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Accreditation of External Auditors
Schedule of Availability of Service:
Mondays to Fridays, 8:00am-5:00pm without noon break
Who May Avail of the Service:
Individual Practitioners/External Auditors
What Are the Requirements:
1. Fully accomplished application form for external auditor (Initial: SEC Form ExA-001 – Revised 2009; Renewal: SEC Form ExA-001-R – Revised 2009).
2. Certificate of Registration as public practitioner issued by BOA
3. Copies of certificates of participation in seminars/trainings (Initial: 60 CPE units; Renewal: 90 CPE units)
4. Quality Assurance Manual
5. In case of Group A, B, and C accreditation, notarized certification that the applicant has fundamental knowledge of the regulatory requirements on each of the other secondary licensees of the Commission.
6. Copies of Audited Financial Statements (AFS) of the applicant’s top two (2) largest clients in terms of assets.
7. Certificate of Accreditation issued by the Bangko Sentral ng Pilipinas (BSP) and Insurance Commission (IC) – for those availing the mutual recognition of accreditation.
Fees:
| Group A Filing Fee: P5,000.00 LRF* :50.00 Total : P5,050.00 |
Group B Filing Fee: P3,000.00 LRF* : 30.00 Total : P3,030.00 |
Group C or D Filing Fee : P2,000.00 LRF* : 20.00 Total : P2,020.00 |
* Legal Research Fee (LRF – 1% of Filing Fee)
Pre-Evaluation Procedures:
| STEP | APPLICANT/CLIENT | SERVICE PROVIDER | DURATION OF ACTIVITY | PERSON IN CHARGE |
| 1 | Secures application form (SEC Form ExA-001 Revised 2009) from the OGA. | Provides client application form, and checklist of requirements. | 5 minutes | Officer of the Day of OGA |
| 2 | Presents application and supporting documents |
1. Pre-evaluates application and supporting documents. a. If application and supporting documents are not complete, the same are returned to applicant with list of requirements not complied with b. If application and supporting documents are complete, the “Officer of the Day” clears application for payment of the prescribed fees (proceeds to No. 2) |
30 minutes | Officer of the Day of OGA |
| 2. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier. | 10 minutes | Executive Assistant | ||
| 3 | Presents the PAF at the Cashier and settles the required fee. | Process payment and issue O.R. | 10 minutes | Cashier |
| 4 | Submits the machine-validated PAF to OGA with the application and its supporting documents. | 1. Checks contents and stamps receive the three (3) sets of application documents | 4 minutes | Executive Assistant |
| 2. Returns one (1) copy of the application documents to the client. | 1 minute |
Duration:
Pre-evaluation of application:1 hour
Processing of application: 2 days
Mailing period (estimate)*: 40 days
Total duration: 42 days and 1 hour
* Includes mailing of all comment letters, comment and response sheets, and matrix of findings.
* Note :Duration of activity under normal circumstances