SEC Approves Guidelines on External Auditors

Manila Bulletin, October 23, 2003 | Go to article overview

SEC Approves Guidelines on External Auditors


Byline: ANA MARIE MACUJA

The Securities and Exchange Commission (SEC) yesterday approved a set of guidelines that will govern the accreditation and reportorial requirements of external auditors of public companies and secondary licensees of the Commission.

According to the SEC, the rules has been adopted in order to strengthen the enforcement capacity of the Commission as a regulatory body and increase reliance on the opinion of external auditors.

Under the newly approved rules, to be accredited, external auditors of public companies and secondary licensees of the Commission should first register with the Professional Regulation Commission (PRC) and the Board of Accountancy (BOA).

At the time of application, the external auditor shall also have at least five-year experience in external audits, of which no less than two years thereof must have been spent in auditing the type of entity for which accreditation is applied for, the rules stated.

In exceptional cases, the Commission may consider the participation in industry-specific accounting/auditing seminars conducted by any professional organization or association duly recognized by the Commission or by the BOA/PRC through a Continuing Professional Education (CPE) Council which they may set up, as compliance with the two-year requirement. …

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