Service
External audit of financial statements in Costa Rica
We strengthen confidence in your financial information and provide recommendations to improve the management of the audited entity.
An external audit brings confidence, credibility and transparency to audited financial information, allowing partners, investors, banks, boards of directors and other stakeholders to make decisions with greater certainty.
Our service consists of an independent and objective evaluation of the financial statements, in accordance with the International Standards on Auditing (ISA), in order to issue a professional opinion on whether they are fairly presented.
Beyond the auditor's opinion, our work adds value to your organization. As part of the service, we report the internal control weaknesses identified during the audit, together with practical recommendations to strengthen procedures, reduce risks and improve administrative and financial management.
Our commitment is to provide a professional, independent and reliable service that strengthens the transparency of and the confidence in the audited financial statements.
Who needs an external audit?
- Companies applying for credit whose bank requires audited financial statements.
- Costa Rican subsidiaries of foreign groups that report to their parent company.
- Companies whose partners do not take part in management and want assurance.
- Companies taking part in tenders or seeking investment.
- Associations, foundations and other non-profit entities accountable to donors or members.
- Condominiums whose owners' assembly wants to verify how funds are managed.
Deliverables
What does the service include?
- 01
Independent Auditor's Report
The opinion on the financial statements, with the format and disclosures required by ISA.
- 02
Findings Report
Internal control findings, their risk and a specific recommendation for each one.
- 03
Tax compliance review
We identify tax contingencies that come to light during the audit.
- 04
Closing meeting
We present the results to senior management or the board of directors.
Frequently asked questions
How long does an external audit take?
It depends on the size of the entity and how organized its accounting is. For a medium-sized company with up-to-date records, fieldwork usually takes two to four weeks, and the final report is issued after the draft is discussed with senior management.
How much does an external audit cost?
Fees are based on the professional hours the engagement requires, which depend on the volume of transactions, the number of accounts, whether there is inventory and the condition of the records. After a first meeting we send a written proposal with the corresponding fee estimate.
What is the difference between an external and an internal audit?
An external audit is performed by an independent professional who issues an opinion with public faith (fe pública) on whether the financial statements are fairly presented. An internal audit evaluates processes and controls for management itself, and may be carried out by the entity's own staff or by an engaged firm.
What happens if the audit finds errors?
If significant errors are identified in the financial statements, they are reported to senior management together with a recommendation on how to correct them. If the entity makes the necessary adjustments, it may receive an unmodified opinion. If the errors are material and are not corrected, they will be described in the report, explaining how they affect the opinion on the audited financial information.
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Shall we talk about external audit?
What do you need? We will send you a written proposal with scope, timelines and a fee estimate.