On March 17, the Board of Accountancy in collaboration with the Philippine Institute of Certified Public Accountants and other sectoral organizations celebrate the centenary of the accountancy profession in the country. Know more:
On March 17, the Board of Accountancy in collaboration with the Philippine Institute of Certified Public Accountants and other sectoral organizations celebrate the centenary of the accountancy profession in the country.
Accountancy was recognized as a profession on March 17, 1923 when the Philippine Legislature enacted Act No. 3105, also known as the Accountancy Act of 1923. With the passage of the law, Filipinos were empowered to practice accountancy in the country, a profession that was once limited to foreign accountants. The law also created the Board of Accountancy tasks with the regulation of the profession and is responsible for the Certified Public Accountants licensure examinations.
“We also abide by some laws relevant to the practice of profession. We continued the programs that were introduced by virtue of the current professional regulatory law like accreditation of CPAs in public practice and those in the academe. We continuously oversee the conduct of professional development programs which are aimed at improving the knowledge and skills of Filipino CPAs.
Like other professions regulated by the PRC, accountants are required to undertake Continuing Professional Development . This is to ensure they are updated on new developments in the field of accounting, abreast with major developments in information technology, and compliant with new provisions required by regulatory bodies. On the present CPD program, Dr. Quiñanola believes there is always room for improvement. “The delivery of CPD programs is not perfect.
While the Commission on Higher Education has direct supervision over colleges and universities, the Board of Accountancy conducts inspection of schools offering Accountancy “to check on compliance of existing orders and regulations aimed at maintaining high standard of the accountancy education in the country.” This is also a way of arresting the low passing percentage in the boards by some schools.
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