The Securities and Exchange Commission (SEC) has issued amendments to\nimplementing rules and regulations of the Investment Company Act. This was\nresolved in a meeting with full judiciary authority dated January 24, 2019. <\/p>\n\n\n\n
Independent accountants shall observe the principles on the expectation for an effective audit function.<\/p>\n\n\n\n
They shall also perform the audit of financial statements of the Investment\nCompany, Fund Managers, and Fund Distributor in accordance with the\nrequirements of the Philippine Standards on Auditing, the Ethical Standards\nunder International Ethics Standard Board of Accountants (IESBA) Code of Ethics\nfor Professional Accountants, and the relevant regulatory issuances of the\nCommission. <\/p>\n\n\n\n
Independent auditors should also report to the commission any non-compliance\nby the Investment Company, Fund Manager, Fund Distributor with their\ncontractual and regulatory requirement, based solely on the matters discovered\nfrom performing the audit. <\/p>\n\n\n\n
Securities of Exchange and Commission has been unceasingly improving corporate governance efforts by being more strict with the rules governing companies and tapping third parties such as independent auditors to help them in their regulatory function.
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