Audit Of Financial Statements
Certain business and individuals are mandated by law to file a yearly financial statements duly examined and audited by an Independent Certified Public Accountant.
The Securities & Exchange Commission requires that the Financial Statements of the following domestic corporations shall be audited by an independent certified public accountant (CPA) registered with the Board of Accountancy (BOA):.
- Stock corporations with paid-up capital of PhP50,000.00 or more;
- Non-stock corporations with annual gross receipts of PhP100,000.00 or more, or total assets of PhP500,000.00 or more
It further provides that the Financial Statements of the following foreign corporations shall be audited by an independent CPA registered with the Board of Accountancy:
- Branch office of a stock foreign corporation with total assets of PhP500,000.00 or more;
- Branch office of a non-stock foreign corporation with total assets of PhP500,000.00 or more
- Representative office of a foreign corporation with total assets of PhP500,000.00 or more
- Regional operating headquarters of multinational companies with assigned capital of PhP50,000.00 or more
- Regional headquarters of multinational companies with total assets of PhP50,000.00 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 ReportingStandards.
Our firm provides independent assurance on financial statements to comply with the above government regulatory requirements. We will conduct an independent audit on your financial statements in accordance with the Philippine Standards on Auditing (PSA) and we will express the appropriate audit opinion on your financial statements. Our partners have extensive experience in external audit and 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.
The Board of Accountancy issued BOA Resolution 03-2016 which requires companies with revenue of P10 Million and above to have their financial statements prepared and compiled by an accredited Certified Public Accountant which will issue “the Certificate of Compilation services on the preparation of Financial Statements and Notes to the Financial Statements”.
Our partners are qualified and accredited by the Board of Accountancy to provide compilation services in accordance with the Philippine Standard on Related Services (PFRS 4410). Our firm will compile and prepare your company’s financial statements in accordance with Philippine Financial Reporting Standards.
On Site Verification Of Financial Records
The Securities & Exchange Commission (SEC) issued Memorandum Circular No. 6 Series of 2008 which requires On-Site Verification of Financial Records by an independent accredited Certified Public Accountant relative to the following application filed to the Commission:
- Application for Increase in Capital Stock
- Application for a Certificate of Authority to operate as a Financing or Lending Company
The On-Site Verification Procedures must be conducted by an independent and accredited CPA who will accordingly issue the verification report required by the SEC.
Our partners are highly qualified to perform the above mentioned procedures and duly qualified and accredited to issue the required verification report.
Set-Up Of Computerized Accounting System
Our firm provides services for Agreed Upon Procedures Engagement in accordance with the Philippine Standards on Related Services (PSRS4400). We review certain financial information based on agreed upon procedures with the clients. The engagement may involve the conduct of certain procedures concerning individual items of account, financial data, transaction, information or statement. Our firm and client must agree on the objective of the audit and the procedures that will be taken in the conduct of the engagement.
Our professional team can evaluate and test your existing internal control system. We will determine if your present internal control system is adequate and effective. We would recommend additional internal control measures should we find some weaknesses in your system during the course of our examination.
This audit is conducted when the management has suspicions that there is fraud within the Company. Thorough examination of records will be done and report on finding will be submitted after.