Ms. Ma. Victoria A. Villaluz
SEC Opinion • Securities and Exchange Commission • Opinions • Sep 18, 1989
Full text
September 18, 1989 Ms. Ma. Victoria A. Villaluz Tax Division SGV & Co. P.O. Box 589, Manila 2800 Madam : This refers to your letter dated April 18, 1989, requesting clarification on whether or not the financial statements of pension funds, retirement plans and provident funds are required to be audited by an external auditor. Anent thereto, only corporations registered with the Commission are required to comply with the prescribed requirements for financial statements mandated under Section 141 of the Corporation Code and the "Rules Requiring the Keeping of Accounting Records and Filing of Annual Financial Statements by Corporations". Accordingly, if the pension funds, retirement plans and provident funds referred to in your letter are those which are established within the Corporation for the benefit of the employees, and are not separately registered with the Commission, the auditing of their financial accounts is an internal concern of the Corporation. Please be advised accordingly. Very truly yours, (SGD.) RODOLFO L. SAMARISTA Associate Commissioner
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