Accountancy Issues

Opinions Unlimited

by Atty. Tony(APA) Acyatan (Atty. APA – chairman of Acyatan & Co., CPAs-DFK International is PICPA past national president and Accountancy Hall-of-Famer, and past chairman of ASEAN Federation of CPAs).

DISCUSSIONS: The 65th Annual National Convention of the Philippine Institute of Certified Accountants (PICPA) was held in Iloilo City last weekend.  Issues were raised by the CPAs dealing on professional norms and more so in the public practice of external auditing.  Accountancy is regulated by the Professional Regulation Commission through the Board of Accountancy and other government agencies like the SEC, Insurance Commission, CDA and BSP-Monetary Board.

While the CPAs agree that as a profession, accountancy must be continually upgraded, they now feel overburdened with various accreditation requirements that come more so often.  For all these – they must submit documents to prove their qualifications and updated training – and pay regulatory fees.  The big auditing firms accept these – but small and medium practitioners complain that they are over-charged.

REVIEW:  Among the major thorns on the side of the CPAs is the recent issuance from the Board of Accountancy instituting the “Quality Assurance Review” of the auditors’ submitted attestations of financial statements. The review will be conducted by a special council (composed of supposedly knowledgeable CPAs who are mostly retired partners of the big auditing firms).  There is a schedule of periodic review fees payable by the auditors that naturally will be passed on to their clients.

Quality assurance for audits is positive for our financial system – and this is accepted by the CPAs.  What they suggest, however – is for the review system and organizational set-up (and fees) to be thoroughly evaluated first.  They want the government (BOA-PRC) to listen to the varied opinions of the public accounting practitioners, more especially those handling small and medium enterprises.  The clamor is based on the now-liberalized accounting rules for SMEs.

CHRISTMAS:  It is now the Advent Season.  As we prepare for the coming (re)birth of our Lord Jesus – we should not be lost on the main goal for the celebration.  It is the revival and re-energizing of our faith and love for our Creator who lent us His Begotten Son that we may be redeemed for our many sins and transgressions.  Family reunions must be held with Christ as the main attraction for our fiesta gatherings.

Since gift-giving is another main feature of the Yuletide, try to economize by first checking on what we have purchased in the previous years that are still in our drawers and closets – waiting to be given away.  Even the slightly used clothing, toys and utensils can serve our charitable purposes.  If you receive one of these from your friends, don’t feel insulted – it is not the value that matters; it is the loving and caring thought that we must acknowledge.  It is better to give than to receive!

SPORTS: The Asian Games held in Guanzhou, China is now history.  As expected, the Philippines is among the countries listed below the middle line of the medal board. The low ranking emphasizes the mediocrity of our sports program.  It seems we are concentrating on so many lines where we don’t even have chances of snatching the bronze, silver or gold.  Thanks to boxing, billiards and bowling – our national flag was momentarily raised there.

Our most pathetic performance is in the country’s favorite sport:  basketball.  Despite the gargantuan costs – highlighted by the hiring of “foreigners” – we landed in sixth place, after luckily squeezing to the quarterfinals (final 8).  Pardon me for saying that the gold medal in the Asian Basketball League and more so in the Olympics is a futile Philippine dream.  Our sponsors and advertizers should now “bet” on some other winnable sports activities.

LESSON:  I am a firm believer in luck – based on experience that the harder I work, the luckier I become.

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