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Submission of Audited Financial Statements |
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SUPERVISION AND EXAMINATION SECTOR INSTITUTIONS WITH QUASI-BANKING FUNCTIONS (NBQBs) SUBJECT: Submission of Audited Financial Statements and Annual Report of Management to Stockholders Subsections X164.1 and X426.2 of the Manual of Regulations for Banks (MORB) and Section 4172Q of the Manual of Regulations for Non-Bank Financial 9MORNBFI) require that an annual financial audit of the bank/non-bank with quasi-banking functions [Bank/NBQB Proper (Regular and FCDU) and the Trust Department] be conducted by an external independent auditor not later than thirty (30) calendar days after the close of the calendar year or the fiscal year adopted by the bank. Reports of such audits shall be made and submitted to the board of directors and the appropriate supervising and examining department of the BSP not later than ninety (90) calendar days after the start of such audit. In consonance with the aforementioned regulations, banks and NBQBs are to be guided with the checklist of Bangko Sentral requirements inthe submission of AFS and Annual Report as shown in Annex A. Delayed submission of certification of the external auditor, schedules/attachments and amendments inthe required reports shall be considered late reporting, subject to the penalties under Subsection X162.2b, MORB and Subsection 4162Q3.b, MORNBFI, as follows:
This Memorandum shall take effect after fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation and shall apply to audited financial statements and annual report for the calendar year ended 31 December 2004 or the fiscal year ended after the effectivity of this Memorandum. (SGD.) ALBERTO V. REYES Deputy Governor 26 July 2004 |
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Circular Letters/Memoranda |
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Speeches/ Presentations |
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Photo Gallery |
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The 2008 RBAP Charter Symposium |
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2008 CFI Awards |
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Rural Banking Week Celebration Golf Tournament |
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Client Satisfaction Survey for Licensing Management System of the Supervision and Examination Sector |
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Financial Reporting Package 2008 |
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BSP releases regulations on liquidity, market risk weighting |
