The Audit practice provides financial audit services for both local companies and subsidiaries of international companies that are non-listed and listed on overseas stock markets. Our team comprises of Filipino qualified CPAs with international experience and qualifications.

Our main areas of service are:

Statutory Financial Audits in accordance with Philippine Financial Reporting Standards

Using Mazars’ global audit programmes and software designed to ensure acceptable audit risk as well as appropriate and complete audit procedures, our auditors in Philippines conduct an examination of accounting records in accordance with International and Philippines generally accepted auditing standards. As a result of the audit, Mazars will often be able to provide value-added observations and recommendations, with a particular focus on improving internal controls.

Group Financial Audits in accordance with IFRS, US GAAP and other reporting frameworks

Mazars’ audit professionals are also able to perform Group reporting audits in accordance with IFRS, US GAAP and other reporting frameworks in order to ensure that the Group parent company and Group auditor receive reliable financial information that is prepared on a basis consistent with that of other Group companies.

Internal Audits

Mazars designs and runs internal audit programs in conjunction with company management in order to ensure that your business in Philippines has effective internal controls, records that are properly kept and, where applicable, procedures that are in accordance with corporate policy. Mazars also performs audits on management efficiency and on compliance with specific rules and regulations.

Tax Audit

Tax audit is an independent review of accounting and taxing systems with a view to accurately calculate the tax base for each tax and payments of tax and duties within the certain period, status of payments to budget and extra-budgetary funds, compliance of accounting and taxing systems with requirements of existing legislation. The purpose of tax audit is to identify mistakes in accounting and taxing systems and to develop measures for their correction.

During the tax audit, tax bases for each tax are reviewed; tax accounting and tax reporting are thoroughly and separately audited for each tax. The result of the tax audit is a tax risks estimate and advice on risk minimization. Based on the results of the tax audit, the client receives professional recommendations for the correction of identified mistakes.

Agreed-upon Procedures

The Mazars Philippine audit team has the experience and flexibility to perform a wide range of other ad-hoc assurance/attest engagements for both financial and non-financial information according to management’s determined scope.

Other Assurance Services

We are able to provide our clients with all other assurance services as defined by the IAASB that are not detailed above.