According to the 2006 Institute of Public Accountants and Auditors of Guatemala (IGCPA) self-assessment, Guatemalan Generally Accepted Auditing Standards (GAAS) are set by the Professional Council of Economic Sciences (Colegio Profesional de las Ciencias Economicas) of the IGCPA. The IGCPA states that Guatemalan GAASs are not based on International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC).

General Overview

According to the 2006 Institute of Public Accountants and Auditors of Guatemala (IGCPA) self-assessment, Guatemalan Generally Accepted Auditing Standards (GAAS) are set by the Professional Council of Economic Sciences (Colegio Profesional de las Ciencias Economicas) of the IGCPA. The IGCPA states that Guatemalan GAASs are not based on International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC). The IGCPA is responsible for the promulgation and publication of the standards. The IFAC website discloses that the IGCPA is a member of the IFAC.

In its 2006 self-assessment, the IGCPA further states that the Securities and Commodities Registry (Registro del Mercado de Valores y Mercancias, or RMVM) is the securities market regulator in Guatemala. However, the RMVM does not monitor or enforce compliance of market participants with accounting and auditing requirements. Also, there are no additional auditing requirements for listed entities. The Superintendence of Banks (Superintendencia de Bancos, or SdB) is the regulator for banks and similar financial institutions, as well as insurance companies. The SdB issued a regulation regarding hiring of external auditors by banks. According to the regulation, auditing standards must be followed and external auditors must be registered with the SdB. There is no supervisor for non-banking financial institutions. The National Stock Exchange (Bolsa de Valores Nacional, S.A., or BVNSA), the Global Stock Exchange (Bolsa de Valores Global, S.A.), and the National Agricultural Stock Exchange (Bolsa Agricola Nacional, S.A.) monitor and enforce accounting and auditing regulations by requiring audits to be conducted by external auditors.

According to the 2007 IGCPA's self assessment, Guatemala applies a national Code of Ethics (Normas de Etica Profesional para Graduados en CPA) issued by the Association of Economists, Public Accountants, Auditors and Business Administrators (Colegio de Economistas, Contadores Publicos y Auditores y Administradores de Empresas) of the IGCPA. The Code is based on the IFAC Code of Ethics effective June 30, 2006.

The Principles

ISA 200 Objective and General Principles Governing an Audit of Financial Statements (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 210 Terms of Audit Engagements (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 220R Quality Control for Audits of Historical Financial Information (effective 2005)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 230R Documentation (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 240 The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 260 Communications of Audit Matters With Those Charged With Governance (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 300 Planning an Audit of Financial Statements (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 320 Audit Materiality (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 330 The Auditor’s Procedures in Response to Assessed Risks (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 402 Audit Considerations Relating to Entities Using Service Organizations (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 500 Audit Evidence (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 501 Audit Evidence - Additional Considerations for Specific Items (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 505 External Confirmations (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 510 Initial Engagements — Opening Balances (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 520 Analytical Procedures (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 530 Audit Sampling and Other Selective Testing Procedures (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 540 Audit of Accounting Estimates (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 545 Auditing Fair Value Measurements and Disclosures (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 550 Related Parties (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 560 Subsequent Events (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 570 Going Concern (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 580 Management Representations (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 600 Using the Work of Another Auditor (effective)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 610 Considering the Work of Internal Auditing (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 620 Using the Work of an Expert (effective 2005)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 700 The Auditor’s Report on Financial Statements (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 701 Modifications to the Independent Auditor's Report (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 710 Comparatives (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 720 Other Information in Documents Containing Audited Financial Statements (effective 2004)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.

ISA 800 The Auditor’s Report on Special Purpose Audit Engagements (effective 2006)

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There is insufficient information publicly available as to Guatemala's compliance with this principle.