How would you like to be an ACPA?

If you are a Philippine CPA, did you know that you may now apply for the ACPA (Asean Chartered Professional Accountant) title? Jun Cuaresma writes, in The Manila Times article, “And the Asean CPA is born . . .

To get the ACPA title, the provisions of the recognition agreement state that Filipino CPAs have to undergo initial qualification and eligibility screenings through the local Board of Accountancy (BoA) and/or the Philippine Institute of CPAs and then the ACPA Coordinating Committee would make the final approval.

Upon successful approval, the Filipino CPA will acquire the ACPA title and be accorded as a Registered Foreign Professional Accountant (RFPA) who then can, in all other nine Asean member states: (1) work as consultant or employee of commercial, industrial or educational entities, or (2) work as external auditor but in collaboration with designated external auditing firms in the host country.

Currently, Filipino CPAs can already work as accountants, auditors, consultants, etc., in countries among the Asean member countries and beyond, even without the ACPA title. Thus, I can’t imagine how this title can enhance one’s résumé.

So, unless a new and separate governing body is tasked to conduct qualifying exams (board exams) in lieu of the PRC (Professional Regulation Commission), I can’t see how else Filipino accountants will flock to acquire this title.

The Three Types of Client Attitudes Toward Auditors

Just in time for the busy season, or at least for Philippine-based external auditors from the Big Four (or Five) or even smaller firms, here’s an article dedicated to my auditor friends and colleagues.

Having been in the audit for almost 6 years, I was able to draw some conclusions about the types of client attitudes toward auditors: Continue Reading »

Ex-Deloitte Philippines Information Hub

The Ex-Deloitte Philippines Information Hub is officially launched. No cutting of ribbons, really. Just putting up the website online.

The site was designed to cater to the former C.L. Manabat & Co. (Deloitte – Philippines) professionals, wherever side of the world they currently are, as a common online hang out. A community where former officemates may meet and greet each other, discuss in forums and topics of common interests, and reminisce the moments we shared during our long or even short stints in the firm.

So, calling all ex-CLMC employees to register and sign-up now for a new account. I look forward to meeting you there.

The Big Four

It’s interesting to note how the Big 8 was cut down into the Big 4. Read how.

The firms were called the Big 8 in the 1970s and 1980s, reflecting the international dominance of the eight largest accountancy firms:

  1. Arthur Andersen
  2. Arthur Young & Company
  3. Coopers & Lybrand
  4. Ernst & Whinney (formerly Ernst & Ernst)
  5. Haskins & Sells (merged with the European firm Deloitte Plender Griffiths to become Deloitte, Haskins and Sells)
  6. KPMG (formed by merger of Peat Marwick International and KMG Group)
  7. Price Waterhouse
  8. Touche Ross

Continue reading

Accountancy-Related Youtube Videos

Deloitte Tax Level 4
DNN (Deloitte News Network) patterned to that of CNN. I like best the weather report.

Sarbane’s Oxley Film Trailer
What happens when you mix a little corporate misconduct with a lot of misconduct of your own? …Mistresses, Mergers & Mayhem! According to IMDb:

Sarbane’s Oxley is set against the backdrop of today’s top business headlines and highlights the lives affected by the acquisition of a Wall Street technology startup. Robert, a young attorney new to the Wall Street scene, must grapple with his inner conscious and the invisible forces of corruption surrounding him while dealing with the equally challenging and deceptive forces taking hold in his sordid love life

Funny Accountant – Rufus Payne
Accountants One’s 2006 Search for Atlanta’s Funniest Accountant. Rufus Payne, is the comedian/accountant in this clip

And finally, my favorite:

Auditor has the Will to WIn

Purpose of Financial Statements

According to paragraph 7 IAS 1, Presentation of Financial Statements,

The objective of general purpose financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions.

Yeah, that’s right, it should be useful to a “wide range of users in making economic decisions”, and not to “an auditor in forming an audit opinion”.

You don’t make the financial statements a working paper to document your understanding of the business. Sometimes it pays when you just stick to practicality.

I hope I made myself clear.

Overtime Once Again

I’m just having my first taste of Doha overtime today. I thought when I get here in this place, in this foreign land, there’ll be no more overtime, I have to say goodbye to overtime, but then here I am 12:30 in the middle of the night here in the office! I guess it’s only “Goodbye, Obeertym!”

Just would like to report also that in the Popular Posts race, “Financial Accounting I 2006 edition” has just overtaken “Inventories at Net Realizable Values” for the number 1 spot. This is because of so many comments I received mostly from accounting students all over the country. The post must be becoming very popular in search engines for the keyword “Conrado Valix”.

That keeps me wondering, why CPAR (CPA Review School of the Philippines) don’t have a website? It should help more on their marketing campaign.

San Miguel to change auditor

That is the news, ok. According to money.inquirer.net, the San Miguel group changed auditors from SGV & Co. to Laya Mananghaya & Co. Starting 2006, Laya Mananghaya (KPMG) will be auditing SMC. SGV was the appointed auditor since 1997.

Inq7 offered to report the following reasons for the change in auditor:

Continue reading