Statutory auditor: Who is required to have them for 2019?

Those indicated in Article 203 of the Code of Commerce and commercial companies that meet the requirements of paragraph 2 of Article 13 of Law 43 of 1990 must have a statutory auditor. In this editorial we mention the amounts of assets or income that generate such obligation.

Commercial companies will have to verify the value of their assets and gross income for the year 2018 to determine if they must have a statutory auditor. In this sense, those that have gross assets as of December 31, 2018 that are equal to or greater than $3,906,210,000 and/or have gross revenues as of December 31, 2018 that are equal to or greater than $2,343,726,000, must have a statutory auditor for the year 2019, which must be elected by the board of partners or shareholders’ meeting.

The foregoing is due to the fact that, according to paragraph 2 of Article 13 of Law 43 of 1990, commercial companies that record as of December 31 of the immediately preceding year gross assets equal to or exceeding 5,000 legal monthly minimum wages in force -smmlv-, or whose income during the immediately preceding year was equal to or exceeded 3,000 smmlv (taking into account that the smmlv for 2018 was $781,242) will have to have a statutory auditor.

In this regard, it is worth noting that the Code of Commerce in its Article 203 raises in general the obligation to have a statutory auditor in joint stock companies, branches of foreign companies and companies that voluntarily so provide, provided that the decision is made by partners representing at least 20% of the capital and are not part of the management of the entity.

Source: Actualícese