Accountancy in Colombia

>> Audit Requirements in Colombia

Some companies have within the forms of internal control of their administrative bodies established the fiscal audit as the appropriate institution to safeguard the interests of both partners and creditors, especially in the case of bad corporate practices like fraud and inefficiency in the fulfillment of social purposes. Commercial companies whose gross assets as of December 31 of the immediately preceding year exceed 5,000 salaries and / or whose gross income during the immediately preceding year is or exceeds 3,000 legal minimum wages are required to have a tax auditor.

The main functions of the fiscal auditor are:

  • To oversee that the operations carried out by the company are in accordance with the provisions of its bylaws and those agreed by the shareholders’ board.
  • To report to the administrative bodies of the company the irregularities that occur in the development of the corporate purpose.
  • To collaborate with government entities that perform inspection and surveillance functions, rendering the necessary reports.
  • To carry out the accounting of the company and keep the correspondence and account vouchers that support the current states.
  • To summon the assembly or board of members to extraordinary meetings when it deems it necessary, and if summoned to the deliberations of such bodies, the reviewer shall have the right to intervene.

 


Latest version updated 5th April 2019

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