BIR Ruling

April 11, 1969 The President Coco-Chemical Phils., Inc. Buendia Building 259-263 Buendia Avenue Makati, Rizal S i r : This refers to your letter dated April 8, 1969 requesting information as to who should render the financial statement of the corporation, the GAO or an independent certified public accountant, it appearing that the corporation is a government controlled corporation. In reply, I have the honor to inform you that if in fact an independent auditor is employed by the corporation to audit its books of account separate and independent of that of the GAO, this Office believes that the financial statement that should be submitted with the income tax return as envisaged by Revenue Regulations No. V-20 is the statement prepared by the independent certified public accountant. This belief is predicated on the fact that even the GAO strictly speaking cannot be considered as an independent certified public accountant within the purview of the regulations. Accordingly, your corporation may submit with its income tax return a financial statement prepared by an independent certified public accountant employed by it for the purpose. lexlib Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue