What are the rules for external auditors in the Philippines?

According to Securities Regulation Code (SRC) 68, all companies have to submit their financial statements along with an auditor’s report issued by an independent auditor. This external auditor has to be rotated every 5 years. In the case of an auditing firm, the signing partner also has to be rotated for public companies and secondary licensees every five years. Once the services of the auditor have been used for five continuous years, the same auditor cannot participate in the auditing process for a period of two years.