COLOMBIAN COMMERCIAL CODE CHAPTER VIII Auditor Article 203 .- Auditor must have: 1. Stock companies; 2. Branches of foreign companies, and 3. The companies in which, by law or by statute, the administration does not relate to all partners, where provided any number of excluded members of the administration representing at least twenty percent of the capital. Article 204 .- The choice of auditor to be by absolute majority of the assembly or board members. In limited by shares, the auditor shall be elected by a majority vote of the limited partners. The branches of foreign companies shall designate the competent body in accordance with the statutes. Article 205 .- There may be statutory auditors: 1. Those who are associated with the same company or any of its affiliates, or those who are associates or employees of the parent company; 2. Those linked by marriage or kinship within the fourth degree, first or second civil de...