Accounting and Tax · Audited statements
Audited financial statements for your company
We prepare your annual financial statements and work with an independent accountant so the audit supports your filings with the regulators.
Overview
Why the audit matters
Corporations registered in the Philippines are generally expected to submit annual financial statements to the Securities and Exchange Commission (SEC), and the Bureau of Internal Revenue (BIR) asks for financial statements with the annual income tax return. In many cases those statements have to be audited by an independent certified public accountant. The audit gives regulators, banks, investors and your own head office a set of numbers they can rely on, because someone outside the company has tested them.
The audit itself is carried out by an independent accountant, and that independence matters. Our role is to prepare clean statements and supporting schedules, then coordinate the audit so it runs without surprises. Delays almost always come from missing records: unreconciled bank accounts, undocumented transactions or unsettled balances with related companies. Whether your company needs an audit, and which reporting framework applies, depends on its type and size, and we confirm that early in the year.
What we handle
From year-end close to filing
We prepare the statements, support the auditor and help you file the result.
Financial statement preparation
Statements of financial position, income, equity and cash flows, with notes, prepared from the closed books.
Audit coordination
We liaise with the independent accountant, answer queries and deliver the schedules and records requested.
Year-end close
Accruals, depreciation, tax provisions and balance confirmations finalized before the audit starts.
Filing support
Audited statements assembled for submission with the SEC and BIR filings, with copies kept on record.
How it works
How the audit process runs
We prepare early so the independent accountant starts with records that are ready.
Audit scoping
We confirm whether an audit is required for your entity and agree the list of records with the auditor.
Year-end close
Books are closed, accounts reconciled and balances supported so the auditor starts from reliable records.
Statements and audit
Draft statements go to the independent accountant, and we respond to audit queries as they come up.
Sign-off and filing
You review the audited statements, then they are submitted to the regulators with the related filings.
Why prepare your audit with ILA
Audit-ready books
When we keep your books all year, year-end is a review rather than a rescue.
Independent, but coordinated
You get an independent opinion, with one team managing the papers and questions between you and the auditor.
Head office reporting
Where your parent company asks for it, we can line up statements with its reporting needs.
Frequently asked questions
Audit questions we hear most
Does every company need audited financial statements?
Not always in the same way. Requirements depend on the type of entity, its size and the regulator involved, and they can change. We check your company against the current rules at the start of each year and tell you in writing whether an audit is required and who needs to receive it.
Can ILA perform the audit itself?
The audit has to be carried out by an independent certified public accountant, separate from whoever prepares the statements. We prepare the statements and coordinate with the independent accountant on your behalf. That separation protects the value of the audit opinion in the eyes of regulators and banks.
What do you need from us to start?
Access to the accounts, bank statements, contracts, fixed asset and loan records, payroll reports and any balances with related companies. If we already keep your books, most of this is in hand. If not, we start with a review of what exists and list the gaps before the auditor asks.
Is your company ready for its next audit?
Book a free consultation and we will tell you what is required and what to prepare.
