For those searching for a copy of the latest, year 2016 – 2017, Statement of Management’s Responsibility (SMR) for the Securities and Exchange Commission (SEC). Here it is:
LETTER HEAD OF THE COMPANY
STATEMENT OF MANAGEMENT’S RESPONSIBILITY
The Securities and Exchange Commission
Mandaluyong City, Metro-Manila
The management of (PUT THE NAME OF THE COMPANY HERE) is responsible for the preparation and fair presentation of the financial statements, including the schedules attached therein, for the years ended December 31, 2016 and 2015, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative to do so.
The Board of Directors is responsible for overseeing the Company’s financial reporting process.
The Board of Directors reviews and approves the financial statements including the schedules attached therein, and submits the same to the stockholders.
(PUT THE NAME OF CURRENT CONTRACTED CPA HERE) and (PUT THE NAME OF THE PREVIOUS CPA HERE, IF ANOTHER CPA RENDERED AN OPINION ON THE PREVIOUS FINANCIAL STATEMENTS), the independent auditors, appointed by the stockholders for the period December 31, 2016 and 2015, respectively, have examined the financial statements of the company in accordance with Philippines Standards on Auditing, and in their reports to the stockholders, have expressed their opinion on the fairness of presentation upon completion of such examination.
Chairman of the Board
Chief Executive Officer
Chief Finance Officer
9 thoughts on “2017 STATEMENT OF MANAGEMENT’S RESPONSIBILITY (SMR) FOR SEC”
Is it required to have 3 signatories? What if there’s no one acting as CFO or the CEO is also acting as the CFO. will it be still in compliance?
2 signatories at the minimum. 3 signatories can be all directors. But since you are complying GIS for corporation, then President & Treasurer is available. Then, to complete the 3 signatories, President, Treasurer and Director.
what if its sole proprietor? how we will going to write the letter for statement of management responsibilities?
There is a pre-formatted SMR for Single Prop. You can google or visit PICPA site.
How about for partnership? who will be the signatories?
Who is a signatory of the statement of management responsibility if the choices are…
b. independent auditor
c. VP for operation
d. Child of the Owner
how about single proprietorship sir.. thank you
So, this is the revised / updated SMR for SEC? coz the penalty for not complying the correct SMR is 5K.