Financial Education - Elements of how assets and records are safeguarded and physically stored

The controls designed to achieve this objective should be focused on ensuring that only authorized persons have access to the assets owned by the entity.

All physical assets, whether fixed assets, financial assets or cash, shall be considered assets, and shall be safeguarded together with all documents and records generated in the system, whether they are computerized or not (pre-numbered documents, access codes, backup copies, etc.)

The management will be the one to assign the authorizations and design the appropriate control measures for their compliance, as regards formal duties, these are explicit actions imposed by the tax administration on the taxpayers or taxpayers, by virtue of the provisions set forth in the Organic Tax Codes and in the precepts set forth in the laws and regulations.

In this perspective, the obligations corresponding to taxpayers may be of a "material" and "formal" nature, where the former correspond to the payment of the tax and the latter to the formal duties that they must comply with by mandate of the Tax Law that creates the tax, contribution or rate.

The formal duties serve as support for the control of the tax, exercised by the Tax Administration in favor of the active taxpayer, in such a way that they facilitate the surveillance and follow-up work carried out to ensure compliance with the material obligation or payment of the tax.