To remain competitive and at par with global and ASEAN standards, the Philippine Institute of Certified Public Accountants (PICPA), the country’s 89-year-old professional national accountancy body, has renewed its support in improving quality control standards through its voluntary quality assurance review program.
Quality control is an important element in the practice of public accounting, and is among the standards promulgated by the Philippine Regulatory Board of Accountancy (BoA), and adopted by the Securities and Exchange Commission (SEC) as a mechanism in assuring that external auditors perform quality work.
“Quality control standards help raise the bar for developing more competitive Filipino professional accountants whose services are in demand both locally and internationally,” said Ma. Victoria Españo, chairperson and chief executive officer of top auditing firm P&A Grant Thornton.
Españo, who is PICPA national board director and chairperson of its Metro Manila regional council which accounts for 60 percent of its 30,000 members nationwide, said, “Promoting integrity and quality have never been as important as today for the accounting and auditing profession.”
She said PICPA will assist small and medium practitioners (SMP) to improve the quality of their practice work under the quality assurance review project. SMP may choose to be subjected to a peer review to aid them in pointing out areas where quality improvement can be made to their respective audit practices.
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A similar quality assurance mechanism will be performed by the SEC to external auditors who perform audits of publicly listed companies. Called the SEC Oversight Assurance Review Inspection, the program aims to safeguard the integrity and ensure the reliability of the reports submitted to the SEC to protect the investing public.
“We have to support our professional accountants as they contend with increasing technical and regulatory requirements,” Españo said.
PICPA recently celebrated 2018 Accountancy Week in July with the theme, “Promoting Integrity, Advancing Excellence.”
