CMF Fines Deloitte UF2,000, Partner UF1,000
Summary
The Financial Market Commission (CMF) Board sanctioned Deloitte Auditores y Consultores Limitada with a fine of UF 2,000 and its partner Roberto Leiva Casas-Cordero with a fine of UF 1,000 for breaching the Law on the Securities Market and Generally Accepted Auditing Rules (NAGAs). The deficiencies involved auditing work performed on Primus Capital S.A.'s financial statements as of December 2022, including failures in obtaining and assessing audit evidence, inadequate work documentation, and insufficient professional skepticism.
Auditors conducting audits of CMF-supervised entities should review their evidence-gathering procedures and documentation practices against the deficiencies cited here: insufficient audit evidence on material assertions, inadequate supervision of engagement teams, and insufficient professional skepticism. These are the specific conduct failures the CMF found actionable under Resolution No. 3,913.
What changed
The CMF Board issued Resolution No. 3,913 imposing fines on Deloitte Auditores y Consultores Limitada and its partner for deficiencies in auditing Primus Capital S.A.'s December 2022 financial statements. Specific failures included insufficient audit evidence collection and assessment, inadequate documentation of work performed, and lack of professional skepticism.\n\nExternal audit firms performing audits for publicly listed companies in Chile should review their evidence-gathering procedures, documentation practices, and professional skepticism controls. The CMF noted that the work of external auditing firms is essential to the reliability of financial information reported to the market, signalling continued regulatory attention on audit quality.
Penalties
UF 2,000 (Deloitte Auditores y Consultores Limitada); UF 1,000 (Roberto Leiva Casas-Cordero)
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Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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CMF sanctions Deloitte, one of its partners for deficiencies in auditing financial statements of public securities issuer
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April 17, 2026 - The Board of the Financial Market Commission (CMF) sanctioned Deloitte Auditores y Consultores Limitada and partner Roberto Leiva Casas-Cordero with fines of UF 2,000 and UF 1,000, respectively, for breaching both the Law on the Securities Market and Generally Accepted Auditing Rules (NAGAs, for their Spanish acronym).
Both the Law on the Securities Market and NAGAs state that auditing firms must carry out their duties pursuant to due care, diligence, and professional skepticism standards. They must also have enough evidence to support their professional judgment expressed in reports when issuing opinions on the reasonableness of financial statements.
According to Resolution No. 3,913, the auditing firm and Roberto Leiva Casas-Cordero presented deficiencies in compliance with said standards - particularly regarding the obtention and assessment of auditing evidence; adequately documenting conducted work; and professional skepticism when auditing the financial statements of Primus Capital S.A. as of December 2022.
The auditing team did not obtain sufficient evidence on the most relevant aspect of Primus' financial statements. Failures were detected when applying audit proceedings, as well as weaknesses in supervising work. These deficiencies affected the quality of financial information made available to the market.
The work of external auditing firms is essential to the reliability of financial information that supervised entities report to the market and the CMF.
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