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Regulations - Auditors, Consultants, and Independent Professionals in the Area of Control

Resolution No. 01-00-000242 of the Comptroller General’s Office of the Republic was published in Official Gazette No. 40.909 of May 23, 2016. Said Resolution contains the Regulations on Registration, Qualification, Selection, and Contracting of Auditors, Consultants, and Independent Professionals in the Area of Control (the “Regulations”). The purpose of the Regulations is to rule the registration, qualification, selection, and contracting of auditors that will help the fiscal control entities, the National Superintendence of Internal Audit, and the highest hierarchical authorities of the agencies and entities to which article 9 of the Organic Law of the Comptroller General’s Office of the Republic and the National System of Fiscal Control (“LCG”) refers.    

 

The following are subject to the provisions of the Regulations: (i)  the fiscal control entities indicated in article 26  of the LCG; (ii) the highest hierarchical authorities of the agencies and entities to which article 9 of the LCG refers; (iii) the National Superintendence of Internal Audit; (iv) the auditors, consultants, independent  professionals, auditing firms, and any natural or legal person that offer or provide his/its professional services in the area of control to the persons/entities referred to in the preceding numbers.

 

The aforesaid individuals/entities may only contract with natural or legal persons registered with the Registry of Auditors, Consultants, and Independent Professionals in the area of Control kept by the Comptroller General’s Office of the Republic (the “Registry”) and qualified for rendering professional services in the specific area or matter sought to be contracted. To that end, they must request the valid registration and qualification certificate and will consult the status of the same through the electronic site of the Comptroller General’s Office of the Republic. 

 

The registration and qualification certificate will be valid for three (3) years as from the date on which it is granted. It may be renewed upon the request from the interested party, through the electronic site of the Comptroller General’s Office of the Republic.  

 

The Regulations repeal the Regulations on Registration, Qualification, Selection, and Contracting of Auditors, Consultants, and Independent Professionals in the Area of Control,  issued through Resolution No. 01-00-000210 of April 13, 2014, published in Official Gazette  No. 40.521 of October 17, 2014. However, the requests for registration and renewal of the registration and qualification certificate in progress at the time of the entry into force of the Regulations will continue to be processed as per the Regulations published in Official Gazette No. 40.521 of October 17, 2014.

 

The Regulations became effective as from May 23, 2016.

 

In order to access the Regulations, please click here

 

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”