domingo, 21 de noviembre de 2010
Simón Gaviria Normas Internacionales de Contabilidad (IFRS)
in the previous video gaviria doctor gives his views on international accounting d, are very important
HECTOR ANDRES ZORRO SANCHEZ
sábado, 20 de noviembre de 2010
US agriculture affected by lack of Colombia FTA
MARIA CONSUELO POVEDA SUAREZ
I find this article interesting and i want share it with everyone....
FREE TRADE AGREEMENTS
Republican legislators have presented a report to the US Congress which argues that US agricultural exports to Colombia have gone down significantly, due to Democrats´ reluctance to approve a Free Trade Agreement.
The report which states that over the past five years Colombia has been the biggest market for US agricultural goods in South America and the third largest in the western hemisphere after Canada and Mexico, buying $4.3 billion US dollars worth of American produce between 2004 and 2009.
However the report claims that US agricultural exports to Colombia fell by 48% last year partly because of the global recession, but also say the Republicans because of the US government’s inability to “defend American interests.”
Last year Colombia signed a commercial agreement with MERCOSUR (Southern Common Market) members Argentina and Brazil, from where the country is now importing goods that used to be purchased from the USA such as corn, wheat, soy beans and oils made from soy.
Republicans in Congress fear that if Colombia concretes Free Trade Agreements with Canada and the European Union this year it will take even less agricultural products from the USA.
“Every day that congress does not approve an FTA with Colombia, US farmers and ranchers are losing economic opportunities” said Republican Congressman Frank Lucas, who leads the Committee on Agriculture.
During the presentation of the report, Lucas pointed out that between 2008 and 2009 the US agriculture sector lost more than 800 million dollars because of its lack of full access to the Colombian market place.
In May 2007 Democrat and Republican Members of Congress agreed to debate a Free Trade Agreement with Colombia, along with provisions to encourage the Colombian government to improve the human rights of labour leaders and to improve environmental protection standards.
Three years later however, the FTA has not been signed and it still faces stiff resistance on Capitol Hill from emocrats who argue that Colombia has not gone far enough in human rights or from members of congress who fear an FTA would create American job losses in sectors like manufacturing.
Despite the efforts of the Colombia government to lobby US Congress leaders and cabinet members to pass the FTA, President Obama has been reluctant to prioritise this issue as he expends his political capital on domestic issues.
http://www.colombiawow.com/, By Manuel Rueda.
I find this article interesting and i want share it with everyone....
FREE TRADE AGREEMENTS
Republican legislators have presented a report to the US Congress which argues that US agricultural exports to Colombia have gone down significantly, due to Democrats´ reluctance to approve a Free Trade Agreement.
The report which states that over the past five years Colombia has been the biggest market for US agricultural goods in South America and the third largest in the western hemisphere after Canada and Mexico, buying $4.3 billion US dollars worth of American produce between 2004 and 2009.
However the report claims that US agricultural exports to Colombia fell by 48% last year partly because of the global recession, but also say the Republicans because of the US government’s inability to “defend American interests.”
Last year Colombia signed a commercial agreement with MERCOSUR (Southern Common Market) members Argentina and Brazil, from where the country is now importing goods that used to be purchased from the USA such as corn, wheat, soy beans and oils made from soy.
Republicans in Congress fear that if Colombia concretes Free Trade Agreements with Canada and the European Union this year it will take even less agricultural products from the USA.
“Every day that congress does not approve an FTA with Colombia, US farmers and ranchers are losing economic opportunities” said Republican Congressman Frank Lucas, who leads the Committee on Agriculture.
During the presentation of the report, Lucas pointed out that between 2008 and 2009 the US agriculture sector lost more than 800 million dollars because of its lack of full access to the Colombian market place.
In May 2007 Democrat and Republican Members of Congress agreed to debate a Free Trade Agreement with Colombia, along with provisions to encourage the Colombian government to improve the human rights of labour leaders and to improve environmental protection standards.
Three years later however, the FTA has not been signed and it still faces stiff resistance on Capitol Hill from emocrats who argue that Colombia has not gone far enough in human rights or from members of congress who fear an FTA would create American job losses in sectors like manufacturing.
Despite the efforts of the Colombia government to lobby US Congress leaders and cabinet members to pass the FTA, President Obama has been reluctant to prioritise this issue as he expends his political capital on domestic issues.
http://www.colombiawow.com/, By Manuel Rueda.
Diana Carolina Ruiz
In this video, we can see a little introduction about accounting. Here we find an explanation about the countable world, it is important to know for begin our career.
I wish you successful in your plans and in your job!
Diana Carolina
I wish you successful in your plans and in your job!
Diana Carolina
martes, 28 de septiembre de 2010
AUDITING
INTERNAL AUDITINGAn internal audit is an examination of the accounts of a company by its own internal auditors or controllers. They accurately assessed the accounts and check for errors. They ensure that the accounts comply with procedures, standards, policies, laws and regulations. Internal auditors also check the control systems of the company related to recording transactions, valuation of assets, etc.
EXTERNAL AUDITING
Public companies must file their financial statements to independent auditors who do not work for the company. The auditors have to give an opinion on whether the transaction in the financial statements present a true picture of the company's financial situation.
The external auditors examine the company's internal systems to see if transactions have been properly recorded. They check whether the assets in the balance of fact exist, and if their assessment is correct. For example, the general find that some of the debtors recorded in the balance are real.
1. Bookkeepers (3) a. Company employees who check the financial statements
2. Accountants
3. Internal Auditors (2) c. People who prepare financial statements
4. External Auditors (1) d. People who prepare a company’s day-to-day accounts
10.2 Match the nouns in the box with the verb below to make word combinations. Some words can be used twice. Look at A and B opposite to help you.
Accounts Procedures Opinions
Systems of control Regulations Policies
Stock take Advice laws
Accounts accounts
heck procedures Examine Systems of control
Systems of control
laws
Comply With regulations Advice
Policies Give opinions
Systems of control
Verb Noun Adjective
accurate
Meet Compliance met
Recommend Recommendation Recommended
Register Record Registered
Review Examination Inspected
1. I'm an internal auditor. I review the company's accounts to make sure that they are meet and that they accounting principles.
2. If the control systems aren´t adequate, I make recommendation concerning changes
3. The external auditors check to see if transactions are being regitered correctly
DIANA GUTIERREZ
CAROLINA MARIN
ADRIANA LARA
BOOKKEEPING
DOUBLE ENTRY BOOKKEEPING
Each transaction is both debit - a deduction - into one account and a corresponding credit and also - in another. For example, if a company purchases some raw materials - materials and components used to make products - that will pay for a month later, debits the purchase account, and credits the vendor account. If the company sells an item on credit, it credits the account of sales, and payments, customer accounts. Thus the level of the products of the company stock account ready for sale is reduced, is charged to the securities account. There is a corresponding increase to its customers debtors who owe money for goods or services purchased and account receivables and accounts payable is credited. Each of the records into account debits and credits left to right. If the counters do their job properly, the total debits always equal total credits.
It is important to note that for greater control of records in a weekly summary on the book called "log books" at the end of each period is made a joint with all the information of the month in a single statement in which show all the accounts used
Credit Ledger Debit
Creditors Stock debtors
1. Debit An amount entered on the left hand side of an account, recording money paid out
2. Ledger a book of accounts
3. Debtors customers who owe money for goods or services not yet paid for
4. Credit An amount entered on the right –hand side of an account, recording a payment received
5. stock Goods stored ready for sale
6. Creditors Suppliers who are owed money for purchases not yet paid for.
4.2 Complete the sentences. Look at A B and C opposite to help you.
1. The accounting of double heading shows where money comes from and where it goes: it is always transferred from one side to another one. Every event is entered twice – once as a credit and once as a debit
2. Most businesses record very frequent or numerous transactions in purchases and sales often record the transactions in day books or journal, and the put a daily or weekly summary in the main double - entry records
3. The main account books are called ledger and balance and the book relating to creditors is called the bought ledger
4. In order to prepare financial statements, companies do a Balance Sheet which copies all the debit and credit balances of different accounts onto a single page.
4.3 Complete the sentences using ‘debit’ or ‘credit’.
Look at A opposite to help you.
1. If you buy new asset, you credit the cash or capital account.
2. If you pay some bills, you debit the liabilities account.
3. If you buy materials from a supplier on 60 days credit, you debit the purchases account and credit the supplier’s account.
4. If you sell something to a customer who will pay 30 days later, you credit the sales account and debit the customer’s account.
DIANA GUTIERREZ
CAROLINA MARIN
ADRIANA LARA
viernes, 24 de septiembre de 2010
EXERCISES COMPANY LAW 1
EXERCISES COMPANY LAW 1
5.1 Are te following statements true or false? Find reasons for your answers in A an B opposite.
1. In case of a legal dispure, people can take a company’s shareholders to court.
TRUE, a company is a legal entity and has a separate legal existence.
2. The owners of limired companies have to pay all te company’s debts.
FALSE, the owners are not fully liable for the business’s debts.
3. Many companies are not owned by their managers.
FALSE, the managers run the company for its owners.
4. External directors can usually give more objective advice than full-timme directors.
FALSE, full time directors can give more advice.
5. Partners in British and American businesses are not liable for the partnership’s debts.
FALSE, partners are fully liable for debts.
6. In case of a dispute, people can take British companies and partnerships to court.
FALSE, the individual partners are taken to court
5.2 Make word combinations using a word from cach box. Then match te word combinations to te definitions below. Look at A opposite to help you.
Corporate Committee
Audit Directors
Limited Governance
Non-executive Capita
Share Liability
1.Non-executive directors: a group of directors to whom te external auditors present their report.
2.Audit committee: members of a board of directors who are not full-time managers of te company.
3.Share capital: owners money invested in a company.
4.Limited liability: responsibility for debts up to te value of te company’s share capital.
Corporate Governance: the way a company is managed for its owners.
5.3 Complete te document. Look at C opposite to help you.
(a)____________ of Association
1.The name of te company is Language Services Pty Limited. (Memorandum).
2.The Location of te Company will be in Australia.
3.The Companys purpose for which te Company is established is to provide translation and interpreting services to international companies.
4.The Authorized share capital of te company is made up of ordinary shares divided into five thousand (5.000) shares of A$1.00 par value cach with one vote.
Our group is conformed by:
• Angie Bibiana Calderon
• Diana Castillo Cuervo
• Diana Carolina Ruiz
Are the following statements true or false? Find reasons for your answers in A and B apposite
11.1 Are the following statements true or false? Find reasons for your answers in A and B apposite
1. British and American balance sheers shown the same information, but arranged differently (V) Yes British and American balance Sheers shown the same Information; but arranged differently.
2 . The revenue of the company in the past year is shown on the balance sheet (F) Not the renueve in the balance, revenue this information is given in other financial statements.
3. The two sides or halves of a balance sheet always have the same totalN (V) o (A = L + C)
4. The balance sheet gives information on low much money the company has reccived from sales of shares (V) Yes the balance sheet gives information on low much money the company has reccived from sales of shares.
5. The assets total is always the sames as the liabilities total (F) Not The assets total is always the sames as the liabilities total.
6. The balance sheet tells you how much money the company owes (V) Yes The balance sheet tells you how much money the company owes
11.2 Complete the sentences, Look at A and B opposite to help you
1 supplier are companies that provide other companies with materials, components, etc
2 dividends are profits that the company has not distributed to shareholders.
3 assets are things a company owns and uses in its business.
4 liabilities consist of everything a company owes.
5 loans consists of money belonging to a company`s owners
11.3 Make word combinations using a word from each box. Then use the word combinations to complete the sentences below. look at A at B oppossite to help you
Distribute liabilities
grant money
owe profilts
pay earnings
retain credit
1. We rentain a lot of our because we don`t earnings any of our to the Shareholders.
2. Most businesses have customers who owe money because they grant them 30 or 60 days
Elaborated by:
Jhon Chavarro
Tatiana Camacho
Christian Jimenez
1. British and American balance sheers shown the same information, but arranged differently (V) Yes British and American balance Sheers shown the same Information; but arranged differently.
2 . The revenue of the company in the past year is shown on the balance sheet (F) Not the renueve in the balance, revenue this information is given in other financial statements.
3. The two sides or halves of a balance sheet always have the same totalN (V) o (A = L + C)
4. The balance sheet gives information on low much money the company has reccived from sales of shares (V) Yes the balance sheet gives information on low much money the company has reccived from sales of shares.
5. The assets total is always the sames as the liabilities total (F) Not The assets total is always the sames as the liabilities total.
6. The balance sheet tells you how much money the company owes (V) Yes The balance sheet tells you how much money the company owes
11.2 Complete the sentences, Look at A and B opposite to help you
1 supplier are companies that provide other companies with materials, components, etc
2 dividends are profits that the company has not distributed to shareholders.
3 assets are things a company owns and uses in its business.
4 liabilities consist of everything a company owes.
5 loans consists of money belonging to a company`s owners
11.3 Make word combinations using a word from each box. Then use the word combinations to complete the sentences below. look at A at B oppossite to help you
Distribute liabilities
grant money
owe profilts
pay earnings
retain credit
1. We rentain a lot of our because we don`t earnings any of our to the Shareholders.
2. Most businesses have customers who owe money because they grant them 30 or 60 days
Elaborated by:
Jhon Chavarro
Tatiana Camacho
Christian Jimenez
THE BALANCE SHEET 1 AND 2
Our group is composed by:
JENNIFFER ASTRID COLLAZOS CRUZ
JOHN EMERSON TORRES VANEGAS
JENNIFFER CERON CORREA
11.1 Are the following statements true or false? Find reasons for your answers in A and B opposite.
3. The two sides or halves of a balance sheet always have the same total.
Is true, the side in where is the total of assets must be same to the total of liabilities and the capital.
4. The balance sheets gives information on how much money the company has receives from sales of shares.
Yes, in the balance sheet shown the sales of shares, because this item is part of the capital account and in this financial statement shown the assets accounts, liabilities accounts and capital accounts.
5. The assets total is always the same as the liabilities total.
No, the assets total must same to the liabilities total and the shareholders’ equity.
6. The balance sheet tells you how much money the company owes.
Yes, the balance sheet shown how much money the company owes, this is in the liabilities accounts.
11.2 Complete the sentences. Look at A and B opposite to help you
1. SUPPLIERS are companies that provide other companies with materials, components, etc.
2. RETAINED EARNINGS are profits that the company has not distributed to shareholders
3. ASSETS are things a company owns and uses in its business
4. LIABILITIES consist of everything a company owes
5. SHAREHOLDERS EQUITY’S consist of money belonging to a company’s owners
11.3 Make word combinations using a word from each box. Then use word combinations to complete the sentences below. Look at A and B opposite to help you
1. We retain a lot of our profits because we don't distribute any of our earnings to the shareholders
2. Most businesses have customers who owe money, because they grant the 30 or 60 days credit
3. We have a lot of liabilities that we'll have to pay later this year
12.1 Find words and expressions in A, B and C opposite with the following meanings.
1. An amount of money that is owed but probably won’t be paid
In this case, the company must make a provision: that is, deducting the amount of the debt from the year’s profits.
2. The accounting value of a company (assets minus liabilities)
A going concern should be worth more on the stock exchange than simply its net worth or net assets: assets minus liabilities
3. A legal right to produce and sell a newly invented product for a certain period of time
Intangible assets include exclusive rights to produce a particular new product for a fixed period.
4. The historical cost of an asset minus depreciation charges.
Tangible assets are generally recorded at their historical cost less accumulated depreciation charges, the amount of their cost that has already been deducted form profits
5. The amount company pays for another one, in excess of the net value of its assets
if a company buys another one at above its net worth - because of its intangible assets - the difference in price is recorded under assts in the balance sheet as goodwill.
6. A legally protected word, phrase, symbol or design used to identify a product
Intangible assets include brand names or symbols, legally protected, for can’t be used by other company.
7. To accept that a debt will not be paid
if a company thinks a debt will not be paid, it has to anticipate the loss.
8. To deduct money from profits because of debts that will not be paid
It will write off, or abandon, the sum as a bad debt, and make provisions by charging, a corresponding amount against profits: that is, deducting the amount of the debt from the year's profits
9. Products that are not complete ready for sale
Generally, this products are valued at the lower of cost of market, which means whichever figure is lower.
10. The amount of money owed by customers who have bought goods but not yet paid for them
Debtors are companies or people who owe money they will have to pay in the near future.
12.2 Match the two parts of the sentences. Look at A,B and C opposite to help you
1. A company’s value on the stock exchange is nearly always higher than the value of its net assets
2. Brand names, trade marks, patents, customers, and qualified staff are examples of intangible assets
3. Cash, money owed by customers, and inventory are current assets
4. Companies record inventory at the cost of buying of making the items of the current market price, whichever is lower
5. Companies write off bad debs, and make provisions by deducting the amount from profits
6. Land, buildings, factories and equipment are examples of tangibles, fixed assets.
12.3 Sort the following into current, fixed and intangible assets. Look at A and C opposite to help you
1. Current assets
a. Debtors
b. Cash in the bank
c. Stock
d. investments
2. Fixed assets
a. Land
b. Builidings
JENNIFFER ASTRID COLLAZOS CRUZ
JOHN EMERSON TORRES VANEGAS
JENNIFFER CERON CORREA
THE BALANCE SHEET 1
11.1 Are the following statements true or false? Find reasons for your answers in A and B opposite.
1. British and American balance sheets show the same information, but arranged differently
This sentence is true, American companies show the assets to the left and the liabilities and capital on the right. In Britain companies use a vertical format, assets are up and liabilities and capital down.
2. The revenue of the company in past year is shown on the balance sheet
This sentence is false; the revenue of the company is shown in the statement “the profit and loss account”
3. The two sides or halves of a balance sheet always have the same total.
Is true, the side in where is the total of assets must be same to the total of liabilities and the capital.
4. The balance sheets gives information on how much money the company has receives from sales of shares.
Yes, in the balance sheet shown the sales of shares, because this item is part of the capital account and in this financial statement shown the assets accounts, liabilities accounts and capital accounts.
5. The assets total is always the same as the liabilities total.
No, the assets total must same to the liabilities total and the shareholders’ equity.
6. The balance sheet tells you how much money the company owes.
Yes, the balance sheet shown how much money the company owes, this is in the liabilities accounts.
11.2 Complete the sentences. Look at A and B opposite to help you
1. SUPPLIERS are companies that provide other companies with materials, components, etc.
2. RETAINED EARNINGS are profits that the company has not distributed to shareholders
3. ASSETS are things a company owns and uses in its business
4. LIABILITIES consist of everything a company owes
5. SHAREHOLDERS EQUITY’S consist of money belonging to a company’s owners
11.3 Make word combinations using a word from each box. Then use word combinations to complete the sentences below. Look at A and B opposite to help you
1. We retain a lot of our profits because we don't distribute any of our earnings to the shareholders
2. Most businesses have customers who owe money, because they grant the 30 or 60 days credit
3. We have a lot of liabilities that we'll have to pay later this year
THE BALANCE SHEET 2: ASSETS
12.1 Find words and expressions in A, B and C opposite with the following meanings.
1. An amount of money that is owed but probably won’t be paid
In this case, the company must make a provision: that is, deducting the amount of the debt from the year’s profits.
2. The accounting value of a company (assets minus liabilities)
A going concern should be worth more on the stock exchange than simply its net worth or net assets: assets minus liabilities
3. A legal right to produce and sell a newly invented product for a certain period of time
Intangible assets include exclusive rights to produce a particular new product for a fixed period.
4. The historical cost of an asset minus depreciation charges.
Tangible assets are generally recorded at their historical cost less accumulated depreciation charges, the amount of their cost that has already been deducted form profits
5. The amount company pays for another one, in excess of the net value of its assets
if a company buys another one at above its net worth - because of its intangible assets - the difference in price is recorded under assts in the balance sheet as goodwill.
6. A legally protected word, phrase, symbol or design used to identify a product
Intangible assets include brand names or symbols, legally protected, for can’t be used by other company.
7. To accept that a debt will not be paid
if a company thinks a debt will not be paid, it has to anticipate the loss.
8. To deduct money from profits because of debts that will not be paid
It will write off, or abandon, the sum as a bad debt, and make provisions by charging, a corresponding amount against profits: that is, deducting the amount of the debt from the year's profits
9. Products that are not complete ready for sale
Generally, this products are valued at the lower of cost of market, which means whichever figure is lower.
10. The amount of money owed by customers who have bought goods but not yet paid for them
Debtors are companies or people who owe money they will have to pay in the near future.
12.2 Match the two parts of the sentences. Look at A,B and C opposite to help you
1. A company’s value on the stock exchange is nearly always higher than the value of its net assets
2. Brand names, trade marks, patents, customers, and qualified staff are examples of intangible assets
3. Cash, money owed by customers, and inventory are current assets
4. Companies record inventory at the cost of buying of making the items of the current market price, whichever is lower
5. Companies write off bad debs, and make provisions by deducting the amount from profits
6. Land, buildings, factories and equipment are examples of tangibles, fixed assets.
12.3 Sort the following into current, fixed and intangible assets. Look at A and C opposite to help you
1. Current assets
a. Debtors
b. Cash in the bank
c. Stock
d. investments
2. Fixed assets
a. Land
b. Builidings
3. Intangible assets
a. Reputation
b. Goodwill
c. Human Capital
AUDITING
Our group is conformed by:
- Hernan Jesus Molano
- Hector Andres Zorro
Statements
2 Accountants b-) expert accountants working for independent
Firms who review companies financial statements and
Accounting records
System of control regulations policies
Stock take advice laws
Stock take System of control
CHECK Accounts EXAMINE Accounts
Laws
Regulations
COMPLY WITH Policies GIVE Advice
Procedures
Laws
Amend accuracy accurate
comply compliance compling
recommend recommend Recoming
Record record Recording
Examine examintion
1 Im an internal auditor I _Amend_ the companys accounts, to make sure thit they are_compling_ and that they_recommend_ with company policies and general accounting principles.
2 If the control systems arent adequete. I make_record_ concerning changes.
3 The external auditors check to see if transactions are being_examine_ correctly.
- Hernan Jesus Molano
- Hector Andres Zorro
10.1 Match the Job times (1-4) with the descriptiosn (a-d) Look at A and B opposite to help you.
1 Bookkeepers a-) company employees who check the financial Statements
2 Accountants b-) expert accountants working for independent
Firms who review companies financial statements and
Accounting records
3 International auditors c-) people who prepare financial statements
4 External auditors d-) people who prepare a company”s day-to-day accounts
10.2 March the nouns in the box with the verbs below to make Word combinations. Some words can used twice. Look at A and B opposite to help you.
Accounts procedures opinions System of control regulations policies
Stock take advice laws
Stock take System of control
CHECK Accounts EXAMINE Accounts
Laws
Regulations
COMPLY WITH Policies GIVE Advice
Procedures
Laws
10.3 Complete the table with words from A,B and C opposite and related forms. Put a stress mark in front of the stressed syllable in each Word. The firts one has been done for you. Then complete the sentence below with the correct forms of words from the table
Verb Noun Adjective Amend accuracy accurate
comply compliance compling
recommend recommend Recoming
Record record Recording
Examine examintion
1 Im an internal auditor I _Amend_ the companys accounts, to make sure thit they are_compling_ and that they_recommend_ with company policies and general accounting principles.
2 If the control systems arent adequete. I make_record_ concerning changes.
3 The external auditors check to see if transactions are being_examine_ correctly.
jueves, 23 de septiembre de 2010
ACCOUNTING PROJECT
Our group is conformed by:
• Angie Bibiana Calderon
• Diana Castillo
• Diana Carolina Ruiz
The topic that we chose is COMPANY LAW 1, because is an important topic for us and we like it.
The items are:
Partnerships
Limited Liability
Founding Companies
Partnerships
A partnership is an arrangement where entities and/or individuals agree to cooperate to advance their interests. In the most frequent instance, a partnership is formed between one or more businesses in which partners (owners) co-labor to achieve and share profits or losses
Among developed countries, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profits before they are distributed to the partners. However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.
Some types of partnerships are:
• Commercial partnership
• Anonymited partnership
• Cooperative partnership
• Limited partnership
• Systematized partnership
Limited Liability
Type of investment in which a partner or investor cannot lose more than the amount invested. Thus, the investor or partner is not personally responsible for the debts and obligations of the company in the event that these are not fulfilled.
The company has qualified managers and seniors managers.
These managers and full-time executive directors run the company for its owners. There are standard procedures of corporate governance – the way a company is run by the management for the shareholders, and how the managers are accountable to the shareholders. These include separating the job of chairman from that of managing directors, and having several non-executive directors on the board of directors who do not work full-time for the company but can offer in expert advice. Non-executive directors are often more objective: less influenced by their opinions and beliefs. There is also an audit committee, containing several non-executive directors, to which the auditors report.
Founding Companies
To found a Company is very important know:
Company type
The Company´s name
Economic activity
The location of the Company´s registered office: where to send official documents
Registry in “Cámara y Comercio”
RUT Lettering
Constitutions documents
The Company´s purpose: its aims or objectives
The authorized share capital: the maximum share capital it can have
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