BIR Ruling No. 074-62

May 18, 1962 BIR RULING NO. 074-62 Messrs. J. S. Zulueta & Co. Certified Public Accountants P. O. Box 2405, Manila Gentlemen : Reference is made to your letter dated August 12, 1961, requesting modification of paragraph No. 5 of B.I.R. Ruling No. 130, s. 1960, which held that a certified public accountant cannot be considered independent "5. When he is retained as an external auditor and at the same time the "Stock and Transfer Agent' of the same company". Considering that in an indorsement of this Office dated November 8, 1960 to the Secretary of Finance we expressed a contrary view which, however, was not shared by him and that your request is a mere offshoot of the question of independence of certified public accountants which was previously referred to this Office by the Department of Finance, said request was forwarded to the latter for its disposition. However, the matter was subsequently returned to us with the Department of Finance reversing its stand and adopting our view. Such being the case, said paragraph of B.I.R. Ruling No. 178 is hereby deleted and the following substituted in its place: "5. An accountant may be retained as an external auditor of a company and at the same time its stock and transfer agent". It may be stated that B.I.R. Ruling No. 130, s. 1960, had been modified by B.I.R. Ruling No. 173, s. 1961 although paragraph No. 5 thereof remained substantially the same. casia Very truly yours, BENEDICTO PADILLA Acting Commissioner of Internal Revenue