Legislative History
| House Bill/Resolution NO. House Bill No. 5260, 12th Congress of the Republic | |
| FULL TITLE : AN ACT PROVIDING FOR CORPORATE ACCOUNTABILITY, FIXING THE PENALTIES FOR ANY VIOLATION THEREOF, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES | |
| ABSTRACT : "Corporate Reform Act of 2002." This bill seeks to regulate corporate abuses by providing among others: (1) Banning of accounting firms from providing most consulting services to companies they are auditing; (2) No registered public accounting firmshall provide audit services to an issuer if the lead audit partner or the audit partner responsible for reviewing audit, has performed audit services for that issuer in each of five (5) previous fiscal years of that issuer; (3) Prohibits any issuerto extend or maintain credit, in a form of a personal loan to or for any director or executive officer of publicly listed companies; and (4) Destruction, alteration, or falsification of records in investigations and bankruptcy is punishable with up tto 20 years. | |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. | |
| DATE FILED : 2002-09-30 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Real (026 ) | 2. Carloto (026 ) |
| 3. Garcia (026 ) | 4. Amante (026 ) |
| 5. Defensor (026 ) | 6. Lozada (026 ) |
| 7. Banaag (026 ) | 8. Jaraula (026 ) |
| 9. Ocampo (026 ) | 10. Apostol (026 ) |
| 11. Locsin (026 ) | 12. Teves (026 ) |
| 13. Soon-ruiz (026 ) | 14. Martinez (026 ) |
| 15. Jala (026 ) | 16. Jalosjos-carreon (026 ) |
| 17. Zamora (026 ) | 18. Biazon (026 ) |
| 19. Angara-castillo (026 ) | 20. Chipeco (026 ) |
| 21. Chiongbian (026 ) | 22. Baterina (026 ) |
| 23. Espina (027 ) | 24. Marcos (035 ) |
| 25. Puentebella (061 ) | 26. De Guzman (061 ) |
| 27. Syjuco (041 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| COMMITTEE ACTION: chnge of cttee. ref'l from Banks and Financial Intermedia ries as per J.22; p.12 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON ECONOMIC AFFAIRS ON 2002-10-07 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON APPROPRIATIONS |
Abstract
"Corporate Reform Act of 2002." This bill seeks to regulate corporate abuses by providing among others: (1) Banning of accounting firms from providing most consulting services to companies they are auditing; (2) No registered public accounting firmshall provide audit services to an issuer if the lead audit partner or the audit partner responsible for reviewing audit, has performed audit services for that issuer in each of five (5) previous fiscal years of that issuer; (3) Prohibits any issuerto extend or maintain credit, in a form of a personal loan to or for any director or executive officer of publicly listed companies; and (4) Destruction, alteration, or falsification of records in investigations and bankruptcy is punishable with up tto 20 years.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.