As of 2012, Mexican auditing and financial reporting are performed to the International Standards on Auditing and the International Financial Reporting Standard.
Listed Mexican companies, government-owned companies, finance companies, and companies of other kinds that meet defined thresholds of size, must all have independent auditors who present their ‘tax compliance audit report’ at the annual shareholders’ meeting, to the Mexican tax authority, and, in the case of listed companies, to the National Banking and Securities Commission (CNBV).
These reports are presented at the end of each fiscal year (which in Mexico coincides with the calendar year), and those thresholds of size are as follows:
- Annual revenues of 34, 804, 000 Mexican pesos
- Total assets of 70,000,000 Mexican pesos
- An average of 300 employees in each month of the preceding year
- Additionally, as of July 2014 and as part of the Mexican tax reform under the administration of President Peña Nieto, taxpayers must file accounts electronically with authorities on a monthly basis.
These electronically-filed reports should show:
- The company chart of accounts for that month
- The company trial balance for that month, with information on recorded tax adjustments for end-of-year balances
- Information on journal entries in the accounting records of that month
How We Can Help
At Guerrero Santana, our internal and external auditing is focused on effective, efficient compliance, security, and excellence in operations and controls.
We work towards the seamless integration of the latest systems and technology for improving your efficiency, project management, risk assessment, and training.
And, because we are able to work so closely with our clients, our experts can use their in-depth, regionally-specific knowledge of the tax requirements and Mexican regulatory bodies to help our clients achieve their most valued objectives, and support them in all kinds of decision-making, whether that means major calls on strategy, or the smaller, everyday matters that can make for a happier working day.