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Companies Obliged to External Audit Services

We remind you that companies that have the obligation to contract external auditing must do so until September 30, 2018 and inform the Superintendence of Companies within 30 days from the date of contracting.

For your reference, the companies that have the obligation to contract external audit are:

1. Mixed-economy and anonymous companies with the participation of public or private legal entities with a social or public purpose, whose assets exceed US$ 100,000;
2. Branches of foreign companies established in Ecuador, whose assets exceed US$ 100,000;
3. Corporations limited by shares and limited liability, whose assets exceed US$ 500,000;
4. The companies subject to the control and surveillance of the Superintendence of Companies forced to submit consolidated balance sheets;
5. Societies of public interest defined in the pertinent regulations;

External audits may only be carried out by individuals or audit firms registered in the National Registry of External Auditors qualified by the Superintendence of Companies.

No audit firm may carry out an external audit for more than 5 consecutive years to the same company or for 3 consecutive years in the case of public interest companies