Among other information, and depending on the circumstances, information on the purpose of the audit together with the principal accounts comprising the financial statements to be audited, a description of the core business or organization, the global Internal Control System structure, volume of operations, level of compliance with regulatory entities, and due dates for the audit, etc.<\/p>\n
When should an external audit be contracted?<\/strong><\/p>\n An external audit should be contracted between June and August of the year to be audited.\u00a0 This enables the Firm to perform an analysis at, as a minimum, two stages: the first between July and November (a defined month must be selected) known as the preliminary phase in which we review the interim financial statements; the second and final, once the financial statements are concluded in December.\u00a0 The preliminary phase is particularly useful since it enables us to extract timely and crucial information on the company.\u00a0 As a consequence, any financial, accounting or tax matters can be identified and resolved in time.<\/p>\n What is the principal benefit an external audit?<\/strong><\/p>\n It ratifies the financial reality of the entity with respect to financial, legal and tax matters.\u00a0 In addition, an external audit provides appropriate recommendations for improving the Internal Control System.\u00a0 An external or financial audit should not be viewed as an activity that merely ensures compliance with regulatory entities.\u00a0 Rather, an audit helps an organization to re-evaluate its business strategies that, in the long term, affect the company\u2019s financial results.<\/p>\n Which companies controlled by the Ecuadorian Superintendence of Companies, Securities and Insurance (SCVS) require an External Audit?<\/strong><\/p>\n As from 2016, companies with assets exceeding US $500,000 require an external audit.<\/p>\n When must audit reports be issued?<\/strong><\/p>\n In Ecuador, companies regulated by the Superintendence of Companies, Securities and Insurance must issue their audit reports by April of the year following the audited year.\u00a0 The actual date is based on the ninth digit of their taxpayer’s I.D. No. (RUC).<\/p>\n In other cases, the reporting date is decided by the General Shareholders\u2019 Meeting, usually in the first quarter of the year following the accounting close. In some cases, issuance is dependent on the Parent Company\u2019s requirements, especially with respect to consolidation of the financial statements.<\/p>\n What is the effect of a qualification in the external audit report?<\/strong><\/p>\n Depending on the reason, a qualification may or may not affect the company\u2019s image with third parties such as banks, suppliers, control entities, investors or possible investors, the parent company, etc.<\/p>\n What does it mean if a business has going concern problems?<\/strong><\/p>\n It means the business or the company is experiencing difficulties in generating sufficient financial resources to meet its obligations with third parties and for its future operation. In such cases, the auditor must, when there is sufficient information, disclose this situation in an \u201cemphasis of matter\u201d paragraph.\u00a0 Normally, the opinion issued by the auditor is not affected by inclusion of a qualification but, in an extreme situation, the audit opinion could be qualified.<\/p>\n What standards govern the external auditors when reviewing financial statements?<\/strong><\/p>\n External auditors use worldwide standards, that is: International Financial Reporting Standards (IFRS), International Auditing Standards IAS (issued by the IFAC), local tax laws and other regulations depending on the nature of the company or organization.<\/p>\n Must an external auditor disclose when a business is not in compliance with a standard or law, etc.?<\/strong><\/p>\n The external auditor is obliged to disclose non-compliance with any standard or law, including contracts signed with third parties.<\/p>\n What is the Report to Management?<\/strong><\/p>\n In addition to the external audit on the financial statements, the auditor issues observations and recommendations on administrative, legal or tax aspects to ensure that such are effectively corrected by the company. This Report is also sent to the respective Superintendence.\u00a0 The Report provides valuable and useful information for the efficient operation of the company\u2019s business.<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_css_main_element=”border-left: 1px solid rgba(234, 222, 222, 0.65);||padding-left: 25px;” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”|600|||||||” text_text_color=”#465688″ text_font_size=”18px” z_index_tablet=”500″]<\/p>\n DESDE EL BLOG<\/p>\n [\/et_pb_text][et_pb_sidebar orientation=”right” area=”sidebar-1″ show_border=”off” _builder_version=”3.21.1″ header_font=”|600|||||||” header_text_color=”#465688″ z_index_tablet=”500″ saved_tabs=”all”][\/et_pb_sidebar][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.21.1″ background_color=”#465688″ custom_padding=”||” z_index_tablet=”500″ global_module=”99″][et_pb_row column_structure=”1_5,1_5,1_5,1_5,1_5″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_5″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”14px” header_4_font=”|600|||||||” header_4_text_color=”#ffffff” z_index_tablet=”500″]<\/p>\n The founding partner of AENA Auditores y Consultores, Wilson Silva Mantilla, joined one of the world\u2019s largest audit firms in 1977… Read More<\/a><\/u><\/span><\/p>\n [\/et_pb_text][et_pb_divider color=”#ffffff” divider_style=”double” divider_position=”center” disabled_on=”|on|on” _builder_version=”3.21.1″ z_index_tablet=”500″][\/et_pb_divider][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”14px” header_4_font=”|600|||||||” header_4_text_color=”#ffffff” z_index_tablet=”500″]<\/p>\n Financial Audit<\/a><\/span><\/p>\n Operational Audit<\/a><\/span><\/p>\n Management Consulting<\/a><\/span><\/p>\n Seminars<\/a><\/span><\/p>\n [\/et_pb_text][et_pb_divider color=”#ffffff” divider_style=”double” divider_position=”center” disabled_on=”|on|on” _builder_version=”3.21.1″ z_index_tablet=”500″][\/et_pb_divider][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”14px” header_4_font=”|600|||||||” header_4_text_color=”#ffffff” z_index_tablet=”500″]<\/p>\n For 30 years, we have been providing services that encompass an external audit of financial statements, outsourced internal audits (operational audits), management consulting services and tax advisory services with businesses in the following sectors….Read More<\/a><\/u><\/span><\/p>\n [\/et_pb_text][et_pb_divider color=”#ffffff” divider_style=”double” divider_position=”center” disabled_on=”|on|on” _builder_version=”3.21.1″ z_index_tablet=”500″][\/et_pb_divider][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”14px” header_4_font=”|600|||||||” header_4_text_color=”#ffffff” z_index_tablet=”500″]<\/p>\n Phone:<\/p>\n +593 2 255 7173 \/ 4 \/ 8<\/span><\/p>\n +593 99 982 7216<\/span><\/p>\n Email:<\/p>\n info@aena.com.ec<\/a><\/span><\/p>\n [\/et_pb_text][et_pb_divider color=”#ffffff” divider_style=”double” divider_position=”center” disabled_on=”|on|on” _builder_version=”3.21.1″ z_index_tablet=”500″][\/et_pb_divider][\/et_pb_column][et_pb_column type=”1_5″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”14px” header_4_font=”|600|||||||” header_4_text_color=”#ffffff” z_index_tablet=”500″]<\/p>\n We are always interested to learn of your concerns or doubts. Please complete the following form with your comments and questions and we will be in contact with you….. Read More<\/a><\/span><\/p>\n [\/et_pb_text][et_pb_divider color=”#ffffff” divider_style=”double” divider_position=”center” disabled_on=”|on|on” _builder_version=”3.21.1″ z_index_tablet=”500″][\/et_pb_divider][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”14px” header_4_font=”|600|||||||” header_4_text_color=”#ffffff” z_index_tablet=”500″]<\/p>\n An independent Member of:<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.21.1″ background_color=”#c59331″ custom_margin=”||” custom_padding=”0||0||false|false” z_index_tablet=”500″ global_module=”100″][et_pb_row column_structure=”3_4,1_4″ _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_margin=”||” custom_padding=”0||14px||false|false”][et_pb_column type=”3_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_text_color=”#ffffff” text_font_size=”11px” custom_padding=”15px||” z_index_tablet=”500″]<\/p>\n All rights reserved 2023 | Address: Av. 12 de Octubre N24-528 y Luis Cordero. Edif. World Trade Center Torre B Piso 2.\u00a0 –\u00a0 Quito, 170525, Ecuador<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_css_main_element=”border-left: 1px solid rgba(234, 222, 222, 0.65);||padding-left: 25px;” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.7.4″ text_orientation=”right” custom_padding=”15px|||” z_index_tablet=”500″] [et_pb_section fb_built=”1″ _builder_version=”3.22″ animation_style=”fade” z_index_tablet=”500″][et_pb_row _builder_version=”4.7.4″ background_image=”https:\/\/aena.com.ec\/wp-content\/uploads\/2020\/12\/preguntasfrecuentes_low-1.jpg” background_size=”initial” background_position=”top_left” background_repeat=”repeat” vertical_offset_tablet=”0″ horizontal_offset_tablet=”0″ custom_padding=”200px||200px|” z_index_tablet=”500″ custom_css_main_element=”background-size: cover;” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” disabled_on=”on|on|on” disabled=”on”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22″ custom_padding=”0|0px|0|0px|false|false”][et_pb_row _builder_version=”3.25″ z_index_tablet=”500″ column_structure=”3_4,1_4″][et_pb_column type=”3_4″ _builder_version=”3.0.47″ custom_padding=”|||” custom_padding__hover=”|||”][et_pb_text _builder_version=”3.27.4″ text_font=”|700|||||||” text_text_color=”#465688″ text_font_size=”50px” z_index_tablet=”500″] FREQUENTLY ASKED QUESTIONS [\/et_pb_text][et_pb_image src=”https:\/\/aena.com.ec\/wp-content\/uploads\/2020\/12\/preguntasfrecuentes_low-1.jpg” _builder_version=”4.7.4″ _module_preset=”default” title_text=”FAQ Customer Service Help Support Exclamation Graphic” […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-924","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/pages\/924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/comments?post=924"}],"version-history":[{"count":6,"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/pages\/924\/revisions"}],"predecessor-version":[{"id":2012,"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/pages\/924\/revisions\/2012"}],"wp:attachment":[{"href":"https:\/\/aena.com.ec\/en\/wp-json\/wp\/v2\/media?parent=924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}ABOUT US<\/h4>\n
SERVICES<\/h4>\n
CLIENTS<\/h4>\n
CONTACT<\/h4>\n
REQUEST FOR SERVICES<\/h4>\n
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