Circular Contabilidad y Auditoria - CONAU 1 - 43

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
COMUNICACIÓN "A" 752 12/08/85
TO FINANCIAL ENTITIES:
Ref.: Circular ACCOUNTING AND AUDIT - CONAU - 1 - 43 We address you to inform you that this Institution will verify compliance by the external auditors of financial entities with the minimum audit procedures they must perform, through their attendance at this Central Bank in order to present the working papers that support their opinions. The sheets corresponding to incorporate in replacement of the text that integrates the ordering of Circular CONAU - 1 are attached. We salute you very attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Alfredo A. Besio Manager of Standards for Financial Entities Néstor J. Taró General Submanager
ANNEX: 2 sheets

CENTRAL BANK OF THE ARGENTINE REPUBLIC
ANNEX I
Version: 2nd Date: Communication “A”
CONAU - 1 - 43 Page: 1 of 2
GENERAL PROVISIONS ON EXTERNAL AUDITS
Financial entities shall inform the Central Bank of the Argentine Republic of the name of the Public Accountant appointed to carry out the external audit of their accounting statements. In the case of professionals acting on behalf of Public Accounting Firms, they must also indicate the denomination of the latter. Such appointment, as well as any subsequent changes, must be reported by note within 15 business days of occurrence, attaching Forms Nos. 3830 and 3831. Such services may not be provided in their own name nor through professional firms by persons who:
a) are partners or shareholders, directors or administrators of the entity, or of persons or companies economically linked to it, b) work under an employment relationship in the entity or in companies economically linked to it, c) are subject to any of the disqualifications provided for in art. 10 of Law No. 21.526 for trustees, d) have been expressly disqualified by the Central Bank of the Argentine Republic for non-compliance with the provisions of art. 39 of said law or those established in this regulation, e) have been expressly disqualified from practicing the profession by any of the Professional Councils of Economic Sciences of the country, or f) do not have the independence required by the “Generally Accepted Auditing Standards” recognized or established by the Professional Council of Economic Sciences of the respective jurisdiction. In the event of non-compliance by the intervening professionals with the provisions established in this regulation, the Central Bank of the Argentine Republic shall be empowered to apply sanctions in the manner and with the scope contained in articles 41 and 42 of Law No. 21.526, and this circumstance shall be reported to the Professional Council of Economic Sciences of the respective jurisdiction, for its purposes. Agreements between financial entities and professionals who accept to provide the external audit service must contain express clauses whereby:
a) the professionals declare knowledge and acceptance of the obligations established in this regulation, and b) the entities authorize the professionals and these latter, in turn, undertake to attend consultations, agree to access to working papers and/or facilitate copies thereof to the Central Bank of the Argentine Republic.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Version: 2nd Date: Communication “A”
CONAU - 1 - 43 Page: 2 of 2
The Central Bank will periodically verify compliance by the external auditors of financial entities with the minimum audit procedures they must perform pursuant to the regime made known through communication “A” 7 (Circular CONAU - 1). To this end, it may require that the external auditor appear before this Institution on the day and time when formally cited, in order to present the working papers that support their opinion on the annual accounting statements of the financial entity and provide expansions and clarifications deemed necessary. The working papers of the intervening professional shall always remain in their possession as evidence of the task performed and their retention shall not be less than a period of 6 years.