Regulatory Updates: What the CPAs should know

Basel Core Principles for Effective Banking Supervision Principle 10 – Supervisory Reporting Principle 26 – Internal Control and Audit Principle 27 – Financial Reporting and External Audit Principle 28 – Disclosure and Transparency

CPAs are among the key players in the supervision process Management, financial, and prudential reports Prudential reports and industry statistics Financial performance and industry statistics

Supervisors and the Profession are partners in promoting the safety and soundness of banks and the banking system

Fit and proper criteria Qualification requirements Membership composition requirements of board- level committees BSP Issuances

Internal control and internal audit standards External auditor selection requirements Expectations from an effective external audit function BSP Issuances

Evolving international standards Changing regulatory and business landscape/environment

Remain relevant and Faithful to the values of the profession

Regulatory Updates: What the CPAs should know