Regulatory Alerts2023-03-15
Minimum Content of the Notarial Declaration - External Auditors
The Superintendency of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1129-2-SEP10-2019 to establish the mandatory minimum content for notarial declarations by external auditors. The resolution requires auditors to formally declare their compliance with independence and suitability standards, their knowledge of international financial and auditing norms, and their adherence to banking secrecy and confidentiality obligations. Furthermore, auditors must affirm the truthfulness of all submitted documentation and accept full liability for false testimony under administrative verification.
Resolution No. CD-SIBOIF-1129-2-SEP10-2019 Dated September 10, 2019 ANNEX 2 MINIMUM CONTENT OF THE NOTARIAL DECLARATION
The undersigned declares before a Public Notary that: a) They comply with the independence requirements referred to in Article 5 of the "Standard on External Audit." b) They comply with the suitability requirements established in Article 6 of the "Standard on External Audit." c) They are familiar with international financial reporting standards, international auditing standards, banking and financial laws, and prudential standards issued by the Superintendency of Banks and Other Financial Institutions, and they commit to complying with them. d) They are familiar with the Accounting Framework and the legal provisions regulating the activities of supervised financial institutions, and they commit to staying updated regarding any changes. e) They are aware of and accept the obligations and responsibilities established by law and current regulations regarding banking secrecy and the confidentiality of obtained information. f) All information and documentation presented to the Superintendency is true and, therefore, is subject at all times to the verifications required by administrative authorities, fully aware of the consequences implied by false testimony.