Páez Florencia - Going Strong for Over 20 Years

In August 2024, the General Comptroller's Office contracted Páez, Florencia & Co. Cía. Ltda. to audit the financial statements of the 'Universidad de las Fuerzas Armadas - ESPE,' one of the largest public universities in Ecuador.

For the execution of this control action carried out by the Comptroller General's Office through our firm, we have the participation of 8 auditors from our company and 1 auditor apppointed by the governmental entity, whose role is related to supervising the compliance of the governmental audit process in Ecuador.

This audit process aligns with International Standards on Auditing regarding planning, execution, and reporting phases. However, since it is a control action directed at a public entity, the process of identifying and communicating the audit findings includes a session to present the results of the control action to those involved with the findings. After this communication, they have the right to submit documentation to justify the audit findings.

Subsequently, based on an analysis of the information provided by the individuals involved with the findings, a judgement is made regarding these individuals based on the severity of the non-compliance. It is during this process that the auditor appointed by the General Comptroller's Office is involved to ensure that all mandatory legal requirements in Ecuador are being met.

Finally, the audit report is submitted to the Comptroller General of the State for approval and publication on the institution's website.