The Securities and Exchange Commission said it will soon handle the accreditation of external auditors across the financial sector to promote the ease of doing business in the country.
The SEC issued draft guidelines on the Adoption of Centralized (One-Stop-Shop) Framework for Accreditation/Selection of External Auditors of the SEC, the Bangko Sentral ng Pilipinas and Insurance Commission’s regulated and supervised institutions.
It plans to roll out the initiative next month.
“External auditors are valuable partners in promoting the integrity of financial reports and transparency in the financial sector,” SEC chairperson Emilio Aquino said.
“The proposed one-stop-shop framework for the accreditation of external auditors will not only streamline the application process on the part of independent auditors and audit firms but also improve the ease of doing business in the country, in general,” he said.