2004年-世界发展银行全球_Peru___Accounting_and_Auditing_36页_860kb

Summary of the ROSC Accounting & Auditing Report on Peru

Core Content

This report evaluates the observance of accounting and auditing standards in Peru, focusing on the implementation of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) within the corporate and financial sectors. It highlights the progress made and the challenges that remain in ensuring high-quality financial reporting and audit practices, while offering policy recommendations to strengthen the regulatory framework.

Main Findings

• Adoption of International Standards: Peru adopted IAS from 1994 to 1998, which were later incorporated into IFRS. This significantly improved the quality of financial reporting for large companies. However, the adoption of IFRS has not been fully completed due to insufficient resources for the Accounting Standards Board (CNC), and ISA has not been updated since 1998, despite significant changes in the international standards.

• Compliance with Standards: While financial reporting standards are generally followed, some deviations from IAS and ISA were observed. These deviations affect the reliability of financial information, especially for SMEs, which have limited access to international standards and suffer from a lack of consistent, reliable financial reporting.

• Licensing and Education: The licensing of auditors is handled by professional accounting associations (colegios), which do not require professional examinations or continuing education. This has led to a lack of quality control and professional development in the audit profession.

• Regulatory Enforcement: Regulatory bodies such as CONASEV and SBS lack sufficient resources to enforce financial reporting and auditing standards effectively. This hampers the ability to ensure compliance and the quality of financial information.

• Accountability and Ethics: The code of ethics for accountants is not sufficiently detailed or enforceable. The colegios are responsible for enforcing ethical standards and auditing practices, but they rarely impose sanctions on practitioners.

• Corporate Governance: Audit committees are not mandated by law in Peru and are uncommon among companies. While CONASEV and SBS have issued voluntary guidelines and sector-specific rules, these are not always aligned with IFRS.

• Legal and Institutional Framework: The legal framework for accounting and auditing in the private sector is relatively recent and provides a good foundation for future improvements. However, some recommendations require legal amendments to strengthen the regime further.

Key Recommendations

Priority Themes

• (a) Strengthening Existing Institutions and Compliance: Includes enhancing the resources of CNC, strengthening the code of ethics, and improving enforcement mechanisms.
• (b) Enhancing the Legal Framework: Involves legal amendments to ensure alignment with IFRS and ISA, as well as establishing an independent AOB.
• (c) Strengthening the Underpinnings of Financial Reporting: Focuses on harmonizing academic curricula and improving standards for SMEs.

Conclusion

The report underscores the importance of improving the quality and consistency of financial reporting and auditing practices in Peru to support economic growth, attract investment, and enhance transparency. While progress has been made in adopting international standards, challenges remain in enforcement, education, and professional accountability. The proposed reforms aim to address these issues through institutional strengthening, legal harmonization, and capacity building.