Resolution No. 1100-2002: Accounting Manual for Savings and Credit Cooperatives Not Authorized to Operate with Public Funds

Lima, November 5, 2002
Superintendence Resolution
No. 1100 -2002
The Superintendent of Banking and Insurance

CONSIDERING:

That, pursuant to the Twenty-Fourth Final and Complementary Provision of the General Law of the Financial System and of the Insurance System and Organic Law of the Superintendence of Banking and Insurance - Law No. 26702, hereinafter General Law, the control of Savings and Credit Cooperatives not authorized to operate with public funds corresponds in the first instance to their Board of Surveillance and their General Assembly of members, and their supervision is the responsibility of the National Federation of Savings and Credit Cooperatives of Peru – FENACREP.

Furthermore, according to paragraph 6 of the cited provision, this Superintendence supervises and controls the aforementioned Federation and regulates the operations of Savings and Credit Cooperatives not authorized to operate with public funds;

That, through SBS Resolution No. 0540-99, this Superintendence approved the Regulations for Savings and Credit Cooperatives not authorized to operate with public funds, in whose Chapter I of Title II the operations that such cooperatives may carry out are established;

That, it is necessary to establish a uniform and adequate accounting record of such operations, which allows reflecting the real economic and financial situation of Savings and Credit Cooperatives not authorized to operate with public funds, facilitating both the management of the cooperative's governing bodies as well as the supervision work by the National Federation of Savings and Credit Cooperatives of Peru;

Being in accordance with the opinion of the Adjunct Superintendencies of Banking and Legal Advice; and,

In exercise of the powers conferred by paragraph 9 of Article 349º and the Twenty-Fourth Final and Complementary Provision of the General Law;

RESOLVES:

First Article.- Approve the Accounting Manual for Savings and Credit Cooperatives not authorized to operate with public funds, which forms an integral part of this Resolution. Said Accounting Manual will enter into force on January 1, 2004.

Second Article.- Savings and Credit Cooperatives not authorized to operate with public funds must submit to the National Federation of Savings and Credit Cooperatives of Peru by December 15, 2002, an implementation plan for the Accounting Manual, in which a schedule of activities for the process of adapting the accounting and computer system will be recorded, in accordance with the requirements that the aforementioned Federation may establish in due course.

Third Article.- The Board of Surveillance of Savings and Credit Cooperatives not authorized to operate with public funds must incorporate into the Annual Internal Audit Work Plan the evaluation of compliance with the provisions contained in the implementation plan referred to in the second article of this regulation.

Furthermore, the cooperatives are responsible for ensuring that external audit firms include in their report on the internal control system, an evaluation of the policies and procedures established by the aforementioned cooperatives for compliance with the aforementioned implementation plan.

Fourth Article.- This resolution enters into force the day after its publication in the Official Newspaper El Peruano, and from January 1, 2004, it renders ineffective the Account Plan for Cooperatives in force since 1996 according to SBS Office No. 5353-95 of November 15, 1995 and Circular No. COOP-041-2000 of June 23, 2000, insofar as applicable.

Register, communicate, and publish,

JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banking and Insurance