The Future is now
• Developments fast evolving in the global
accounting arena
• Accountancy in place in the Philippines since 1923
• Sluggish development for decades
• Expanding Horizons starting 2014
• Six point EH strategic plan---roadmap to
exceed global standards in the Philippines
and to meet the needs of the times
Six Point EH Strategic Plan
Our game plan to exceed global standards
More than 100 projects ongoing
Road map to meet the needs of the times
Are we ready for this?
Revised Accountancy Law
Are we ready for this?
Robotics for basic accounting
and book keeping
functions
Are we ready for this?
Artificial Intelligence used
for correcting essay and
problem solving questions
in an Outcome based
CPA board examination
Are we ready for this?
Four Specialized accounting programs
• BS Accountancy
• BS Management Accounting
• BS Auditing with focus on Internal and
Forensic Auditing
• BS Accounting Systems
and Information Technology
Are we ready for this?
Reformatting the Licensure
Examination
1. Outcome based focus
2. Transition until May 2017 examination
3. For October 2017, new topics in Taxation and
RFBT will be included in the examination
4. Expanded coverage and scope of test
questions—situational problems, effective
business communication
Are we ready for this?
Reformatting the Licensure
Examination
1. Specialization to coincide with accounting
education thrusts
2. Two Level Licensure Examination
3. Expanded coverage and scope of test
questions—integrated, practical, essay,
problem solving
4. Outsourcing of exam question preparation
5. Allowing foreigners to take examination
Are we ready for this?
Two Level Licensure Examination
1. Core Licensure Examination for
Certified Accountants
Are we ready for this?
Two Level Licensure Examination
2. Advanced Licensure Examination
for Certified Public
Accountant and Certified Professional
Accountants
Are we ready for this?
Evolving
International standards on
• Audit quality
• Expanded Auditor’s
Report
• Public Finance
Management
• Integrated Reporting
Are we ready for this?
ISO certified accounting
and auditing practice
Are we ready for this?
Value added services on forensic audit,
analytics, integrated and XBRL reporting, and
cyber security of accounting systems
Are we ready for this?
• Participative role of
accountants in
traditional government
functions of CoA and BIR
audit
Are we ready for this?
Revision of audit threshold
Are we ready for this?
The Audit Regulatory Office
and Board of Accountancy
Are we ready for this?
E-BoA and e-ARO
Are we ready for this?
Streamlined regulatory
processes and requirements
Are we ready for this?
Effective regulation involving
• Quality Assurance Review
• Run after Erring CPAs
• Whistleblower Program
• Coordination with other
Regulators
• Fair competition environment for
professional accountants
Are we ready for this?
Customized accounting standards
and systems for SMEs and
cooperatives
Are we ready for this?
Use of technology tools including
cloud based systems, e-working papers
for audit, virtual accounting offices.
Are we ready for this?
I AM ACCT.
You tube: https://www.youtube.com/watch?v=9VgtWslzGP8&sns )
Are we ready for this?
Global Filipino accountants
Are we ready for this?
Re-structuring & strengthening the SMPs
Are we ready for this?
Sustainability and environmental
green accounting
Are we ready for this?
Center of accounting research
and education with Doctoral
Program on Accountancy,
vibrant Masters Program in
Accountancy, focus on research
and writing, and accounting
e-library network
Are we ready for this?
Accounting case
methods in all accounting,
auditing and technical
subjects in the accountancy
programs
Are we ready for this?
On line Continuing Professional
Development programs based
on competencies and experience
levels
Are we ready for this?
“Bagong” Mindset on education and
career options and directions, shift to
“grass roots” and regions away from
Imperial Manila
Are we ready for this?
Vibrant accountancy profession in the
Philippines:
* Recognition by stakeholders of
importance and value of accountants
* Outputs of accountants relied upon by
stakeholders and government
* Higher pay and fees for the professional
accountant
For more information:
http://www.prc.gov.ph
http://boa.com.ph
www.facebook.com/professional
regulatory board of accountancy
[email protected]