The functions, duties and powers of the Standards on Auditing Board shall be as
follows:
(a) To provide for standards on auditing, also based on international standards on auditing, in order to systematize and regulate the
accountancy and financial reports;
(b) To prepare appropriate modalities in order to develop standards on auditing and publish materials relating to standards on auditing;
(c) To amend, improve and revise standards on auditing;
(d) To interpret standards on auditing;
(e) To perform other acts relating to standards on auditing.