07/04/2026
๐ฃ ๐ฆ๐๐ ๐บ๐ผ๐๐ฒ๐ ๐๐ผ ๐๐ถ๐ด๐ต๐๐ฒ๐ป ๐ฎ๐๐ฑ๐ถ๐ ๐๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ๐, ๐ฒ๐
๐ฝ๐ฎ๐ป๐ฑ ๐ผ๐๐ฒ๐ฟ๐๐ถ๐ด๐ต๐ ๐๐ผ ๐ด๐ผ๐๐ฒ๐ฟ๐ป๐บ๐ฒ๐ป๐ ๐ฐ๐ผ๐ป๐๐ฟ๐ฎ๐ฐ๐๐ผ๐ฟ๐
The Securities and Exchange Commission (SEC) is moving to tighten oversight and elevate qualification standards for auditing firms and external auditors, in a bid to further safeguard the investing public and prevent corruption by expanding scrutiny to government contractors.
The Commission on April 1 issued for public comment the draft memorandum circular containing amendments in SEC accreditation guidelines of auditing firms and external auditors.
The proposal seeks to amend pertinent provisions on the accreditation of independent auditors of SEC-regulated entities under Revised Rule 68 of Republic Act No. 8799, or the Securities Regulation Code.
The proposed guidelines seek to strengthen the accreditation framework and protect the publicโs interest by expanding oversight for government contractors, elevating qualification and track record standards, and providing a more rigorous evaluation process, among others.
The SEC accredits auditing firms and independent auditors for quality assurance review. They are classified into three categories: Group A is for issuers of registered securities, except timeshares/membership certificates; listed companies; public companies with assets of at least P50 million and 200 or more holders; clearing agencies and clearing agencies as depositories; as well as stock exchanges and other self-regulatory organizations.
Group B covers investment houses, brokers and dealers of securities, investment companies, government securities eligible dealers, and universal banks registered as underwriters, as well as issuers of registered timeshares and membership certificates.
Meanwhile, Group C includes financing companies with assets over P10 million, lending companies with assets over P5 million, and transfer agents.
Read full press release here: https://www.sec.gov.ph/pr-2026/sec-moves-to-tighten-audit-standards-expand-oversight-to-government-contractors/ .tab=0