Audit reports in the Philippines
02 August 2023 This guide explains the four different types of audits in the Philippines: Unqualified Opinion/Unmodified Opinion, Qualified Opinion, Disclaimer Opinion, and Adverse Opinion.
Audit & Accounting Alerts
Insights
Audit & Accounting Alerts
Most Recent updates to Audit and Accounting regulations in the Philippines
Any changes to the Audit and Accounting regulations must be noted as they can also change how a firm handles its finances. Staying compliant with these rules are important to avoid legal repercussions. We've compiled the most relevant and applicable audit and accounting issuances to keep clients updated.
IC Advisory No. RS-2023-006
27 March 2023 The Insurance Commission (IC) answers the most frequently asked questions regarding Fiduciary and Net Worth Requirements along with the new options for disclosing minimum information in financial statements.
Audit Technical Update for November 2022
08 November 2022 Mazars Audit Director, Gladys Bondoc-Tiburcio, highlights the most critical changes to the field of audit in her technical update for November.
The “THREE LETTERS”
The emotions felt before, during, and after taking a Certified Public Accountant (CPA) Licensure Exam reflect the many struggles faced by aspiring accounting professionals. In this blog, Forvis Mazars Tax Manager, Erickson Padilla, shares his experiences, actions, and insights regarding the revered "Three Letters", CPA.
BIR RMC 127-2022
The Bureau of Internal Revenue (BIR) lifts suspensions on Field Audit/Operations.
BIR RMC 123-2022
12 September 2022 The Bureau of Internal Revenue (BIR) provides new provisions regarding the removal of the five (5) year validity period on receipts/invoices.
IASB gives new transition options for IFRS 17
The Insurance Contract IFRS 17 clarifies new transition requirements to help allow issuers to give better information to investors during their first standard application.
The future of audit: market view
The audit profession faces a decisive moment: market expectations are shifting, technology is empowering auditors and strengthening quality, the case for audit’s evolution is growing and a series of headline corporate failures have raised questions about the quality of service companies can expect.