The SC says the provisions are against Republic Act No. 9298 or the Philippine Accountancy Act of 2004, and beyond the Securities and Exchange Commission's powers.
MANILA, Philippines – The Supreme Court voided the directives of the Securities and Exchange Commission , which required the accreditation of Certified Public Accountants who act as external auditors of companies that issue registered securities and possess secondary licenses.
It added that the enforcement of the memorandum is ultra vires or beyond the commission’s supposed powers. According to them, the rules were issued without the authority of the SEC and violate the accountancy law. They also argued that these regulations violate CPAs’ rights to due process and equal protection of the law.Securities Regulation Code and the Corporation Code, which do not apply to CPAs.
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