Circular No. 3.470

CIRCULAR No. 003470 ------------------ Amends the Regulation annexed to Circular No. 3.192 of 5 June 2003, which provides for the provision of independent audit services for consortium administrators and their respective groups. The Board of Directors of the Central Bank of Brazil, at a meeting held on 1 October 2009, based on arts. 6 and 7 of Law No. 11.795 of 8 October 2008, D E C I D E D: Art. 1 The art. 11 of the Regulation annexed to Circular No. 3.192 of 5 June 2003 shall henceforth have the following wording: "Art. 11. The hiring or maintenance of an independent auditor by consortium administrators is conditioned upon the qualification of the technical officer, director, manager, supervisor and any other member, with a management function, of the team involved in the audit work, through approval in a certification examination organized by the CFC jointly with Ibracon. § 1 The maintenance of the certification must be proven by means of: I - approval in a new certification examination provided for in the caput within a period not exceeding three years from the last approval; or II - exercise of independent audit in consortium administrators, financial institutions or other institutions authorized to operate by the Central Bank of Brazil, together with participation in a continuing professional education program that has, at a minimum, the following characteristics: a) minimum workload of 120 hours every three-year period, counted from 30 June 2009, including all courses eligible for the period, observing participation in at least twenty hours per year; and b) predominance of topics related to operations carried out within the scope of the financial system or activities applicable to independent audit work. § 2 In the case of an auditor who has ceased to exercise independent audit activities in consortium administrators, financial institutions or other institutions authorized to operate by the Central Bank of Brazil, for a period equal to or greater than one year and less than three years, the return to the functions of technical officer, director, manager, supervisor or other management function of the team involved in the audit work is conditioned upon: I - approval in a new certification examination provided for in the caput; or II - compliance with the continuing education requirements, with a minimum workload of 240 hours in the three-year period immediately following their return, observing participation in at least forty hours per year. § 3 In the case of an auditor who has ceased to exercise independent audit activities in consortium administrators, financial institutions or other institutions authorized to operate by the Central Bank of Brazil, for a period equal to or greater than three years, the return to the functions of technical officer, director, manager, supervisor or other management function of the team involved in the audit work is conditioned upon approval in a new certification examination provided for in the caput. § 4
The consortium administrator contracting the independent audit services must keep at the disposal of the Central Bank of Brazil, during the term of their provision and up to five years after its termination, documentation proving compliance with the provisions of this article." (NR) Art. 2 This circular enters into force on the date of its publication. Brasília, 1 October 2009. Alexandre Antonio Tombini Director