Common use of Specific Regulations Clause in Contracts

Specific Regulations. Only individual external auditors and auditing firms that are accredited by the Securities and Exchange Commission (SEC) can perform statutory audits of financial statements of publicly listed SEC registered entities. Those who are auditing banks or insurance or cooperatives, are required to be accredited with the Bangko Sentral ng Pilipinas, the Insurance Commission and the Cooperative Development Authority of the Philippines respectively. Being a CPA does not permit the individual to act as approved tax agent for compliance with tax law purpose. The individual needs to be accredited by the Bureau of Internal Revenue in order for them to provide any tax compliance service.

Specific Regulations. Only individual external auditors and auditing firms that are accredited by the Securities and Exchange Commission (SEC) can perform statutory audits of financial statements of publicly listed SEC registered entities. Those who are auditing banks or insurance or cooperatives, are required to be accredited with the Bangko Sentral ng Pilipinas, the Insurance Commission and the Cooperative Development Authority of the Philippines Philippines, respectively. Being a CPA does not permit the individual to act as approved tax agent for compliance with tax law purpose. The individual needs to be accredited by the Bureau of Internal Revenue in order for them to provide any tax compliance service.