SMMMs are licensed under Law No. 3568. To become an independent auditor, in addition to an SMMM or YMM licence, one must pass the POA's exams and meet its training requirements.
Source: Law No. 3568
Related terms
Sworn financial adviser (YMM)A professional authorised to certify taxpayers' tax returns and certain transactions for compliance with legislation.Engagement partnerThe auditor who conducts the audit on behalf of the audit firm, is responsible for its results and signs the auditor's report.Advance taxTax paid in advance during the year by income and corporate taxpayers, in quarterly periods, on current-period earnings.Arm's length principleThe principle that transactions between related persons should be carried out at the prices and on the terms that would apply between independent parties with no such relationship.Capital gainGains of individuals from disposing of certain assets and rights that are subject to income tax.Corporate income taxThe tax levied on the earnings of capital companies, cooperatives and other corporate entities.
Last updated: October 22, 2026 · This definition is for general information only.