September 26, 2025 - The Board of the Financial Market Commission (CMF) sanctioned EY Servicios Profesionales de Auditoría y Asesorías Limitada with a UF 600 fine, and former EY partner Eduardo Rodríguez Barrios with a UF 300 fine for infringements of both the Law on the Securities Market and the Generally Accepted Auditing Standards (NAGAs, for their Spanish Acronym).

Both the Law on the Securities Market and the NAGAs stipulate that external auditing firms must perform their role with due standards of care, diligence, and professional skepticism. They must also have enough evidence to support the professional judgment expressed in their reports when giving opinions on the reasonableness of financial statements.

As stated in Exempt Resolution No. 10,077, the auditing firm and Eduardo Rodríguez Barrios breached these duties when planning and executing the audits of financial statements of securities issuer Factotal S.A. for fiscal years 2020 and 2021. The investigation originated from a complaint filed by Factotal S.A. itself, which alleged that the auditing firm had failed to detect or report irregular transactions, resulting in the input of improper financial information into the company's accounting system.

The work of external auditing firms is essential to the reliability of financial information that supervised entities report to the market and the CMF.