The Importance of the Central Board of Accountants in the Compliance of Standards by a Professional Accountant

Abstract

The Central Board of Accountants is the institution in the Colombian State responsible for controlling, monitoring, investigating and punishing those who go against good habits, good faith and professional ethics of the Public Accountants. However, there are other international organizations approved by the government to be applied within the Colombian legal system, such as the Code of Ethics of the IFAC, which is applied not only as an amending rule, but also, complements Law 43 of 1990, and strengthens the procedure in investigations carried out for failures committed by those who exercise the profession and provide accounting services. That is why the main issuerefers to the regulatory bodies of the accounting systems, taking as reference the Central Board of Accountants, which is subsumed in the law already mentioned, and which regulates all the behavior of accountants regardless of the nature of the exercise of their profession. A palpable example in which it was possible to demonstrate this whole process of the application of Law 43 of 1990, the IFAC code in the investigation and sanctions, was the failures committed by the company Grant Thornton Fast & ABS auditors and consultants, as a firm contracted for the firm audit involved, which in the specific case was IinterBolsa.