Best Accounting & Auditing Lawyers in Bonao

About Accounting & Auditing Law in Bonao, Dominican Republic

Accounting and auditing in Bonao operate under Dominican Republic law and national professional standards, with local practice shaped by the needs of businesses in the Monseñor Nouel province. Companies keep statutory books, file tax returns with the Dirección General de Impuestos Internos, and prepare financial statements in line with standards adopted nationally. Licensed professionals known as Contadores Públicos Autorizados are regulated by the Instituto de Contadores Públicos Autorizados de la República Dominicana. Audits are performed using international auditing standards, and many entities use International Financial Reporting Standards or IFRS for SMEs depending on their size and public interest status.

Whether you run a family enterprise in Bonao, a growing SAS or SA with operations across the country, or a nonprofit, accounting and auditing rules affect how you invoice, report taxes, retain records, and communicate with banks, investors, and regulators. Local chambers of commerce and municipal authorities add practical steps such as commercial registry updates and municipal license compliance.

Why You May Need a Lawyer

Starting or restructuring a company in Bonao and choosing the right entity type with clear bylaws and accounting policies that satisfy corporate and tax rules.

Setting up robust compliance for DGII filings such as monthly VAT, sales and purchases reports, payroll withholdings, and managing Número de Comprobante Fiscal or electronic Comprobante Fiscal sequences.

Determining whether you need a statutory external audit or a review engagement, and negotiating audit engagement terms and timelines that fit your financing or regulatory deadlines.

Handling a DGII examination, responding to proposed assessments, negotiating payment plans, and filing administrative appeals or court challenges when necessary.

Implementing internal controls, segregation of duties, and documentation to reduce fraud risk and improve audit readiness.

Navigating sector rules if you are supervised by financial or securities regulators that mandate annual audits and specific reporting formats.

Advising on anti money laundering compliance for higher risk businesses and on customer due diligence, reporting thresholds, and recordkeeping duties.

Managing cross border matters such as related party transactions, transfer pricing documentation, and foreign currency presentation in the financial statements.

Addressing errors in prior filings, restatements, late filings, penalty relief requests, and voluntary disclosures.

Supporting mergers, acquisitions, and investment deals with financial, tax, and legal due diligence in the Bonao market.

Local Laws Overview

Tax Code Law 11-92 and DGII regulations govern corporate income tax, VAT known as ITBIS, withholdings, invoicing, audits, penalties, and appeals. Businesses must register with the DGII for an RNC and maintain authorized NCF or e-CF sequences for invoicing.

Financial reporting uses IFRS or IFRS for SMEs as adopted in the Dominican Republic through professional standards overseen by the national accountants institute. Auditing engagements use International Standards on Auditing, with independence and quality control requirements for auditors.

Company Law 479-08 and its subsequent amendments regulate corporate forms such as SA and SAS, shareholder meetings, statutory books, and when an external audit or statutory auditor is required based on size or public interest status.

Anti money laundering Law 155-17 imposes risk based controls and reporting obligations on financial institutions and certain non financial businesses. Some accounting and legal practices must perform due diligence in specified scenarios.

Personal data protection Law 172-13 affects how businesses handle employee and customer data in payroll, invoicing, and financial reporting systems.

Transfer pricing rules apply to related party cross border transactions and require supportable pricing and documentation. Larger taxpayers often must file an information return and maintain contemporaneous files.

Municipal rules in Bonao administered by the Ayuntamiento cover operating licenses and local fees. Many businesses must hold a municipal operating license in addition to national registrations.

Recordkeeping must be in Spanish and generally in Dominican pesos. Books and supporting documents must be retained for inspection for a statutory period, typically several years, with longer periods applying in cases of non filing or suspected fraud.

Sectors supervised by the Superintendencia de Bancos, Superintendencia del Mercado de Valores, Superintendencia de Seguros, or Superintendencia de Pensiones have mandatory annual audits and specialized reporting calendars.

Disputes with the DGII follow administrative procedures before moving to judicial review. Timelines and admissibility depend on filing deadlines and prior administrative steps, so early legal guidance is important.

Frequently Asked Questions

Do my books have to be kept in Spanish and in Dominican pesos?

Yes. Legal books and tax records are kept in Spanish and generally expressed in Dominican pesos. You may track internal management data in other languages or currencies, but statutory records and filings must follow local language and currency rules.

What accounting standards apply to my company in Bonao?

Public interest entities and larger companies typically apply full IFRS. Many small and medium sized entities are permitted to use IFRS for SMEs. Your auditor or accountant can help determine the appropriate framework based on size, debt or equity listings, and regulator expectations.

When is an external audit required?

Audits are mandatory for entities regulated by financial and securities supervisors and for certain corporate entities that meet thresholds or are of public interest. Lenders or investors may also contractually require audited statements. A lawyer can help you confirm whether your company is legally required to undergo an audit.

What are the common monthly DGII filings I should expect?

Most registered taxpayers file monthly VAT returns, sales and purchase information reports, annulled invoice reports, and payroll withholdings where applicable. Annual corporate income tax returns and informative filings also apply. Specific forms and deadlines depend on your taxpayer category.

What is the difference between NCF and e-CF?

NCF is the authorized tax receipt number used on invoices. e-CF is the electronic version. The DGII is expanding electronic invoicing. If you are authorized or required to issue e-CF, you must follow technical and control rules and align your accounting system accordingly.

How long should I keep accounting records and invoices?

Keep records at least for the statutory period used by the DGII to audit returns, commonly several years. Retain longer in case of open assessments, carryforward tax attributes, or when contracts and financing terms require it.

What happens during a DGII audit?

The DGII requests records, reconciliations, and explanations about invoices, purchases, payroll, and returns. You will be given deadlines to respond. If discrepancies are found, the DGII may propose adjustments and penalties. Legal counsel can help you manage responses, protect rights, and negotiate outcomes.

How do auditors interact with my legal counsel?

Auditors must remain independent, but they often coordinate with your lawyer for legal letters, compliance assessments, and resolution of identified legal contingencies. Early coordination helps avoid delays and scope issues.

Can I present financial statements in USD if I have many dollar transactions?

You can transact in foreign currency, but statutory reporting is generally in Dominican pesos. You may present supplemental information in another currency. Functional currency and translation policies must be disclosed in line with your accounting framework.

How do I choose a CPA or auditor in Bonao?

Confirm the firm is registered with the national accountants institute, verify sector experience and capacity, review peer review or quality control credentials, and align on timelines and fees. For legal sensitive matters, ensure your lawyer and auditor can coordinate without compromising auditor independence.

Additional Resources

Dirección General de Impuestos Internos - DGII, including the local office that serves Bonao, for tax registration, returns, and invoicing authorizations.

Instituto de Contadores Públicos Autorizados de la República Dominicana - ICPARD, for professional standards and CPA licensing.

Cámara de Comercio y Producción de Monseñor Nouel, for commercial registry services, corporate certificates, and support to local businesses.

Ayuntamiento de Bonao, for municipal operating licenses and local fees.

Superintendencia de Bancos, Superintendencia del Mercado de Valores, Superintendencia de Seguros, and Superintendencia de Pensiones, for sector specific audit and reporting rules if applicable.

Tesorería de la Seguridad Social - TSS and Consejo Nacional de la Seguridad Social - CNSS, for payroll registration and social security contributions.

Ministerio de Industria, Comercio y Mipymes, for company formalization programs and support to SMEs.

Next Steps

Clarify your objective. Decide whether you need routine compliance, an external audit, help with a DGII notice, or advice on a transaction or restructuring.

Gather key documents. Collect RNC certificate, bylaws and amendments, commercial registry certificates, NCF or e-CF authorizations, the last three years of financial statements and trial balances, bank statements, contracts with major customers and suppliers, fixed asset registers, payroll and TSS reports, and copies of DGII filings and notices.

Map your deadlines. Note monthly and annual tax filing dates, audit report delivery dates tied to financing or governance, and any appeal or objection deadlines stated in DGII communications.

Engage qualified professionals in Bonao. Retain a CPA firm for accounting or audit work and a lawyer experienced in tax and corporate compliance. Request an engagement letter that defines scope, deliverables, timeline, confidentiality, and fees.

Assess risks and controls. Ask for a pre audit or compliance review to identify gaps in invoicing, withholdings, documentation, and internal controls. Address issues before an audit or DGII visit.

Implement a compliance calendar. Assign responsibilities for monthly DGII reports, payroll withholdings, municipal license renewals, and board approvals of financial statements to avoid penalties and delays.

Document advice and decisions. Keep minutes, legal opinions, and auditor communications organized. Clear documentation supports your positions in audits and reduces future disputes.

This guide provides general information only. For advice tailored to your situation in Bonao, consult a licensed attorney and a registered CPA in the Dominican Republic.