Requirements to be a Statutory Auditor: for Natural Persons, What it is and MORE

We invite you through this article to learn about the Requirements to be a Statutory Auditor In colombia. You will have the guidance you need regarding whether or not you comply with them.

By learning about these requirements, you have the opportunity to apply for the position and begin to perform the tasks assigned to it.

Requirements to be a Statutory Auditor

There are a number of Requirements to be a Statutory Auditor which are general, both for Natural Person and for Legal Person. They are mentioned here below:

  1. Be a Public Accountant by profession.
  2. Have the credential as a Fiscal Auditor.
  3. The Statutory Auditor is not allowed to exercise his functions in more than five societies or companies.
  4. The Statutory Auditor you are not authorized to be a member of any association where he will exercise his position.
  5. He must not have any family ties up to the fourth degree, with a shareholder of the company where he holds the position.
  6. You cannot have another position in the company where you work as Statutory Auditor.

You must bear in mind that there are some variables that currently influence the position of the Statutory Auditor. One of them is the absence of own rules to exercise the functions with respect to accounting.

This is because it is governed by the audit rules, regardless of whether they are functional for the Audit Office. Leaving aside whether or not they have the capacity to execute the checking and inspection activities in a fixed manner.

The functions of the Statutory Auditor are adjusted to each of the inspection and observation bodies. However, Public Accountants are the ones who must carry out its rules in a particular way. And in turn not carry out activities by means of regulations applied by the State.

For Natural Person

Within the Requirements to be a Statutory Auditor For Natural Person, there are the following:

  • Have the title of Public Accountant.

It should be noted that in Law 43 of 1990 in its article 2, it indicates that a Public Accountant is the natural person who acquired the registry that proves their professional capacity.

Which means that this person must have managed their accreditation as an expert in the field, in front of the JCC (Central Board of Accountants).

On the other hand, it is necessary that in order for the JCC to grant the Professional Card to a Public Accountant, this must comply with the points detailed below:

  • Have the title that accredits you as a Public Accountant from a specific university.
  • Check that you have at least one year of experience exercising functions related to accounting. You can check this information here, about the process to obtain the Professional Card.

Legal person

With respect to Requirements to be a Statutory Auditor for Legal Person, are the ones detailed below:

If its constitution was carried out under the legal and updated rules. It must be properly authorized to perform characteristic functions of the accounting year, which translates as having the registration card issued by the JCC.

It is important to note that even though the Legal Person designated as Statutory Auditor, it has the obligation to appoint a Public Accountant (natural person.

This in order to represent you, this Public Accountant must be registered with the JCC to be able to perform the functions pertinent to the position.

The person designated to fulfill this representation must have the approval of the partners of the company, and in turn a social protection by the Company.

Who can be Tax Reviewers?

The Commercial Code and Law 43 of 1990, establish that some Colombian companies have a legal duty to appoint a Fiscal Auditor.

In Colombia, to be a Statutory Auditor, you can be a natural person or a legal person with the title of Public Accountant. For such a position it is not necessary to have any specialty in a specific area.

The role of the Statutory Auditor, goes hand in hand with what is stipulated within the Colombian legal regulation, since the State appoints the Public Accountant to fulfill its functions.

The role that must be exercised is the one that is basically established within the functions assigned by the Commercial Code, established in its article 207.

There, the guarantee that the progress of the object is executed must be entered, as presumed and in that sense, give testimony that all economic operations carried out under the law, have a purpose and a legal motive.

In such a way, that they are within the accounting procedure as such, established and evidenced by means of the financial statements of the company.

Functions of a Statutory Auditor

The functions detailed below are performed by a Statutory Auditor:

  1. You must ensure that the activities carried out in the company, obey the legally established rules, to the agreements determined by the general assembly and the board of directors.
  2. Inform the assembly, board of directors or the manager in writing, about some deviations that are presented with respect to the management of the company and the development of its operations.
  3. Contribute with the State entities to carry out the due control and observation of the companies, provide them with the necessary information or whatever they request.
  4. Monitor so that the accounting data of the company are carried on a regular basis, as well as the minutes of the assembly, meeting of partners and board of directors. This with the aim of preserving the data that belongs to the company, receipts of the accounts, and giving the guidelines that are needed to comply with this.
  5. Constantly review the assets of the company, and be a support so that appropriate decisions are made to preserve and care for them and those that the company is responsible for protecting.
  6. Give guidelines, execute the controls and request the respective information to set a constant vigilance on the behavior of the partners.
  7. Pass Through his signature the balances that are made, with the opinion or pertinent information. Call extraordinary meetings to the assembly or the board of partners, at the time it considers it.
  8. Obey the other functions that are indicated in the law and the stipulated regulations, or in any case those that are entrusted to it by the board of partners or the assembly.


Do not forget that the Statutory Auditor must be a Public AccountantOtherwise, you cannot approve the balance sheets through your signature or express your opinion on them.

What is a Fiscal Auditor in Colombia?

A Fiscal Auditor in Colombia is the person who represents the partners of a company, to execute the review and constant control of its administration, in such a way that it can certify the information that exists through reports to the partners.

The Statutory Auditor as an inspector performs a accurate and thorough analysis on the financial data of the company, using tools and methods to audit.

This process concludes when a criterion other than what is found in the financial statements is issued. They are certified with the signature of the Statutory Auditor in the form of Public Faith.

Apart from the previous analysis, the Statutory Auditor also makes a critical analysis of the procedures used within the administrative information methods.

The inspection carried out by the Statutory Auditor is frequent and fixed. However, he must be careful to avoid meddling in administrative operations, which would restrict his autonomy and transform him into a co-administrator of the company.

It should be noted that in article 207 numeral 6 of the Commercial Code, the function of the Statutory Auditor is to «Give instructions».

This function goes in the opposite direction to the tasks of a auditor, and it is pertinent that it be suppressed through an amendment produced in the commercial laws,

It is also important to know the time in which the Statutory Auditor can exercise his functions. In companies where there is a board of directors, this duration is equal to that of the board. However, he can be dismissed by means of the vote of half plus one of the partners who are gathered.

It is in the year 1931 when it was heard for the first time the figure of Statutory Auditor. This through Law 58 in the Superintendency of companies, and then it is given the value it deserves with Law 73.

This means that some entities such as (personal and capital companies) are forced to have a Fiscal Auditor. Which must meet the condition of 3,000 and 5,000 SMMLV (Current Legal Monthly Minimum Salary).

There are also other laws such as Law 145 of 1969, Law 43 of 1990 and the most current one, which is that of 2008, Law 1258. The latter is that of Simplified Stock Companies, where the conditions must be met as well. than in Societies of People.

We hope we have helped you with the Requirements to be a Statutory Auditor In colombia. Get ready to present them and become that professional you want at the accounting level.

Do not forget that the essential requirement to assume this position is to be a certified Public Accountant. Good luck with your process!


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