MORNBFI Vol. 1 - Planters Development Bank

APP. Q-3009.12.31aspect of the operations of these institutions.The report shall be submitted to the BSPand the audited institution simultaneously,within thirty (30) calendar days after theconclusion of said review.K. AUDIT BY THE BOARD OFDIRECTORSPursuant to Section 58 of RA. No. 8791,otherwise known as “The General BankingLaw of 2000” the Monetary Board may alsodirect the board of directors of a coveredinstitution or the individual membersthereof, to conduct, either personally or bya committee created by the board, an annualbalance sheet audit of the coveredinstitution to review the internal audit andthe internal control system of theconcerned entity and to submit a reportof such audit to the Monetary Boardwithin thirty (30) calendar days after theconclusion thereof.L. AUDIT ENGAGEMENTCovered institutions shall submit theaudit engagement contract between them,their subsidiaries and affiliates and theexternal auditor/auditing firm to theappropriate department of the SES withinfifteen (15) calendar days from signingthereof. Said contract shall include thefollowing provisions:1. That the covered institution shall beresponsible for keeping the auditor fullyinformed of existing and subsequent changesto prudential regulatory and statutoryrequirements of the BSP and that bothparties shall comply with said requirements;2. That disclosure of information by theexternal auditor/auditing firm to the BSP asrequired under Items “H” and “J” hereof, shallbe allowed; and3. That both parties shall comply withall the requirements under this Appendix.(As amended by Circular No. 660 dated 25 August 2009)Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-30 - Page 11