Select a page

Banking News

Manila's banks told to now revolve auditors

Manila’s banks told to now revolve auditors

(The Philippines) - Philippine's Central Bank has approved a plan to compel banks to change their external auditors every three years in another post-the Enron reaction. The Central Bank notes that most banks do change their external auditors regularly already but all lenders are being compelled to adopt prudent corporate practices.

External auditors are also now required to report to the Central Bank any findings of fraud or dishonesty likely to reduce a bank's capital funds by one percent or more.

Similar moves are already afoot in Singapore, where the Monetary Authority of Singapore has recently ordered local banks to rotate their audit firms every five years.

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.