Regulatory Alerts2019-09-10 | CD-SIBOIF-1129-1-SEP10-2019Norm Reforming Articles 1, 8, and 28 of the Standard on Internal Control and Internal Audit of Banks and Financial Companies
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1129-1-SEP10-2019 to amend Articles 1, 8, and 28 of the Standard on Internal Control and Internal Audit of Banks and Financial Companies. The amendments align the standard with the applicable accounting framework for banks and financial institutions and incorporate updates to International Standards on Auditing. Specifically, the changes define the accounting framework, mandate the Internal Audit Unit to evaluate anti-money laundering and counter-terrorist financing systems, and clarify the Audit Committee's responsibilities regarding financial statements and external auditor reports.
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