Russell Bedford firm wins contract to audit Uruguay Central Bank

Stavros Moyal y Asociados S.R.L., has won the contract to audit the Central Bank of Uruguay for the period 2010 - 2012. End Quote

(1888PressRelease) December 10, 2010 - 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.

For further information, contact Pablo Moyal on +598 2 908 58 13. Alternatively, visit the websites at www.moyal.com.uy and www.russellbedford.com .

Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants.

Ranked amongst the world's leading accounting and audit networks, Russell Bedford is represented by some 460 partners, 5000 staff and 200 offices in more than 80 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific.

All Russell Bedford affiliates are well-established firms offering international business advice and services to local and multinational clients. Most provide a full range of services comprising accounting, auditing, tax advice, general business guidance and financial consulting. In addition, many have special expertise in particular fields, such as international taxation or information technology.

In January 2008 Russell Bedford International was named one of the first 17 full members of the IFAC Forum of Firms after reporting it had implemented a globally coordinated quality assurance programme, committed to the use of International Standards on Auditing (ISAs), and met other specific ethics requirements.

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