Regulatory Alerts2025-02-17
Circular No. 1210: Revised Framework on the Selection of External Auditors
The Bangko Sentral ng Pilipinas issued Circular No. 1210 to revise the framework governing the selection of external auditors for supervised financial institutions. The regulation mandates that institutions engage only auditors from an approved list, classifying them into three categories based on track record and institutional size. It further establishes strict qualification requirements, audit engagement standards, and enforcement procedures for the exclusion of non-compliant auditors from the approved list.
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