- Home
- /
- Accreditations
- /
- Review of Financial Statements...
Review of Financial Statements Referred by Operating Departments
This service involves the evaluation of financial statements (Audited and Unaudited) of companies referred by Operating Departments in relation to registration of securities and investigation and request for comments to determine compliance with the financial accounting rules.
|
Office or Division: |
Office of the General Accountant |
– Accounting and Audit Policy Division |
|
| Classification: | Complex | ||
| Type of Transaction: | G2G – Government to Government | ||
| Who may avail: | SEC Operating Departments | ||
| CHECKLIST OF REQUIREMENTS | WHERE TO SECURE | ||
| 1. Memorandum from Operating Department signed by its Director (one original) | Operating Departments (MSRD, CGFD, CRMD, EIPD) | ||
| 2. Copies of Audited and/or Unaudited Financial Statements of the applicant-corporations (one original) | |||
| 3. Copy of the Registration Statement (RS), if the review is related to the pending registration of securities (one original) | |||
| CLIENT STEPS | AGENCY ACTIONS | FEES TO BE PAID | PROCESSING TIME | PERSON RESPONSIBLE |
| 1. Inputs Memorandum with attached Financial Statements (FS) and/or RS referred by the Operating Department to Index Tracking System and forwards the same to the Supervising Accountant for assignment. | None | 5 minutes | Executive Assistant Office of the General Accountant |
|
| 2. Forwards documents to assigned personnel. | None | 5 minutes | Assistant Director Office of the General Accountant |
|
| 3. Reviews Audited and/or Unaudited FS and/or applicable portion of RS using the OGA’s Manual of Evaluation. If there are no material findings, GO TO STEP 8 | None | 5 days | Assigned Personnel Office of the General Accountant |
|
|
4. If there are material findings, prepares the following: 4.2. Evaluation Sheet; and 4.3. Memorandum for the Operating Department. |
None | 1 hour | Assigned Personnel Office of the General Accountant |
|
| 5. Reviews CRS, Letter, Evaluation Sheet and Memorandum | None | 1 day | Assistant Director Office of the General Accountant |
|
| 6. Reviews and signs CRS, Letter, Evaluation Sheet and Memorandum | None | 30 minutes | General Accountant Office of the General Accountant |
|
|
7. If there is a submission but still not fully compliant with the requirements, 7.1. For RS, GO TO STEP 4 7.2. For issues referred by Operating Departments other than RS, prepares Consolidated Matrix and Memorandum for the Operating Department with recommendation to issue Show Cause and Assessment Letters |
None | 4 hours | Assigned Personnel Office of the General Accountant |
|
|
8. If corporation fully complies with the requirements, prepares and initials the following: 8.1. For RS 8.1.1. Comment Sheet; 8.1.2. Evaluation Sheet; 8.1.3. OGA’s Action Taken (to be attached as part of the Operating Department’s Memorandum to the Commission En Banc); and 8.1.4. Memorandum for the Operating Department with Clearance 8.2. For referrals other that RS 8.2.1. Consolidated Matrix; and 8.2.2. Memorandum for the Operating Department with appropriate recommendation |
None | 2 hours | Assigned Personnel Office of the General Accountant |
|
| 9. Reviews and initials Comment Sheet, Updated Evaluation Sheet, OGA’s Action Taken (to be attached as part of the Operating Department’s Memorandum to En Banc); and Memorandum for the Operating Department. | None | 10 minutes | Assistant Director Office of the General Accountant |
|
| 10. Reviews and initials Comment Sheet, Updated Evaluation Sheet, OGA’s Action Taken (to be attached as part of the Operating Department’s Memorandum to En Banc); and signs Memorandum for the Operating Department. | None | 5 minutes | General Accountant Office of the General Accountant |
|
| 11. Logs/Updates Index Tracking System | None | 5 minutes | Index Tracking Personnel Office of the General Accountant |
|
| TOTAL | None | 7 days |