12. The SWF’s operations and financial statements should be audited annually in accordance with recognized international or national auditing standards in a consistent manner.
The BISF uses International Financial Reporting Standards (IFRS) to prepare its financial statements.
The public Trust Contract establishes that the Trustee, in line with the Law of Acquisitions, Leases and Services of the Public Sector, is responsible for hiring an external auditor, with previous authorization from the Technical Committee and appointed by the Ministry of Public Services. According to the Guidelines for the Appointment and Control of External Auditors, issued by the Ministry of Public Services, it is the Auditor’s responsibility, among other obligations, to review the financial statements issued by the Trust.
The Firms interested in the practice of External Audits for public entities must be registered in the List of External Auditor Firms, for which they must certify that they meet the following criteria:
• Be established as a Firm that provides auditing services, in accordance with Mexican Law.
• Have partners with at least ten years of experience in financial-budgetary auditing or in the government sphere and with current records granted by the competent authority for the issuance of opinions and/or reports on the matters subject to such records.
• That the partners belong to a college or professional association recognized by the Ministry of Public Education.
• Have a staff corresponding to the audit area, identifying the staff structure that can be assigned for the practice of the External Audit(s) in which it could, if applicable, be designated.
• Have a diversified client portfolio in different areas, to whom it provides various services.
• That the partners in charge of issuing the corresponding opinions and/or reports, and the managers included in the structure, have a minimum of 20 points of continuous professional updating in government auditing or accounting granted by a college or professional association.
• Establish and apply continuous updating programs for the Firm's technical staff in matters of financial and budgetary auditing in the governmental sphere.
• Have criteria, policies and procedures in terms of hiring, work assignment, supervision, preparation and review of reports and assurance of service quality, as well as for the acceptance and continuity of its clients.
• Not be disqualified from doing business or subject to commercial bankruptcy or any other analogous figure.
• Be up to date in meeting your tax obligations.
• Others that the DGAE determines, in compliance with the applicable legal regulations.
Guidelines for the Appointment and Control of External Auditors.