For the appointment of statutory auditors in the year 2016 they will have to take into account the official financial statements of 2015. Therefore, for companies in Groups 1 and 3 should be taken financial statements adjusted to the new regulatory framework.
The rule contained in paragraph 2 of Article 13 of Law 43 of 1990 is the current standard by which the amount of assets or income that would require for a commercial company to name this year 2016 an individual as an auditor.
That article reads as follows:
“It will be required to have Auditor in all commercial companies of any nature, which gross assets as of 31st December of the preceding year reach or exceed the equivalent of five thousand minimum wages and / or which gross revenue during the previous year reach or exceed the equivalent of three thousand minimum wages.”
Which are the financial statements of 2015 to be taken as a reference to determine whether or not such ceilings are met?
2015 financial statements under International Standards and old Decrees 2649 and 2650 of 1993
“The ceilings of assets or gross income of 2015 that could lead to the obligation to appoint an auditor for the current year 2016, should be examined in the financial statements of 2015”
Therefore, knowing that during 2015 the companies of Groups 1 and 3 applied their new regulatory frameworks under international standards, it is clear that these companies should consider the top of their assets and gross income in the statement of financial position and the 2015 income statement prepared under their new accounting policy frameworks.
But for the companies in the Group 2, knowing that their official financial statements for 2015 remain those that were developed under the rules of Decrees 2649 and 2650 of 1993, it is clear that these companies should consider the top of their gross assets and of their gross income only in the balance sheet and the income statement of 2015 made under those old regulatory frameworks.