Audit Of Financial Statements
Certain business and individuals are mandated by law to file a yearly financial statement duly examined and audited by an Independent Certified Public Accountant.
Under the Revised Security Regulation Code (SRC) which was approved by the Securities & Exchange Commission (SEC) on 19 August 2019, the Financial Statements of the following corporations shall be audited by an independent certified public accountant (CPA) registered with the Board of Accountancy (BOA):
Stock corporations with total assets or total liabilities of Six Hundred Thousand Pesos (P600,000) or more;
Non-stock corporations with total assets or total liabilities of Six Hundred Thousand Pesos (P600,000) or more;
Branch offices/representative offices of stock foreign corporations with assigned capital in the equivalent amount of One Million Pesos (P1,000,000) or more;
Branch offices/representative offices of non-stock foreign corporations with total assets in the equivalent amount of One Million Pesos (P1,000,000) or more;
Regional operating headquarters of foreign corporations with total revenues in the equivalent amount One Million Pesos (P1,000,000) or more.
Furthermore, the Bureau of Internal Revenue (BIR) requires that a corporation, partnership or individual whose gross quarterly receipts, earnings or output exceed P150,000.00 are mandated to file annual financial statements audited and examined by an independent Certified Public Accountant.
The objective of the external audit by an Independent Certified Accountant is to provide independent assurance that management has, in its financial statements, presented a “true and fair” view of the company’s financial performance and position. It determines whether the accounting records are accurate and complete and the financial statements are fairly presented in accordance with Philippine Financial Reporting Standards.
Our firm provides independent assurance on financial statements to comply with the government regulatory requirements. We conduct an independent audit on the financial statements in accordance with the Philippine Standards on Auditing (PSA) and express the appropriate audit opinion on the financial statements.
Our firm have extensive experience in external audit and its partners are duly qualified and accredited by the Board of Accountancy (BOA), Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR) to conduct an independent audit of the financial statements.