The CCPACR, created by the Law No. 1038 of 1947, is a mandatory professional accountancy organization regulating practitioners in the public accounting and auditing profession, which have the exclusive legal responsibility to deliver statutory audit services. These individuals are referred to as authorized public accountants. In accordance with the law, the CCPACR is empowered to carry out the following regulatory activities: (i) maintaining a registry of authorized public accountants; (ii) setting accounting and auditing standards for non-regulated companies; (iii) establishing ethical standards for authorized public accountants; (iv) implementing an investigation and discipline system for its members; (v) establishing and operating a quality assurance review system for its members; (vi) providing input into the accountancy curricula for authorized public accountants; and (vii) representing and developing the profession of authorized public accountants. In addition to being an IFAC Member, the CCPACR is a member of the Inter-American Accounting Association and the Group of Latin American Accounting Standard Setters.