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Red Flags and Due Diligence to prevent fraud risk The evolution of compliance management systems, as well as the tendency of organizations to create compliance and risk prevention offices, to promote integrity and transparency, places the already well-known Compliance Officers in the crosshairs of developing a corporate strategy that allows evaluating the trust of collaborators. Let us remember that the fraud triangle created by the criminologist Donald [...]

FUDELA: 18 years transforming lives and generating opportunities Fudela - Fundación de las Américas, an Ecuadorian NGO, is celebrating its anniversary. These are 18 years full of growth, smiles, achievements, challenges, learning, but above all dreams that have come true and passes that have scored goals in favor of development. Since 2005, it has transformed the lives of more than 50,000 people through various processes and opportunities [...]

Interesting advantages of payroll outsourcing  Finding effective solutions that allow 100% time and attention to be devoted to the core of your business is vital, therefore, choosing to outsource certain processes is an excellent option. Payroll outsourcing is defined as the assignment of tasks in the calculation process, income, discounts, benefits and payments of remuneration to employees. Among its main benefits we have: Free yourself from unnecessary [...]

Good employee experience management is a competitive advantage for any organization Prepared by Giovanni Sissa, Consulting partner of Deloitte Spanish Latin America, Marketplace Andean Region. The current digital revolution is advancing so quickly that it exceeds what was established in the recent past. Organizations that successfully navigate this process, not only integrate disruptive technologies, but also consider their potential and limitations, while reimagining the ability of [...]

Grow Fast or Die Slow: Why are M&As an important growth strategy for companies? After years of strong growth and increased market share, many companies eventually stagnate and are unable to sustain the growth that made them successful. The revenue figure varies, depending on the market and industry, but the symptom is universal: year-over-year growth gets boring. Changes in the business that once delivered significant upside now [...]

Art Galleries in a Hospital Did you know? Art in hospital spaces can help "prevent the appearance of mental disorders and age-related physical deterioration", as well as help "in critical and terminal care" according to the World Health Organization. For this reason, the Hospital Vozandes Quito, in this desire to contribute to art and culture to the public, gave way to the third edition of the project [...]

Tips to improve the collection process in companies Problems in the collection process in companies and what this causes in cash flow is usually one of the main reasons why a company can fail and is one of the great concerns in organizations around the world. Accounts receivable are an important part of finances, and the amount of available cash flow will depend on their correct management. [...]

“Huellas de Cambio” celebrates the first harvest at the Cumandá Educational Unit in Gualea Six months after the arrival of Bupa's Huellas de Cambio program in Ecuador, which allowed the implementation of the TiNi (Land of Girls, Boys and Youth, by its acronym in Spanish) methodology, at the Cumandá single-teacher Educational Unit, students and teachers celebrated the first harvest. There were more than 250 hours of work that made [...]

Report on the Political Situation of Ecuador By Morales & Asociados y Péndulo The last few weeks have been particularly tumultuous for the country in general, and for the government of Guillermo Lasso in particular. The results of the sectional elections, the constitutional referendum, and the elections for members of the Citizen Participation and Social Control Council were not favorable for the government and worsened a [...]

NIRSA crew stand out in the "Marine Life 2022" award ceremony, held by the National Chamber of Fisheries After the evaluation of the results of the Responsible Fishing Program in the Small Pelagic Fishery, corresponding to the year 2022, the National Chamber of Fisheries (CNP), through the "Marine Life" awards, recognized the performance of the participating fishermen and companies for their good fishing practices, biodiversity conservation and [...]

El costo de la gasolina en Suramérica The price of gasoline in South America varies greatly depending on the country and its economic and political conditions, due to factors such as high taxes, transportation costs, limited refining capacity, and applied subsidies. In Brazil, which is the largest economy in South America, gasoline prices are heavily regulated by the government, this has led to frequent fluctuations. In 2023, [...]

Endoscopic Gastroplasty: A procedure transforming the quality of life for people with obesity 6 out of 10 adults in Ecuador suffer from obesity. This epidemic has been a public health problem that the country’s hospitals have been trying to treat for years, especially in order to eliminate the risks caused by this illness. In this context, Hospital Vozandes Quito (HVQ), as part of its commitment to [...]

Crecimiento orgánico o mediante fusiones y adquisiciones: ¿Cuál estrategia debería elegir mi empresa? Growing your business sometimes is about scaling and expanding; Other times, it's about breaking into new markets or developing new products. But in all cases, growth is about increasing the value of the business. This increase in value can occur in two ways: Organically, as a natural development of your business plan, or through a [...]

Fudela and the Ecuadorian National Football Team Come Together to Play for Opportunities Women from the textile project Matirea produce a winning word cup collection Our national team (La Tri) has the power to unite us as a country like nothing else. The participation of Ecuador in the World Cup has helped to renovate the sense of identity, confidence, and belonging amongst Ecuadorians. In this context [...]

Russell Bedford Shares its Global Performance Report Our partner Russell Bedford is delighted to announce that their annual Global Performance Report has been published, revealing another strong year which saw the network increase its global revenues by 9%, while demonstrating continued growth in all regions. The Global Performance Report is an essential part of the network’s annual review process, ensuring that they remain accountable to the requirements of all members, [...]

NIRSA creates meeting spaces to share knowledge with students from Espíritu Santo University One of the strategic goals that NIRSA is pursuing is to work in coordination with its interest groups, one of them being academia. Consequently, the company has recently set two challenges for students of Espíritu Santo University (UEES) after an agreement in which actions that benefit the students will be carried out through the [...]

The Violet Law: Good Intentions but Far from the Goal On 10th January 2023, the National Assembly of Ecuador passed the Organic Law to Promote the Violet Economy, which came into effect on 20th January after its publication in the Official Register. Whilst the law aims, at least in illustrative terms, to achieve equal treatment and rights between men and women, it is still too early to [...]

Do you want to pay less tax? Credit notes are your best option For those knowledgeable about credit notes, savings in income tax payments can equate to thousands, or even millions, of dollars, explains our partner company Fiduvalor. Credit notes are issued by the Internal Revenue Service and are used to pay taxes. They don’t have an expiry date, nor do they accrue interest. Rather, they are [...]

NIRSA joins the fight to eradicate childhood malnutrition in Ecuador NIRSA has recently signed an agreement with the REDNI Foundation (the Network for Childhood Nutrition), to provide comprehensive support for expecting mothers in vulnerable situations in the parish of Posorja (Guayaquil). As a result, the company continues to promote actions which aim to combat chronic childhood malnutrition in Ecuador. Through this alliance, it will be possible to [...]

2022 Evaluation of Ecuador's Mining Sector At the end of 2022, the mining sector is facing three scenarios which have been in constant growth since 2018. Firstly, as a result of the two projects of Mirador (copper) and Fruta del Norte (gold), along with the confirmation of preliminary results to begin the construction and production of at least four more mining projects (Cascabel, Curipamba, La Plata, and [...]

Ecuadorian company, NIRSA, renews its alliance with Air France KLM's & Sustainable Aviation Fuel Program (SAF) Ecuador - 04 January 2023.- The Air France KLM group is proud to renew its alliance with NIRSA as a partner of its SAF Sustainable Aviation Fuel Program. With its contribution to the program, NIRSA will contribute, for the second consecutive year, to the reduction of CO2 emissions generated by its [...]

The principle of alterability in social organizations By Danilo Icaza Ortiz, FEXLAW partner. In our country, all forms of organization of society are recognized as an expression of popular sovereignty to develop self determination processes and influence in public decisions and social control of all levels of government, as well as public and private entities that provide public services. (Art. 96 CRE) Organizations can be articulated [...]

Moving towards Carbon Neutrality - Solar panels in a hospital Climate change is a challenge for society as a whole and the health sector has the potential to raise awareness and call for action. Along these lines, Hospital Vozandes Quito is the first hospital to be moving towards Carbon Neutrality, recognising that health and environment are two sides of the same coin. The global organisation Health Care [...]

"Mujeres al volante", the first professional driving school of transport and heavy equipment for women in Ecuador. ● Holcim Ecuador, NIRSA, ESCOP (School of Professional Operators of Heavy Machinery of the UTPL), with the endorsement of UN Women, come together to work for equal opportunities for women and created this school. ● Participants will receive a 90% scholarship for their training. ● In the first class, [...]

Progressive reduction of the rate of the Foreign Currency Exit Tax (ISD) Ecuador as of October 1, 2022 Dear reader We remind you that by means of Executive Decree No. 298 issued on December 22, 2021, the Constitutional President of the Republic of Ecuador ordered the progressive reduction of the Foreign Currency Outflow Tax (ISD) rate. Currently the rate is 4.25% and will be reduced [...]

Tax Recovery in Ecuador Dear reader With the purpose of improving the liquidity of organizations by recovering taxes for overpayments or improper payments, we offer our advice through the analysis and evaluation of the best alternatives to achieve a successful return process through the participation of a team of professionals specialized in the financial, tax and legal areas, fully reviewing the source information required by the tax [...]

My SPV, our Technological Platform that makes your business more powerful At Auxadi, we are proud to present MySPV, our exclusive technological platform, which gives you immediate access to accounting/financial, tax and payroll information, of all your subsidiaries and international investments, no matter where they are, making the process flexible, automated and efficient. This will allow you to make timely, agile and valuable decisions for your organization. With [...]

Nobis celebrates 25 years of investing and believing in the development of the country In the photo (left to right): José Antonio Ponce, Executive Vice President-CEO; Isabel Noboa, executive president; and David Darquea, financial director of Nobis Holding de Inversiones Nobis was created with 3 companies: Mall del Sol, Pronobis and Azucarera Valdez. To date, it has 15 companies, 2 foundations and strategic investments in sectors such as: [...]