JK&C LIBRARYSEC Memorandum Circular No. 08, s. 2003
Overview
SEC Memorandum Circular No. 8, Series of 2003, concerns the rotation of external auditors. The Securities and Exchange Commission officially lists the circular under its accreditation issuances and identifies it as “MC No. 8 s.2003 – RE : Rotation of External Auditors.”
The circular forms part of the SEC’s regulatory framework concerning external auditors and auditor independence. Subsequent SEC rules and corporate disclosures refer to the requirement for compulsory rotation of audit partners after five years and a two-year cooling-off period before re-engagement of the same signing partner or individual auditor.
Full Text
Overview
SEC Memorandum Circular No. 8, Series of 2003, concerns the rotation of external auditors. The Securities and Exchange Commission officially lists the circular under its accreditation issuances and identifies it as “MC No. 8 s.2003 – RE : Rotation of External Auditors.” The circular forms part of the SEC's regulatory framework concerning external auditors and auditor independence. Subsequent SEC rules and corporate disclosures refer to the requirement for compulsory rotation of audit partners after five years and a two-year cooling-off period before re-engagement of the same signing partner or individual auditor.
Short Title / Subject
Rotation of External Auditors
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills, Mandaluyong City
SEC MEMORANDUM CIRCULAR NO. 8
Series of 2003
Subject: ROTATION OF EXTERNAL AUDITORS
Pursuant to the Commission's Resolution No. 18, Series of 2003, all corporations covered under the Code of Corporate Governance, who had engaged their respective external auditors for a consecutive period of five (5) years or more as of December 31, 2002. shall have a one-year transition period or up to December 31. 2003 within which to change said external auditors or engagement partners.
The one-year transition period is for the orderly transfer of the account to the new external auditor or engagement partners.
Said change shall be reflected in a current report (SEC Form 17-C), if applicable, within the prescribed period. A description of any disagreement with respect to the transfer of the account or other accounting/auditing issue(s) shall be included in the said report
Signed on behalf of the Commission on May 5, 2003,
Mandaluyong City, Philippines.
LILIA R. BAUTISTA
Chairperson
Official PDF
If the preview does not load in your browser, use Open Full PDF.
Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2003/sec-memorandum-circular-no-08-11/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 08, s. 2003, SEC Memorandum Circular No. 08, s. 2003, 2003-05-05
Share
Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 08, s. 2003, SEC Memorandum Circular No. 08, s. 2003, 2003-05-05