Rules and Regulations on the Implementation of the SEC Oversight Assurance Review Inspection Program

August 18, 2017SEC MEMORANDUM CIRCULAR NO. 09-17RULES AND REGULATIONS ON THE IMPLEMENTATION OF THE SECURITIES AND EXCHANGE COMMISSION (SEC) OVERSIGHT ASSURANCE REVIEW INSPECTION PROGRAMIn line with the declared State policy under the Securities Regulation Code (SRC)to protect investors and ensure full and fair disclosures about securities and in adherence to International Organization of Securities Commissions' principles on securities regulation, the SEC, pursuant to the powers and functions vested in it under Section 5 of the SRC and its authority to make, amend, and rescind such accounting rules and regulations as may be necessary to carry out the provisions of the SRC as provided for under Section 68 thereof, hereby issues these Rules and Regulations on the implementation of the SEC Oversight Assurance Review (SOAR) Inspection Program. SECTION 1. The SOAR Inspection Program. —1.1 The SOAR Inspection Program is the initiative of the SEC to do an on-site review of the quality control policies and procedures of accredited firms auditing companies with equity or debt securities listed in an Exchange and a review of portions of...