Eligible External Auditors for Banks' Internal Rating System Purposes
CIRCULAR NO. 531 Series of 2006
Subject: Eligible External Auditors for Banks' Internal Rating System Purposes
The Monetary Board in its Resolution No. 574 dated 5 May 2006 approved the amendment to Section 4.6 of Circular No. 439 dated 5 July 2004, as follows:
"Section 4. Minimum Technical Standards
x x x
"6) In rating corporate borrowers with total assets of more than P15 million, only financial statements audited by external auditors that are accredited/selected by the Securities and Exchange Commission (SEC), the BSP or the Insurance Commission (IC) shall be used starting with the annual financial statements ending 31 December 2006"
This Circular shall take effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD
AMANDO M. TETANGCO, JR. Governor
More in BSP Circulars
- Retirement of Central Bank Notes, "Ang Bagong Lipunan" Series (2-, 5-, 10-, 20-, 50-, and 100- PISO Denominations)(BSP Circular No. 1326)
- Creation of Multi-Class Unit Investment Trust Fund (UITF)(BSP Circular No. 853)
- To suspend the requirement under Subsection 2126.1c of the Manual of Regulations for Banks and Other Financial Intermediaries, Book II(BSP Circular No. 125)
- Sanctions to be imposed for equity investments made without prior Monetary Board approval(BSP Circular No. 1366)
- Amendments to the rules and regulations to govern investments in all debts securities and marketable equity securities. Accordingly, Books I, II and IV of the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 161)
- Issuance of the new Financial Reporting Package (FRP) for banks in line with the adoption of the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS)(BSP Circular No. 512)
- Enhanced Guidelines in Strengthening Compliance Frameworks(BSP Circular No. 972)
- Loans of exporters to the extent guaranteed by the Guarantee Fund for Small and Medium Enterprises and by the Small Business Guarantee and Finance Corporation which are not past due(BSP Circular No. 153)
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