Did you know that in order to obtain a credit greater than Q5 million in Guatemala, audited financial statements based on a General Acceptance Framework are required, and the most recognized framework worldwide is International Financial Reporting Standards or IFRS,? According to Circular 81-2010 of the Guatemalan Superintendency of Banks (Superintendencia de Bancos de Guatemala – SIB) which requires that for these major loans, firms and auditors use the International Standard on Auditing, ISA 700*.
In ECOVIS Guatemala we audit the Financial Statements in accordance with the International Financial Reporting Standards – IFRS- for Small and Medium Enterprises – SMEs-, in order to issue an opinion on their fair presentation and reasonableness.
The financial audit service is focused on providing an opinion on the fairness of the financial statements based on NIIF full and SME NIIF prepared on a specific date; as well as the detection of significant risks that may affect the results, helping to create a product that adds value to the financial information of our clients.
Our methodology is based on the identification of risks, evaluating with greater emphasis the areas that represent the greatest risks.
We provide quality auditing services with the integrity and accuracy of the information contained in your financial statements, to meet the expectations of investors, regulatory bodies, clients and creditors.
Our audit approach is based on the understanding of our clients’ business and risks and they have four key phases in the process:
Planning – Identifies and develops a general audit approach with special attention to key risk areas;
Control phase – Evaluate and test the key internal control areas and advise management on any matter during the audit.
Developing of our audit – Perform a test of details on significant account balances, both during interim and final audits.
Completion – Presentation of the audit opinion and delivery of the internal control letter.
Our audit clients include multinational corporations, as well as small and medium enterprises.
*Audit Standard 700, refers to audit opinions on a General Acceptance Control Framework.