Registro CMF – EN
CFA External Audit of Financial Statements Company
The External Audit Firms express their professional and independent opinion on the accounting and financial statements of the companies whether overseen by the Commission for the Financial Market CMF or closed entities, and must report on their audit to the ordinary shareholders’ meeting and management, in addition to other functions established by Law.
These are companies that selectively examine the amounts, endorsements and background that make up the accounting and financial statements of a company.
They are directed by their partners, and provide their services to issuers of securities and open and special public limited companies authorized by the CMF.
In order to provide their services, the partners who sign the audit reports, those in charge of directing the audit and all members of the audit team must have independent judgment regarding the audited entity and comply with the legal provisions.
CFA as External Audit Firm
CFA will selectively examine the amounts, endorsements and background that make up the accounting and financial statements of a company.
Evaluates the accounting principles used and the consistency of their application with the relevant standards, as well as significant estimates made by management.
Issues its conclusions regarding the general presentation of accounting and financial statements, indicating with a reasonable degree of certainty, whether they are free of significant errors and fully, consistently, and reliably comply with the relevant standards.
Issue recommendations.
Relationship with the CMF: CFA’s registration.
External Audit companies must be registered in the Register of External Audit Companies maintained by the CMF in order to audit companies overseen by CMF.
When requesting their registration in the Registry, they must attach a copy of their internal regulations, which will establish, at least, the following matters related to the company’s activity: the rules of procedure, control and audit analysis; the norms of confidentiality, handling of privileged or reserved information and the resolution of conflicts of interest, and the norms of independence of judgment and technical suitability of the personnel in charge of directing and executing the external audit.