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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 271 - AMENDING
Sec. 2 OF EXECUTIVE ORDER NO. 19 AND Sec. 20 OF PRESIDENTIAL
DECREE NO. 1445
WHEREAS,
Sec. 2 of Executive Order No. 19 amends Sec. 24 of Presidential
Decree No. 1445 by providing a new scheme for computing the audit cost
chargeable against government corporations, as follows:
“in
the case of government-owned or controlled corporations or its
subsidiaries, the cost of audit services shall be fixed at an amount
equivalent to one fourth of one per centum (1/4 of 1%) of the operating
budgets of these corporations/subsidiaries;”
WHEREAS, if implemented, such audit cost will result in iniquitous assessment to some corporations;
WHEREAS, there is a need to amend further the first paragraph of section 20 of Presidential Decree No. 1445 to rationalize the funding of government corporate audit cost;
WHEREAS, it is necessary to establish a reasonable rate of assessment based on auditing services rendered to government corporations.
NOW, THEREFORE, I, CORAZON C. AQUINO, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order:
Section 1.
“SECTION
2.
Sec. 2.
Sec. 3.
Sec. 4.
Sec. 5.
DONE in the City of Manila,
this 25th day of July, in the year of Our Lord, nineteen hundred and
eighty-seven.
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