"Republic Act 11232 or An Act Providing for the Revised Corporation Code of the Philippines was signed into law by President Rodrigo R. Duterte on February 20, 2019 and took effect on February 23, 2019. It amends the 38-year-old Corporation Code in an effort to improve the ease of doing business in the Philippines. Among others, the notable changes made in the revised corporation code are removal of the minimum number of incorporators, defined punishable offenses, minimum capital stock, corporate term, one-person corporation, corporate officers, nationality of a corporation and provisions that permit the electronic filing of reportorial requirements and attendance in meetings via remote communication or in absentia.
With these changes, challenges as well as opportunities knock in several aspects including corporate good governance, minority protection and fraud. Auditors should reach out with the stakeholders by performing relevant assurance and consulting activities and providing them recommendations in taking every opportunity to build a stronger corporation and how to embrace each challenge to upgrade further."
*topic is subject to change without prior notice