February 7, 2019
SEC MEMORANDUM CIRCULAR NO. 02-19
| SUBJECT | : | Amendments to Rule 5.8.2 of the Investment Company Act Implementing Rules and Regulations |
The Commission, in its en banc meeting dated 24 January 2019, resolved to amend Rule 5.8.2 of the Investment Company Act Implementing Rules and Regulations (ICA-IRR). The amended Rule reads as follow: HTcADC
"5.8.2. Responsibilities of Independent Accountants or Auditors. The following shall be the duties and responsibilities of the independent accountants and auditors in the performance of their financial audit function:
a) To observe the principles on the expectation for an effective audit function issued by the Commission under Financial Reporting Bulletin No. 19 and any amendments thereto;
b) Perform the audit of financial statements of the Investment Company, Fund Managers, and Fund Distributor in accordance with the requirements of the Philippine Standards on Auditing, the Ethical Standards under International Ethics Standard Board of Accountants (IESBA) Code of Ethics for Professional Accountants, and the relevant regulatory issuances of the Commission such as SRC Rule 68, as amended and Financial Reporting Bulletin; CAIHTE
c) Report to the Commission any non-compliance...
