Auditing and Assurance Principles
OVERVIEW OF CPA's
PROFESSIONALPRACTICE
Professional Practice of Accountancy
OBJECTIVES
PROFESSIONAL PRACTICE OF ACCOUNTANCY
Appreciate the role of the Understand the need for the
professional accountant in professional accountant to
the economy develop capabilities and
competence after admission to
the profession
Enumerate the scope of Know the competency
the practice of requirements for professional
accountancy accountants in
Public Practice
Business
Know the requirements to Understand the increased
entry the accountancy globalization of accounting
profession and auditing
Role of Professional
CONTENTS
CONTENTS
01 Accountant in the Economy
02 Accountancy as a Profession
Who is a Professional
03 Accountant?
04 Scope of Practice
Requirements to enter the
CONTENTS
CONTENTS
05 Accountancy Profession
Developing Capabilities and
06 Competence After Admission
to the Profession
Increased Globalization of
07 Accounting and Auditing
Part 01
Role of Professional Accountant
in the Economy
Role of Professional Accountant in the Economy -
An individual of professional competence and
integrity with credibility
FREE MARKET ECONOMY
DATA - REFLECTS THE TRUE ECONOMICS
Sharing of accurate and OF TRANSACTIONS
reliable information Appropriate use of the resources
entrusted to the organization
01
02 03
04
DEPENDABLE INFORMATION
Allocation of resources in an
ECONOMIC DECISIONS
efficient manner
made under conditions
of uncertainties
Part 02
Accountancy as a Profession
Five Major Characteristics of an Ideal Profession
by: Ernest Greenwood
SYSTEMATIC THEORY REGULATIONS CODE
Can be achieved best through Rules of Professional Conduct
formal college-level education in or Code of Ethics
an academic environment. Accountancy Law
PROFESSIONAL AUTHORITY A CULTURE
Determines what is good or bad Time-honored profession -
for the client and the client behavior in the society matters
accedes to this professional
judgment CODE OF ETHICS OF
PROFESSIONAL ACCOUNTANTS
MASTERY - TRAINING AND
COMMUNITY SANCTION EDUCATION
Must satisfy government ADHERENCE - COMMON
educational and experience CODE OF VALUES
requirements and pass the CPA ACCEPTANCE OF A DUTY
Licensure Board Examinations OF SOCIETY AS A WHOLE
Part 03
WHO IS A PROFESSIONAL
ACCOUNTANT?
WHO IS A PROFESSIONAL
ACCOUNTANT?
An individual who holds a valid certificate issued by the Board of Accountancy.
PROFESSIONAL ACCOUNTANT PROFESSIONAL
IN PUBLIC PRACTICE ACCOUNTANT IN BUSINESS
PROVIDES PROFESSIONAL ENGAGED IN AN EXECUTIVE OR
SERVICES IN THE AREA OF NON-EXECUTIVE CAPACITY IN
AUDITING, TAXATION AND SUCH AREAS AS
CONSULTING. COMMERCE AND INDUSTRY
EDUCATION
GOVERNMENT
Part 04
SCOPE OF PRACTICE
SCOPE OF PRACTICE
RA 9298, ARTICLE I, SECTION 4
PRACTICE OF PUBLIC PRACTICE IN
ACCOUNTANCY EDUCATION/ACADEME
PRACTICE IN COMMERCE PRACTICE IN THE
AND INDUSTRY GOVERNMENT
Part 05
REQUIREMENTS TO ENTER THE
ACCOUNTANCY PROFESSION
REQUIREMENTS TO ENTER THE
ACCOUNTANCY PROFESSION
HOLDER OF A DEGREE OF BS IN PASSED THE CPA LICENSURE BOARD OTHER LEGAL AND REGULATORY
ACCOUNTANCY EXAMINATION REQUIREMENTS
PRE-QUALIFICATION REQUIREMENTS -
BSA PROGRAM
PROFESSIONAL ACCOUNTING PROFESSIONAL SKILLS AND PROFESSIONAL VALUES, ETHICS AND
EDUCATION GENERAL EDUCATION ATTITUDES
Accounting, Finance and Professional Skills Values and Attitudes
Related Knowledge
General Education Professional Ethics
Organizational and Businses
Knowledge
Information TEchnology
Knowledge and Competencies
CPA LICENSURE EXAMINATION
QUALIFICATIONS OF APPLICANTS SCOPE OF EXAMINATION RATING IN THE LICENSURE
FOR THE LICENSURE EXAMINATIONS EXAMINATION
Is a Filipino citizen; Financial Accounting and Reporting General average of 75% with no
Is of good moral character; Advanced Financial Accounting and
grades lower than 65% in any
Is a holder of the degree of Bachelor of Science in Reporting
Management Advisory Services given subject.
Accountancy conferred by a school, college, academy
Auditing
or institute duly recognized and/or accredited by
Taxation
CHED or other authorized government offices; and Regulatory Framework for Business
Has not been convicted of any criminal offense Transaction
involving moral turpitude.
Part 06
DEVELOPING COMPETENCIES AND
COMPETENCE AFTER ADMISSION
TO THE PROFESSION
Maintaining the Capabilities of
Professional Accountants
ADVANCED PROFESSIONAL
EDUCATION PURSUED AT ACADEMIC
INSTITUTIONS OR THRU PROGRAMS
OF PROFESSIONAL BODIES
OFF-THE-JOB
TRAINING
01
02 03
04
ON-THE-JOB-TRAINING
AND EXPERIENCE
PROGRAMS CONTINUING
PROFESSIONAL
DEVELOPMENT COURSES
AND ACTIVITIES
COMPETENCY REQUIREMENTS FOR
PROFESSIONAL ACCOUNTANTS
INTELLECTUAL SKILLS
TECHNICAL AND AND FUNCTIONAL
SKILLS
PERSONAL SKILLS
COMPETENCY REQUIREMENTS FOR
PROFESSIONAL ACCOUNTANTS
INTERPERSONAL AND
COMMUNICATION SKILLS
ORGANIZATIONAL AND BUSINESS
MANAGEMENT SKILLS
ACCOUNTANTS' MINDSET
PROFESSIONALISM AND PROFESSIONAL JUDGMENT ORGANIZATIONAL AND
ETHICAL BEHAVIOR ENVIRONMENTAL
AWARENESS
IN INVESTOR AND WIDER CHANGE, UNCERTAINTY
STAKEHOLDER FOCUS AND COMPLEXITY
Part 07
INCREASED GLOBALIZATIONOF
ACCOUNTING AND AUDITING
INCREASED GLOBALIZATION OF ACCOUNTING
AND AUDITING
Global Harmonization of
Accounting Standards
Expanded Accountability
More Detailed Reporting
Increased Risk Reporting
Global Audit Standards
Thank you for your attention
THANKS
