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In Uruguay, the requirements are mainly given by the demands of the treasury, the DGI and by the bank debt that the company has.
Related to tax requirements, companies must be exposed to an audit or review process depending on the following aspects:
Requirements according to DGI
-Large Taxpayers: always come with an audit report.
-CEDE Companies (Special Control of Companies): whenever your assets exceed UR 6,000, you must have a limited review report.
-Companies DO NOT YIELD: there are no requirements.
Additionally, for those companies located in the Free Trade Zone, according to DGI Resolution No. 1859/008, the requirements are:
-for those financial statements in which total assets exceed 30,000 U.R. (thirty thousand readjustable units) or that record net operating income that exceeds 100,000 UR (one hundred thousand readjustable units), an Audit Report will be required.
For the rest of the financial statements, a Limited Review Report will be required.
In the event that the user has not registered activity during the entire financial year, a Public Accountant certification that affirms the non-existence of economic activity will be required as a professional report.
Requirements according to BCU
If you have debt with the financial system during the year:
-For companies with debts less than 5% of the value of the RPBB (Basic Patrimonial Responsibility for Banks), the financial statements must be accompanied by a compilation report (less than US$ 961,900 approx.).
-For those whose debt is equal to or exceeds 5% of the RPBB, the financial statements must be accompanied by a limited review report, which must be carried out by an independent professional and in accordance with the provisions of Pronouncement No. 5 of the College of Accountants and Economists. and Administrators of Uruguay (between US$ 961,900 and US$ 2,900,000 approx.).
-For companies with debt equal to or greater than 15% of the RPBB, the financial statements must be accompanied by an audit report issued by independent professionals and in accordance with generally accepted auditing standards (greater than US$ 2,900,000 approx.).
These demands are directly related to the requirements of the treasury and the financial system for all entities. However, depending on the activity that the entities carry out, they may be supervised by organizations such as the Ministry of Public Health, the Ministry of Transportation and Public Works, the Central Bank of Uruguay, among others, which have the power to demand audits or work. review or directly its shareholders, whether controlling natural or legal persons, request audit procedures
For more information, contact Magali Campos, audit partner, through her email [email protected].
