Incorporated Private Accountants (CPI):

According to Law 1269, Organic Law of the College of Private Accountants of Costa Rica, in its Title IV, Sole Chapter, General Provisions, it expressly and clearly indicates the tasks that a CPI may perform.

• Article 32:

  All legally required accounting must be managed by Accountants authorized by the Board of Directors of the College (anyone registered with the College of Private Accountants of Costa Rica), and in accordance with the provisions of the Organic Law and its regulations.

• Article 41:

  For professional practice, accounting shall be understood as the rational and mathematical condition of the accounts related to products and capital modifications, whether accounts of production, consumption, administration, or collection of private or public wealth, as well as the oversight, verification, and examination of such accounts. For the purposes of Articles No. 32 of the Organic Law of the College of Private Accountants of Costa Rica, No. 1269 of March 2, 1951 and its reforms, anyone responsible for one or more accounts in the main or auxiliary books legally required must be authorized to practice the profession. It is understood that those who operate technically accepted systems, such as accounting vouchers or policies, columnar records, or similar, whose results are periodically posted to the legally required books, are in charge of these accounts. For the purposes of this article, the Board of Directors shall have the authority to qualify these activities in cases submitted to its decision.

• Article 43:

  Members of the College shall practice the profession of Private Accountant. This professional activity covers the following areas:

  • Planning and formulation of budgets.
  • Organization of accounting systems in private companies.
  • Provision of internal accounting services.
  • Verification of accounts for internal purposes in private companies.
  • Advising private entities on technical aspects of business administration from an accounting perspective.
  • Other activities inherent to Private Accounting.
  • Any other activity that, according to the Law or Regulations, is exclusively assigned to Private Accountants.

Certified Public Accountants (CPA):

Law No. 1038 of the College of Public Accountants establishes the tasks that a CPA may perform.

• Article 2:

  A person is deemed to practice Public Accounting when offering services to the public, as an Accountant and for remuneration, that involve auditing or verifying books, accounts, or commercial records, or financial transactions; or preparing or certifying accounting or financial statements intended for publication, tax, or credit purposes.

• Article 7:

  Certified Public Accountants are especially responsible for:

  • Certifying all types of financial and accounting statements, such as balance sheets, profit and loss statements, equity statements, fund distributions, dividend or profit calculations, and other similar reports, whether concerning individuals or legal entities.
  • Participating, to attest to matters within their competence, in the incorporation, liquidation, dissolution, merger, bankruptcy, and other similar acts of all types of companies or partnerships; in the rendering of accounts related to the administration of assets; in the presentation of books, documents, or other records related to the resolution of accounting issues; and in the issuance by private entities of bonds, certificates, and other similar securities.
• Article 7 (restriction):

  Public Accountants may not perform their functions in cases involving individuals or legal entities to whom they provide professional services as accountants or are otherwise responsible for their accounting.

Important Notes:

• Some professionals may hold both CPA and CPI credentials.
• For ethical reasons and by request of the regulatory bodies, the same person or firm that handles accounting (CPI) cannot be the one conducting audits (CPA) for the same client.