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Accounting, General, SEC Reporting

Revised Statement of Management Responsibility for Financial Statements

Relative to the issuance of the amended SRC Rule 68, the Statement of Management Resposibility for Financial Statements now reads as follow: 

STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL STATEMENTS

The management of (name of reporting company) is responsible for the preparation and fair presentation of the financial statements for the year(s) ended (date), in accordance with the prescribed financial reporting framework indicated therein. This responsibility includes designing and implementing internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

The Board of Directors or Trustees reviews and approves the financial statements and submits the same to the stockholders or members.

(Name of auditing firm), the independent auditors, appointed by the stockholders has examined the financial statements of the company in accordance the Philippine Standards on Auditing, and in its report to the stockholders or members, has expressed its opinion on the fairness of presentation upon completion of such
examination.

Signature
Printed Name of the Chairman of the Board

Signature
Printed Name of Chief Executive Officer

Signature
Printed Name of Chief Financial Officer

Signed this _ day of _______.

 Notes: 

  • The Chairman of the Board, Chief Executive Officer and Chief Finance Officer shall all sign the Statement of Management’s Responsibility (SMR) as prescribed by this Rule. If provided in the company’s by-laws, persons holding equivalent position as that of the aforementioned signatories shall sign the statement. The failure of any of the prescribed signatories to sign the SMR constitutes a material deficiency in the financial statements.
  • For the prescribed financial reporting framework, replace with “Philippine Financial Reporting Standards“, “Philippine Financial Reporting Standards for Small and Medium-sized Entities“, etc whichever is applicable.
  • Indicate “consolidated financial statements”  or “parent company financial statements” if the FS is for conso or parent.  If it is an individual FS, leave use only “financial statements“.
  • Use “December 31, 2011” for the date, if not comparative.  If comparative, use “December 31, 2011 and 2010″.
  • For stock corporation use Board of Directors for non-stock use Trustees.
  • For stock corporation use stockholders for non-stock use members.
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About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://calundan.co

Discussion

5 thoughts on “Revised Statement of Management Responsibility for Financial Statements

  1. maraming salamat po for the above copy! God bless!

    Posted by grace javier | April 28, 2013, 4:42 am
  2. Hi. Do the stockholders need to approve the audited financial statements after it has been approved by the Board of Directors?

    Posted by Mari | January 13, 2014, 4:34 am
  3. ok lang po ba na scanned copy ang ififile sa SEC and BIR na SMR? One of the signatories po kasi is nasa ibang bansa and will take too long for the original copy to be returned to the Philippines.

    Posted by abraham apit | October 10, 2014, 9:44 am

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