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Preparation of Audited Financial Statements The preparation of the financial statements of the company is the sole responsibility of your company's management. As your external auditor, we issue our opinion on whether these financial statements are fairly stated. (There have been cases where figures were not properly presented due to unapplied audit procedures. Worse, some external auditors raise no opinion at all. This means that the company's financial statements can't be examined in the least.)
Audited financial statements are submitted every 15th of April to the Bureau of Internal Revenue (BIR) for sole proprietors, professionals, and corporations. Subsequently, all audited financial statements of corporations filed with the BIR are again filed with the Securities and Exchange Commission (SEC). The date of filing is based on the last digit of the company's SEC registration number.
Evaluation of Internal Control As your external auditor, we evaluate the internal accounting control system of your company to determine its weaknesses. This procedure is performed as a prelude to the audit proper. It provides clues and evidence to sufficiently plan the year-end audit and to concentrate on certain accounts where internal control is very poor. We also prepare a management letter summarizing all our findings, and provide recommendations as well.
Fraud Audit We also conduct fraud audit per request of our clients. This is usually done when the management has suspicions or has gathered evidence that funds of the company are missing. It could also be that substantial discrepancies in financial reports exist, and the company's employees are unable to explain such incidents properly.
Our responsibility is to perform a thorough examination of your company's financial documents, and submit a comprehensive report detailing misrepresentations, if any, at the end of our audit.