Independent Public Accountants
The principal accountants and external auditors of the Company is the accounting firm of Punongbayan and Araullo (P&A). Mr. Ramilito L. Nanola has been the Partner In-Charge since 2006.
The Audit Committee is empowered to independently review the integrity of the Company’s financial reporting against compliance with both the internal financial management handbook and pertinent accounting standards, including regulatory requirements.
Punongbayan & Araullo was engaged by the Company to audit its annual financial statements.
Phoenix Petroleum Philippines’ financial statements comply with Philippine Accounting Standards and Philippine Financial Reporting standards which are in compliance with International Accounting Standards (IAS).
Compliance System
Phoenix Petroleum Philippines adheres to the highest corporate principles and best practices. Socorro Ermac T. Cabreros, the Company’s Corporate Secretary, is also the concurrent Acting Compliance Officer.
The responsibilities of the Compliance Officer include monitoring, identify, and controlling compliance risks; monitoring compliance between the Company and the Securities and Exchange Commission (SEC) as well as the Philippine Stock Exchange (PSE) regarding the disclosures and for whatever summons; and determining and citing violations of the Company code of ethics and recommending penalty for review and approval by the Board of Directors.