AUDIT AND ASSURANCE
What is Auditing?
Auditing is a systematic process of obtaining and examining the transparency and truth of financial records of a business entity. This accounting tool determines whether the financial statements of a particular company is accurate and without a trace of deceit.
What Companies are Subject to Mandatory Audit?
According to Section 52 (A) of NIRC: Every corporation, partnership no matter how created or organized, joint stock companies, joint accounts, associations, government-owned or controlled corporations, agencies and instrumentalities shall render a true and accurate income tax return in accordance with the provisions of the Tax Code.
Attachment Required: Certificate of Independent CPA duly accredited by BIR
Who Can Be Audited?
Reasons Why You Should Avail of Auditing Services
Audits can improve a company’s efficiency and profitability by helping the management better understand their own working and financial systems. The management, as well as shareholders, suppliers and financers, are also assured that the risks in their organisation are well-studied, and effective systems are in place to handle them.
Audits ensure that the path the organization is taking gears towards the goals that have been set and does not stray from the regulations set by the government and the company itself.