BSP, SEC, IC to use one method for accrediting external auditors
There will only be one registration required for dealing with financial companies in the Philippines.
The Monetary Board of the central bank has stepped up efforts to cut red tape across the financial sector.
Authorities approved new guidelines that allow a uniform method in selecting and appointing external auditors as part of efforts to improve the ease of doing business.
With the new rules, the Bangko Sentral ng Pilipinas (BSP) will adopt a centralized system to accredit or delist external auditing firms that will validate the books of banks, credit card firms, and the like. This would unify the BSP’s standards with those of the Securities and Exchange Commission (SEC) and the Insurance Commission.
“Following the new framework, all applications (new or renewal) for inclusion in the List of Selected External Auditors for BSFIs shall be submitted to the SEC starting June 2019. The applications shall be evaluated by the SEC in coordination with the BSP and shall be subject to the requirements the agencies agreed upon,” the central bank said in a statement.