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9/17/2018 007 - Statement of Management’s Responsibility (SMR) - Securities and Exchange Commission

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Today is September 17, 2018 Home » Accountant’s Information » Financial Reporting Bulletin » 007 – Statement of Management’s Responsibility (SMR)

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007 – Statement of Management’s Responsibility (SMR)


Bulletin No. Subject Matter Clarification/Details 
007 Statement of Management’s Responsibility (1) For issuers of securities to the public, the SMR shall be
(SMR) attached to both the consolidated financial statements and the
parent company’s financial statements for filing with the
Commission.

(2) Paragraph (iv) of Part I (2)(B)(iv) of the Rule is also


applicable to representative offices established in the
Philippines. Thus, the SMR shall be signed by its local
manager or chief representative in the Philippines.

(3) If the financial statements for filing are comparative, the


SMR has to be comparative, even if the independent auditors
for the comparative periods are different.

The following is an illustration on how the last paragraph of the


SMR may be worded in such a case:

“(name of audit firm) and (indicate prior year auditor), the


independent auditors appointed by the stockholders for the
period December 31, 2011 and 2010, respectively, have
examined the consolidated financial statements of the
company in accordance with Philippine Standards on Auditing,
and in their reports to the stockholders (or members), have
expressed their opinion on the fairness of presentation upon
completion of such examination.”

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9/17/2018 007 - Statement of Management’s Responsibility (SMR) - Securities and Exchange Commission
“(name of audit firm) and (indicate prior year auditor), the
independent auditors appointed by the stockholders for the
period December 31, 2011 and 2010, respectively, have
examined the consolidated financial statements of the
company in accordance with Philippine Standards on Auditing,
and in their reports to the stockholders (or members), have
expressed their opinion on the fairness of presentation upon
completion of such examination.”

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