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Chapter 1 Professional Practice of Accountancy

The document discusses the professional practice of accountancy. It covers the objectives of understanding the role of professional accountants in the economy and their scope of practice. It also summarizes the requirements to enter the accountancy profession, including obtaining a degree in accountancy and passing the CPA licensure exam. The document emphasizes the need for accountants to continuously develop competencies through on-the-job training, continuing education, and gaining experience. It concludes by noting the increased globalization of accounting and auditing standards.

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Pam Intruzo
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276 views

Chapter 1 Professional Practice of Accountancy

The document discusses the professional practice of accountancy. It covers the objectives of understanding the role of professional accountants in the economy and their scope of practice. It also summarizes the requirements to enter the accountancy profession, including obtaining a degree in accountancy and passing the CPA licensure exam. The document emphasizes the need for accountants to continuously develop competencies through on-the-job training, continuing education, and gaining experience. It concludes by noting the increased globalization of accounting and auditing standards.

Uploaded by

Pam Intruzo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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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

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