Regulatory Alerts2022-04-20 | Resolución SBS 1297-2022Added · Updated
Resolution SBS No. 1297-2022: Approves the External Audit Regulation for Savings and Credit Cooperatives Not Authorized to Attract Public Funds
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) approves the External Audit Regulation for Savings and Credit Cooperatives Not Authorized to Attract Public Funds (Coopac). This regulation mandates that Coopac of Levels 2 and 3, as well as Level 1 Coopac with total assets exceeding 600 UIT in the first half of the fiscal year, must contract external audit firms. It establishes specific requirements for auditors, including registration, experience, and independence, and sets deadlines for contracting and reporting. The regulation also defines the responsibilities of Coopac management, the minimum contents of audit contracts, and the scope of required audits, including financial statements, internal control systems, and anti-money laundering prevention systems.
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