able Forms 5nj5x

1.

ABLE FORMS Observation We noted during our examination that the Company was transacting business without using Sales Invoice (SI) and Official Receipts (OR). Recommendation We suggest that management consider the printing and issuance of able forms (i.e., Sales Invoice and Official Receipts) to avoid questions by the Bureau of Internal Revenue.

2.

ABLE FORMS Observation The Company’s able forms except for Delivery Receipts and Sales Invoices are not pre-numbered. Recommendation We suggest that all Company’s able forms should be prenumbered for monitoring and safeguarding against unauthorized use.

3.

ABLE FORMS Observation We noted during our examination that the Branch was transacting business without using Sales Invoice (SI) and Official Receipts (OR). Recommendation We suggest that management consider the printing and issuance of able forms (i.e., Sales Invoice and Official Receipts) to avoid questions by the Bureau of Internal Revenue. Management’s Response The branch actually has a Sales Invoice (SI) and Official Receipts (OR) duly ed and stamped by the Bureau of Internal Revenue (BIR). These able forms have not been issued since from the start in view of the fact that Capital Equipment Distribution Limited is ed as a representative branch office only. It has no direct transactions with the customers, all proceeds from sales of equipment and materials were remitted directly to overseas office.