Volume 1,
Series 2
Disclosure Template

SEC Memorandum Circular no. 2-2016

The Securities and Exchange Commission (SEC) released its Memorandum Circular No. 2 entitled as “Additional Requirement for Accreditation as Auditing Firm/Sole Practitioner which has been effective since February 11, 2016.

In adherence to the Code of Ethics for Professional Accountants in the Philippines, both SEC accredited auditing firms and sole practitioners would be required to submit a Disclosure, stating that they are agreeing to follow the fundamental principles which are stated in the code and also, the applicable principles for the professional accountants in public practice particularly in the areas involving the conflict of interest and independence.

Attached in the memorandum are the disclosures’ templates of the following:

  1. For the accredited auditing firm
  2. For the applicant auditing firm
  3. For the accredited sole practitioner
  4. For the applicant sole practitioner


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