QUALITY ASSURANCE REVIEW PROGRAM
BOA Chairman Joel L. Tan-Torres
Commitment of the
Board of Accountancy
to its Mandate
Philippine Accountancy Law
of 2004
RA 9298 Section 9h
“coordinate an oversight into the quality of
audits of financial statements through a review
of the quality control measures instituted by
auditors in order to ensure compliance with
accounting and auditing standards and
practices.”
Quality Assurance
Review Program
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Historical Background
Date
July 28, 2009
August 12, 2009
February 2, 2010
Event
Issuance of BoA Resolution No. 88 to
implement the QAR
Execution of a MOA with SEC, BSP and IC, as
well as, with PICPA
Resolution No. 23: Some amendments to
BoA Resolution No. 88
Historical Background
Date
December 2010
Event
Injunction case file by the group of small
accountants in Public Practice with RTC 128
(Caloocan) to stop the implementation
The QAR was not implemented!
• To date, the QAR is suspended; RTC order for the judicial
arbitration between the parties
Historical Background
Date
2011
Event
Issuance of PSQC 1 : Quality Control for
Firms that Perform Audits and Reviews
Issuance of PSW 220 : Quality Control for an
Audit of Financial Statements
Recent Developments
Date
July 05, 2014
July 06, 2014
Event
Discussion between the BoA Chairman and
the petitioners in the Caluya case
Signing of the Cebu Accord
• Agreements and Principles that addressed
the QAR disputed issues
Moving Forward
Recommend to PRC the withdrawal of
Resolutions 88 and 28
Recommend to PRC a new resolution for the
QAR implementation
Notify RTC 128 of mutual agreement upon
resolution of the case
Guiding Principles
The formulation of the Resolution and
implementing rules and regulations (attached
as to the Resolution as an annex) shall be
consultative following a strict time table
Discussions are based on mutual trust
The right of the BoA to regulate the profession
shall be recognized and respected
Developments to Date
Dissemination of draft IRR and QAR resolution to
sectoral organizations and social network (BoA
Facebook)
Conduct of public dialogues held last July 10 and
Sept. 10, 2014
Attendance of BoA Chairman of the judicial
arbitration in RTC Caloocan last September 4, 2014
Developments to Date
Submission of several written comments on draft IRR
Planned dissemination of revised IRR
Ongoing address of QAR organizational and
implementation requirements
With the support and cooperation of all
stakeholders, our accountancy
profession is well on its way towards
instituting measures for the
enhancement of our profession.
Joel Tan Torres
BoA Chairman