BOA Chairman Joel L. Tan-Torres - PICPA | Homepicpa.com.ph/attachment/628201610524220.pdf · BOA...
Transcript of BOA Chairman Joel L. Tan-Torres - PICPA | Homepicpa.com.ph/attachment/628201610524220.pdf · BOA...
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BOA Chairman Joel L. Tan-TorresQUALITY ASSURANCE REVIEW PROGRAM
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.”
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Quality Assurance Review Program
EXPANDING
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Moving Forward
The BoA has approved the withdrawal of Resolutions 88 and 28 The BoA has approved the guidelines for the QAR implementation The BoA shall notify the RTC 128 of these developments and will petition for the lifting of the injunction
Moving Forward
The QAR will soon be implemented after thelifting of the injunction The BoA will be coordinating with PICPA, ACPAPP and other stakeholders on the QAR implementation The BoA will be coordinating with the developmental partners supporting the QAR
Final Thoughts
The QAR is a globally accepted and legally mandated measure to improve quality of work of the auditors in public practiceThe thrust of the QAR is developmental intended to assist in the improvement of workSanctions will be imposed only when there is“negligent” conduct of work
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Final ThoughtsThere is a growing awareness and acceptance of the forthcoming QARBe involved in the information campaign and training on QAR Maximize your benefitsThe QAR will not cover the small practice within the next three years for them to prepare The refund of previously paid fees is a different issue