Certification

What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor?

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What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor? The general rule requires annual financial statements to be audited by an independent certified public accountant for submission to the SEC (SEC. 74, Revised Corporation Code of the Philippines). However, if the corporation’s total assets […]

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What is the penalty for any person who willfully certifies an inaccurate, false, or misleading report required under the Code?

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What is the penalty for any person who willfully certifies an inaccurate, false, or misleading report required under the Code? Any person who willfully certifies a report required under this Code, knowing that the same contains incomplete, inaccurate, false, or misleading information or statements, shall be punished (SEC. 162, Revised Corporation Code of the Philippines).

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What two primary reportorial requirements must every corporation, domestic or foreign, submit annually to the SEC?

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What two primary reportorial requirements must every corporation, domestic or foreign, submit annually to the SEC? Every corporation, whether domestic or foreign, doing business in the Philippines must submit two primary reportorial requirements annually to the SEC (SEC. 177, Revised Corporation Code of the Philippines). These reports include the annual financial statements audited by an

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When is the deadline for a corporation to furnish a stockholder with its most recent financial statement upon written request?

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When is the deadline for a corporation to furnish a stockholder with its most recent financial statement upon written request? A corporation is mandated to furnish a stockholder or member with its most recent financial statement within ten (10) days from receipt of their written request (SEC. 74, Revised Corporation Code of the Philippines). The

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How must amendments to the Articles of Incorporation be indicated upon filing?

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How must amendments to the Articles of Incorporation be indicated upon filing? Amendments to the articles of incorporation must be clearly indicated by underscoring the change or changes made to the text (SEC. 15, Revised Corporation Code of the Philippines). A copy of the amended articles must be submitted to the SEC, duly certified under

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