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
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