Regulatory Alerts2010-12-15 | Resolución SBS 17026-2010Added · Updated
SBS Resolution No. 17026-2010: Approves the External Audit Regulations (includes annexes to the Regulations)
The Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) approved new External Audit Regulations applicable to financial and insurance system companies, Private Pension Fund Administrators, and other specified entities. These regulations establish new requirements for contracting audit firms, including a minimum of three years' experience, absence of serious sanctions, and strict independence criteria. Audit contracts must now include specific clauses such as a start date no later than 90 days before year-end, penalty clauses for delayed reports, and an obligation for auditors to disclose insolvency or regulatory violations. Furthermore, the regulations mandate the rotation of audit partners responsible for financial statement opinions after five consecutive years, with a two-year hiatus, and require a separate audit team for anti-money laundering and terrorism financing reports.