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    Professional Practice of Accountancy

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    Charlie Magne G. Santiaguel
    Professional accountants play important roles in both business and government by ensuring organizations are managed properly and have key financial information. To be a professional accountant requires mastery of accounting skills, adherence to an ethical code, and a duty to society. Professional accountants work in public practice such as auditing or in business/government. Their responsibilities and competencies depend on their sector but include skills like judgment, ethics, and adapting to changing needs. As accounting becomes more globalized, standards are harmonizing and accountants are expected to take on expanded advisory roles with a focus on technology, lifelong learning, and serving a worldwide profession.

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    Professional Practice of Accountancy

    Uploaded by

    Charlie Magne G. Santiaguel
    494 views32 pages
    Professional accountants play important roles in both business and government by ensuring organizations are managed properly and have key financial information. To be a professional accountant requires mastery of accounting skills, adherence to an ethical code, and a duty to society. Professional accountants work in public practice such as auditing or in business/government. Their responsibilities and competencies depend on their sector but include skills like judgment, ethics, and adapting to changing needs. As accounting becomes more globalized, standards are harmonizing and accountants are expected to take on expanded advisory roles with a focus on technology, lifelong learning, and serving a worldwide profession.

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    THE PUBLIC ACCOUNTANCY PROFESSION Chapter 1 - Professional Practice of Accountancy Powerpoint

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    Professional accountants play important roles in both business and government by ensuring organizations are managed properly and have key financial information. To be a professional accountant requires mastery of accounting skills, adherence to an ethical code, and a duty to society. Professional accountants work in public practice such as auditing or in business/government. Their responsibilities and competencies depend on their sector but include skills like judgment, ethics, and adapting to changing needs. As accounting becomes more globalized, standards are harmonizing and accountants are expected to take on expanded advisory roles with a focus on technology, lifelong learning, and serving a worldwide profession.

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    © All Rights Reserved
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    Download as pptx, pdf, or txt
    494 views32 pages

    Professional Practice of Accountancy

    Uploaded by

    Charlie Magne G. Santiaguel
    Professional accountants play important roles in both business and government by ensuring organizations are managed properly and have key financial information. To be a professional accountant requires mastery of accounting skills, adherence to an ethical code, and a duty to society. Professional accountants work in public practice such as auditing or in business/government. Their responsibilities and competencies depend on their sector but include skills like judgment, ethics, and adapting to changing needs. As accounting becomes more globalized, standards are harmonizing and accountants are expected to take on expanded advisory roles with a focus on technology, lifelong learning, and serving a worldwide profession.

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    At a glance
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    The key takeaways are the role of professional accountants in ensuring proper governance and management of organizations, the attributes of the accounting profession, who can be considered a professional accountant, and the scope of practice of accountancy.

    The major characteristics of an ideal profession according to the article are: 1) Systematic Theory 2) Professional Authority 3) Community Sanction 4) Regulations Code 5) A culture.

    The requirements to enter the accountancy profession in the Philippines are: 1) Holding a degree in accountancy, 2) Qualifying as a professional accountant by passing the CPA board exams, and 3) Completing the requisite training under a CPA.

    Professional Practice of Accountancy

    L. O. 1 Appreciate the role


    of the professional
    accountant in the economy

    Role of the professional accountant in


    the economy

    Professional accountants in both


    commerce and industry and public
    accounting sectors must understand
    how organizations are governed and
    the key information that boards utilize
    to ensure that organizations are
    managed properly

    L. O. 2 Know the attributes


    of the profession

    Accountancy as a Profession
    Five major characteristics of an ideal
    profession according to Ernest
    Greenwoods article Attributes of a
    Profession (1957):
    1. Systematic Theory
    2. Professional Authority
    3. Community Sanction
    4. Regulations Code
    5. A culture

    The Revised Code of Ethics for Certified


    Public Accountants in the Philippines
    states
    A profession is distinguished by certain
    characteristics including:
    Mastery

    of a particular intellectual skill,


    acquired by training and education;
    Adherence by its members to a common
    code of values and conduct established by its
    administering body, including maintaining an
    outlook which is essentially objective; and
    Acceptance to a duty of society as a whole
    (usually in return for restrictions in use of a

    L. O. 3 Know who is a
    professional accountant

    Who is a professional accountant?


    A professional accountant is an
    individual who holds a valid certificate
    issued by the Board of Accountancy.
    A professional accountant may belong to
    any of the following sectors:
    Professional Accountant in Public
    Practice
    Professional Accountant in Business
    Commerce and industry
    Education
    Government

    L. O. 4 Enumerate the
    scope of the practice of
    accountancy

    Scope of Practice
    The Philippine Accountancy Act of 2004
    (R.A. 9298), Article 1, Section 4,
    paragraphs (a) to (d) spell out the scope
    of the practice of accountancy as
    follows:
    a) Practice of Public Accountancy
    b) Practice in Commerce and Industry
    c) Practice in Education / Academe
    d) Practice in Government

    L. O. 5 Know the
    requirements to enter the
    accountancy profession

    Requirements to Enter the Accountancy


    Profession
    To be able to enter the professional
    accountancy profession in the
    Philippines, an individual should be able
    to satisfy all of the following
    requirements:
    a) A holder of a degree of Bachelor of
    Science in Accountancy conferred by
    school, college or institute duly
    recognized and/or accredited by the
    Commission on Higher Education or
    other authorized government office

    Requirements to Enter the Accountancy


    Profession
    b)

    c)

    Qualify as a professional accountant


    by passing the CPA Licensure Board
    Examination administered by the
    Professional Regulatory Board of
    Accountancy
    Satisfy all other legal requirements
    before the individual takes on the
    role of a professional accountant

    A. Pre-qualification Education
    Requirements
    Professional Accounting Education
    II. Professional Skills:
    Intellectual Skills
    Technical and Functional Skills
    Personal Skills
    Interpersonal and Communications Skills;
    and
    General Education:
    knowledge on human behavior
    understanding the flow of ideas events in
    history, the different cultures in todays
    world and an international outlook
    I.

    A. Pre-qualification Education
    Requirements
    appreciation

    III.

    of art, literature,
    science, issues and contracting
    economic, political and social
    forces in the world
    experience in making value
    judgments
    Professional Values, Ethics and
    Attitudes
    Values and Attitudes
    Nature of Ethics

    B. CPA Licensure Examination


    I.
    II.
    III.

    Qualification of Applicants for the


    Licensure Examination
    Scope of the Examination
    Rating in the Licensure Examination

    C. Other Legal and Regulatory


    Requirements
    I.

    II.

    III.

    Oath
    Issuance of Certificates of
    registration and Professional
    Identification Card
    Indication of Certificate of
    Registration, Identification Card and
    Professional Tax Receipt

    L. O. 6 Understand the need


    for the professional accountant
    to develop capabilities and
    competence after admission to
    the profession

    Developing Capabilities and


    Competence After Admission to the
    Profession

    An individual may need further education


    and development to acquire capabilities
    and competence required of professional
    accountants.
    Advanced professional education
    pursued at academic institutions or
    through the programs of professional
    bodies
    On-the-job-training and experience
    programs
    Off-the-job-training; and
    Continuing professional development
    (CPD) courses and activities

    L. O. 7a Know the
    competency requirements for
    professional accountants in
    public practice

    Competency Requirements for


    Professional Accountants in Public
    Practice
    A. Knowledge content
    a) Audit of historical financial
    information at an advanced level;
    b) Financial accounting and reporting
    at an advanced level; and
    c) Information technology
    B. Practical Experience

    L. O. 7b Know the
    competency requirements for
    professional accountants in
    business

    Competency Requirements for


    Professional Accountants in Business
    Professional accountants in business form
    a very diverse constituency, and can be
    found working as employees, consultants,
    and self-employed owner-managers or
    advisors.
    Professional skills are part of the set of
    capabilities required by professional
    accountants to demonstrate competence.
    Professional skills will be acquired in part
    during initial qualification and training, but
    will need to be developed and honored
    throughout a career.

    Competency Requirements for


    Professional Accountants in Business

    In addition, with experience, the


    successful professional accountant in
    business can typically also be
    characterized by a distinctive attitude,
    outlook or way of thinking or mindset.
    1. Professionalism and Ethical Behavior
    2. Professional Judgment
    3. Organizational and Environmental
    Awareness
    4. An Investor and Wider Stakeholder
    Focus
    5. Change, Uncertainty and Complexity

    How Competencies can be Developed


    and Maintained
    Some companies have specific
    development programs for professional
    accountants in business which may
    involve:
    a) Exposure to various parts of the
    organization
    b) Formal an informal training, including
    coaching and mentoring; and
    c) Synchronization of development with
    organization maturity

    L. O. 8 Understand the
    increased globalization of
    accounting and auditing

    Increased Globalization of Accounting


    and Auditing
    This is brought about by the nature of
    accounting standards and the demand
    for accounting-related information which
    have changed in several significant
    ways. This changes include:
    Global Harmonization of Accounting
    Standards
    Expanded Accountability
    More Detailed Reporting
    Increased Risk Reporting
    Global Audit Standards

    L. O. 9 Be familiar with
    what a CPA may expect in
    the future

    CPA Horizons 2025: A Road Map for the


    Future

    CPAs overwhelmingly agreed that the


    professions core purpose, Making
    sense of a changing and complex world,
    remains relevant today and for the future
    The professions core values remained
    substantially unchanged
    The professions core competencies
    evolved to reflect the 21st century
    The services provided by CPAs have
    become so varied and diverse that the
    concept of core services is no longer
    representative of the profession

    Ten Insights and Directions


    The report highlighted 10 following insights with
    details on how each is likely to impact the
    profession:
    1. Technology
    2. Pre-certification and Lifelong Learning
    3. Worldwide Profession
    4. Pride in the Profession
    5. Trusted Attester
    6. Trusted Advisor
    7. Market Permissions
    8. Marketplace
    9. Value Proposition
    10. Demographic Shifts

    Core Values and Competencies


    Core Values
    Integrity
    Competence
    Lifelong Learning
    Objectivity
    Commitment to Excellence
    Relevance in the Global Marketplace

    Core Values and Competencies


    Core Competencies:
    Communication Skills
    Leadership Skills
    Critical-Thinking and Problem-Solving
    Skills
    Anticipating and Servicing Evolving
    Needs
    Synthesizing Intelligence to Insight
    Integration and Collaboration

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