Regulatory Alerts2025-01-07
SEC Guidelines on Disclosure of Fee-Related Information of External Auditors
The Securities and Exchange Commission issued Memorandum Circular No. 18, Series of 2024, requiring public interest entities to disclose detailed fee-related information for external auditors in their audited financial statements. Covered companies must present a two-year comparative supplementary schedule itemizing audit fees, non-audit service fees, fees for related entities, and any fee dependency exceeding 15% of the auditor's total revenue. These guidelines align with the Code of Ethics for Professional Accountants and become effective for financial statements ending on or after December 31, 2024.
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