The Central Bank of Uruguay keeps a register of external auditors who are authorized to issue reports on the entities under its control. This register includes independent professionals and external auditing firms. The latter also includes partners or directors of the firms and the independent professionals they appoint to sign the reports.
The external auditors are agents who are authorized to issue reports as required by the regulator on entities subject to its control.
External Auditors support the supervisory role and create value in building trust in the institution's financial reporting through their technical and independent opinions on these issues, and for some entities on the quality of risk management systems.
The supervisor is interested in ensuring high standards of audit work, therefore must meet minimum operating conditions on independence, quality and scope of work and organization and knowledge appropriate to the size, complexity and nature of the businesses to be audited. These aspects are assessed under the supervisory role of financial institutions.
External Auditors must be listed in the External Auditors Register to be authorized to issue the required reports. See requirements for registration (Communication 2009/10). This register includes independent professionals and external auditing firms.
The latter also includes the partners or directors of the firms and the independent professionals they appoint to sign the reports.
Entities require authorization to hire external auditors.
See List of External Auditors that are included in the Register of the Superintendency of Financial Services