Definition of fiscal review - What it is, Meaning and Concept

According to the dictionary of the Spanish Royal Academy ( RAE ), revisoria is the activity that develops a reviewer (someone who reviews). Review , meanwhile, is a verb that refers to inspecting or examining something.

If we focus on the adjective fiscal , we will see what qualifies what belongs to the treasury: the public treasury and the agencies dedicated to collecting taxes.

With all these concepts in mind, we can understand what the notion of fiscal review refers to.It is a control body that exists in Colombia to inspect the financial statements of certain entities.In this way, the tax auditorium allows inspecting the actions of the administrators of the organizations and attesting to their actions.

The person in charge of the fiscal review, known as fiscal reviewer , is dedicated to auditing the balances in accordance with the provisions of the law .Thus, the reviewer Prosecutor studies the financial statements to determine if they are being presented according to current accounting standards and to analyze the effectiveness and efficiency of the entity in terms of managing its resources.

In addition to all of the above, it is worth knowing other data of interest about the tax review such as these:-Born in the second half of the nineteenth century, specifically at the time when there was a growing and important development in the country, Colombia, both at a commercial and financial level of companies.-Its main objectives are, therefore, to evaluate the internal control system of the entity in question, determine if it has complied with the legal provisions that are applicable, evaluate the degree of efficiency in the achievements achieved and certify whether the financial statements are presented in accordance with the provisions of the existing accounting standards.That is, it comes to perform a function of supervision, review and evaluation of internal control.The fiscal reviewer will complete his action with respect to an entity proceeding to submit an independent report of the financial statement of the same.-It must be taken into account that the work done p Or the aforementioned agency and by the corresponding human figure is not only assiduous but also permanent.-The review is absolutely synthesized and nuanced in what is the Commercial Code in Article 207 in a concrete way.However, reference is also made to it and it is structured in a clear and forceful way in what is Law 42 of 1993 because in its chapter I come to be fixed from its principles to what are procedures and technical systems that you can use.

It is important to point out that the fiscal reviewer should not be involved in the administration of the entity that controls, since otherwise it would lose its independence.That is why the fiscal reviewer must carry out his task in a conscious manner and responsible and always respecting the limits imposed by the law.

The task of the tax review, in short, brings trust to people regarding the operation of companies and the audited bodies.