...Republic Act No. 9298 The Philippine Accountancy Act of 2004 I. Objectives: a. The standardization and regulation of accounting education; b. The examination for registration of certified public accountants; and, c. The supervision, control, and regulation of the practice of accountancy in the Philippines. II. Scope of Practice a. Practice of Public Accountancy – b. Practice in Commerce and Industry – c. Practice in Education/Academe – d. Practice in Government – The Professional Regulatory Board of Accountancy III. The Professional Regulatory Board of Accountancy – the Body authorized by law to promulgate rules and regulations affecting the practice of accountancy profession in the Philippines. –it is under the supervision and control of the Professional Regulation Commission. Compositions and Term of Office: – Shall be composed of a Chairman and 6 Members. – The Chairman shall be the presider in all the meetings of the Board, In case of vacancy, the Vice-Chairperson shall do his duties. – The Chairman and Members of the Board shall hold a term of 3 years. – No person who has served 2 successive complete terms shall be eligible for reappointment until a lapse of one year. Powers and Functions of the Board –The Board shall exercise the following specific powers, functions and responsibilities, as stated in Art. 2 Sec. 9 of RA 9298 – The policies resolution, rules and regulations issued or promulgated by the Board...
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...A Probabilistic Estimation of Passing the Licensure Examination for Accountant Adrian Tamayo, PhD Research and Publication Center University of Mindanao Esterlina Gevera Dean, College of Accounting Education University of Mindanao Lord Eddie Aguilar Faculty, College of Accounting Education University of Mindanao Abstract The paper employed a simulation model to determine probability of passing the CPA licensure exam. The predictor variables of the study were GPA, pre-review grade, and the subject clusters of the exam. The study covered periods 2007-2011. It was noted that the performance of the Accounting Education for the period covered was found to be impressive. Pre-review and the GPA have high statistical influence in passing the board exam. The threshold GPA is 2.2 while 2.4 for the prereview. Of the subject clusters in the board exam, accounting problems have the highest impact in the actual board score followed by theory of accounts, management services, practical accounting problems 2, practical accounting problems 1 and the least yet still bear impact is the business law and taxation. The collegiate validation exam used as indicator of readiness showed statistical association with the actual exam. A simulated model revealed that the scores of management and services, auditing problems, audit theory, business law and taxation and accounting problems 1 have strong board outcome effects. The theory of accounts and accounting problems 2 showed no statistical significance...
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...classroom discussions and guest lecturers. It also includes extensive exposures to business immersions and an on-the-job training that will provide you with the understanding of practical accountancy. This program is highly recommended especially for those people who are in business. Whether they work for a company or try to put up a business, accounting is still there. HISTORICAL BACKGROUND The roots of the University of the East can be traced back to two rented rooms on Dasmarinas Street, Manila, where 110 students enrolled in Certified Public Accountant (CPA) review classes in September 1946; barely two months after the Philippines acquired its independence. Led by Dr. Francisco T. Dalupan Sr., the group of business educators that initiated the classes made it their objective to help the country, then still reeling from the effects of war. Out of the 110 students, four made it to top places in the CPA board examinations in 1947. Encouraged by this initial success, Dr. Dalupan and his colleagues opened the...
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...CHAPTER 1 The Problem and Its Setting Introduction Bachelor of Science in Accountancy (BSA) has been one of the most in demand courses in the Philippines nowadays. Last May 2015, the Professional Regulation Commission (PRC) announced that 2,132 out of 5,959 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo and Legazpi. In order to meet this demand, universities and colleges must create a program that would meet the standards and retention in the BSA program. Admission to the BSA program should be restricted to students who can demonstrate a high probability of success in the study of accounting through satisfactory academic performance, a qualifying examination, an interview, and/or other appropriate means. The school is given the privilege to require standard admission requirements to the program as reflected in its manual of regulations for students (CHED, 2007). The Accountancy program is presently known for its tough retention policy which becomes a challenge to prospective students. A retention policy is a set of guidelines in which a certain school follows a minimum grade for accountancy students in order for them to advance in the next level. Today, retention policy is a common practice in most colleges/ universities. With the increasing pressure to meet the minimum proficiency level, students who are developmentally unprepared to handle the curriculum...
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...THE PROBLEM AND REVIEW OF RELATED LITERATURE Introduction Graduating from college does not mean finishing in a particular field, rather it is the beginning of a real journey in the life of students. Performance in the school can be measured not only through awards received during graduation or through grades obtained, rather through works where he maybe after graduation. One of the concerns that a teacher, particularly in the college, ought to have is about his former students’ whereabouts after graduation. How are they employed now? It is not a simple case of deriving psychological satisfaction, through, from knowing for instance that a former student has hurdled a government examination or has obtained a high-paying job, or have established a viable business of his own. Perhaps what is important to him is the concern for his former students’ current situation and the disturbing possibility that failure might have filled the path of some of them. A teacher has to care. He is a torch-bearer of a system. The educational system which has the obligation from time to time to assess its performance in order to serve better the goods of society, his former students included. Changes however are a natural part of any system because education is an on-going process. A school system however satisfactorily cannot remain static. It is a living organism keenly sensitive to political, social and economic changes. A graduate’s performance is a reflection of the school from where he graduated...
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...Bachelor of Science in Accountancy as an in Demand Course in De La Salle Lipa A Term Paper Presented to Ms. Imelda Marquez English Language Area De La Salle Lipa In Partial Fulfillment of the Requirements for COMSKI2 Term 2, School Year 2012-2013 by Pasia, Trishia A. Sumilong, Melissa Mei D. Abstract Many students take up Bachelor of Science in Accountancy in De La Salle Lipa. In this research paper, the being in demand of the course and the effect of having job opportunities after graduating in college in the career choice of the students, the difficult situations they face, how they deal with them and their expectations of their career were being studied. This was done with the use of qualitative method. The researchers interviewed twenty-two (22) Accountancy students about their perceptions on their course. They summarized and concluded their answers to obtain the needed results and they found out that career opportunities really matter in choosing a course because the Accountancy students considered their future in doing this. Though they faced challenges in taking their course, they did their utmost to overcome these and obtain their wanted profession. In addition, they expected to have a good job in the future through this career. This paper further concluded that the students were motivated to study harder and to perform better despite of the difficult situations because of the nice future that was waiting for them and because of their high expectations...
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...Bachelor of Science in Accountancy as their college course, so that quality graduates will meet the demand in the field of accounting profession. This paper also helps high school teachers, parents and guidance counselors on how they can influence students to take up BS Accountancy in their tertiary level. On the other hand, it also informs the students on the advantages of being accountancy major and an accountant in the future. Factors Affecting Students’ Choice of Bachelor of Science in Accountancy as Major A Review of Related Literature and Studies Accounting as defined by Webster is the system of recording and summarizing business and financial transactions and analyzing, verifying and reporting the results. On the other hand, Accountancy is the profession or practice of accounting. Bachelor of Science in Accountancy prepares students for careers in accounting firms, financial institutions, public sectors, and financial departments of companies. It is an in demand course since there is an upward trend and opportunities to accountancy graduates and these graduates are expected to experience much faster employment than the average in this decade. Thus, colleges and universities are in need to produce a sufficient supply of quality graduates available to enter the profession. This literature review searches for the factors influencing students’ choice of BS Accountancy as their college course...
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...AUDITING THEORY TESTBANKS / REVIEWERS 1. When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance will be tested under either tests of controls or tests of transactions. 3. Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal controls in the revenue cycle? a. Fictitious transactions may be recorded that cause an understatement of revenues and overstatement of receivables. b. Claim received from customers for goods returned may be intentionally recorded in other customer’s accounts. c. Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash. d. The failure to prepare shipping documents may cause an overstatement of inventory balances. 4. Accepting an engagement to examine an entity’s financial...
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...AUDITING THEORY TESTBANKS / REVIEWERS 1. When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increase professional skepticism. b. Decline to accept or perform the audit. c. Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance will be tested under either tests of controls or tests of transactions. 3. Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal controls in the revenue cycle? a. Fictitious transactions may be recorded that cause an understatement of revenues and overstatement of receivables. b. Claim received from customers for goods returned may be intentionally recorded in other customer’s accounts. c. Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash. d. The failure to prepare shipping documents may cause an overstatement of inventory balances. 4. Accepting an engagement to examine...
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...East-Manila For S.Y 2011-2012 In Partial Fulfillment of the Requirements in Tourism Research Method Tour 112 By: Honey Grace R. Gatasi July 2012 Chapter 1 THE PROBLEM AND ITS BACKGROUND Introduction Being in school is one of the best opportunity that everyone could ever have, Studying in school serve as our training ground that develop and would mold students to become the person that students need to be but, the question is, How does the students today differs from the students of prior generations? Through the evolution of the technologies today, the students also evolve. And students are very lucky to have the technologies, at the age of information today there’s a lot of sources to use when there is homework and projects. And the technologies before is not yet empowered the students are really focus on the study. The students always spent time in studying. But today, because everything is in the power of students finger tips, The students can do everything in just one click, students can search everything in just one click and of course students can share everything in just one click. That’s why the students are very lucky because everything is just there, The students don’t need to go through in some difficulties to do school works, but the problem in some students today, Students abuses the opportunities they have taken for granted and worst, The students are blinded by modern technologies that’s why the students put studying as second priority ,modern...
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...retention policy is in place in EES for all journals: 1. Article information (the submission metadata, including Reviewer Attachments) will be stored indefinitely in EES. 2. Source files for accepted articles will be removed from EES three months after the paper has been finalised in the system (accepted and sent to production). These are basically all the files uploaded by the author (or the editor) e.g. manuscripts, figures, tables, companion files etc. 3. Submission PDFs (PDFs created by EES) will be kept for one year, after which they will be deleted. 4. Source files for rejected and withdrawn manuscripts will be deleted three months after the manuscript reaches the appropriate final disposition status (the end of the peer review lifecycle). 5. Submissions that are removed by the Author or the Editor at the beginning of the editorial process will be deleted immediately. 6. Incomplete Submissions: Author will receive an alert after 60 days of inactivity. After 90 days of inactivity, the PDF and source files will be deleted. When an incomplete submission remains inactive after 60 days, the following alert is sent out automatically from EES: Dear Author, We recently detected a paper entitled "Article Title" for which you started the submission process more than 60 days ago but for which you did not complete all the submission steps. Therefore, this paper has not yet been submitted to the journal. If this paper is a duplicate of a manuscript already submitted...
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...ASEAN ECONOMIC INTERGRATION IN 2015 AND UNEMPLOYMENT RATE IN THE PHILIPPINES Elah Czarina C. Andal, CPA IR 204 INTRODUCTION A little over a year ago, the author attended a forum entitled “The Road to ASEAN Economic Community: Maximizing Opportunities and Facing Challenges.” The introduction in the forum’s invite included the following: “The 10 ASEAN member nations are moving towards integration, with the goal of forming an ASEAN Economic Community (AEC) by 2015. Designed to boost regional resilience, the AEC will create a single market and production base characterized by the free flow of goods, services, investments, capital and skilled labor.”1 With much optimism, the author takes note of a promise of greater opportunities for Filipinos as a result of the 2015 ASEAN economic integration and eventual formation of AEC. Further with excitement, the question as to whether this integration comes with the promise of lower unemployment rate in the Philippines beginning 2015 was posted. BACKGROUND AND STATEMENT OF THE PROBLEM Several studies have been made and many articles have been written regarding the ASEAN economic integration as well as the AEC. This would include those which explain what will happen in 2015 when the integration takes place, those which challenge the readiness of the Philippines for the free trade economy or the preparation for it, or those which presents its impact to the country (both on the perspective of opportunities and challenges). This paper focuses...
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...always at stake. But, business sustainability depends on its financial performance and the people governing the business. And to measure whether companies are capable of handling potentially unexpected corporate risks, companies’ accounting transactions are reported through financial statements. These financial statements are the masterpieces of accountants who analyze the transactions and measure the financial stability of the company if they are sustainable enough to defray any business risks. However, in presenting these statements, some accountants may mislead owners or decision makers through financial mistatements which affect the business itself. Because of this accounting malpractice, it may cause to a major problem that will put CPAs into grave misconduct such as allegation of fraud and engangement in corporate accounting scandals. Accounting malpractice are affecting the businesses globally. It decays the economy of the country and slowly creeps into different industry until they are no longer outlive in the business world. In fact, the Report to the Nations on Occupational Fraud and Abuse in Asia-Pacific Region led by Wells (2010) found out that the Asia Pacific median has a loss that was significantly higher than the global median loss of $160,000 because of accounting malpractices. This report also added that 338 fraud cases that has been found on that Asia-pacific region wherein China has the most number of fraud cases and followed by India, Australia, Indonesia...
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...Table of Contents Title Page.................................................................................................................................i Table of Contents....................................................................................................................1 A. Inroduction.........................................................................................................................2 B. Definition...........................................................................................................................3 - 4 C. Issues..................................................................................................................................4 - 8 i. LGBT parenting..........................................................................4 ii. Adoption.....................................................................................4 - 5 iii. Surrogacy and fertility treatment................................................5 iv. Organizations..............................................................................5 - 8 v. Health..........................................................................................8 - 9 D. History..............................................................................................................................9 - 11 i. Ancient......................................................................................
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...& Co. is currently the Philippines' largest multidisciplinary professional services firm with eight offices across the country. The Firm employs over 3,200 professionals from various disciplines delivering value-added services to over 5,000 esteemed clients. We provide integrated solutions that draw on diverse and deep competencies in assurance, tax, transaction and advisory services. We uphold the highest standards of quality. In fact, SGV & Co. remains the only ISO 9001-certified professional services firm in the Philippines – a distinction we have maintained since 1996. Our track record has remained unmatched in the region. We have accumulated invaluable resources in our 67 years of operations - highly qualified and competent staff, state-of-the-art facilities and an enviable international network. SGV & Co. is a member practice of Ernst & Young, a global leader in assurance, tax, transaction and advisory services. Worldwide, its 167,000 people are united by shared values and an unwavering commitment to quality. SGV & Co. and Ernst & Young make a difference by helping our people, clients and wider communities achieve their potential. Our Values * • People who demonstrate integrity, respect and teaming * • People with energy, enthusiasm and the courage to lead * • People who build relationships based on doing the right thing FAQ SGV audits: » 54 of the top 100 corporations in the Philippines » 396 of the top 1000 corporations...
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