Summary
RMO No. 20-2009 creates the BIR Audit Committee and lists its members and functions.
Key points
- Membership. The Commissioner of Internal Revenue chairs the Committee and the Deputy Commissioner, Resource Management Group is Vice-Chairman. The members are the Deputy Commissioners of the Legal and Inspection, Operations, Information Systems, Tax Reforms Administration and Special Concerns Groups. Each may act through a duly authorized representative.
- Functions. The Committee oversees the financial reporting and disclosure process, monitors the choice of accounting policies and principles, and oversees the independence of external auditors and compliance with audit recommendations. It also oversees regulatory compliance and ethics, monitors internal controls, oversees the internal audit function, and discusses risk management policies and practices with management.
Who is affected
- BIR Commissioner and Deputy Commissioners
Deadlines and effectivity
- Issued June 9, 2009
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.