PHC-BOA Updates
PHC-BOA Updates
Key Highlights
Mark Chito D. Fajiculay, CPA
Managing Director, Powerhouseconsultants Company (PHC)
Co-Chair of Professional Development, PICPA-NMMC
Resource Speaker, Philippine Institute of Certified Public Accountants (PICPA)
Resident Resource Person, Inquirer Academy of Philippine Daily Inquirer
CPA Reviewer, Lecturer & Subject Matter Expert
BOA UPDATES
BOA Updates: Then
BOA Updates: Now & Next
THE SIX-POINT STRATEGY
Expanding Horizons, Leveling Up the Profession
Globalization Development
Continuing and working in-progress bilateral ASEAN Mutual
Recognition Arrangement (MRA) for Accountancy services
with the objective to mobilize accountants within ASEAN
members, enhances informational exchanges & networking
and promotes adoption of best practices on standards and
qualifications. Joining and qualifying the envisioning of IFAC
& other global accountancy organizations setting footprints
in Philippine accountancy profession.
International Federation of Accountants (IFAC)
Global organization for accountancy profession dedicated
to serving the public interest by strengthening the profession
and contributing to the development of strong international
economies with 175 members in 130 countries, 3 million
accountants and continuing.
THE SIX-POINT STRATEGY
2. Effectively regulate the profession
Implementation of Quality Assurance Review (QAR)
Implement QAR based on BOA Resolution No. 244-2015 with the
final decisions of the Court and OSG. Organize Quality
Assurance Review Office (QARO) using consultants, interns and
inspectors. Focus QAR on ‘low-lying fruits’ such as ‘notarial
auditors’. Gradually conduct QAR inspections on risk-based
approach using 2009-2010 Manuals and PICPA Voluntary QAR
(V-QAR) methodology. Coordinate with SEC on its SOAR.
Establish network, partnerships & relationships with global and
regional audit regulators such as IFIAR and AARG and
inspectors and developmental partners. Transition strategy shall
be established and soft implementation shall be considered in
light of anticipated QAR programs.
Other activities
Releases of annual report and yearbook and Champion
CPAs coffee table book. Lead testimonials for the new
CPAs, pioneers and pillars of the profession. The
regulator also participated in the 75th Anniversary
Celebration of ASEAN. Releases of advisories, notices
and memoranda on different issues and concerns
affecting professional practice. Video release of ‘I am
Accountant’ introducing what the profession is and who
we are as partners of recognizing and protecting the
public interest in driving economy growth and helping
them in statutory compliance.
THE SIX-POINT STRATEGY
3. Enhance image and reputation of accounting professional
BS Accountancy
BS Management
Accounting
BS Internal Auditing
BS Accounting
Information System
BS Accounting Technology (BSAT) shall
be discarded
THE SIX-POINT STRATEGY
5. Institute structural changes
THE SIX-POINT STRATEGY
5. Institute structural changes
PICPA OTHERS
AIP0 ACPACI
ACPAPP
GACPA
NACPAE
THE ENVIRONMENT OF ACCREDITATIONS
Commerce & Industry-Public Practice-Academe
BOA ACCREDITATION
BSP CDA
IC ERC Teacher
PCAB NEA
CONTINUING PROFESSIONAL DEVELOPMENT
The ‘Controversial’ 120 CPD Units
CONTINUING PROFESSIONAL DEVELOPMENT
The ‘Controversial’ 120 CPD Units
CORPORATIONS
Securities Regulation Code
SRC Rule 68, as amended
Code of Corporate Governance
SEC Memorandum Circulars (MCs) and Issuance
COOPERATIVES
Membership
09-2017 Rules & Regulations on the Implementation of Securities and Exchange 18-Aug-17
Commission (SEC) Oversight Assurance Review Inspection Program
10-2017 Adoption of New and Revised Accounting Standards & Interpretations 29-Aug-17
(Amendments to PFRS 4, Applying PFRS 9 with PFRS 4; Clarifications to
PFRS 15; PIC Q&A No. 2016-01; and PIC Q&A No. 2016-04)
SEC Memorandum Circulars
Selected SEC Memorandum Circulars Highlighted
05-2018 Adoption of Philippine Financial Reporting Standards for Small Entities 26-Mar-18
07-2018 Amendment to Rule 38.2.7 of 2015 Implementing Rules and Regulation 20-Apr-18
of the Securities Regulation Code (SRC)
Disclaimer:
This material has been prepared for seminar or general purposes only and not intended for
professional advice. Please refer to relevant regulatory framework and regulator for details. Neither this
is a substitute for reading the regulations themselves. Thus, participants should refer to appropriate
regulations and issuance and evaluate its relevance and impact on current practice.
Valenzuela City | Quezon City | Taguig City
Website: powerhouseconsultants.me.pn
Email: [email protected]
[email protected] [MDF]