2017 STATEMENT OF MANAGEMENT’S RESPONSIBILITY (SMR) FOR SEC


images

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

_____________, 2017

The Securities and Exchange Commission
SEC Building
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

Advertisements

PRC License Renewal


Technically, the long and tedious renewal of PRC license is quite over.  Isn’t it? Oh yes, thanks to the technology provided by the PRC Online.  However, since the old fashion way of license renewal is still available, I preferred renewing it manually.  I repeat, manually. So people reading this blog, this is for your manual eyes only, okay?  🙂

So there, lets start…

Step 1 –  Early bird catches worm, thus, go to the PRC (Professional Regulation Commission) main building early to avoid the long line.  However, given the organize renewal procedure, I bet the long line is not a problem anymore.

I entered the PRC main building at around 9AM.

prc building

For those who are not familiar with  Manila area, you can check google map.  Anyhow, what’s important is if you see these streets you are on the right track.

IMG_0129.JPG

Step 2 – After entering the PRC building, go straight to the Public Assistance Counter and get application form.  Other blog sites , specially the old postings, will require you to go straight to window Q or R to get a renewal form.  In my case, the form is already available at the Public Assistance Counter.  Oh yes, this just July 2016 and purely fresh.

IMG_0128.JPG

Please take note, application form provided by PRC is all good whether its for renewal, duplicate or original IDs.

IMG_0147.JPG

By the way, before I forget, please bring passport size picture with name tag (your name and take note your real name not FB name, okay). But don’t worry, if you fail to bring one, you can always go to those photo booth in and outside of the PRC building to take care of your problem.  The cost of ID picture is about Php60.00, others is at the range of Php80.00 – Php100.00.  Make sure to look good in your picture, yep, the same picture will be used on your new PRC license.   Attach the ID picture  and fill out the form and your ready to go to the next step.

IMG_0123.JPG

Step 3 –  Go inside the PRC building and proceed to window 27, which is located at the ground floor.

IMG_0125.JPG

Submit the application form including your expired PRC license to window 27 for assessment .  The cost of renewal depends on your profession and years of non-renewal. Mine, being a CPA and my PRC licence is valid until 2013, I paid Php1,000.00 for the cost of renewal. Thus, the Php1,000.00 is good for 2013 to 2016.

Step 4 – Next wait for your name to be called at window 31 and receive your assessment. Now, this is the part your getting excited because you already spent hours of waiting and you wanted to get a hold na of your new PRC license ID.  But don’t worry, its just an hour or two from the time you entered the PRC building.

IMG_0124.JPG

Really, no exaggeration,  I admire this new procedure, its kinda swift now.  Oh, there, after an hour or so  your name was called and its now pay time.

Step 5 – Proceed to the cashier and pay the necessary renewal fee.  The fee you will pay is the amount provided by the assessment in window 31.

IMG_0126.JPG The cashier will issue Official Receipt for the amount you paid.   Payment will take a lil more than minutes for there are four windows accommodating and receiving payments.

Step 6 – After paying the necessary fee, proceed to window 22 and present your Official Receipt for printing of your PRC license.

The assigned staff will tell you what time your PRC ID will be available for pick up.  Mine, I was told to go back 2Pm of the same day.

 

IMG_0127.JPG

At this time, its close to 12 noon of processing and waiting. This is based on my experience.

Eventually, you will notice your stomach is already complaining, this is the right time to get a break and have lunch or eat something to fill in that empty stomach while waiting.

Perhaps for those applicant who arrived past 12 noon or so, the availability of their PRC ID is on the next working day.

Step 7 – Remember to come back on the time set to pick up your PRC ID.  But of course you can always come back at a later time or day, but why wait, remember you are so excited na to get a hold of your new PRC License ID. And by the way, this is the last step.

Present your OR and sign the log sheet to signify acknowledgment of your new PRC ID and viola your ID is now yours!

PRC

So there… easy as one, two, three! Renewed!

 

 

 

 

 

Why you need an Accountant?


Almost always business owners, particularly those who are managing small businesses and those under SME category, disregards to see the importance of having accountants. Oftentimes, they look for an Accountant when it’s already too late or worst the BIR had issued a letter of notice (LN) or letter of authority (LOA) for their business.

As an Accountant, we understand that small business owners find it costly to maintain a retainer to do the monthly bookkeeping and tax preparation for their business. But what they don’t realize is the monetary and non-monetary benefits of maintaining one.

The following will explain the importance of accountant in your business, no matter how big or small it is.

1. Organized Record of Financial Data. Most business owners want to focus their time and energy operating and growing their business. As such, their financial documents for personal and business often mixed up. Having an unorganized financial documents create stress and headaches to business owners because they don’t know exactly what is happening in terms of financial standing. First, accountants maintain an organized record and filing of business day to day financial records. This is often referred to as Bookkeeping. When the business has a systematized and organized record keeping of business transactions, it will save you time worrying about whether your business is on the profit side or losing end. Also, you don’t need to worry on how to organize all the receipts you need to file and record.

2. BIR Tax Compliance and Other Reportorial Requirements. All income earners are required to pay monthly taxes, even small business owners. Yep, as a general rule, everything is taxable. As such, not having an accountant means you have to understand Taxation law of the Philippines in order to be tax compliant. Thus, this is another importance why you need an accountant. Seemingly, an accountant can compute and prepare BIR Tax Returns for you. It will save you time in studying tax law and computing your own tax return. Further, accountants can also give advice on effective tax management.

3. Save Time to Focus on Growth of Business. Keeping track of your financial data, recording and filing it can be time consuming, especially if you are not used to it. If you have an accountant, you can save a lot of time to focus on growing your business instead of worrying about tax deadlines and keeping an organized accounting records.

4. Save Money. When you don’t have an Accountant, there will be high possibility of future penalties, plus interest, on government reports you missed filing or incorrectly filed. Having an accountant can save you cost on these future penalties and charges of correcting your accounting books and tax returns on time.

5. Peace of Mind. The last but not least importance of an accountant in business is for owners to have peace of mind. When you have an accountant who does the record keeping and tax compliance, you don’t need to worry that if somebody comes to your business to do Audit. You are somehow confident that you have records to show you are complying with accounting and government reportorial requirements.

YET ANOTHER BUSINESS REGISTRATION GUIDE IN THE PHILLIPINES


Image          Some enterprises, by nature of their operations, are required to secure a special clearance, license, or permit from some other government agencies. The following will guide you about some of the types of businesses that require a special certificate or permit and the agencies that issue them.
1) Animals and animal products, registration of veterinary drugs and animal facilities Registration certificate must be  from Bureau of Animal Industry.
2) Aquatic animals, importation, Fishpond lease agreement secure permit from Bureau of Fisheries and Aquatic Resources (DA-BFAR).
3) Fertilizer products and registration of pesticide products secure registration certificate from Fertilizer and Pesticide Authority (DA-FPA).
4) Fiber and fiber products processing and trading get registration certificate and commodity clearance from Fiber Development Authority, (DA-FIDA).
5) Film and television production, export and import, booking, etc. secure registration certificate from Movie &Television Review and Classification Board (MTRCB).
6) Food, chemicals, health related business get registration certificate from Bureau of Food and Drugs, Dept. of Health (DoH-BFAD).
7) Flour processing, Grains wholesaling & retailing, milling, warehousing, exporting, importing, indenting, packaging, threshing, corn shelling, mechanical drying secure license from National Food Authority (DA-NFA).
8) Meat plant accreditation for meat & meat products, slaughterhouse operations secure accreditation certificate, registration certificate from National Meat Inspection Commission (DA-NMIC).
9) Pawnshop & lending investor secure registration certificate from Bangko Sentral ng Pilipinas, Dept. of Finance (DoF-BSP).
10) Plants & plant products: nursery accreditation Seed certification and phytosanitary secure certificate permit from Bureau of Plant Industry (DA-BPI).
11) Recruitment or placement agency for foreign employment secure registration certificate from Phil. Overseas Employment Administration and  Dept. of Labor (DOLE-POEA).
12) Recruitment or placement agency for local employment get registration certificate from Bureau of Local Employment (DOLE-BLE).
13) Schools & educational institutions: Educational institution (nursery, primary, elementary, secondary levels); Tertiary level; Technical-vocational education, training program must secure registration and accreditation permit from Dept. of Education (DepEd), Commission on Higher Education (CHEd) and Technical Education Skills Development Authority (DOLE TESDA).
14) Security agency business secure permit from Philippine National Police, Dept. of Interior & Local Government (DILG-PNP)
15) Service and repair shops for: Motor vehicles; automotive & heavy equipment; engine & engineering works, & machine shops; electronics, electrical, air conditioning & refrigeration; office & data processing equipment; medical & industrial equipment; appliances or devices; and private emission centers secure accreditation license: Bureau of Trade Regulation and Consumer Protection, (DTI-BTRCP); DTI regional offices.
16) Sugar trading, muscovado converting & trading, processing or manufacturing sugar-based products for export secure registration certificate from Sugar Regulatory Administration (DA-SRA).
17) Telecom business secure license from National Telecommunication Commission, Dept. of Transportation & Communication, (DOTC-NTC).
18) Tourism-related projects secure registration and accreditation certificate from Dept. of Tourism (DOT).
19) Transportation: Land transport service; Sea transport service Land Transport Franchise & Regulatory Board (DOTC-LTFRB) and Maritime Industry Authority (DOTC-MARINA).
20) Video production, sales and rental Optical Media Board (formerly Videogram Regulatory Board), Office of the President (OP-OMB).

SECURING BUSINESS PERMITS AND BUSINESS REGISTRATION IN THE PHILIPPINES


Doing business in the Philippines, either as single proprietorship, partnership or corporation, calls for licenses or permits from government. An investor or businessman needs to obtain a business license in the locality where he will establish his business, as well as register his business with the Department of Trade and Industry in case of sole proprietorship, or with the Securities and Exchange Commission in the case of partnerships and corporations.
The following are the government agencies that a start-up business needs to register with:
Department of Trade and Industry (DTI) – This is where you register if your enterprise is a single proprietorship. The agency will issue a certificate of registration of business name.
Securities and Exchange Commission (SEC) – If your enterprise is a partnership or a corporation, this is where you will register. It will issue a certificate of registration.
Cooperative Development Authority (CDA) – If your set-up is a cooperative, register with this body. The agency will issue the certificate of registration.
Local Government Unit (LGU) – You register with the municipality or city where you will set up your business. This office will issue the business permit.
Barangay Hall – You register with the specific barangay in the municipality or city where you will operate your business. This office will issue the barangay clearance.
Bureau of Internal Revenue (BIR) – You register your business with this office and apply for your business’s taxpayer identification number (TIN), registration of books of accounts, authority to print.
Social Security System (SSS) – You register your business as an employer, yourself as a self-employed or as employee, and your workers as employees. This office will issue an SSS number for your business, for yourself, as well as for your workers.
Department of Labor and Employment (DOLE) – If you employ five workers or more, register your business with this agency. The DOLE is asked to promote gainful employment opportunities, protect workers and promote their welfare, develop human resources, and maintain industrial peace.
Home Development Mutual Fund (HDMF) – RA 7742 requires all SSS members earning at least P4,000 a month to register with this agency. HDMF administers the Pag-Ibig Fund.

Philippine Health Insurance Corp. (PhilHealth) – The New National Health Insurance Act (RA 7875) as amended by RA 9241 requires all employers of the government and private sectors and their employees to register with this agency. PhilHealth manages and administers the government health care system.