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Role of Auditors in the New Economy Cited

Audit firm Reyes Tacandong & Co (RT&Co) is emphasizing the key role of auditors in ensuring that corporate governance remains sound amid the new normal.

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Protacio T. Tacandong, Chief Operating Officer of RT&Co, told The Manila Times that businesses and industries continue to deal with the volatile environment brought about by COVID-19.

The pandemic, he noted, has made the auditor’s role more critical as shareholders depend on audit opinions provided in financial statements, which should mirror a company’s true financial position, especially during critical times.

The health crisis, Tacandong said, has heightened severe threats to fundamentals such as asset valuation, liquidity, contingent liabilities, and profitability, among others. This in turn highlighted the auditor’s critical role in providing independent views on how management can navigate the many risks and opportunities.


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MAYVELIN CARABALLO
The Manila Times

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