Engaging in a financial audit in Colombia is essential to the financial health of both local firms and foreign-owned businesses operating in the country. Accounting standards differ from those set by IFRS and USGAAP. Because of these differences in standards and regulations, foreign companies often encounter difficulties in dealing with financial audit standards in the country.
Associate is comprised of accounting experts – Certified Public Accountants (CPA) and United States Certified Public Accountants (USCPA) – who are experienced in performing financial audits for foreign companies. Furthermore, we are affiliated with KS International, an accounting firm based in the U.K. since 1914.
This partnership provides us with the necessary resources and knowledge of IFRS and other international audit standards. In addition, our rates are flexible, depending on transaction amounts and scale of the company. Hence, our fees are lower than those of other accounting firms for audit operations and other services necessary when opening a business in Colombia.
Our Audit strategy
1. Statutory Audits
Our statutory audit services in Colombia are performed in accordance with Colombia standards. Our professionals can fulfill the role of a statutory auditor in Colombia for companies whose headquarters are based in other countries.
In addition to our experience, our strength also lies in the proximity we nurture with our customers. Large audit firms tend not to visit their clients directly, especially if they are small companies. As a result, poor judgments and uninformed decisions are often taken, creating issues later on. Associate staff pay frequent visits to their customers, thus ensuring the full understanding of our clients. Coupled with our experience, this proximity is what allows us to be highly successful in providing our customers with the appropriate audit services and other functions to support your organization’s statutory auditor in Colombia.
2. Voluntary Audits
It is crucial for businesses – especially newly formed companies – to ensure that their financial records are up-to-date and accurate. The correctness of financial statements can be measured by undergoing a voluntary audit in Colombia, which associate can perform on-demand.
When offering our voluntary audit services, we strive to provide a comprehensive service to our customers. Our experience and understanding of newly-established businesses are our main assets, allowing us to deliver rigorous and thorough reports.
3. Financial audits using IFRS and U.S. GAAP
Associate financial statements based on International Standards on Auditing – GAAP (Generally Accepted Auditing Principles), USGAAP (United States Generally Accepted Auditing Principles), and IFRS (International Financial Reporting Standards). Our staff possess a high level of expertise in Financial Advisory, and excel at reporting financial statements to provide formal records of financial activities of businesses, individuals, or other entities.
In addition, our experience in partnering with global accounting companies provides us with enough experience to independently excel at offering services to international customers in Colombia. This includes generating financial statements and giving advice and guidance with regard to present and future operations to global companies. Associate provides its customers with a thorough financial audit in Colombia, on which they can rely. As a result of our high standards of professionalism and expertise, users of financial statements such as stockholders or shareholders can increase their confidence and trust in our customers.
As more companies’ subsidiaries are established over the world, financial reports to corporate parents in different countries become increasingly complex. Financial reports may be requested from us in English or in other languages, as our bilingual staff is able to report in either language. Associate, as one of the truly global accounting firms, promises to conduct your firm’s financial audit in Colombia with international quality standards, and pledges to bring knowledge and expertise to its customers, regardless of company size.
Contact us today to learn more about our full range of services.