Statutory audit in Colombia (Revisoría Fiscal)

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What is a revisor fiscal, and why does your Colombian subsidiary have one?

If you're reading this from abroad, this figure probably has no equivalent in your country. It is worth understanding before it becomes a problem.

It is not the same as an external auditor

An external auditor is hired by the company because it wants an independent opinion. A revisor fiscal is a permanent statutory body that Colombian law imposes on certain companies. It is elected by the shareholders' meeting or the partners' meeting, its duties are defined by statute, and it answers to the shareholders — not to management.

It issues the statutory opinion on the financial statements, signs tax returns, and has a legal duty to report irregularities. It is closer to a permanent internal watchdog with statutory standing than to an annual external audit engagement.

Why it matters to a parent company

It can be triggered without warningCross an asset or revenue threshold, and the obligation applies for the following year.
It is not optionalCertain company types must appoint one regardless of size — including branches of foreign companies.
It signs your tax returnsWhich means the quality of the work has direct consequences for the subsidiary.
It cannot also keep your booksIndependence rules prevent the same firm from being both statutory auditor and bookkeeper.

Before you appoint anyone

Is your company required to appoint a statutory auditor?

Colombian law triggers the obligation two ways: by the numbers, or by the type of company. Either one is enough.

Path 1 · By the numbers

If at the close of the previous year you exceeded either threshold

5,000 monthly minimum wages≈ COP $7,117,500,000 · figures at Dec 2025

in gross assets

3,000 monthly minimum wages≈ COP $4,270,500,000 · figures at Dec 2025

in gross revenue

Path 2 · By company type

These require a statutory auditor regardless of size

Stock corporations (S.A.)
Branches of foreign companies

Thresholds are set in Colombian monthly minimum wages and assessed on the previous year's closing figures, so the peso equivalent changes each year. Note that branches of foreign companies are required to appoint one regardless of size — a detail that catches many international groups by surprise. If your case is borderline, write to us: reviewing it costs nothing.

Not sure whether it applies to you? Write to us and we'll check

How we work

The difference isn't in the report. It's in the twelve months before it.

We work in constant communication with you throughout the year. When the audit report arrives, there is nothing in it you didn't already know.

We learn your business

Before auditing anything, we understand your operation, your processes, your internal control system and your team. Without that, an audit is a paperwork exercise.

We plan it and tell you

We define the approach, the timeline and what we'll need from your team. You know what happens and when, from day one.

We communicate as we go

Every relevant matter is discussed with management as it comes up, not when the report is signed. In time to still do something about it.

We close without surprises

The opinion and the reports gather what we already worked through with you. Meeting deadlines stops being a race against the clock.

With constant, clear communication, no deadline needs to be a source of worry. You hear about what affects you while it's still a decision, not once it's a problem.

This is how we understand statutory audit

Scope

What the work covers

Audit of the financial statementsUnder International Standards on Auditing, with substantive and control testing.
Evaluation of the internal control systemWe identify weaknesses and risks — and tell you how to close them.
Tax complianceVerification against Colombian law and the relevant authorities.
Statutory and regulatory complianceMinutes, official books and filings with the authorities.

Deliverables

What you receive

The statutory auditor's opinionOn the financial statements for the period.
Reports to the shareholders' meetingWritten so the people who decide can understand them.
Internal control memoranda and management lettersFindings, risks and concrete recommendations.
Signature of tax returnsWith the review that signature requires.
Special certificationsWhatever your operation, your bank or your parent company requires.

No finding shows up for the first time in the audit report.