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The field of Accounting and Auditing law in Makati City, Philippines is primarily concerned with the proper financial practices and records of businesses. It revolves around Philippine laws such as The Accountancy Act of 2004, Tax Reform Act, and the Securities Regulation Code. This sector ensures businesses comply with standard accounting practices, pay appropriate taxes, and fulfill obligations towards employees and other stakeholders.
Legal advice related to Accounting & Auditing may be required in several situations; if you are facing an audit from the Bureau of Internal Revenue (BIR), if your company has complex financial transactions that need sound advice on record-keeping, in case of merger and acquisition negotiations, or when dealing with bankruptcy or insolvency issues. Additionally, a lawyer can help to structure your business in a tax-efficient manner, ensure the accuracy of financial statements, and assist in dispute resolution with the government or other businesses.
The major legal aspects revolve around The Accountancy Act of 2004, which governs Certified Public Accountants (CPAs), the National Internal Revenue Code that governs tax matters, the Corporation Code for business operations, and the Securities Regulation Code for share and stock-related matters. Anti-Money Laundering Act (AMLA) of 2001 also is relevant in accounting and auditing as businesses are required to comply with the AMLA regulations.
The Philippines uses the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS), which are converged with International Financial Reporting Standards (IFRS).
As a rule, companies submit audited financial statements once a year. However, there could be situations where Interim Audits could be required.
The BIR performs its own audits to ensure businesses are accurately paying taxes. They have the authority to investigate company books and records.
Only accredited independent auditors, typically CPAs, are recognized to perform official audits on companies.
Penalties vary depending upon the nature and extent of non-compliance. A company can face fines, penalties, the risk of losing its business license, or even criminal charges for serious offenses.
The Professional Regulation Commission (PRC), Board of Accountancy, and the Securities and Exchange Commission (SEC) are vital resources for anyone seeking more in-depth information or needing legal advice in the field of accounting and auditing. They provide rules, regulations, and guidelines regarding this field.
If you need legal assistance in accounting and auditing, it is advisable to seek advice from a practicing CPA or law firm specializing in business law. Make sure to prepare all relevant documents related to your business to facilitate a smooth and efficient consultation.
