The Bank of Guatemala is putting out to tender a contract for services by an external audit firm to dictate and certify the institution's financial statements.
As part of the controls to combat smuggling, between May and July 29 companies were suspended from the list of importers, which represents 60% of the total volume of pairs of shoes entering the country.
In order to detect and prevent irregularities in the import of footwear, the General Administration of Federal Tax Audit Tax Administration Service of Mexico carried out 31 audits "... on the major importer of footwear, which represent 85% of the volume of shoes that are imported at low prices. ". Also, 18 suspension orders have been issued totaling $1.1 million.
The Ministry of Economy and Finance of Panama is putting out to tenderauditing services for the management of funds and resources in 153 Communal Boards.
A bill could change the rules of the profession of certified public accountants and external auditing services in the country.
Movimiento de Contadores Públicos Independientes (The Independent Accountants Movement) has called for the creation of a commission to discuss the bill which they say could harm practice of the profession.
An alternative solution to the perennial conflict of interest is paying for audits through a third party.
"Auditors are paid by the companies they audit, in the same way that rating agencies are paid by the companies they rate. That gives auditors an economic incentive to lie on behalf of their clients, even if it threatens their reputation.
The Tax Authority will investigate if companies who benefit from the Law of Incentives for Export and Maquila and from the Law on Free Zones, are correctly complying with all the requirements.
With this, the Superintendency of Tax Administration (SAT), aims to reduce fraud and tax evasion in the country. According to the Director of Customs, Filadelfo Reyes, they will follow up on 10,000 statements from the free zones and other places during the first half of 2013.
In the event that he wins the next presidential election, Juan Carlos Varela will have prepared for the audit of all the concessions granted during the Martinelli administration.
Editorial
The announcement of the main opposition candidate in the presidential elections in Panama in May 2014, the former Vice President Juan Carlos Varela, from the Partido Panameñista party, one of the most likely candidates to be elected, could mean a serious blow to the international perception of the country in terms of receiver of investment, putting a question mark on the legal certainty of the contracts signed by the state.
Before aquaculture products are able to enter the Chinese market, officials from the country will perform an audit of exporting establishments in this sector.
The purpose of the audit to be conducted at three establishments is to initiate the process of the opening up of the Chinese market for fisheries and aquaculture.
In Costa Rica companies classified as Large National Taxpayers or Regional Companies must provide audited financial statements.
In an article in Elfinancierocr.com, Francisco Villalobos, director general of taxation, analyzes the resolution establishing the "obligation to submit audited financial statements by large taxpayers and territorial big business."
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