JK&C LIBRARYSEC Memorandum Circular No. 6, s. 2004
Overview
SEC Memorandum Circular No. 6, series of 2004, provides guidelines concerning the Audit Committee of corporations subject to the regulatory framework of the Securities and Exchange Commission.
The circular addresses the role and responsibilities of the Audit Committee in relation to corporate governance, financial reporting, internal controls, and the oversight of audit-related matters.
Full Text
Overview
SEC Memorandum Circular No. 6, series of 2004, provides guidelines concerning the Audit Committee of corporations subject to the regulatory framework of the Securities and Exchange Commission. The circular addresses the role and responsibilities of the Audit Committee in relation to corporate governance, financial reporting, internal controls, and the oversight of audit-related matters.
Short Title / Subject
Audit Committee
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills,
Mandaiuyong City
SEC MEMORANDUM CIRCULAR NO. 6
SERIES OF 2004
TO : ALL COMPANIES LISTED WITH THE FIRST BOARD OF THE EXCHANGE
SUBJECT : AUDIT COMMITTEE
The Commission, in its Resolution No. 177, Series of 2004 dated April 1, 2004, mandates all companies listed with the First Board of the Exchange to have an audit committee which shall be composed of, among others, at least two (2) independent directors, one of whom shall be its head or chairman.
The said audit committee shall be responsible, among others, to choose the external auditor of the company.
Failure to comply with the requirements of this Circular shall subject the listed company to a penalty of Ten Thousand Pesos (Pl0,000.00) and Five Hundred Pesos (P500.00) per day of delay of compliance, without prejudice to the imposition of other sanctions provided under Section 54 of the Securities Regulation Code.
This Circular shall take effect fifteen (15) days from publication in a newspaper of general circulation in the Philippines.
Signed this 1st day of April 2004, Mandaluyong City, Philippines.
For the Commission:
LILIA R. BAUTISTA
Chairperson
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Source
Official URL: https://www.sec.gov.ph/mc-2004/sec-memorandum-circular-no-06-11/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 6, s. 2004, SEC Memorandum Circular No. 6, s. 2004, 2004-04-01
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Source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 6, s. 2004, SEC Memorandum Circular No. 6, s. 2004, 2004-04-01