Limiting the Requirement for "Group C" Accredited Independent Auditors/Certified Public Accountants of Financing and Lending Companies per Asset Size

March 30, 2017SEC MEMORANDUM CIRCULAR NO. 07-17TO :All Financing Companies and Lending Companies   SUBJECT : Limiting the Requirement for "Group C" Accredited Independent Auditors/Certified Public Accountants of Financing and Lending Companies per Asset Size WHEREAS, Part I (3) (A) (i) of the Securities Regulation Code (SRC) Rule 68, as amended, states that the Financial Statements required to be submitted by the corporations covered by the said Rule shall be accompanied by an auditor's report issued by an independent auditor and presented in accordance with the requirements of the said Rule. HTcADCWHEREAS, Part I (3) (B) (i) (c) and (3) (b) (iii) (f) of the same Rule require that independent auditors of financing companies (FCs) and lending companies (LCs) shall be those accredited by this Commission under category "C" or higher.WHEREAS, failure to comply with this requirement subjects the concerned company to a Twenty Five Thousand Peso (P25,000.00) penalty per year as provided under Section 12.4 of SEC Memorandum Circular No. 13, Series of 2009.WHEREAS, there have been several cases where financing companies and lending companies...