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What To Know Before Engaging an Independent Auditor in the Philippines

An independent auditor plays a very significant role in the compliance requirements of businesses in the Philippines. As mandated by the Bureau of Internal Revenue (BIR) corporations, companies, partnerships or persons whose gross quarterly sales, earnings, receipts or output exceed One hundred fifty thousand pesos (P150,000) shall have their books of accounts audited and examined yearly by an independent Certified Public Accountants. Furthermore, SRC 68 as amended requires all covered corporation to submit financial statements accompanied by an auditor’s report issued by an independent auditor. Failure to comply with this requirement shall be subjected to penalties set by the Philippine Securities and Exchange Commission.

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