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Accreditation of Auditing Firms
Schedule of Availability of Service:
Mondays to Friday, 8:00am-5:00pm without noon break
Who May Avail of the Service:
Auditing Firms
What Are the Requirements:
1. Fully accomplished application form for auditing firm (Initial: SEC Form AuF—002 – Revised 2009; Renewal: SEC Form AuF—002-R – Revised 2009).
2. Certificate of Registration issued by BOA to the firm which is current and effective.
3. PRC/BOA Certification on list of registered partners of the firm.
4. Quality Assurance Manual.
5. Copies of Audited Financial Statements (AFS) of the firm’s top two (2) clients in terms of assets.
6. 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 : P20,000.00 LRF* : 200.00 Total : P20,200.00 |
Group B Filing Fee: P15,000.00 LRF* : 150.00 Total : 15,150.00 |
Group C or D Filing Fee: P5,000.00 LRF* : 50.00 Total : P5,050.00 |
* 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 AuF-002 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