164 SELECTION, APPOINTMENT, REPORTING REQUIREMENTS AND DELISTING OF EXTERNAL AUDITORS AND/OR AUDITING FIRM; SANCTIONS; EFFECTIVITY
a. Rules and regulations. The revised rules and regulations that shall govern the selection and delisting by the Bangko Sentral of external auditors and auditing firms of covered institutions which under special laws are subject to Bangko Sentral supervision are shown in Appendix 39.
b. Sanctions. The applicable sanctions/penalties prescribed under Sections 36 and 37 of R.A. No. 7653 to the extent applicable shall be imposed on the covered institution, its audit committee and the directors approving the hiring of external auditors/auditing firm who/which are not in the Bangko Sentral list of selected auditors for covered institutions for hiring, and/or retaining the services of the external auditor/auditing firm in violation of any of the provisions of this Section and for non-compliance with the Monetary Board directive under Item “K” in Appendix 39. Erring external auditors/auditing firms may also be reported by the Bangko Sentral to the PRC for appropriate disciplinary action.