Who is required to have a statutory auditor in 2020?

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 again the value of their assets and gross income for the year 2019 to determine if they must have a statutory auditor in 2020.

In this sense, for the year 2020 they must have a statutory auditor elected by the board of partners or shareholders’ meeting those that have:

–Gross assets as of December 31, 2019 equal to or greater than $4,140,580,000 and/or,

–Gross income as of December 31, 2019 equal to or greater than $2,484,348,000.

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 register gross assets equal to or greater than 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 2019 was $828,116), will have to have a statutory auditor.

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

– Joint stock companies.

– 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