Rotation of External Auditors
SEC Memorandum Circular No. 08-03 • Securities and Exchange Commission • Memorandum Circulars • May 5, 2003
Full text
May 5, 2003 SEC MEMORANDUM CIRCULAR NO. 08-03 SUBJECT : Rotation of External Auditors Pursuant to the Commission's Resolution No. 18, Series of 2003, all corporations covered under the Code of Corporate Governance, who had engaged their respective external auditors for a consecutive period of five (5) years or more as of December 31, 2002, shall have a one-year transition period or up to December 31, 2003 within which to change said external auditors or engagement partners. The one-year transition period is for the orderly transfer of the account to the new external auditor or engagement partners. Said change shall be reflected in a current report (SEC Form 17-C), if applicable, within the prescribed period. A description of any disagreement with respect to the transfer of the account or other accounting/auditing issue(s) shall be included in the said report. Signed on behalf of the Commission on May 5, 2003. Mandaluyong City, Philippines. TcEaDS (SGD.) LILIA R. BAUTISTA Chairperson
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