The Central Bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP), issued procedural guidelines for the electronic submission of applications by external auditors seeking inclusion in the List of Selected External Auditors for BSP-Supervised Financial Institutions (BSFIs), following Circular No. 1210. Applications must use the prescribed Annex A data-entry form and be submitted by email with both an editable file and a signed PDF, together with supporting documents, using specified subject line and file-naming conventions that identify the application type (new, renewal, re-inclusion) and applicant type (individual, partner, audit firm). If no acknowledgment is received within three banking days, the BSP will treat this as delivery failure or non-adherence to the required transmission format. The relevant supervising department will conduct a pre-evaluation screening and communicate results within seven banking days from receipt, sending payment and processing instructions to eligible applicants or returning incomplete submissions without prejudice to resubmission; subsequent applicant communications must follow the same email channel and copy the supervising department. Annex A provides separate forms for audit firms and for individuals, sole practitioners, or partners, and requires applicants to indicate the BSFI audit group being applied for and to provide partner or experience details and audit client profiles. It also lists required attachments, including a valid Board of Accountancy accreditation certificate and, for new applications, the latest audited financial statements of the applicant’s two largest clients by total assets, alongside declarations covering independence and conflicts, cooling-off restrictions, retention of working papers for at least 10 years, and authorization for the BSP to obtain relevant information from other government agencies.
Central Bank of the Philippines 2025-02-20
Central Bank of the Philippines sets email submission and screening process for external auditors seeking inclusion on the BSFI selected auditor list
The Bangko Sentral ng Pilipinas (BSP) has issued guidelines for electronic submission of applications by external auditors for inclusion in the List of Selected External Auditors for BSP-Supervised Financial Institutions, as per Circular No. 1210. Applications must follow specific protocols, with a pre-evaluation screening by the supervising department. Required attachments include a Board of Accountancy accreditation certificate and, for new applications, audited financial statements of the applicant’s two largest clients.