewing quality assurance (ISQC 1). Action Plan Developed by (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) Context: In Peru, the profession of Public Accountant is regulated by the Law N 28951, "Law Update of the Law of the Professionalization of the Public Accountant and of Creation of the Public Accountants Associations." While some medium and large audit firms have a system of quality control implemented. Currently in Peru, audit firms and individual professional accountants are not required by law to implement or to maintain systems of quality control, and there is no system in place to review the quality assurance (QA) for monitoring compliance. For this reason the is considering its best efforts to: 1. Assist audit firms and individual professional accountants to implement and maintain quality control systems. 2. Gradually implement a review of the quality assurance (QA) in coordination with other regulators of our country. At the date it has developed a survey to be applied to Audit Firms for the purpose of gathering information on the internal control quality measures that maintain and, to enable make a diagnosis of the state of implementation of quality control systems in our country and determine the strategies to be followed. On the other hand, it has been developed in the Guide and the Manual on NICC1 to be used for broadcast on the events to be held in, according to chronogram of events. We are awaiting the issuance of the International Standards on Quality Assurance 2013, Spanish version approved by the IFAC in order to proceed to their approval and immediate release. # Start Actions Resources Assistance to Implement a Quality Control System Objective: The aim is to promote among audit firms and professional accountants the need to establish and maintain a quality control system that encompass audit engagements, review, other assurance and related services, taking into account policies and procedures that give reasonable assurance of compliance with professional standards and that appropriate reports are issued to the circumstances. 1. Appoint The Technical of Quality Control. May 2. September Conduct a survey at the Audit Firms level in order to gather information about the measures on internal quality control that maintain. The Status as of of Publication Page 5 of 28

6 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resources 3. Diagnose the state of implementation of quality control systems in our country. The 4. April Develop guidelines and explanatory manuals on quality control and its proper implement and maintenance, considering what is stated in the SMO 1 ISQC 1, ISA 220 and other documents issued by IFAC related to quality control, and the diagnose above. The 5. Developing a schedule of periodic holding events (seminars, courses and training) for the dissemination of the importance of quality control to professionals and firms that perform audits and other accounting services and the guides and manuals developed. The 6. Presentation the report of on Quality Control that includes the diagnosis made, guides and manuals developed and the schedule of events for approval by the and its implementation and dissemination. The Implementation of a Quality Assurance Review Program In Peru, Audit Firms must be registered in the Audit Firms Registry of a Public Accountants Association of the and its partners have to be qualified independent auditors authorized by a Public Accountants Association. Additionally, the following regulatory bodies in Peru, ask the companies under its supervision the presentation of audited financial statements: The Superintendence of Security Market (SMV in Peru) oversees the listed companies on the stock exchange and maintains a record of Audit Firms authorized to audit the companies under its supervision. The law N ( ) issued in June 2011 stipulate that companies or entities other than supervised by the Superintendence of Securities Market SMV) must submit to the SMV its financial statements audited under International Financial Reporting Standards (IFRS). This law was regulated by Resolution No SMV / 01 ( ), the same which was subsequently amended by Resolutions No SMV / 02 (6 2013) and No SMV / 01 (12.17.), being mandatory date as follows: a) If in the year 2012, the income or the total assets of the companies are higher than the 30,000 UIT, must submit to the SMV its audited financial statements observing the generally accepted accounting principles in Peru (PERU GAAP), and as of 2013, make this presentation under the International Financial Reporting Standards (IFRS); and b) If in the year 2013, the income or total assets of the companies are above 15,000 UIT, must submit to the SMV its audited financial statements under the Peru GAAPs and, as of, make this presentation under the IFRS. Status as of of Publication Page 6 of 28

7 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) c) If in the year, the income or total assets of the companies are above 10,000 UIT, must submit to the SMV its audited financial statements under the Peru GAAPs and, as of, make this presentation under the IFRS. d) If in the year, the income or total assets of the companies are above 5,000 UIT, must submit to the SMV its audited financial statements under the Peru GAAPs and, as of, make this presentation under the IFRS. e) If in the year, the income or total assets of the companies are above 3,000 UIT, must submit to the SMV its audited financial statements under the Peru GAAPs and, as of 2017, make this presentation under the IFRS. Audit Firms duly recorded in a Departmental Association of Public Accountants of Peru must audit such financial information. The Superintendence of Banking, Insurance and AFP (SBS), has under its supervision to companies in the financial, insurance and private pension system. The companies under its supervision have to present audited financial statements according to schedule established each year. It has a registry of audit firms authorized to conduct audits to companies under its supervision. The Comptroller General of the Republic has under its supervision all entities within the government sector. It has a registry of audit firms authorized to audit entities under its supervision. Supervised Entities submit audited financial statements. Such regulators to have quality control procedures developed individually, but these are not yet integrated into a system of quality control in line with the DOM 1. The following steps are initiating in order to implement a Assurance Quality Review Program, in pursuant to DOM 1, as detailed below: # Start Actions Resources 7. Coordination of meetings with representatives of regulatory bodies related to assess implementation of the Program Quality Assurance Review addressed to accounting and audit firms. 8. Holding the first coordination meeting. Participants:, AIC, IFAC, SMV, SBS, CNC. 9. Coordinating with IFAC the ability to request support from international bodies to the development of the Review Program of Quality Assurance. 10. Appointment of a commission for the Program Quality Assurance Review chaired by the and composed of representatives of the regulatory bodies. 11. Development of an initial project for the implementation of a Quality Assurance Review Program. May The Status as of of Publication Page 7 of 28

8 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resources 12. June Holding the second coordination meeting of regulatory bodies to assess the initial draft presented by the. June 13. Feedback of the initial project submitted, consideration of improvements, if any, and submission of a definitive final program. The 14. September Development of the Regulation of the Program Quality Assurance Review. The 15. Approving of the Program Quality Assurance Review and its Regulations Implementing of a Pilot Program of Quality Assurance Review. February 2017 Maintaining Ongoing Processes 17. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 18. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Review of the s Compliance Information Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. 20. Ongoing Periodic review the action of the in its compliance duties with IFAC and the update of the sections when necessary. Once updated, inform this to the IFAC Compliance Staff to maintain data updated. Ongoing The Council Status as of of Publication Page 8 of 28

9 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) Action Plan Subject: Action Plan Objective: SMO 2 International Education Standards for Professional Accountants and Other Pronouncements Issued by the IAESB Review and adoption of IES requirements. Context: The is confirmed by 25 Public Accountants Associations (Departmental Associations), one in each department of our country (24 Departments and the Public Accountants Association of the Constitutional Province of Callao). Each Departmental Association have its own requirements to membership, one of this requirements generally is a talk about Ethics and Professional Values. Following the guidelines set out in the International Accounting Education Standards (IESs) in - will seek to lay the grounds for the progressive implementation of an Accounting Education Program at the national level, including the initial professional development (IPD) and continuing professional development (CPD) of our professional accountants. The activities to develop in this area fall into three broad aspects: 1. Accounting Education Program at Undergraduate level (at the Universities) 2. Initial Accounting Education Program (In Departmental Associations) 3. Continuing Accounting Education Program (In Departmental Associations) Is named, in, the of University Authorities, who approved the proposal to incorporate the IES in university curricula accounting career, to be released in among Peruvian universities. In addition, they project IES Guides, Project Accounting Program Initial Training (In the Departmental Associations) and Project Professional Certification Auditor, whose approval will be made in were made. They have also reviewed the current requirements for the incorporation of new members to the Departmental Associations. From to date it has continued with the certification process public accountant, which is approved, regulated and annual implementation. # Start Actions Resources Accounting Education Program at Undergraduate Level (at the Universities) 1. June Appointment of a comprising representatives from various universities of the country and a representative of the. 2. Formulate an Application Guidance draft to promote the competencies development identified in IESs at the Universities. The Status as of of Publication Page 9 of 28

10 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resources 3. Publication of the Application Guide Draft of the IESs and make it available for public consultation at the universities in Peru, asking the key stakeholders to submit their opinions. 4. Discussion and approval of the IESs Application Guide taking into account comments received. March The 5. April Diffusion of the IESs Application Guide in the Peruvian Universities by organizing academic events (seminars, forums, etc.) aimed to teachers and students. The Internal and External Financing 6. Coordination of ongoing meetings with university authorities to promote consideration of IESs in the formulation of syllabus of courses that are part of university curricula. The Initial Accounting Education Program (In Departmental Associations) 7. Appointment of a to check the entry requirements for new members of the Departmental Associations (Public accountants and independent auditors). 8. Review of the current requirements for the incorporation of new members to the Departmental Associations to standardize and implement an initial accounting educational program. The 9. Presentation of the first draft of the proposed initial accounting educational program for new members of the Departmental Associations. The 10. Publication of the first draft of the proposed initial accounting educational program for new members of the Order of the Departmental Associations, requesting comments to all stakeholders. May / The 11. June Discussion and approval of the first draft of the proposed initial accounting educational program for new members of the Order of the Departmental Associations, taking into account the comments received. September / The 12. Development of a pilot project for the implementation of the Initial Accounting Educational Program. The Status as of of Publication Page 10 of 28

11 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resources Presentation to the of the standardized requirements for the admission of new members to the Departmental Associations, including in these requirements, the initial accounting educational program The Discussion and Approval of standardized requirements for admission of new members to the Departmental Associations, and of the pilot project for the implementation of the initial accounting educational Program. February 2017 / The Continuing Accounting Education Program (In Departmental Associations) Context: In Peru, the National System of Assessment, Accreditation and Certification of Educational Quality (Sistema Nacional de Evaluación, Acreditación y Certificación de la Calidad Educativa SINEACE) is the set of institutions, standards and procedures structured and functionally integrated, intended to define and set the criteria, standards and procedures of assessment, accreditation and certification to ensure the basic levels of quality that the institutions stated in the Education General Law N must give. The purpose of the SINEACE is ensuring to the society that the public and private educational institutions are offering a quality service. In addition, the SINEACE establishes as operator body to the Board of Evaluation, Accreditation and Certification of the College Educational Quality (Consejo de Evaluación, Acreditación y Certificación de la Calidad de la Educación Superior Universitaria - CONEAU) with competence in the Institutions of College Education. CONEAU is one of the Operating Bodies of the National System of Evaluation, Accreditation and Certification of the Educational Quality (SINEACE) created by Law N of May 19, Its major objectives are promote development of Procedures of Evaluation, Accreditation and Certification of the college education, as well as contribute to achieve optimum levels of quality in the procedures, services and outcomes of the college education, ensuring the quality of the educational service at the public and private universities. CONEAU, until, defined the certification as the public and temporary recognition of the competences acquired in or out of the educational institutions to exercise professional or working functions. The certification is a public and temporary process. The certification is granted by the corresponding professional association, prior consent, according to the criteria established by SINEACE. In this context, the Law 28951, confer to the the function of certify to the public accountants in Peru. The objective of certify to the public accountants is standardize the level of knowledge owned by all the Peruvian accountants, taking it to an international level. With this purpose, it has been initiated, en 2007, a process of general and voluntary certification by the National Technical of Certification. This process includes an evaluation of knowledge, whose scope comprises four areas: financial accounting, audit, taxes and finances. Currently, this certification system is in force and the evaluations are carried out every four years. Status as of of Publication Page 11 of 28

12 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) In May, 2013, The was registered in the CONEAU like certification entity of the Public Accountants in the country. In and, 2013, CONEAU trained a staff of certifiers appointed by the in the first course called Course of Normativity. At the date, we are waiting the scheduling of the second and third course (Management and Evaluation). At the end, the gain the formal accreditation as certifier entity. Currently SINEACE and CONEAU are in process of reorganization and deactivation respectively, according to Law N of 3,, that created the National Superintendence of Higher Education (SUNEDU), an organization that aims to verify compliance with conditions quality to offer the education service higher university and authorize its operation. Nevertheless, the has continued with the certification process, voluntarily in, since Law authorizes them. As of and so far, the process of certification has continued in charge of the technical team trained for this purpose, and that currently are members of the National on Certification and Recertification. As of and so far, have been developed three evaluation processes for the Competency Certification, and is preparing the fourth process that going to be developed in, preceded by the respective training courses. # Start Actions Resources Certification Process by Competences in Charge to the Technical Team Trained by CONEAU Disclosure of the Voluntary Certification Process by Competences Technical Team trained by CONEAU 16. February First evaluation for the certification by competences. February Technical Team trained by CONEAU 17. May Second evaluation for the certification by competences. May Technical Team trained by CONEAU 18. Third evaluation for the certification by competences. Technical Team trained by CONEAU 19. Fourth evaluation for the certification by competences. Technical Team trained by CONEAU Status as of of Publication Page 12 of 28

13 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Certification Training Program Based in the Competences Described in the IFAC Accounting Education International Standards Resources 20. Design the Program and the themes to the Professional Certification Training based on the IESs Competences. March Technical Team trained by CONEAU 21. April Appoint to the presenters group for the certification training courses. May / Technical Team trained by CONEAU 22. June Publication and dissemination of the professional certification courses annual program -. Council 23. September Performing the first professional certification course scheduled by. Council 24. Outcome's evaluation of the first professional certification course. Council Competence-based Certification Process Undertaken by Technical Team Trained by CONEAU Incorporating the IESs Competences of IFAC 25. Development of virtual courses for the certification program, scheduled by the for the. Council 26. February First evaluation for the Competence-based Certification. February National on Certification and Recertification 27. May Second evaluation for the Competence-based Certification. May National on Certification and Recertification 28. Third evaluation for the Competence-based Certification. National on Certification and Recertification Status as of of Publication Page 13 of 28

14 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resources 29. Outcome's evaluation of the Professional Certification Courses. Feedback Process and proposal of improvements considering the outcomes of the courses developed. Council 30. Fourth evaluation for the Competence-based Certification. National on Certification and Recertification Competence-based Certification Process for Auditors It is necessary to have a special certification process for audit professionals not only because of the specialist knowledge and skills required for their performance in this area but also because of the reliance the public and other third-parties place on the audit of historical financial information. It is intended to include within the Program of Quality Assurance Review stated in the Action Plan for DOM 1, the requirement for certification as a Professional Auditor. At the date, working meetings between the SMO 2 team, the National Technical Committee on Audit and the National on Certification and Recertification have been held in order to coordinate actions for the fulfillment of this process and the development of a Program Certification for Professional Auditors and other related activities. 31. Developing a Professional Certification Program for Auditors. National on Certification and Recertification 32. Approval of the Certification Program for Professional Auditors for its implementation from Development of training and updating courses for Professional Auditors and National Technical Committee on Audit Dissemination of the Certification Program for Professional Auditors, its objectives and Characteristics Status as of of Publication Page 14 of 28

15 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resources Participation in the Standard Setting Process 35. Participate in the international standards setting process by responding to Exposure Draft issued by the IAESB and/or participating the AIC discussions. Ongoing Maintaining Ongoing Processes 36. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 37. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Review of the s Compliance Information Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. 39. Ongoing Periodic review the action of the in its compliance duties with IFAC and the update of the sections when necessary. Once updated, inform this to the IFAC Compliance Staff to maintain data updated. Ongoing The Council Status as of of Publication Page 15 of 28

16 Action Plan Subject: Action Plan Objective: Action Plan Developed by (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) SMO 3 International Standards and other Pronouncements Issued by the IAASB Approve the ISAs in force in each year. Context: In Peru, the is the competent body to approve the ISAs and other related pronouncements, as the highest representative body of the profession of public accountant within the country and abroad, as established by Law No "Law Update of the Law of the Professionalization of the Public Accountant and of Creation of the Public Accountants Associations"; as well as in the Statute of the. Every two years appointing a National Technical Committee on Audit entrusted with the translating supervision of the "Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements", reviewing its content and propose its approval to the. At the date, the "Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements" penultimate translated and approved by the has been the 2005 version, 2009 edition. Through Resolution No CCPH dated 30,, issued by the XXIV National Congress of Chartered Accountants of Peru held in the city of Huanuco, it was resolved "Effectively enforce the International Standards on Auditing - ISAs issued by the International Auditing and Assurance Standards Board - IAASB, that is dependent of the International Federation of Accountants - IFAC, translated to Spanish and authorized by IFAC." For these reasons since, according to the database of IFAC, they are in force in Peru ISAs Edition 2009, issued by the IAASB, translated into Spanish by the Institute of Chartered Accountants of Spain (ICJCE) and reviewed by the Argentina Federation of Professional Councils in Economic Sciences (FACPCE); version that has been approved and authorized by IFAC. We are awaiting the issuance of the NIAs 2013, Spanish version approved by the IFAC in order to proceed to their approval and immediate release. Accordingly, we hope to return to the Process of Adoption and Implementation of the Pronouncements issued by the IAASB in our country, to continue with our compliance process with the SMOs. # Start Actions Resource Initial Stage 1. June Appoint the Auditing National Technical. June Status as of of Publication Page 16 of 28

17 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resource Dissemination of the Pronouncements of the IAASB 2. Coordinate with IFAC, permission for the dissemination of the "Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements" by acquiring the distribution rights in Peru. 3. September Dissemination of the "Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements." 4. Planning an academic event to disseminate the ISAs. April Auditing National Technical 5. Performing of the programmed event. (National Convention Audita ) Participation in the Standard Setting Process 6. Participate in the international standards setting process by responding to Exposure Draft issued by the IAASB and/or participating the AIC discussions. Ongoing 7. Actively participating in the Review Committee of the IberAm Project to collaborate in the standards translation process. Ongoing Maintaining Ongoing Processes 8. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 9. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Status as of of Publication Page 17 of 28

18 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resource Review of the s Compliance Information Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. 11. Ongoing Periodic review the action of the in its compliance duties with IFAC and the update of the sections when necessary. Once updated, inform this to the IFAC Compliance Staff to maintain data updated. Ongoing The Council Status as of of Publication Page 18 of 28

19 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) Action Plan Subject: Action Plan Objective: SMO 4 IESBA Code of Ethics for Professional Accountants Implementation of the IFAC Code of Ethics. Context: is the responsible body for approve and adopt the Code of Ethics for Professional Accountants. In Peru, in June 2007, was approved "The Code of Ethics for Accountants". It was an adaptation of the Code of Ethics of IFAC, 2006 version. In 2011, the complete text of the Code of Ethics of IFAC was approved by agreement of the General Assembly of Deans of the Country, entrusted themselves its dissemination in every programmed events and in every regional association. In,, by Board Resolution No 009--CD/, was approved the fully adoption of the "Code of Ethics for Professional Accountants - Handbook, edition" version in Spanish published by IFAC, which is effective from and the authorization to request to IFAC the permissions for reproduction and distribution to the respective Departmental Association of Peru. We hope to have the permission of IFAC for the initial dissemination of the "Code of Ethics for Professional Accountants - Handbook, edition" version in Spanish for the First International Ethics Forum organized by the, which will be held on 20th,. # Start Actions Resource Updating/Adoption Process of the Code of Ethics of IFAC, Version 1. June Appoint the new Ethics National Technical. June 2. IFAC request permission for the publication and dissemination of the Handbook of the Code of Ethics for Professional Accountants. September 3. Publication and dissemination of the Handbook of the Code of Ethics for Professional Accountants. 4. September Elaborating of booklets and practice guidelines focused in professional accountants and the users of their services to disseminate the Code of Ethics for Professional Accountants. Ethics National Technical 5. Scheduling the First International Ethics Forum to continuing the dissemination of the Code of Ethics for Professional Accountants, threats and safeguards related to the practicing of the Public Accountants and the corresponding sanctions. / Ethics National Technical Status as of of Publication Page 19 of 28

20 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resource Participation in the Standard Setting Process 6. Participate in the international standards setting process by responding to Exposure Draft issued by the IESBA and/or participating the AIC discussions. Ongoing 7. Actively participating in the Review Committee of the IberAm Project to collaborate in the standards translation process. Ongoing Maintaining Ongoing Processes 8. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 9. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Review of the s Compliance Information Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. 11. Ongoing Periodic review the action of the in its compliance duties with IFAC and the update of the sections when necessary. Once updated, inform this to the IFAC Compliance Staff to maintain data updated. Ongoing The Council Status as of of Publication Page 20 of 28

21 Action Plan Subject: Action Plan Objective: Action Plan Developed by (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) SMO 5 International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB Promote and propose the application of the IPSAS. Context: The Law is the General Law of the National System of Accounting. The Law establishes that the National Direction of Public Accounting (NDPA) is the responsible of approval the Accounting Standards to the public sector. In 13 September 2013, was formalized in our country the application of the International Public Sector Accounting Standards (IPSAS), 2011 version, by NDPA Resolution Nº EF/ The International Federation of Accountants, IFAC, through IPSASB, issue the IPSASs, which are accrual-based standards used for the preparation of general purpose financial statements of governments and other public sector entities worldwide. Currently, IFAC has approved the version of IPSAS and IPSAS 38 issued in, effective from Every year, the organizes a Symposium based in the Public Sector Financial Management System and each two years performed the National Convention of Public Accounting and Public Administration, in both of them is disseminated the International Public Sector Accounting Standards issued by IFAC and that are valid in our country. Currently, the has been accredited to the National Direction of Public Accounting and is related to it by means of the study, analysis and opinion about the proposals in respect to the accounting standards applied to this sector. At the date, we are making the coordination for a joint meeting between the National Technical Committee of Public Sector and the NDPA, to suggest the formalization of the Handbook of IPSAS, Spanish version and the IPSAS 33. # Start Actions Resource Implementation of a Program to Disseminate the IPSAS 1. Preparing the program to disseminate the International Public Sector Accounting Standards for -. June National Technical Committee of Public Sector / Technical s of Departmental Associations 2. IFAC request permission for the publication and dissemination of the International Public Sector Accounting Standards. September 3. Disseminate the International Public Sector Accounting Standards in the and Departmental Association Website. / Departmental Associations Status as of of Publication Page 21 of 28

22 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resource 4. April Preparing the themes of the scheduled events and appoint the presenters. National Technical Committee of Public Sector / Technical s of Departmental Associations 5. Conducting events as developed program. / Departmental Associations 6. September Joint meeting between the National Technical Committee of Public Sector and the NDPA, to suggest the formalization of the Handbook of IPSAS, Spanish version and the IPSAS 33. National Technical Committee of Public Sector / NDPA Participation in the Standard Setting Process 7. Participate in the international standards setting process by responding to Exposure Draft issued by the IPSASB and/or participating in the AIC discussions. Ongoing Maintaining Ongoing Processes 8. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 9. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Review of the S Compliance Information Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. Status as of of Publication Page 22 of 28

23 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions 11. Ongoing Periodic review the action of the in its compliance duties with IFAC and the update of the sections when necessary. Once updated, inform this to the IFAC Compliance Staff to maintain data updated. Resource Ongoing The Council Status as of of Publication Page 23 of 28

24 Action Plan Subject: Action Plan Objective: Action Plan Developed by (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) SMO 6 Investigation and Discipline Encourage the development of Investigation and Discipline Processes. Context: The is the responsible body for the implementation of a system of investigation and discipline fair and efficient. For this purpose there is an Ethics Committee in each Departmental Association of the which is responsible to resolving allegations or complaints of malpractices in the first instance, and a Court of Honor, which resolves appeals on second instance raised by the members. In agreement with planned activities in this action plan with reference to SMO 1 Quality Assurance, and SMO 4 Code of Ethics for Professional Accountants, we are expected to implement an Investigation and Discipline System that not only act against complaints, but also against breaches the rules or regulations detected as a result of the application of procedures for quality assurance outlined above. The Regulations Project of "Investigation and Discipline for Professional Accountants" implementation at the national level, adopting the requirements of SMO 6 at the Departmental Associations was sent to give their opinions and comments and the final regulation was formulated, which it approved in late with Resolution No board CD /. The Investigation and Disciplinary Regulation is mandatory for all registered public accountants of Peru and its implementation in all Departmental Associations Peru. # Start Actions Process of Improvement and Implementation of an Investigation and Discipline System Resource 1. June Gathering information about the structure of the investigation process and disciplinary sanctions by the Ethics Committees and the Court of Honor of the Departmental Associations. Ethics National Technical 2. Preparation of a Draft of Regulation of Investigation and Discipline for Professional Accountants for national implementation, adopting the requirements of SMO 6. September Ethics National Technical 3. September Send the requirements of SMO 6 and the Draft of Regulation of Investigation and Discipline for Professional Accountants to Ethics Committees of the Departmental Associations for expressing their opinions. 4. Receiving comments of the Ethics Committees of the Departmental Associations about the Draft of Regulation of Investigation and Discipline for Professional Accountants. Ethics National Technical 5. Final formulation of Regulation Investigation and Discipline for Professional Accountants and submission for approval. Ethics National Technical Status as of of Publication Page 24 of 28

25 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resource 6. Approval of Regulation Investigation and Discipline for Professional Accountants. 7. Disseminate the new Regulation Investigation and Discipline for Professional Accountants to all members at national level. Final implementation of Regulation Investigation and Discipline for Professional Accountants on 1,. May Maintaining Ongoing Processes 8. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 9. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Review of the s Compliance Information 10. Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. 11. Periodic review the action of the in its compliance duties with IFAC and the update of the sections when necessary. Once updated, inform this to the IFAC Compliance Staff to maintain data updated. Ongoing The Council Status as of of Publication Page 25 of 28

26 Action Plan Subject: Action Plan Objective: Action Plan Developed by (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) SMO 7 International Financial Reporting Standards and Other Pronouncements issued by the IASB Implementation of IFRS. Context: The law is the general law of the National Accounting System. It states that the Peruvian Accounting Standards Board is the body responsible for approving accounting standards for the private sector in our country. The is an integral member of the Peruvian Accounting Standards Board. In June, The formed the National Technical Committee of Financial Information Standards in order to provide views on the amendments and new standards issued by the IASB and disseminate the correct application of IFRS nationwide. In Peru, with Resolution 059--EF / 30 dated 7,, was approved the version of the International Financial Reporting Standards (IAS, IFRS, IFRIC and SIC) as well as the conceptual framework for financial reporting, establishing that the effective date of the international standards should be as show in each of them. The International Financial Reporting Standards formerly approved should preserve its contents and effective date while have not be modified, replaced or the standards that replace them become effective. At the date, We have done most of the actions planned for the SMO 7. Also being in process the document for comments and suggestions to the Draft Standard PN//3, Conceptual Framework for Financial Reporting, which will be sent to IASB within the prescribed period ( 26, ). # Start Actions Resource Implementation of a Disseminating Program of the IFRS 1. Publication of the International Financial Reporting Standards on the Departmental Associations website. / Departmental Associations 2. Search external financing for the translation of the proposed amendments to standards and new standards issued by the IASB. External Financing 3. Express its opinion on translations of proposed amendments to standards and new standards issued by the IASB and present its formal opinion to for its sending to the IASB. National Technical Committee of Financial Information Standards Status as of of Publication Page 26 of 28

27 (Junta de Decanos de los Colegios de Contadores Públicos del Perú ) # Start Actions Resource 4. Develop the Disseminating Program of International Financial Reporting Standards for -. National Technical Committee of Financial Information Standards 5. April Develop the themes for scheduled events and appoint presenters. National Technical Committee of Financial Information Standards 6. Perform events based on program developed. / Departmental Associations 7. Develop a Benchmarking in the use of IFRS in the countries of America and Europe. National Technical Committee of Financial Information Standards Maintaining Ongoing Processes 8. Supervision and follow up of the programmed activities and the compliance with the established deadlines. 9. Quarterly meetings for evaluate the progress of the programmed activities and make a feedback process. The Review of the s Compliance Information 10. Appoint a responsible person to coordinate directly with the staff of the IFAC Compliance Program. Furthermore, this person are going to be in charge to report about SMOs updates and other standards updates issued by IFAC, in order to maintain compliance with our duties as a member of IFAC. Status as of of Publication Page 27 of 28