Clemente Aquino & Co.

, CPAs

I. Company History

The company was started by two professional CPAs, Rudy B. Clemente Jr. and
Greg V. Aquino. Their mission is geared towards professionalizing the public practice of
accounting and auditing in the Northern Part of the Philippines particularly the
Cordillera Region and the Ilocos Region with the vision to become a globally competitive
auditing and consulting firm.

They are motivated to create opportunities for their fellow CPAs, especially the
young professionals, so the CPAs produced by the local schools will no longer struggle to
go to NCR just to obtain experience and earn for a living. It is their vision to be the
choice of a trusted professional auditing firm and accounting firm in the Northern
Philippines, pioneering best practices and good governance.

Clemente Aquino & Co., CPAs is a duly registered General Professional

Partnership in the Philippines catering audit and accounting services. It was registered
on June 10, 2013 at the Securities and Exchange Commission with an SEC Registration
Number PP201325756. The partners are duly accredited public practitioners by the
Board of Accountancy and Bureau of Internal Revenue.

II. Company Portfolio

The company has clients in various industries such as restaurants, cooperatives,

banks, schools, fuel service stations, fast food chains, foreign exchange remittances, food
& Franchise Company, real estate, distributorship, gasoline dealership, PEZA
companies, BPOs, and non-profit organizations.

Allied Firms include Docpro Business Solutions, Inc. and Alas Oplas & Co., CPAs
Alliance Firms.

III. Service Structure

Small companies and start-ups typically follow the simple structure. With this
structure, the owner is also the manager and minutely manages every aspect of the
business. Employees often work in several operational areas, and their departmental
structure and area of expertise may not be well-defined. The company also may not
have standard operating procedures and policies. The departments and operating
procedures evolve with time as the company grows bigger and has to hire more
employees. With the expansion of a business, employees' roles must be distinctly
outlined, and companies may need to adopt more complex organizational structures to
maintain operational efficiency.
IV. Service Discussion

a. Audit and Assurance (Audit Trails and Evidence)

Assurance is an independent professional service that focuses more about

evaluating the management’s assertions on a financial information or report.
Assurance services provide independent and professional opinions that reduce the
information risks and presumably a great tool for formulating better decisions based
on improved information.

On the other hand, Auditing is a systematic process of obtaining and

examining the transparency and truth of financial records of a business entity.
This accounting tool determines whether the financial statements of a particular
company is accurate and without a trace of deceit.

 Reasons Why You Should Avail of Auditing Services:

Audits can improve a company’s efficiency and profitability by helping the

management better understand their own working and financial systems. The
management, as well as shareholders, suppliers and financers, are also assured
that the risks in their organization are well-studied, and effective systems are in
place to handle them.

Audits ensure that the path the organization is taking gears towards the
goals that have been set and does not stray from the regulations set by the
government and the company itself.

Auditing:
 Analyses and understands your company’s financial records.
 Identifies key areas for improvement in your company.
 Assesses risks, economy, efficiency and quality.
 Evaluates new technology.
 Uncovers fraudulent or other illegal activities within your
company.
 Reinforces and strengthens internal control.
 Services Offered includes:
 Annual Financial Statements Audit
 Risk-Based Internal Audit
 Agreed Upon Procedures
 Financial Statements Review
 b. Tax Advisory (Effective Tax Management)

Tax is always a business essential. Although business moves towards

globalization, tax is something domestic. You can effectively manage your tax
through tax advisory and proper tax planning. But tax planning is best developed in
advance. And with the on-going tax reforms and changes in rules, competent
professional advice is required.

 Services Offered includes:

 Tax Returns and Reports Preparation
 Tax Case Representations (Open Cases, LNs, eLOAs/eLAs)
 Tax Advisory and Tax Assessments
 Tax Opinion and Studies
 Request for Tax Ruling
 Estate Tax Planning and Proceedings
 Transfer Taxes (Donation, Inheritance, Assignment)

c. Management Advisory

Decision making is a process of selecting the best among the different

alternatives. When you are looking at mitigating your business risk, planning for a
business expansion, cost-cutting and budgeting, reading your numbers, and gearing
towards continuous improvements, you may need consultants to help you in your
critical decisions.

 Services Offered includes:

 Business Formations/Registrations (DTI, SEC, BIR, LGU, SSS, PHIC,
HDMF)
 Corporate Secretariat
 Updating of Stock and Transfer Book
 Stock Certificate Preparation
 Increase in Authorized Capital
 Amendment to Articles of Incorporation and By-Laws
 Resident Agent Service

d. Outsourced Services

Business process outsourcing (BPO) is the contracting of a specific business

task to a third-party service provider. Such services may be payroll, documents
processing, business registrations, accounting, and/or tax compliance. A professional
 BPO service will help you focus more on your business rather than dealing with
challenges you barely understand.

 Services Offered includes:

 Procure To Pay (P2P)
 Order to Cash (OTC)
 Records to Report (R2R)
 Outsourced Business Process
 Complete Outsourced Bookkeeping

e. Financial Statement Compilation Services

A compilation is presenting in the form of financial statements

information that is the representation of management (owners) without any
undertaking to express any assurance on the statements.

 Services Offered includes:

 PRC BOA Resolution 3-2016
 BIR RMC 21-2016
 PSRS 4410
 Financial Reports/Trial Balance to Financial Statements
 FS Preparation using PFRS for SMEs
 FS Preparation using Full PFRS

V. Brief Conclusion

The company delivers services that focus on value creation, it takes pride to its
values and dedicated to delivering high performance. The company values teamwork
and cooperation in pursuit of excellence, and its main objective is to become a globally
competitive accounting, auditing, and consulting firm by providing audit and assurance
services, accounting, tax and management advisory services in adherence to standards.