COSEDE chooses HLB Consultores to audit the 2026 Liquidity Fund

The Board of Directors of the Deposit Insurance Corporation, Liquidity Fund, and Private Insurance Fund (COSEDE) selected the firm HLB Consultores Morán Cedillo Cía. Ltda. as the first choice to perform the external audit of the financial statements for the 2026 fiscal year of the Private Financial Sector Liquidity Fund Trust (FLSFP). The decision is contained in Resolution No. COSEDE-DIR-2026-031, adopted in an ordinary session on September 30, 2026, and published in Official Registry No. 396 on Friday, October 23, 2026, on page 48. The firm bid USD 19,550.00, including VAT.

The legal framework of the selection

The resolution is based on numerals 5, 9, and 12 of Article 85 of the Organic Monetary and Financial Code (COMF), which grant the COSEDE Board of Directors the authority to “select the external audit firm,” establish management policies and internal regulations, and exercise other functions necessary for their compliance. Additionally, Article 342 of the same legal body subjects the private financial sector accounts of the Liquidity Fund to an annual external audit verification previously qualified by the Superintendency of Banks.

The process was also framed within numeral 18 of Article 7 of Resolution No. JPRF-F-2025-0164 of September 2, 2025, which charges the Central Bank of Ecuador, as Fiduciary Administrator, with signing the audit contract with the firm selected by the Board. The evaluation of proposals was governed by the Instructions approved via Resolution No. COSEDE-COSEDE-2026-0014-R of April 14, 2026.

Two firms selected and a mandate to the Central Bank

The Board reviewed Confidential Report No. CGCF-2026-047 of September 18, 2026, prepared by the Technical Coordination of Trust Management and Control, along with legal reports CTPSF-UPN-0103-2026 and CTPSF-UPN-0112-2026. Based on this, it resolved:

• To select HLB Consultores Morán Cedillo Cía. Ltda. as the first choice, for a bid value of USD 19,550.00, including VAT, having obtained the highest total score in the applied evaluation methodology.
• To select Kreston Audit Services Ecuador Cía. Ltda. as the second choice, for USD 19,849.00, including VAT, as a contingent alternative if the contract with the first firm is not finalized.
• To order the General Management to instruct the Central Bank of Ecuador to sign the external audit contract with the selected firm.

The vote was unanimous among the three full members: the delegate of the President of the Republic, the delegate of the Ministry of Economic and Productive Development, and the delegate of the General Secretariat of Public Administration, Planning and Cabinet. The resolution was signed by the Chairwoman of the Board, Cynthia Natalie Gellibert Mora, and certified by the secretary Silvana Raquel Salazar Torres.

Continuity and background of the trust

This is not the first time that the selected firm has audited this fund: through Resolution No. COSEDE-DIR-2025-003 of April 9, 2025, the Board had already chosen it as the first option for the 2025 economic year, with ETL – EC Auditores S.A. as the second option. The Trust of the Liquidity Fund for Private Financial Sector Entities was established on April 28, 2016, before the Twenty-Ninth Notary of the Quito canton and was amended on April 23, 2026, before the Nineteenth Notary of Quito.

The text provides for its codification following article 43 of Section I “On the Control of the Liquidity Fund Trust of Private Financial Sector Entities,” within the Codification of Resolutions of the COSEDE Board, and orders its publication on the institutional website. The regulation is effective from its issuance, without prejudice to its publication in the Official Registry.

The Liquidity Fund acts, according to article 333 of the COMF, as a lender of last resort for financial entities that maintain their technical equity at minimum levels and have managed their liquidity in accordance with the regulation. Therefore, the audit of its financial statements is of direct interest to private banks that can access these loans and to depositors whose confidence in the system depends on the transparency of its accounts.

Source: Official Registry, Year II - No. 396, Friday, October 23, 2026, Section I, p. 48 (official reference: COSEDE-DIR-2026-031).