OUR ACCREDITATIONS

Machica Tan-Cruz & Co

Accreditations of the partnership:

Section 2 of SEC circular no. 13, series of 2009 provides the following companies under Category B which can be engaged by external auditors:

a. Pre-need companies;
b. Issuers of registered timeshares, proprietary and non-proprietary membership certificates;
c. Investment houses;
d. Brokers and dealers of securities;
e. Investment companies;
f. Government Securities Eligible Dealers (GSEDs);
g. Universal Banks Registered as Underwriters of Securities;
h. Investment Company Advisers;
i. Clearing Agency and Clearing Agency as Depository;
j. Stock and Securities Exchange/s;
k. Special Purpose Vehicles registered under the Special Purpose Vehicle Act of 2002 and its implementing rules;
l. Special Purpose Corporations registered under the Securitization Act of 2004 and its implementing rules;
m. Such other corporations which may be required by law to be supervised by the Commission.

Group B external auditors can also engage companies belonging to group C and D. Under group C are the financing and lending companies and transfer agents. Group D are those registered corporations which are mandated by other regulatory agencies to have external auditor accredited by the Commission.

On 29 October 2003, the BSP issued Circular No. 410 prescribing the guidelines governing the selection, appointment and reporting requirements for external auditors. Only BSP selected external auditors shall be engaged by banks for regular audit or special engagement on the following:

1. Under Category B-

a. Thrift banks;
b. Quasi-banks;
c. Trust Department of qualified banks and other trust entities;
d. National cooperative banks;
e. Non-bank financial institutions with quasi-banking functions

2. Under Category C-

a. Rural Banks;
b. Local Cooperative Banks;
c. Non-stock savings and loan associations (NSSLAs); and
d. Pawnshops

The National Electrification Administration (NEA) only authorizes those external auditors to engage audit of Electric Cooperatives (ECs) accredited by them.

Section 2 of CDA Memorandum circular no. 2009-03 provides duly recognized Cooperative External Auditor (CEA) to audit cooperatives registered under the Cooperative Development Authority (CDA).

Pursuant to the provisions of Section 6 (G) of the National Internal Revenue Code of 1997, only those accredited by the Bureau of Internal Revenue (BIR) can act for and on behalf of taxpayers in the preparation and filing of tax returns, statements, reports, protests and other papers with, and/or to appear and transact official business before the BIR.

• Inspiring @ 10

  

  The past decade has been very inspiring for the Machica Group. As the Group reaches its tenth anniversary, the Group takes this as a great opportunity to thank all the people – employees, business partners, customers, all other stakeholders, who in one way or another, have contributed to the continued success of the Group. With the theme “Inspiring @ 10,” the commemoration will be held together with the Christmas party and the 10th wedding anniversary of the founders on December 18, 2009 at the Asia Convention Center, Tacloban City. Read more...