RMO No. 20-2009 — Creates the BIR Audit Committee Digest | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE May 28, 2009 REVENUE MEMORANDUM ORDER No. 20-2009 SUBJECT : Creation of a BIR Audit Committee TO : All Internal Revenue Officers, Employees and Others Concerned The exigencies of the revenue service and in adherence to the COA recommendation for good governance, there is hereby created a BIR Audit Committee to be composed of the following: Chairman - Commissioner of Internal Revenue or his duly authorized representative Vice-Chairman - Deputy Commissioner, Resource Management Group or his/her duly authorized representative Member - Deputy Commissioner, Legal and Inspection Group or his/her duly authorized representative Member - Deputy Commissioner, Operations Group or his/her duly authorized representative Member - Deputy Commissioner, Information Systems Group or his/her duly authorized representative Member - Deputy Commissioner, Tax Reforms Administration Group or his/her duly authorized representative Member - Deputy Commissioner, Special Concerns Group or his/her duly authorized representative Said Committee shall discharge the following functions: 1. Oversee the financial reporting and disclosure process.

2. Monitor the choice of accounting policies and principles. 3. Oversee independence of the external auditors and mo nitor compliance of audit recommendations. 4. Oversight of regulatory compliance and ethics. 5. Monitor the internal control process. 6. Oversee the performance of the internal audit function. 7. Discuss risk management policies and practices with management. The Committee Chairman, Vice-Chairman and members shall designate formally in writing any responsible official of their respective office who shall represent them. This Order shall take effect immediately. (Original Signed) SIXTO S. ESQUIVIAS IV Commissioner of Internal Revenue N-3