statements) or audited (annual financial statements) by an SEC-approved auditor which are monitored and reviewed by the SEC on a quarterly basis to ensure that investors will obtain accurate and complete
financial disclosure system of the entities and auditors, the SEC has revised the rules on approval of auditors by prescribing additional qualifications and prohibited characteristics of auditors, as well as
under the good quality control system both at firm level and engagement level. In response to the aforesaid, the SEC has revised rules on granting approval of auditors in its continuing efforts to
SEC, in 2010, had revised the rules on approval of auditors by prescribing that the auditor to be approved by the SEC must be attached to audit firms that have audit quality control system in accordance