1 Exciting changes have come December 2016
2 Exciting times in accounting in the PhilippinesSix Point Expanding Horizons Strategic Plan Future is NOW Globalization trends in our midst Major structural changes ongoing Forthcoming accounting learning and examination tracks New expanded Auditors Report Certificate of Compilation Services in Preparation of FS High Impact Regulatory Direction Empowering the SMP Inspection of offices of CPAs in PP Governance, Integrity and Ethics CPD directions Case Development Program Internship Program Sectoral, CPA Tracker and IFAC Survey BoA Publications Inspection of schools Summit of Accounting Schools Stakeholders Strengthening the professional & sectoral organization BoA Volunteer Program I am Accountant On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
3 Six point Expanding Horizons Strategic PlanOur game plan to exceed global standards More than 100 projects ongoing Be involved On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
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5 The future is now Future trends of robotics, artificial intelligence, cloud hosting, technology tools and applications, data analytics, cyber security, sustainability and integrated reporting, Block chain, digitalization, XBRL reporting Previous learning must be updated Accountancy leaders should lead the revolution of change Change in mindset and skills set are required Do your share…read and learn and be ready On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
6 Globalization trends in our midstASEAN MRA and the mobile accountant is coming Bilateral MRAs soon to follow? Global accountancy bodies and leaders in our doorsteps Partnerships with ASEAN accountancy regulators Assistance from global developmental partners WB ROSC On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
7 Major structural changes on goingRevisions in accountancy law Forthcoming accounting learning tracks New shift in CPA board examinations On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
8 Revisions in accountancy lawRevisions referred to Congress on August 2016 Over 20 proposals - Structural . Mandate of the Accountancy Regulatory Office and BoA . Practice of Accountancy . Accountancy Examination and Program Matters . Special Provisions . Penalties and Sanctions On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
9 Forthcoming accounting learning and examination tracksFour Specialized accounting programs BS Accountancy BS Management Accounting BS Internal Auditing BS Accounting Information System
10 Forthcoming accounting learning and examination tracksTwo Level Licensure Examination 1. Core Licensure Examination for Certified Accountants
11 Forthcoming accounting learning and examination tracksTwo Level Licensure Examination 2. Advanced Licensure Examination for Certified Public Accountant and Certified Professional Accountants
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13 New Expanded Auditors ReportNew PSAs on Auditor Reporting Standards (including providing for information on Key Audit Matters for some audits) for audits of financial statements for periods ending on or after December 15, 2015 (BoA resolution ) Intended to increase the transparency and enhance the information value of the auditors report BoA will monitor initial implementation On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
14 Certification of compilation services in preparation of FSBoA Resolution , PSRS 4410, BIR Revenue Memorandum Circular and prescribe that CPAs be accredited with BoA and to sign the Compilation Certificate CPAs who still have to receive their accreditation document from the BoA can complete and sign the Certificate with the notation that their application is still pending approval in the PRC/BoA Effective for 2016 financial statements and annual income tax returns that will be filed with the BIR for tax filing period in 2017. On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
15 Certification of compilation services in preparation of FSPreparers of the FS should submit their company’s FS to the auditors not later than two months after the end of the accounting period. These measures are intended to enhance the accountability of the preparers of the FS and tax returns and correspondingly the reliability of the documents Auditors have the responsibility to report to BoA those CPAs/clients who did not comply with the requirements New Excelsior RTC Manila TRO case # dated Dec 5, 2016 On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
16 High impact regulatory directions Make professional CPAs work better in an environment of fair competition, with ample opportunities and reasonable government regulations and make the erring CPAs change their behavior, leave the profession or be sternly sanctioned. Collaboration among regulators Taxation of professional Audit thresholds discussion QAR full steam ahead Engagement reporting Posting list of accredited CPAs On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
17 High impact regulatory directionsProject Repeal More collaboration with other regulators NOCLAR Schedule of fines and penalties Accreditation of Government CPAs Accreditation of Partners and professional staff under injunction Renewal of license and accreditation will be based on birth month On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
18 Empowering the SMPs Facilitate the enhancement of practice management and quality assurance procedures and practices Provide access to networking opportunities Extend incentives on PRC and BoA transactions Enhance the competitive environment Run after erring CPAs On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
19 Inspection of offices of CPAs in PPPrescribed in BoA Resolution Mandates the inspection of offices of CPAs in PP applying for accreditation Inspection shall be conducted pursuant to a checklist Inspector will determine the functionality of the office and facilities Streamlining of the process shall soon be implemented On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
20 Governance , Integrity and EthicsPerformance Governance System—what’s next Integrity Initiative—next steps Code of Ethics—to be updated ISO certification of institutions On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
21 CPD directions New law and regulationsRepublic Act No PRC Resolution No BoA Resolution No Gradual increase from 60 to 120 units Shift from thematic to competency framework Online CPD courses Monitors and quizzes Online monitoring of CPD units earned On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
22 Accountancy case programInitiative to integrate case discussion method in ALL accountancy subjects Development of local accountancy cases involving actual industry scenarios and issues Securing leading foreign accounting cases On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
23 BoA Internship ProgramThe interns will undergo the following: (1) briefing, (2) training on BOA work, (3) training on BOA projects, (4) office administrative work, (5) external work, (6) public relations and information, (7) research and reporting, (8) posting in partner organizations; (9) interim and (10) final evaluation and debriefing, and (10) completion event The IP of the BoA promises a challenging learning and training experience for the interns . They will get a chance to interact with the various stakeholders of the profession and will handle various activities in the course of their 200 or more hours internship in BoA. Their internship will be credited for their academic requirements. On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
24 BoA Internship ProgramInterns will receive a daily allowance that will be given at the end of each week. Interns will also receive an Intern Kit consisting of an intern identification card, customized shirt, folder, stationery kit, and BOA directory. At the end of the IP, the intern will be evaluated and rated, and will receive a Certificate of Completion if the intern is able to satisfactorily complete the IP Undergraduate student of MM accounting school belonging to the top 20%, familiarity with MS Office applications, proficient in communication, can work independently On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
25 Stress Management ProgramA joint project between the BoA, The Board of Psychologist and their respective APOs Intended to assist the examinees of CPA Board Examinations Involves the briefing on stress management by psychologists of reviewees in CPA review centers and schools On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
26 Sectoral Surveys Three sectoral surveys (AE, PP, and CI) being conducted by the BoA since 2015 Provided inputs to the various initiatives of the BoA, including the revisions of the Accountancy Law PICPA and other organizers of events are encouraged to conduct the survey Survey is accessible in AE - https://www.surveymonkey.com/r/CPASurveyAE PP - https://www.surveymonkey.com/r/CPASurveyPP C I - https://www.surveymonkey.com/r/CPASurveyCI On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
27 CPA Career tracking project 14 November 2016 In collaboration with
28 We asked new CPAs from the last 5 batchesProfile: 4,076 respondents (as of 14 Nov 2016) Male: 36% Female: 64% Male: 242 Female: 357 Jul 2014: 291 Oct 2014: 307 May 2015: 922 Oct 2015: 1,208 May 2016: 1,348 July batch: 291 October batch: 273 ~76% of respondents’ schools are from NCR, Regions 3 and 4a NCR: 48% Central Luzon: 12% Calabarzon: 13% Accumulated result of survey data as at 14 Nov 2016 on responses of Jul/Oct 2014, May/Oct 2015 and May 2016 CPA batches
29 IFAC Surveys and Discussion Papers for commentsIAASB Public Survey to Inform Its Work Plan for 2017–2018 at IAASB Working Group Paper on Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements at IAASB Discussion Paper, Exploring the Demand for Agreed-Upon Procedures Engagements and Other Services, and the Implications for the IAASB’s International Standards at On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
30 IFAC Surveys and Discussion Papers for commentsIFAC Global SMP Survey 2016 at IAASB Consultation paper on Exploring the Growing Use of Technology in the Audit, with a Focus on Data Analytics at On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
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34 Inspection of schools Over 500 accounting schoolsOver 300 have zero CPA exam passing percentage BoA mandate to inspect quality of accounting education Over 70 schools inspected in 2016 Rectification of deficiencies shall be the focus in 2017 On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
35 Summit of Accountancy School StakeholdersGathering of stakeholders and decision makers of the accountancy school sector Information on developments must be disseminated Key stakeholders must be able to respond ASAP Exchange ideas on how to support each other New accountancy tracks Requirements of the industry Demands of the present and future On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
36 Strengthening of professional & sectoral organizationAdvocacy of national and local issues Strengthen governance practices Follow rules Transparency PGS---What’s next? BoA oversight Train the trainors for CPD courses Become an accredited CPD provider E-news updates of members Expanded directory of members Networking and job/interns matching Permanent secretariat/office Assistance in transactions with regulatory offices Dissemination of information and projects Financial sustainability Participation in surveys and global initiatives Secure CHED endorsement Adopt a chapter or sector organization More chapters and membership On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
37 BoA Volunteer Program Communicate these to your colleagues VolunteerBe aware of what is happening Communicate these to your colleagues Volunteer On the average, 69.8% of new CPAs are employHowever, there is a decrease in the employment of new CPAs within a month.
38 www.facebook.com/professional regulatory board of accountancyFor more information: regulatory board of accountancy July batch: 289 October batch: 258 NCR: 46.1%
39 View in YouTube at https://www.youtube.com/watch?v=9VgtWslzGP8An exciting and inspiring video I am Accountant View in YouTube at https://www.youtube.com/watch?v=9VgtWslzGP8 July batch: 289 October batch: 258 NCR: 46.1%