The Supreme Court has declared as unconstitutional the memorandum circulars issued by the SEC requiring the accreditation of CPA acting as external auditors of corporations issuing registered securities and possessing secondary licenses. Know more:
THE Supreme Court has declared as unconstitutional the memorandum circulars issued by the Securities and Exchange Commission requiring the accreditation of certified public accountants acting as external auditors of corporations issuing registered securities and possessing secondary licenses.
The said provisions mandate that only an external auditor and his auditing firm accredited by the commission “shall be engaged by corporations covered by this Circular for the statutory audit of their financial statements.” “While petitioner may regulate corporations as well as the securities market, such regulation does not extend to an authority to restrict, even in the slightest degree, the practice of accountancy,” the SC said.
Furthermore, the SC said, the power to supervise the accounting profession and impose regulations on CPAs is exclusively delegated to the Professional Regulatory Board of Accountancy. The case stemmed from a petition for declaratory relief with prayer for preliminary injunction and temporary restraining order filed by 1Accountants Party List Inc. represented by its president Christian Jay Lim, who is also a certified CPA, as well as several other CPAs before the RTC.
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