Financial auditing in Peru is undergoing significant transformations. In recent years, the adoption of new accounting, tax, and assurance provisions has changed how Peruvian companies—from large corporations to SMEs—must file, evaluate, and certify their financial information to strengthen market confidence, improve transparency, and ensure regulatory compliance with international standards.
Adaptation to IAS and IFRS
One of the most significant amendments has been the full implementation of the International Auditing Standards (IAS) and International Financial Reporting Standards (IFRS). Auditing under ISA requires a more rigorous approach to risk assessment, internal control, and presentation of findings. For its part, auditing under IFRS in Peru has reinforced the need for uniformity in financial statements, enabling greater comparability with foreign companies.
It affects not only the auditing of financial statements in Peru, but also assurance services, which include limited reviews, compliance certifications, and validation of financial information. Thus, the accounting profession is shifting toward a model of economic assurance based on evidence, independence, and traceability.
Regulatory Amendments Promoted by the SUNAT and the Accounting Standards Board
The SUNAT (Superintendencia Nacional de Aduanas y Administración Tributaria – National Superintendency of Customs and Tax Administration) has strengthened its role in auditing, requiring companies to ensure greater consistency between their accounting and tax reports. Auditing under SUNAT regulations in Peru now requires thorough verification of tax compliance, particularly in sectors such as mining, construction, retail, agro-industry, and technology, where operations are often complex and subject to constant supervision.
The CNC (Consejo Normativo de Contabilidad – Accounting Standards Board) has also updated guidelines affecting accounting audits in Peru to harmonize local practices with international standards, which directly impacts the certification of financial statements in Peru and quality audit processes, ensuring greater reliability in the data reported.
Greater Focus on Internal, Risk, and Compliance Audits
The current trend places internal auditing as a strategic function for corporate management, detecting errors or fraud and evaluating the effectiveness of financial processes, internal control, and risk management. Hence, the importance of risk auditing in Peru and internal control auditing relies on anticipating regulatory contingencies for organizations and optimizing resources.
Likewise, compliance auditing in Peru has become crucial in sectors where the legal and tax frameworks are rapidly amended. Otherwise, procedures for these requirements may face penalties, thus growing demand for auditing services to avoid SUNAT penalties.
Auditing and Assurance by Sector
The country’s economic dynamism has led to the diversification of auditing services. Today, there are specialized solutions tailored to the type and size of the business. Auditing for companies and SMEs in Peru focuses on improving accounting and tax efficiency, while auditing for the financial sector prioritizes compliance with prudential and solvency regulations.
In the Peruvian productive sphere, auditing for the mining sector emphasizes environmental control and cost traceability; conversely, auditing for the construction sector assesses the use of resources and contractual compliance. Other growing sectors, such as retail, agro-industry, technology, and startups, also require customized services that guarantee financial quality assurance and tax compliance certification.
Even NGOs now demand auditing for NGOs in Peru as a mechanism for transparency for international donors. Similarly, innovation and technology projects resort to auditing for technology companies to ensure the correct application of funds and regulatory compliance.
Expansion of Auditing and Consulting Services
The market has seen sustained growth in auditing services in Peru, both in Lima and regions such as Arequipa, Cusco, Trujillo, and throughout the country. Companies seek audit consulting that verifies figures and proposes improvement strategies. Hence, the importance of accounting certification services and tax compliance assurance in Peru, which support corporate reputation.
Simultaneously, auditing services have become increasingly prominent among local businesses that seek to regularize their operations or access bank loans. Certification under international standards in Peru enables companies to access new markets, improve risk management, and strengthen their institutional reputation.
Benefits and Costs of Audits in Peru
Investing in corporate audits in Peru involves not only legal compliance but also optimizing financial processes, discovering savings opportunities, and enhancing competitiveness. The tax audit benefits in Peru include avoiding penalties, detecting accounting errors, and improving tax planning.
Regarding expenses, how much does an audit cost in Peru? It depends on the size, complexity, and sector. Conversely, audits are not an expense but an investment in credibility and sustainability.
Conclusion: Auditing as a Guarantee of Trust
Recent amendments to financial auditing regulations in Peru are a turning point in national accounting practice. Today, auditing and assurance in Lima and throughout the country focus on technical excellence, professional independence, and the use of digital tools to strengthen financial compliance.
Specialized professionals guarantee the assurance of financial processes and audit certification in accordance with international best practices. In an increasingly demanding regulatory environment, corporate audits mean transparency, sustainability, and trust.
For further information on audit and assurance services in Peru, please email us at contacto@vag-global.com or call +511 436 4612.