JPRM-2024-011-G — Accept Audit Committee Proposal and Appoint KRESTON AUDIT SERVICES ECUADOR CIA. LTDA. for Central Bank of Ecuador External Audit 2024-2026

---

RESOLUTION No. JPRM-2024-011-G
THE MONETARY POLICY AND REGULATION BOARD
CONSIDERING:
That, Article 226 of the Constitution of the Republic of Ecuador stipulates that public officials and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law; That, Article 227 ibid. states that the Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others; That, the first paragraph of Article 303 of the Constitution determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive authority of the Executive Branch and shall be implemented through the Central Bank of Ecuador; That, Article 47.1 of the Organic Code of Monetary and Financial Affairs created the Monetary Policy and Regulation Board, as part of the Executive Branch, responsible for formulating monetary policy, the highest governing body of the Central Bank of Ecuador, and determines its composition; That, Article 47.6, paragraph 20, of the same Code, regarding the functions of the Monetary Policy and Regulation Board, among others, establishes: “20. Approve the policy for the selection and rotation of external auditors and appoint the external auditor of the Central Bank of Ecuador, upon proposal of the Audit Committee; (…)”; That, Article 57.1 of the same Code, regarding external auditing, in its pertinent part, states: “The financial statements of the Central Bank of Ecuador shall be audited at least once a year, in accordance with International Standards on Auditing by independent external auditors, who must possess recognized international experience. The Monetary Policy and Regulation Board shall appoint the external auditors upon proposal of the Audit Committee. The external auditor shall be appointed for the period determined by the Monetary Policy and Regulation Board, which shall have a duration of no less than three (3) years. (…)”; That, through Resolution No. JPRM-2021-006-A of December 17, 2021, the Monetary Policy and Regulation Board issued the Regulations of the Audit Committee of the

RESOLUTION No. JPRM-2024-011-G

---

Central Bank of Ecuador, amended through Resolution No. JPRM-2022-030-A of December 19, 2022, which establishes in letters a and b of Article 9, as functions of the Audit Committee regarding External Auditing, among others: “a) Review and provide opinions on the terms of reference for the selection of external auditors prepared by the Central Bank of Ecuador; b) Propose to the Monetary Policy and Regulation Board a list of independent external auditors with recognized international experience, previously qualified by the Superintendency of Banks; (…)”; That, through Resolution No. JPRM-2022-006-G of February 11, 2022, the Monetary Policy and Regulation Board issued the “Standard for the Contracting of External Auditors of the Central Bank of Ecuador”; That, through Resolution No. JPRM-2022-012-G of March 28, 2022, the Monetary Policy and Regulation Board amended the Standard for the Contracting of External Auditors of the Central Bank of Ecuador; That, through Administrative Resolution No. BCE-GG-002-2022 of February 18, 2022, the General Management of the Central Bank of Ecuador issued the “Guidelines for the Contracting of External Auditors of the Central Bank of Ecuador”, and through Administrative Resolution No. BCE-GG-008-2022 of March 29, 2022, amended said guidelines; That, through Memorandum No. BCE CA-2024-0004-M of July 3, 2024, the Audit Committee submitted to the Monetary Policy and Regulation Board its proposal regarding the appointment of the external auditor for the Central Bank of Ecuador for the fiscal years 2024, 2025, and 2026. That, the Monetary Policy and Regulation Board, in an ordinary session on July 10, 2024, reviewed Memorandum No. BCE CA-2024-0004-M of July 3, 2024, submitted by the President of the Audit Committee of the Central Bank of Ecuador to the President of the Monetary Policy and Regulation Board, regarding the Committee's proposal for the appointment of the external auditor of the Central Bank of Ecuador; In exercise of its functions and pursuant to Article 47.7 of the Organic Code of Monetary and Financial Affairs, the Monetary Policy and Regulation Board,

RESOLUTION No. JPRM-2024-011-G

---

RESOLVES:
Art. 1.- Accept the proposal of the Audit Committee of the Central Bank of Ecuador, contained in Memorandum No. BCE CA-2024-0004-M of July 3, 2024, and appoint the company KRESTON AUDIT SERVICES ECUADOR CIA. LTDA. to conduct the external audit of the Central Bank of Ecuador for the fiscal years 2024, 2025, and 2026. TRANSITIONAL PROVISION.- The General Management of the Central Bank of Ecuador shall arrange for the performance of all necessary acts to implement the contracting of the external auditor appointed in this resolution, complying with the established norms and procedures. FINAL PROVISION.- This resolution shall take effect upon its issuance, without prejudice to its subsequent publication in the Official Register. The publication of this resolution on the institutional website is entrusted to the Document Management and Archives Directorate of the Central Bank of Ecuador. NOTIFY.- Given in the Metropolitan District of Quito, on July 10, 2024. THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN The preceding resolution was signed by Dr. Tatiana Maribel Rodríguez Cerón - President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on July 10, 2024.- I HEREBY CERTIFY. ADMINISTRATIVE SECRETARY Attorney MARÍA ALEXANDRA GUERRERO DEL POZO