Companies required to file audited financial statements
In Peru, private sector companies are required to submit audited financial statements to the Superintendency of Securities Market and when they obtain annual revenues from sales of goods or services and / or assets equal or exceed the 3,000 ITU (ITU each equivalent to S /. 3,650 for 2012). The obligation arises with the publication of the Law 29720 - Law that promotes Emissions Strengthens Real Estate Securities and Capital Markets dated June 25, 2011.

Companies required to file their financial statements in accordance with International Financial Reporting Standards - IFRS.
From the year 2013, when revenues from sales of goods and services or total assets at year-end 2012 exceeded 30,000 ITU. shall include comparative information for the years 2011 and 2012.

From 2014, when revenues from sales of goods and services or total assets at year-end 2013 are equal to or greater than 3,000 ITU and have not yet filed audited financial information must include comparative information for the years 2012 and 2013.

Penalties for not applying IFRSs.
The CONASEV (Today SMV) has established penalties on companies that do not comply with implementing the International Financial Reporting Standards - IFRS, ranging from one to 50 tax units (ITU) S/.182 ie, 500.

Responsible for appointing external auditors
As established in Article 114 of the General Law inc.4 Companies 26887 corresponds to the annual mandatory Board the appointment of external auditors, however the Board may delegate this authority to the directory, so it is this group is who performs.