About Us 

Internal and External Auditor

 

Internal Auditor

 

The Internal Audit’s role is to provide an independent, objective assurance and consulting services within the Company designed to add value and improve the Company’s operations. It aims to help the entire Company to manage and take control of their business processes by introducing business practices based on both the enterprise-wide and globally recognized standards and best practices, aligned with their business objectives and culture through a systematic and disciplined approach. The scope of internal audit includes the examination and evaluation of the Company’s risk management, controls, and processes.

The Internal Audit, headed by the Corporate Audit Executive, reports functionally to the Audit Committee of the Board of Directors. The Internal Auditor shall be guided by the International Standards on Professional Practice of Internal Auditing. Mr. Emmanuel De Pano is the Chief Audit Executive of the Corporate Internal Audit. He is assisted by Ms. Gaudilla D. De La Paz, Director for Internal Audit.

 

External Auditor

 

Sycip Gorres Velayo & Co. (SGV & Co.) has acted as the Company's independent public accountant.

 

The same accounting firm is tabled for reappointment for the current year at the annual meeting of stockholders. The representatives of the principal accountant have always been present at prior year's meetings and are expected to be present at the current year's annual meeting of stockholders. They may also make a statement and respond to appropriate questions with respect to matters for which their services were engaged. The current handling partner of SGV & Co. has been engaged by the Company in 2013 and is expected to be rotated every five years.

 

The following table sets out the aggregate fees billed for each of the last three years for professional services rendered by SGV & Co.:

 
In PHP million 2015 2014 2013
Audit and audit-related fees 3.63 3.45 2.55
 

There has been no disagreement with the external auditors on any matter of accounting principles or practices or auditing scope or procedure, and financial statements disclosure.​​​​​​​​​​​​​

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