Stavros Moyal y Asociados S.R.L., the Russell Bedford accounting group's Uruguayan firm, has won the contract to audit the Central Bank of Uruguay (Banco Central del Uruguay). The audit was won in public competition against Big-4 firms for the period 2010 - 2012.
The assignment involves the audit of the bank's financial statements, including the production of audit reports and internal control reports. The Stavros Moyal assignment team includes CPAs, IT specialists and lawyers.
The Central Bank first hired external auditors in 2003, when it appointed Stavros Moyal y Asociados as the auditor following competitive bidding. Due to audit rotation regulations in Uruguay, the bank appointed a Big-4 audit firm for the next period. This is now the third occasion on which the bank has put the contract out to tender.
Stavros Moyal y Asociados is one of only a handful of firms doing audits of banks in Uruguay.
The Central Bank of Uruguay was established in 1967. Its current operations include the issue of banknotes, control of the monetary regime and the supervision of private banks and financial activities in general.