2004年-世界发展银行全球_Mexico___Accounting_and_Auditing_21页_527kb

Summary of the REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) Mexico

Core Content

This report evaluates the accounting and auditing standards and practices in Mexico, highlighting the progress made toward convergence with International Accounting Standards (IAS) and International Standards on Auditing (ISA), while identifying existing challenges and areas for improvement. It is part of a joint initiative by the World Bank and the International Monetary Fund (IMF) to assess the adherence to global standards.

Main Points

1. Accounting and Auditing Convergence

• Mexico has made sustained efforts to align its Generally Accepted Accounting Principles (GAAP) with IAS, especially in areas where national standards were previously lacking.
• The establishment of an independent national accounting standardsetter is seen as a critical next step for further alignment with International Financial Reporting Standards (IFRS).
• Mexican GAAP are not fully consistent with IAS in all areas, particularly in regulated industries such as banking and insurance.

2. Institutional Framework

• Statutory Framework:
  • The General Law for Commercial Enterprises (LGSM) and the Securities Market Law (LMV) set the legal basis for financial reporting.
  • The CNBV and CNSF are responsible for setting accounting standards for regulated entities.
  • External auditors must reconcile Mexican GAAP with U.S. GAAP for companies listed in the U.S.
• Comisario Role:
  • Comisarios are appointed by shareholders to oversee financial reporting.
  • They are not required to have professional qualifications and often work with the same accounting firm as external auditors.
  • They serve as a quality controller rather than an independent overseer of financial fairness.

3. Accounting Profession

• The IMCP is the main self-regulated body overseeing the accounting profession.
• IMCP has historically been the standardsetter, but CINIF, an independent body, is now replacing it for setting national accounting standards.
• The IMCP is working to align its Code of Ethics with IFAC's standards, though some ambiguities remain, particularly regarding "loyalty" to clients.

4. Professional Education and Training

• The traditional licensing process does not require professional examination, only a bachelor's degree with an accounting concentration.
• IMCP has introduced a voluntary certification process (CPC) that includes examinations, aligning more with international standards.
• The curriculum needs reform to include practical application of IAS and ISA, as well as business ethics.
• Practical work experience is currently not mandatory, and IMCP is recommended to adopt IFAC guidelines requiring at least three years of experience.

5. Compliance and Enforcement

• The CNBV and CNSF monitor compliance with accounting and auditing requirements.
• They have the authority to impose sanctions, including fines and disbarment, for violations.
• However, there is currently no public record of such sanctions being enforced.
• The CNBV conducts audits of listed companies and randomly visits audit firms to ensure compliance with standards.

Key Information

• Legal Requirements:

  • Listed companies must file audited annual financial statements with the CNBV within three working days of shareholder approval.
  • Quarterly unaudited financial statements must be filed within 20 or 40 working days.
  • Annual reports must be published within 15 days of shareholder approval.

• Audit Requirements:

  • All entities under regulatory supervision must have their financial statements audited.
  • External auditors are subject to periodic registration and renewal with supervisory agencies.
  • Insurance companies require an independent actuarial audit in addition to external audits.

• Professional Development:

  • Continuing professional education (CPE) is required, with 55 hours for traditional public accountants and 65 hours for CPC holders.
  • Training programs must be approved by colegios of public accountants.

• Policy Recommendations:

  • Strengthen enforcement mechanisms to ensure compliance with standards.
  • Establish an independent oversight body for the audit profession.
  • Update the professional examination system to include international standards and ethics.
  • Reform the academic curriculum to better prepare students for international accounting practices.
  • Implement mandatory practical work experience for professional certification.

Conclusion

Mexico has made significant progress in aligning its accounting and auditing standards with international benchmarks, particularly through the adoption of IAS and the creation of CINIF. However, challenges remain in terms of institutional independence, professional ethics, and the practical implementation of international standards. Strengthening the regulatory framework, enhancing education and training, and improving compliance mechanisms are essential for further development of the financial reporting system in Mexico.