Who are required to have a statutory auditor by 2021?

In Colombia, the tax auditors are required to be those indicated in article 203 of the Code of Commerce and the commercial companies that reach the ceilings of assets and income mentioned in paragraph 2 of article 13 of Law 43 of 1990. See more details below.

Commercial companies will have to verify the value of their assets and gross income for the year 2020 to determine if they must have a statutory auditor in the year 2021.

In this sense, for the year 2021 they must have a statutory auditor, elected by the board of partners or shareholders’ meeting, those that have:

gross assets as of December 31, 2020 equal to or greater than $4,389,015,000 (5,000 x $877,803) and/or gross income as of December 31, 2020 equal to or greater than $2,633,409,000 (3,000 x $877,803).

The foregoing is due to the fact that, according to paragraph 2 of Article 13 of Law 43 of 1990, commercial companies that as of December 31 of the immediately preceding year have 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 2020 was $877,803), must have a statutory auditor.

In addition, the Code of Commerce -CCo-, in its article 203, states in a general way the obligation to have a statutory auditor in:

– Joint stockcompanies.

– Branchesofforeign companies.

–Companiesthat 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