Mexico Code of Professional
Ethics
Marisa Orbea, IESBA Member
IESBA Meeting
New York
June 29 – July 1, 2015
Page 1 | Proprietary and Copyrighted Information
Introduction (1)
Date
• 15 June 2010
• The National Executive Committee of
the Mexican Institute of Public
Accountants agreed to the adoption of
the International Standards on Auditing
issued by the International Auditing
Standards Board of the International
Federation of Accountants
Page 2 | Proprietary and Copyrighted Information
Introduction (2)
• It was performed a comprehensive review to the Code of Professional Ethics
which was in force since February 2009, to align its content, fundamentally,
with the International Ethics Code issued by IFAC, in June 2009, and in
force since 1 January 2011
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Introduction (3)
Date
• 1 January 2012
• It entered into force in Mexico the
Code of Professional Ethics issued by
the Mexican Institute of Public
Accountants taking as starting point
the International Ethics Code
Page 4 | Proprietary and Copyrighted Information
Introduction (4)
• The Mexican Institute of Public Accountants (hereafter IMCP) is co-founder
of the International Federation of Accountants (IFAC), for this reason, the
IMCP undertook the task of developing a Code of Ethics that will allow us to
deal with new trends and needs, as a result of the development achieved by
our profession, as well as harmonize its content with the International Ethics
Code developed by IFAC
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Reasons for main changes to the Code of
Professional Ethics of the IMCP (1)
• The main changes to the current Code of the IMCP are that it was tried to
use terminology commonly used in Mexico, eliminating, basically, those
paragraphs non applicable or that represented unusual safeguards in the
accountancy in Mexico
Page 6 | Proprietary and Copyrighted Information
Reasons for main changes to the Code of
Professional Ethics of the IMCP (2)
• Added provisions included in the previous edition of Mexican code which
were considered essential to make it more strict and to strengthen the
practice of the accountancy in Mexico
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Additions to the Code of Professional Ethics of the
IMCP
IMCP
IESBA
• Includes Section D – Public
Accountants in Teaching
• Not included
- Introduction y rules
• Includes Section E – Penalties
- Introduction and penalties
• Not included
Page 8 | Proprietary and Copyrighted Information
Main changes to the Code of Professional Ethics of
the IMCP
Section A - General application of the Code
•
The corresponding update to conflicts of interest has not been included yet and
communicating with those charged with governance (100.17, 100.18 y 100.25)
Section B – Public Accountants in Independent Practice
•
The update to conflicts of interest corresponding to section 220 – Conflicts of
interest
Page 9 | Proprietary and Copyrighted Information
Main changes to the Code of Professional Ethics of
the IMCP
290.35 – Added: d) Document all of the above, including the obtaining of an
authorization in writing from the corporate governance of the client
290.121 y 290.122 – Removed the safeguard: unless the loan or the guarantee is not
materiality both for a) the firm or member of the audit team and his/her immediate family
member b) client
290.126 bis – Added: The independent public accountant, in any case may obtain or
pay commissions or fees for referring or receiving a professional work, in relation to an
audit client. Only can grant participation in fees or profits from his work, to individuals,
firms or associations with whom he shares the professional practice
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Main changes to the Code of Professional Ethics of
the IMCP
290.168 – Added: Therefore, a firm shall not provide accounting and/or bookkeeping
services to an audit client, including payroll services, or preparation of financial
statements or financial information on which the firm will express an opinion, since the
threat of self review would be so important that any safeguard could eliminate it or
reduce it to an acceptable level
290.171, 290.172, 290.173, 290.174, 290.177, 290.179 y 290.186 intentionally left
blank
290.193 – Removed: Determine what constitutes a "court or public court" will be
according to how are the audiences of tax procedures in the particular jurisdiction
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Main changes to the Code of Professional Ethics of
the IMCP
290.215 –Added: The firm will not provide the following recruitment services to an audit
client, which is an entity of public interest with respect to an officer or director of the
entity, or to a person of the senior management, whose position allows him/her to
exercise significant influence on the preparation of the accounting records of the client
or the financial statements on which the firm will express an opinion
• Search or request of candidates for such positions, and
• Performing checks of the references of potential candidates for such positions
291.34 a 291.99 intentionally left blank
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Main changes to the Code of Professional Ethics of
the IMCP
290.219 bis – Added: Should not provide services of custody of resources or other
assets of an audit client unless permitted by law and, if so, compliance with any
additional duties imposed on the Public Accountant in the independent practice who
manage these assets. Safeguards contained in paragraphs 270.2 and 270.3 are
applicable
The Public Accountant will not be responsible of management of resources or other
assets of an audit client, since the threat created would be so important that any
safeguard could eliminate it or reduce it to an acceptable level
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The Ethics Board
www.ethicsboard.org