{"id":1289,"date":"2025-06-01T18:13:24","date_gmt":"2025-06-01T18:13:24","guid":{"rendered":"https:\/\/ics.cr\/?p=1289"},"modified":"2025-10-28T16:17:41","modified_gmt":"2025-10-28T16:17:41","slug":"the-7-most-costly-mistakes-in-financial-audits-costa-rica","status":"publish","type":"post","link":"https:\/\/ics.cr\/en\/los-7-errores-mas-costosos-en-auditorias-financieras-costa-rica\/","title":{"rendered":"The 7 Most Costly Mistakes in Financial Audits Costa Rica 2025: A Complete Guide for Businesses"},"content":{"rendered":"<p class=\"lead\">Financial audits represent a critical moment for Costa Rican companies. With the changes in the <a href=\"https:\/\/www.hacienda.go.cr\/docs\/TarifaCreditoFiImpuestoServTransf.pdf\" target=\"_blank\" rel=\"noopener\">electronic invoicing version 4.4<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-4-icon-path\">\r\n                            <g fill-rule=\"evenodd\" id=\"action\" stroke=\"none\" stroke-width=\"1\" transform=\"matrix(0.92307696,0,0,0.92307696,-1.8461539,-1.8461539)\">\r\n                                <g transform=\"translate(-270,-45)\">\r\n                                    <g transform=\"translate(272,47)\">\r\n                                        <path d=\"m 20,22 v 2.008845 C 20,25.108529 19.110326,26 18.008845,26 H 16 v -2 h 2 v -2 z m 0,-2 v -2 h -2 v 2 z m -6,6 h -3 v -2 h 3 z M 9,26 H 6 V 24 H 9 Z M 4,26 H 1.991155 C 0.89147046,26 0,25.110326 0,24.008845 V 22 h 2 v 2 H 4 Z M 0,20 v -3 h 2 v 3 z m 0,-5 v -3 h 2 v 3 z M 0,10 V 7.991155 C 0,6.8914705 0.88967395,6 1.991155,6 H 4 V 8 H 2 v 2 z M 6,6 H 8 V 8 H 6 Z\" \/>\r\n                                        <path d=\"M 24.008845,0 C 25.108529,0 26,0.88967395 26,1.991155 v 16.01769 C 26,19.108529 25.110326,20 24.008845,20 H 7.991155 C 6.8914705,20 6,19.110326 6,18.008845 V 1.991155 C 6,0.89147046 6.8896739,0 7.991155,0 Z M 8,2 H 24 V 18 H 8 Z\" \/>\r\n                                        <path d=\"m 21,12 c 0.552285,0 1,-0.447715 1,-1 V 5 C 22,4.4477152 21.552285,4 21,4 h -6 c -0.552285,0 -1,0.4477152 -1,1 0,0.5522847 0.447715,1 1,1 h 3.580002 l -6.287109,6.292893 c -0.390524,0.390524 -0.390524,1.02369 0,1.414214 0.390524,0.390524 1.02369,0.390524 1.414214,0 L 20,7.4190674 V 11 c 0,0.552285 0.447715,1 1,1 z\" \/>\r\n                                    <\/g>\r\n                                <\/g>\r\n                            <\/g>\r\n                        <\/g><\/svg><\/span><\/a> and the implementation of the <a href=\"https:\/\/www.ifac.org\/about-ifac\/membership\/profile\/costa-rica\" target=\"_blank\" rel=\"noopener\">Sustainability IFRS<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a>avoiding costly mistakes is more important than ever. This guide analyzes the seven most common mistakes and presents practical solutions adapted to the business context of Costa Rica in 2025.<\/p>\n<div class=\"table-of-contents\">\n<h2>Content<\/h2>\n<ul>\n<li><a href=\"#documentacion\">Documentation and registration problems<\/a><\/li>\n<li><a href=\"#control-interno\">Internal control failures<\/a><\/li>\n<li><a href=\"#iva-costa-rica\">Improper handling of VAT<\/a><\/li>\n<li><a href=\"#preparacion\">How to prepare your company for the audit<\/a><\/li>\n<li><a href=\"#actualizaciones-2025\">Major updates 2025<\/a><\/li>\n<\/ul>\n<\/div>\n<h2 id=\"documentacion\">Documentation and registration problems: The most frequent errors<\/h2>\n<p>Inadequate documentation is one of the main causes of qualifications in audit reports in Costa Rica. The auditors of the <a href=\"https:\/\/www.ifac.org\/about-ifac\/membership\/members\/colegio-de-contadores-p-blicos-de-costa-rica\" target=\"_blank\" rel=\"noopener\">College of Public Accountants of Costa Rica<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a> consistently report these three critical errors:<\/p>\n<h3>1. Lack of formal and updated accounting policies<\/h3>\n<p>Many Costa Rican companies operate without documented accounting policies that comply with the <a href=\"https:\/\/www.ifrs.org\/content\/ifrs\/home\/use-around-the-world\/use-of-ifrs-standards-by-jurisdiction\/view-jurisdiction.html\/costa-rica\" target=\"_blank\" rel=\"noopener\">IFRS adopted in Costa Rica since 2001<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a>.<\/p>\n<div class=\"problem-solution\">\n<h4>Specific problem:<\/h4>\n<p>Without clear policies, auditors cannot verify consistency in:<\/p>\n<ul>\n<li>Revenue recognition under IFRS 15<\/li>\n<li>Allowance for doubtful accounts<\/li>\n<li>Depreciation methods<\/li>\n<li>Inventory valuation<\/li>\n<\/ul>\n<h4>Practical solution:<\/h4>\n<p>Develop an accounting policy manual that:<\/p>\n<ul>\n<li>Comply with IFRS and <a href=\"https:\/\/www.hacienda.go.cr\/\" target=\"_blank\" rel=\"noopener\">Ministry of Finance<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<li>Tailored to your specific industry<\/li>\n<li>Be updated annually<\/li>\n<li>Be approved by the Board of Directors<\/li>\n<\/ul>\n<\/div>\n<h3>2. Overdue or incomplete bank reconciliations<\/h3>\n<p>This is the most frequent mistake made by Costa Rican SMEs, especially considering the requirements of the <a href=\"https:\/\/www.hacienda.go.cr\/ATV\/Login.aspx\" target=\"_blank\" rel=\"noopener\">Virtual Tax Administration (ATV)<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a>.<\/p>\n<div class=\"warning-box\">\n<p><strong>\u26a0\ufe0f Alert:<\/strong> Outdated bank reconciliations generate immediate distrust in auditors and may indicate serious internal control problems.<\/p>\n<\/div>\n<h4>Implementable solution:<\/h4>\n<ul>\n<li>Establish mandatory monthly reconciliations<\/li>\n<li>Use certified accounting software for Costa Rica<\/li>\n<li>Implement double review (preparer and reviewer)<\/li>\n<li>Digitally archive according to the requirements of <a href=\"https:\/\/edicomgroup.com\/blog\/how-electronic-invoicing-works-in-costa-rica\" target=\"_blank\" rel=\"noopener\">electronic invoicing<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<\/ul>\n<h3>3. Insufficient or disorganized supporting documentation<\/h3>\n<p>With the transition to the <strong>electronic invoicing version 4.4<\/strong> (mandatory as of September 2025), digital documentation is becoming more important.<\/p>\n<div class=\"checklist\">\n<h4>\u2705 Checklist of essential documentation for audit 2025:<\/h4>\n<ul>\n<li>Electronic receipts in XML format according to <a href=\"https:\/\/www.hacienda.go.cr\/contenido\/14038-comprobantes-electronicos\" target=\"_blank\" rel=\"noopener\">Ministry of Finance specifications<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<li>Digitized current contracts<\/li>\n<li>Board and shareholder minutes<\/li>\n<li>Technical studies for accounting estimates<\/li>\n<li>Complete personnel files<\/li>\n<li>Tax returns filed with ATV<\/li>\n<li>Digitally signed monthly bank reconciliations<\/li>\n<li>Physical inventory taking with photographic evidence<\/li>\n<\/ul>\n<\/div>\n<h2 id=\"control-interno\">Internal control failures that trigger audit alerts<\/h2>\n<h3>4. Inadequate segregation of duties<\/h3>\n<p>Particularly common in Costa Rican family businesses where one person manages multiple financial responsibilities.<\/p>\n<div class=\"case-study\">\n<h4>Real example:<\/h4>\n<p>A company in San Jose received a major caveat when auditors discovered that the same employee:<\/p>\n<ul>\n<li>Authorized payments<\/li>\n<li>Recorded transactions<\/li>\n<li>Handled cash<\/li>\n<li>Performed reconciliations<\/li>\n<\/ul>\n<\/div>\n<h4>Solutions for small companies:<\/h4>\n<ul>\n<li>Implement compensatory controls with review of family members<\/li>\n<li>Establish authorization limits according to amounts<\/li>\n<li>Hire external quarterly reviews<\/li>\n<li>Use tools such as <a href=\"https:\/\/www.mondragonplus.com\/\" target=\"_blank\" rel=\"noopener\">QuickBooks Costa Rica<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a> with differentiated access levels<\/li>\n<\/ul>\n<h3>5. Lack of periodic reconciliations and verifications.<\/h3>\n<p>Many companies only \"tidy up\" their accounting before the audit, accumulating problems during the year.<\/p>\n<h4>Recommended monthly closing schedule:<\/h4>\n<table class=\"wp-table\">\n<thead>\n<tr>\n<th>Day of the month<\/th>\n<th>Activity<\/th>\n<th>Responsible<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>1-5<\/td>\n<td>Closing sales and purchases<\/td>\n<td>Accounting<\/td>\n<\/tr>\n<tr>\n<td>6-10<\/td>\n<td>Bank reconciliations<\/td>\n<td>Treasury<\/td>\n<\/tr>\n<tr>\n<td>11-15<\/td>\n<td>D-104 ATV Presentation<\/td>\n<td>Counter<\/td>\n<\/tr>\n<tr>\n<td>16-20<\/td>\n<td>Preliminary financial statements<\/td>\n<td>Accounting<\/td>\n<\/tr>\n<tr>\n<td>21-25<\/td>\n<td>Management review<\/td>\n<td>Management<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>6. Deficiencies in information systems<\/h3>\n<p>The use of obsolete or non-integrated systems generates significant audit risks.<\/p>\n<h4>Recommended ERP systems for Costa Rica:<\/h4>\n<ul>\n<li><strong>Large companies:<\/strong> <a href=\"https:\/\/www.novitec.cr\/soluciones\/sap-business-one\/\" target=\"_blank\" rel=\"noopener\">SAP Business One<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a> (Partner: Novitec)<\/li>\n<li><strong>Medium-sized companies:<\/strong> <a href=\"https:\/\/exactuserp.com\/\" target=\"_blank\" rel=\"noopener\">Exactus ERP<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a> (Costa Rican company)<\/li>\n<li><strong>SMEs:<\/strong> QuickBooks Online or <a href=\"https:\/\/www.xero.com\/us\/advisors\/accountant\/zudeco-solutions-60c3c9b040fe\/\" target=\"_blank\" rel=\"noopener\">Xero<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a> with fiscal integration<\/li>\n<\/ul>\n<h2 id=\"iva-costa-rica\">7. Improper handling of the Value Added Tax (VAT)<\/h2>\n<p>Since the implementation of the <a href=\"https:\/\/www.scielo.sa.cr\/scielo.php?script=sci_arttext&amp;pid=S2215-34032019000200047\" target=\"_blank\" rel=\"noopener\">Law 9635 in July 2019<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a>VAT has become a critical area for review.<\/p>\n<h3>Common VAT errors:<\/h3>\n<div class=\"iva-errors\">\n<ul>\n<li>Incorrect tariff application (13%, 4%, 2%, 1%, 0%)<\/li>\n<li>Lack of documentation for tax credits<\/li>\n<li>Omission in electronic invoicing<\/li>\n<li>Incorrect treatment of transactions with non-direct payees<\/li>\n<li>Errors in the <a href=\"https:\/\/blog.factun.com\/declaracion-de-impuesto\/declaracion-d104-costa-rica\" target=\"_blank\" rel=\"noopener\">statement D-104<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<\/ul>\n<\/div>\n<h4>Integral solution for VAT:<\/h4>\n<div class=\"solution-box\">\n<ol>\n<li><strong>Develop a product\/service matrix<\/strong> with their corresponding rates according to the <a href=\"https:\/\/www.hacienda.go.cr\/docs\/TarifaCreditoFiImpuestoServTransf.pdf\" target=\"_blank\" rel=\"noopener\">official catalog of the Ministry of Finance<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<li><strong>Implement automatic validation<\/strong> of electronic invoices received<\/li>\n<li><strong>Thoroughly document<\/strong> exemptions applied<\/li>\n<li><strong>Review monthly<\/strong> before filing the D-104<\/li>\n<li><strong>Train staff<\/strong> in regulatory changes<\/li>\n<\/ol>\n<\/div>\n<div class=\"testimonial\">\n<blockquote><p>\"VAT problems generate approximately 40% of the tax contingencies identified in audits of Costa Rican SMEs. The good news is that they are relatively simple to correct with the right controls.\"<\/p>\n<p><cite>- Source: Analysis of local auditing firms, 2024<\/cite><\/p><\/blockquote>\n<\/div>\n<h2 id=\"preparacion\">How to prepare your company for the 2025 audit<\/h2>\n<h3>90-day action plan:<\/h3>\n<div class=\"timeline\">\n<h4>\ud83d\udcc5 Days 1-30: Diagnosis and organization<\/h4>\n<ul>\n<li>Perform self-assessment with documentation checklist<\/li>\n<li>Identify gaps in accounting policies<\/li>\n<li>Update digital records<\/li>\n<\/ul>\n<h4>\ud83d\udcc5 Days 31-60: Implementation of improvements<\/h4>\n<ul>\n<li>Update accounting policies manual<\/li>\n<li>Implement missing controls<\/li>\n<li>Train staff on new procedures<\/li>\n<\/ul>\n<h4>\ud83d\udcc5 Days 61-90: Validation and adjustments<\/h4>\n<ul>\n<li>Perform internal pre-audit<\/li>\n<li>Correct identified findings<\/li>\n<li>Prepare documentation for auditors<\/li>\n<\/ul>\n<\/div>\n<h2 id=\"actualizaciones-2025\">Critical upgrades for 2025<\/h2>\n<h3>1. Electronic Invoicing Version 4.4<\/h3>\n<div class=\"update-box\">\n<p><strong>\ud83d\udcc6 Key dates:<\/strong><\/p>\n<ul>\n<li>Transition Period: April 1 - August 31, 2025<\/li>\n<li>Mandatory: September 1, 2025<\/li>\n<li>New validations and required fields<\/li>\n<\/ul>\n<p><a class=\"btn btn-primary\" href=\"https:\/\/www.hacienda.go.cr\/contenido\/14038-comprobantes-electronicos\" target=\"_blank\" rel=\"noopener\">See official technical specifications<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/p>\n<\/div>\n<h3>2. IFRS for Sustainability (IFRSS)<\/h3>\n<div class=\"sustainability-timeline\">\n<p><strong>Implementation schedule:<\/strong><\/p>\n<ul>\n<li><strong>2026:<\/strong> Public companies (fiscal year 2025)<\/li>\n<li><strong>2027:<\/strong> Large taxpayers (tax year 2026)<\/li>\n<li><strong>2028:<\/strong> Other obligated companies<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.larepublica.net\/noticia\/como-impactan-las-niif-de-sostenibilidad-en-la-gestion-de-inversiones\" target=\"_blank\" rel=\"noopener\">IFRS impact analysis in Costa Rica<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/p>\n<\/div>\n<h3>3. Changes in VAT rates<\/h3>\n<ul>\n<li>Materials of construction: reduction to 4%<\/li>\n<li>New exemptions for the education sector<\/li>\n<li>Updating of the catalog of goods and services<\/li>\n<\/ul>\n<div class=\"cta-section\">\n<h2>Do you need professional support for your audit?<\/h2>\n<p>At <a href=\"https:\/\/ics.cr\/en\/our-firm\/\">ICS Consultants<\/a>With more than 30 years of experience and as a member of Allinial Global, we offer specialized audit preparation services that minimize risk and optimize results.<\/p>\n<p><a class=\"btn btn-primary\" href=\"https:\/\/ics.cr\/en\/contact\/\">Request a free consultation<\/a><\/p>\n<\/div>\n<div class=\"faq-section\">\n<h2>Frequently asked questions about audits in Costa Rica<\/h2>\n<h3>When is an external audit mandatory in Costa Rica?<\/h3>\n<p>According to the <a href=\"https:\/\/www.ifac.org\/about-ifac\/membership\/members\/colegio-de-contadores-p-blicos-de-costa-rica\" target=\"_blank\" rel=\"noopener\">College of Public Accountants<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a>is mandatory for: corporations, companies regulated by SUGEF\/SUGEVAL\/SUPEN, and companies exceeding certain income or asset thresholds.<\/p>\n<h3>How long does a typical audit take?<\/h3>\n<p>For SMEs: 2-4 weeks. For medium-sized companies: 4-8 weeks. For large companies: 2-3 months.<\/p>\n<h3>What is the difference between a qualification and an adverse opinion?<\/h3>\n<p>A qualification indicates specific exceptions, while an adverse opinion indicates that the financial statements do not fairly represent the company's position.<\/p>\n<h3>How does electronic invoicing affect auditing?<\/h3>\n<p>Facilitates transaction verification but requires additional controls on XML data integrity and compliance with technical specifications.<\/p>\n<\/div>\n<div class=\"related-content\">\n<h2>Additional Resources<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.hacienda.go.cr\/\" target=\"_blank\" rel=\"noopener\">Ministry of Finance - Official Portal<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.ccpa.or.cr\/\" target=\"_blank\" rel=\"noopener\">College of Public Accountants of Costa Rica<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<li><a href=\"https:\/\/www.sugef.fi.cr\/\" target=\"_blank\" rel=\"noopener\">SUGEF - Financial regulations<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"#wpil-svg-outbound-4-icon-path\"><\/use><\/svg><\/span><\/a><\/li>\n<li><a href=\"https:\/\/ics.cr\/en\/legal-services\/financial-audit-services-internal-audit-and-risk-consulting-services\/\">Audit Services - ICS Consultores<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-footer\">\n<p><em>This article is part of our \"Gu\u00eda Pr\u00e1ctica y Actualizada 2025: Auditor\u00eda de Estados Financieros en Costa Rica\" (Practical and Updated Guide 2025: Audit of Financial Statements in Costa Rica).\u00a0<\/em><\/p>\n<p><strong>Last updated:<\/strong> June 2025<br \/>\n<strong>Author:<\/strong> Audit Team, ICS Consultores<\/p>\n<\/div>\n<style>\r\n.lwrp.link-whisper-related-posts{\r\n            \r\n            margin-top: 40px;\nmargin-bottom: 30px;\r\n        }\r\n        .lwrp .lwrp-title{\r\n            \r\n            \r\n        }.lwrp .lwrp-description{\r\n            \r\n            \r\n\r\n        }\r\n        .lwrp .lwrp-list-container{\r\n        }\r\n        .lwrp .lwrp-list-multi-container{\r\n            display: flex;\r\n        }\r\n        .lwrp .lwrp-list-double{\r\n            width: 48%;\r\n        }\r\n        .lwrp .lwrp-list-triple{\r\n            width: 32%;\r\n        }\r\n        .lwrp .lwrp-list-row-container{\r\n            display: flex;\r\n            justify-content: space-between;\r\n        }\r\n        .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n            width: calc(25% - 20px);\r\n        }\r\n        .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n            \r\n            \r\n        }\r\n        .lwrp .lwrp-list-item img{\r\n            max-width: 100%;\r\n            height: auto;\r\n            object-fit: cover;\r\n            aspect-ratio: 1 \/ 1;\r\n        }\r\n        .lwrp .lwrp-list-item.lwrp-empty-list-item{\r\n            background: initial !important;\r\n        }\r\n        .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n        .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n            \r\n            \r\n            \r\n            \r\n        }@media screen and (max-width: 480px) {\r\n            .lwrp.link-whisper-related-posts{\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-title{\r\n                \r\n                \r\n            }.lwrp .lwrp-description{\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-list-multi-container{\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-multi-container ul.lwrp-list{\r\n                margin-top: 0px;\r\n                margin-bottom: 0px;\r\n                padding-top: 0px;\r\n                padding-bottom: 0px;\r\n            }\r\n            .lwrp .lwrp-list-double,\r\n            .lwrp .lwrp-list-triple{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-row-container{\r\n                justify-content: initial;\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n            .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n                \r\n                \r\n                \r\n                \r\n            };\r\n        }<\/style>\r\n<div id=\"link-whisper-related-posts-widget\" class=\"link-whisper-related-posts lwrp\">\r\n            <h2 class=\"lwrp-title\">Related Posts<\/h2>    \r\n        <div class=\"lwrp-list-container\">\r\n                                            <div class=\"lwrp-list-multi-container\">\r\n                    <ul class=\"lwrp-list lwrp-list-double lwrp-list-left\">\r\n                        <li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/tax-administration-imposes-significant-penalties-for-irregularities-committed-by-businesses\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Tax Administration imposes significant penalties for irregularities committed by businesses<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/customs-general-directorate-implements-single-window-service-for-procedures\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">General Directorate of Customs implements single window service for procedures<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/cabys-update-to-take-effect-in-june-is-your-company-ready\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">CABYS update to take effect in June Is your company ready?<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/central-bank-and-federal-reserve-prepare-to-adjust-interest-rates\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Central Bank and Federal Reserve prepare to adjust their interest rates<\/span><\/a><\/li>                    <\/ul>\r\n                    <ul class=\"lwrp-list lwrp-list-double lwrp-list-right\">\r\n                        <li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/accepting-improper-penalties-the-taxpayers-dilemma-in-the-face-of-confusing-signals-from-the-tax-administration\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Accepting improper penalties. The taxpayers' dilemma in the face of confusing signals from the Tax Administration.<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/inflation-in-costa-rica-reached-003-in-july-after-13-months-in-negative-numbers\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">Inflation in Costa Rica reached 0.031TDP3T in July, after 13 months in negative numbers<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/ics-reports\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">ICS Reports<\/span><\/a><\/li><li class=\"lwrp-list-item\"><a href=\"https:\/\/ics.cr\/en\/next-wednesday-january-31-is-the-deadline-for-paying-corporate-income-tax-without-surcharge\/\" class=\"lwrp-list-link\"><span class=\"lwrp-list-link-title-text\">The deadline to pay corporate income tax without surcharge is Wednesday, January 31.<\/span><\/a><\/li>                    <\/ul>\r\n                <\/div>\r\n                        <\/div>\r\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Las auditor\u00edas financieras representan un momento cr\u00edtico para las empresas costarricenses. Con los cambios en la facturaci\u00f3n electr\u00f3nica versi\u00f3n 4.4 y la implementaci\u00f3n de las NIIF de Sostenibilidad, evitar errores costosos es m\u00e1s importante que nunca. Esta gu\u00eda analiza los siete errores m\u00e1s comunes y presenta soluciones pr\u00e1cticas adaptadas al contexto empresarial de Costa Rica [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,13],"tags":[20,21,22],"class_list":["post-1289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nomina-y-contabilidad","category-auditoria-financiera","tag-auditoria","tag-contabilidad","tag-cumplimiento-fiscal"],"acf":[],"_links":{"self":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/comments?post=1289"}],"version-history":[{"count":4,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1289\/revisions"}],"predecessor-version":[{"id":1547,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1289\/revisions\/1547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/media\/711"}],"wp:attachment":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/media?parent=1289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/categories?post=1289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/tags?post=1289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}