Entities required to have a statutory auditor by 2025

At the close of fiscal year 2024, it is important that all companies determine whether they are required to have a statutory auditor by the year 2025; the statutory auditor must be elected by the board of partners or shareholders' meeting in 2025.

Regulations

In Colombia, the obligation to have a statutory auditor is mainly regulated by the Code of Commerce and Law 43 of 1990, and depends on the assets and income of the companies at the end of the year.

In summary

You must have a statutory auditor in 2025 if you comply with the following:

Gross assets as of December 31, 2024, equal or higher than 5,000 SMMLV (current legal monthly minimum wages), that is, $6,500,000,000,000 COP (considering that the SMMLV for 2024 is $1,300,000 COP).

Gross income as of December 31, 2024, equal or higher than 3,000 SMMLV, which is equivalent to COP $3,900,000,000.

Other Obligated

Joint stock companies.

Branches of foreign companies.

Companies that voluntarily so provide.