November 11, 2019
SEC MEMORANDUM CIRCULAR NO. 20-19
GUIDELINES ON THE ADOPTION OF CENTRALIZED (ONE-STOP-SHOP) FRAMEWORK FOR ACCREDITATION/SELECTION OF EXTERNAL AUDITORS/AUDITING FIRMS OF THE SECURITIES AND EXCHANGE COMMISSION, BANGKO SENTRAL NG PILIPINAS AND INSURANCE COMMISSION'S REGULATED AND SUPERVISED INSTITUTIONS
SECTION 1. Policy Statement. —
The Securities and Exchange Commission (SEC) considers the external auditing profession as a partner in promoting the integrity of financial reports and transparency in the financial system. In this light, the SEC is issuing the guidelines on the adoption of a centralized framework for accreditation/selection of external auditors (individual practitioners and audit firms) in the financial sector in line with its cooperative arrangements with the Bangko Sentral ng Pilipinas (BSP), Insurance Commission (IC), and Philippine Deposit Insurance Corporation (PDIC), under the auspices of the Financial Sector Forum (FSF). The guidelines aim to streamline the accreditation/selection process for external auditors of institutions belonging to the financial sector and to promote the ease of doing business.
SECTION 2. Definition of Terms. —
• Conditional accreditation — refers to the approval of the application with shorter validity period.
• Delisting...
