Regulatory Alerts2019-09-10 | CD-SIBOIF-1129-2-SEP10-2019Norm on External Audit
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1129-2-SEP10-2019 to regulate the minimum requirements for external audit services contracted by supervised financial institutions. The Norm establishes strict criteria for the registration, independence, and suitability of audit firms, while mandating specific procedures for their selection, contracting, and ongoing supervision. It further defines the grounds for suspension or cancellation of audit firm registrations and outlines the contractual obligations and reporting duties of both the institutions and the auditors.
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