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. 

Insurance Commission showcases new Net Worth requirements and options for disclosing minimum information

Insurance Commission Advisory 6-2023 Landing Page Image
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.

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Important Technical Update for audit released on November 2022

IFRS Technical Updates on November 2022 Landing Page Image
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.

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Three Letters CPA blog landing page in the Philippines
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, Mazars Tax Manager, Erickson Padilla, shares his experiences, actions, and insights regarding the revered "Three Letters", CPA.

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Suspension lifted for field audit/operations and Mission Orders

BIR RMC 127-2022 landing page image
The Bureau of Internal Revenue (BIR) lifts suspensions on Field Audit/Operations.

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Clarifications on the removal of the 5-year validity period on receipts/invoices

BIR RMC 123-2022 Landing page image
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.

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IASB gives issuers new transition options when applying for Insurance Contract IFRS 17

IASB Amendment to IFRS Insurance Contacts Landing page Image
The Insurance Contract IFRS 17 clarifies new transition requirements to help allow issuers to give better information to investors during their first standard application.

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The future of audit: market view – myths, realities and ways forward

Private Client Tax Philippines
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.

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