cycle were found in the following areas: audit sampling, audits of revenue recognition under percentage of completion method, audits of inventory and cost of sales, and the process of forming an audit
firms demonstrated an improvement vis-à-vis the results from the previous inspection cycle. Such improvement was undoubtedly enabled by the formulation of audit firms’ root cause analysis process and
the settlement procedure (SEC News No. 87/2014), but later failed to make fine payment in full as specified by the Settlement Committee. The criminal case has thus not been regarded as settled.In this
with a client. Such procedure should have adequate process to identify and verify client’s true identity in order to ensure that the client is the person appears on the documents referred to during the
by a management company 1.1 There should be a procedure for account opening and entering into a contract with a client. Such procedure should have adequate process to identify and verify client’s true
was based on the percentage of completion method, while only substantive testing procedures were applied. An auditor set the scope of substantive testing procedure by using the percentage of completion
process by the setting up of the policy and the more detailed monitoring procedure, the appointment and the assignment of appropriate EQCRs and the rectification of the deficiencies, communicate with the
company (“AMC”) to easier receive unitholders’ resolution in revision or modification of mutual fund project or management procedure Amendments Details 2.1 Imposing fiduciary duty of AMC in mutual fund
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project, which delays due to change in policy on procedure and the license approval process of the licensing agency, which is the Department of Energy, Ministry of Energy, the Philippines. It is still in