Regulatory Alerts2019-11-13
Guidelines on the Adoption of Centralized Framework for Accreditation of External Auditors by SEC, BSP, and IC
The Securities and Exchange Commission, in coordination with the Bangko Sentral ng Pilipinas, Insurance Commission, and Philippine Deposit Insurance Corporation, issued guidelines establishing a centralized one-stop-shop framework for the accreditation and selection of external auditors. This memorandum circular classifies covered financial institutions into three groups and mandates that auditors meet specific experience, training, and track record qualifications to serve entities within their designated category. The framework standardizes the five-year accreditation validity, renewal procedures, and suspension protocols to streamline regulatory compliance and promote transparency in the Philippine financial sector.
Share