Best Accounting & Auditing Lawyers in Pasig

About Accounting & Auditing Law in Pasig, Philippines:

Accounting and auditing are essential aspects of businesses in Pasig, Philippines. They involve the preparation and examination of financial records to ensure accuracy and compliance with local laws and regulations.

Why You May Need a Lawyer:

There are various situations where you may need a lawyer for accounting and auditing matters, such as tax audits, financial fraud investigations, regulatory compliance issues, or disputes with clients or vendors.

Local Laws Overview:

In Pasig, Philippines, accounting and auditing laws are governed by the Accountancy Act of 2004 and the Philippine Financial Reporting Standards (PFRS). These laws regulate the practices of accountants and auditors to maintain transparency and integrity in financial reporting.

Frequently Asked Questions:

1. What are the qualifications required to be an accountant in Pasig?

Accountants in Pasig must be licensed by the Professional Regulation Commission (PRC) and have completed a degree in Accountancy from an accredited university.

2. How often should businesses in Pasig undergo an audit?

Businesses in Pasig are required to undergo an annual audit by a licensed auditor in compliance with the PFRS.

3. What are the consequences of tax evasion in Pasig?

Tax evasion in Pasig is a criminal offense that can result in heavy fines, imprisonment, or both.

4. Can I represent myself in an audit or accounting investigation?

While you have the right to represent yourself, it is advisable to seek legal assistance from a qualified accountant or auditor to ensure compliance with regulations.

5. What is the role of the Securities and Exchange Commission (SEC) in accounting and auditing in Pasig?

The SEC oversees the registration and regulation of corporations, partnerships, and associations in Pasig to ensure compliance with accounting and auditing standards.

6. How can I report accounting fraud in Pasig?

You can report accounting fraud to the National Bureau of Investigation (NBI) or the Anti-Money Laundering Council (AMLC) for investigation and legal action.

7. Are there any specific regulations for auditing non-profit organizations in Pasig?

Non-profit organizations in Pasig are subject to the Philippine Accounting Standards for Non-Profit Organizations (PASNP), which govern their financial reporting and auditing practices.

8. What are the penalties for non-compliance with accounting and auditing laws in Pasig?

Non-compliance with accounting and auditing laws in Pasig can result in fines, suspension of business operations, or revocation of business licenses.

9. How can I verify the credentials of an accountant or auditor in Pasig?

You can verify the credentials of an accountant or auditor in Pasig by checking their license with the PRC or the Board of Accountancy.

10. What are the steps to take if I suspect accounting irregularities in my business in Pasig?

If you suspect accounting irregularities in your business in Pasig, you should consult with a lawyer specializing in accounting and auditing to conduct an investigation and take appropriate legal action.

Additional Resources:

For more information on accounting and auditing laws in Pasig, you can visit the website of the Professional Regulation Commission (PRC) or seek guidance from the Philippine Institute of Certified Public Accountants (PICPA).

Next Steps:

If you require legal assistance in accounting and auditing matters in Pasig, it is recommended to consult with a lawyer specializing in commercial law or tax law to ensure compliance with local regulations and protect your business interests.