Bank requires audited statements
Business loans, lines of credit, guarantees typically require prior-year audited statements. Without them, banks don't advance or charge a rate premium.
Financial audit
External financial audit in Guatemala
We perform independent external audits under International Standards on Auditing (ISA) and IFRS / IFRS for SMEs. We issue professional opinions on financial statements for banks, investors, board, regulators and due diligence.
Why engage an auditor
When you need external audit.
Investor is evaluating entry
Financial DD requires 2–3 years of audited statements, with reconciliations and technical notes. We stand with the client at the negotiation table.
Regulated sector (SIB, SIT, SIV, cooperatives, insurers)
Guatemalan regulation requires annual external audit for certain sectors. We comply with the technical norm and deliver regulator-required formats.
Suspected internal fraud or losses
Unexplained losses, mismatched inventory, irregular petty cash. We design audit with forensic emphasis to size the issue and document for corrective or legal actions.
Board or shareholders demand independent opinion
Healthy corporate governance requires an external auditor to attest management's statements. We separate roles and deliver objective opinion.
Audit scope
What's covered.
- Audit planning with risk assessment
- Internal control review (key cycles: revenue, expenses, inventory, treasury, payroll)
- Substantive and compliance testing
- External confirmations (banks, customers, vendors, lawyers)
- Related-party evaluation
- Tax and labor compliance review with findings
- Review of notes to financial statements
- Management Letter with findings and recommendations
- Opinion (unqualified, qualified, adverse or disclaimer)
- Closing meeting with management and board
- Team availability for questions from the bank / investor receiving the report
Not covered
Scope separation.
- Bookkeeping (under Accounting & SAT — incompatible by independence rules)
- Intangibles and asset valuation (coordinated with appraiser)
- Control implementation consulting (under Administrative Advisory)
- Continuous internal audit (different scope)
- Compilation or review (distinct from full audit)
Execution
Audit in 6–10 weeks.
-
01
Proposal
Evaluate size, complexity, industry and user needs. Propose scope, team, timeline and fees.
Week 1 -
02
Planning
Understand business, operational cycles and information system. Identify significant risk areas.
Weeks 1–2 -
03
Fieldwork
Execute procedures: document review, testing, confirmations, interviews, counts, observations.
Weeks 3–6 -
04
Findings communication
Meeting with management to share preliminary findings, obtain explanations, enable adjustments if applicable.
Week 7 -
05
Opinion and report
Issue opinion with signed statements and notes. Deliver Management Letter.
Weeks 8–10
Reference fees
Fees by size.
Audit is quoted by estimated hours based on size, complexity, industry. Ranges:
Small company
from Q18,000
Revenue up to Q5M, one entity, simple operations.
Mid-sized
from Q42,000
Q5M–Q40M revenue, multiple cycles, significant payroll.
Large / group
quote
Complex structures, multi-entity, consolidation.
Regulated sector
quote
Specific regulatory requirements.
Limited review
quote
Lesser scope than full audit, no qualified opinion.
Fees exclude travel when audit occurs outside Guatemala City.
FAQ
External audit questions.
Can I hire the same firm for bookkeeping and audit?
No. Ethics and independence rules forbid the bookkeeping firm from auditing itself. If we do your books, the audit goes elsewhere — and vice versa. We guide you to keep role separation clean and auditable.
How long does an audit take?
6–10 weeks from kick-off to report delivery. Small companies: 4–6 weeks. Groups with consolidation or multiple branches: 12–16 weeks.
What opinion types can be issued?
Unqualified (clean) is most favorable: statements fairly presented. Qualified: specific limitation or disagreement. Adverse: statements not fairly presented (rare). Disclaimer: couldn't obtain sufficient evidence. We explain what each means to your user.
Audit vs review?
Audit has full scope (ISA 200–720) and enables reasonable assurance opinion. Review has reduced scope (analytical procedures and inquiries) and provides only 'limited assurance'. Compilation is just ordering info with no opinion. The bank or investor tells you what's needed.
Do auditors detect fraud?
Audit is designed to obtain reasonable assurance that statements are free from material error — including due to fraud. But it isn't specifically designed as forensic investigation. If there's specific suspicion, we complement with forensic procedures.
What if we find accounting errors?
We flag first. The company can correct during fieldwork if time allows. If corrections aren't made and are material, this reflects in the opinion (qualified or adverse). Priority is management transparency so the final report is the best possible.
Will the bank accept any audit?
Banks in Guatemala typically require the auditor to be registered as independent CPA at the Public Accountants Association and the firm to have verifiable history. We meet both. If your bank has specific criteria, we confirm before accepting.
Adjacent
Complements with.
Accounting & SAT
Monthly bookkeeping (separate firm for independence).
Learn moreFinancial advisory
Interpreting results and decisions.
Learn moreAdministrative advisory
Implementing controls recommended in audit.
Learn moreLegal compliance
Financial audit + legal audit = full picture.
Learn more