Section 5December 28, 1992, Sec./Art. 5

Section 256 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:

"Sec. 256. Penal liability for making false entries, records, or reports. - (a) Any independent certified public accountant engaged to examine and audit books of accounts of taxpayers under subparagraph (a) of Section 232 and any person under his direction who:

"(1) Willfully falsifies any report or statement bearing on any examination or audit, or renders a report, including exhibits, statements, schedules, or other forms of accountancy work which has not been verified by him personally or under his supervision or by a member of his firm or by a member of his staff in accordance with sound auditing practices; or

"(2) Certifies financial statements of a business enterprise containing an essential misstatement of facts or omission in respect of the transactions, taxable income, deduction, and exemption of his client; or

"(b) Any person who:

"(1) Not being an independent certified public accountant according to subparagraph (B) of Section 232, examines and audits books of accounts of taxpayers; or

"(2) Offers to sign and certify financial statements without audit; or

"(3) Offers any taxpayer the use of accounting bookkeeping records for internal revenue purposes not in conformity with the requirements prescribed in this Code or regulations promulgated thereunder; or

"(4) Knowingly makes any false entry or enters any false or fictitious name in the books of accounts or records mentioned in the preceding paragraph; or

"(5) Keeps two or more sets of such records or books of accounts; or

"(6) In any way commits an act or omission, in violation of the provisions of this section; or

"(7) Fails to keep the books of accounts or records mentioned in Section 232 in a native language, English, or Spanish, or to make a true and complete translation as required in Section 234 of this Code, or whose books of accounts or records kept in a native language, English, or Spanish, and found to be at material variance with books or records kept by him in another language, shall, upon conviction for each act or omission, be punished by a fine of not less than Thirty thousand pesos but not more than Fifty thousand pesos and suffer imprisonment of not less than two years but not more than six years."