The Philippines : Accounting and Auditing
Historically, accounting and auditing in the Philippines has been heavily influenced by practices of the United States. More recently, efforts have been made to adapt International Accounting Standards and International Standards on Auditing to national circumstances. However, there are gaps between the current international standards and the applicable Philippine standards, and in compliance of Philippine standards. Established in 1929, the Philippine Institute of Certified Public Accountants (PICPA) is one of the oldest professional accountancy bodies in Asia. The passage of the Accountancy Act 1923 led to the creation of the Board of Accountancy, with authority to issue certificates for certified public accountants. The PICPA presently lacks effective mechanisms either for monitoring members' professional activities or for taking appropriate actions against errant members. There are gaps in the capacity of the SEC and the Central Bank to monitor and enforce rules and regulations with reference to accounting, auditing, and financial reporting by the enterprises under their regulatory authority. The Board of Accountancy, under the Professional Regulation Commission, has the authority and responsibility to regulate the accounting profession, but is handicapped by lack of resources. Policy recommendations to improve accounting and auditing practices in the Philippines were discussed and agreed by a group of national stakeholders at the conclusion of the accounting and auditing review exercise conducted in May - June 2001, under the joint World Bank-IMF Reports on the Observance of Standards and Codes (ROSC) initiative.
Saved in:
| id |
dig-okr-1098614481 |
|---|---|
| record_format |
koha |
| spelling |
dig-okr-10986144812024-08-08T17:06:04Z The Philippines : Accounting and Auditing World Bank ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDIT EVIDENCE AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BUSINESS COMBINATIONS CERTIFIED PUBLIC ACCOUNTANTS CORPORATE GOVERNANCE EXPENDITURE EXTERNAL AUDITORS EXTERNAL AUDITS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL INSTITUTIONS FINANCIAL REPORTING GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INTERNAL AUDITING INTERNATIONAL ACCOUNTING STANDARDS PROVISIONING PROVISIONS PUBLIC PUBLIC ACCOUNTING PUBLIC COMPANIES PUBLIC OFFERING QUALITY ASSURANCE QUALITY CONTROL SALES TAX TRANSPARENCY Historically, accounting and auditing in the Philippines has been heavily influenced by practices of the United States. More recently, efforts have been made to adapt International Accounting Standards and International Standards on Auditing to national circumstances. However, there are gaps between the current international standards and the applicable Philippine standards, and in compliance of Philippine standards. Established in 1929, the Philippine Institute of Certified Public Accountants (PICPA) is one of the oldest professional accountancy bodies in Asia. The passage of the Accountancy Act 1923 led to the creation of the Board of Accountancy, with authority to issue certificates for certified public accountants. The PICPA presently lacks effective mechanisms either for monitoring members' professional activities or for taking appropriate actions against errant members. There are gaps in the capacity of the SEC and the Central Bank to monitor and enforce rules and regulations with reference to accounting, auditing, and financial reporting by the enterprises under their regulatory authority. The Board of Accountancy, under the Professional Regulation Commission, has the authority and responsibility to regulate the accounting profession, but is handicapped by lack of resources. Policy recommendations to improve accounting and auditing practices in the Philippines were discussed and agreed by a group of national stakeholders at the conclusion of the accounting and auditing review exercise conducted in May - June 2001, under the joint World Bank-IMF Reports on the Observance of Standards and Codes (ROSC) initiative. 2013-07-23T16:18:23Z 2013-07-23T16:18:23Z 2001-12-17 http://documents.worldbank.org/curated/en/2001/12/7072333/philippines-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14481 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain Washington, DC |
| institution |
Banco Mundial |
| collection |
DSpace |
| country |
Estados Unidos |
| countrycode |
US |
| component |
Bibliográfico |
| access |
En linea |
| databasecode |
dig-okr |
| tag |
biblioteca |
| region |
America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
English en_US |
| topic |
ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDIT EVIDENCE AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BUSINESS COMBINATIONS CERTIFIED PUBLIC ACCOUNTANTS CORPORATE GOVERNANCE EXPENDITURE EXTERNAL AUDITORS EXTERNAL AUDITS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL INSTITUTIONS FINANCIAL REPORTING GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INTERNAL AUDITING INTERNATIONAL ACCOUNTING STANDARDS PROVISIONING PROVISIONS PUBLIC PUBLIC ACCOUNTING PUBLIC COMPANIES PUBLIC OFFERING QUALITY ASSURANCE QUALITY CONTROL SALES TAX TRANSPARENCY ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDIT EVIDENCE AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BUSINESS COMBINATIONS CERTIFIED PUBLIC ACCOUNTANTS CORPORATE GOVERNANCE EXPENDITURE EXTERNAL AUDITORS EXTERNAL AUDITS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL INSTITUTIONS FINANCIAL REPORTING GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INTERNAL AUDITING INTERNATIONAL ACCOUNTING STANDARDS PROVISIONING PROVISIONS PUBLIC PUBLIC ACCOUNTING PUBLIC COMPANIES PUBLIC OFFERING QUALITY ASSURANCE QUALITY CONTROL SALES TAX TRANSPARENCY |
| spellingShingle |
ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDIT EVIDENCE AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BUSINESS COMBINATIONS CERTIFIED PUBLIC ACCOUNTANTS CORPORATE GOVERNANCE EXPENDITURE EXTERNAL AUDITORS EXTERNAL AUDITS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL INSTITUTIONS FINANCIAL REPORTING GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INTERNAL AUDITING INTERNATIONAL ACCOUNTING STANDARDS PROVISIONING PROVISIONS PUBLIC PUBLIC ACCOUNTING PUBLIC COMPANIES PUBLIC OFFERING QUALITY ASSURANCE QUALITY CONTROL SALES TAX TRANSPARENCY ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDIT EVIDENCE AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BUSINESS COMBINATIONS CERTIFIED PUBLIC ACCOUNTANTS CORPORATE GOVERNANCE EXPENDITURE EXTERNAL AUDITORS EXTERNAL AUDITS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL INSTITUTIONS FINANCIAL REPORTING GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INTERNAL AUDITING INTERNATIONAL ACCOUNTING STANDARDS PROVISIONING PROVISIONS PUBLIC PUBLIC ACCOUNTING PUBLIC COMPANIES PUBLIC OFFERING QUALITY ASSURANCE QUALITY CONTROL SALES TAX TRANSPARENCY World Bank The Philippines : Accounting and Auditing |
| description |
Historically, accounting and auditing in
the Philippines has been heavily influenced by practices of
the United States. More recently, efforts have been made to
adapt International Accounting Standards and International
Standards on Auditing to national circumstances. However,
there are gaps between the current international standards
and the applicable Philippine standards, and in compliance
of Philippine standards. Established in 1929, the Philippine
Institute of Certified Public Accountants (PICPA) is one of
the oldest professional accountancy bodies in Asia. The
passage of the Accountancy Act 1923 led to the creation of
the Board of Accountancy, with authority to issue
certificates for certified public accountants. The PICPA
presently lacks effective mechanisms either for monitoring
members' professional activities or for taking
appropriate actions against errant members. There are gaps
in the capacity of the SEC and the Central Bank to monitor
and enforce rules and regulations with reference to
accounting, auditing, and financial reporting by the
enterprises under their regulatory authority. The Board of
Accountancy, under the Professional Regulation Commission,
has the authority and responsibility to regulate the
accounting profession, but is handicapped by lack of
resources. Policy recommendations to improve accounting and
auditing practices in the Philippines were discussed and
agreed by a group of national stakeholders at the conclusion
of the accounting and auditing review exercise conducted in
May - June 2001, under the joint World Bank-IMF Reports on
the Observance of Standards and Codes (ROSC) initiative. |
| topic_facet |
ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULUM ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING STANDARDS AUDIT EVIDENCE AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITORS AUDITS BUSINESS COMBINATIONS CERTIFIED PUBLIC ACCOUNTANTS CORPORATE GOVERNANCE EXPENDITURE EXTERNAL AUDITORS EXTERNAL AUDITS FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING STANDARDS FINANCIAL INSTITUTIONS FINANCIAL REPORTING GAAP GENERALLY ACCEPTED ACCOUNTING PRINCIPLES INTERNAL AUDITING INTERNATIONAL ACCOUNTING STANDARDS PROVISIONING PROVISIONS PUBLIC PUBLIC ACCOUNTING PUBLIC COMPANIES PUBLIC OFFERING QUALITY ASSURANCE QUALITY CONTROL SALES TAX TRANSPARENCY |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
The Philippines : Accounting and Auditing |
| title_short |
The Philippines : Accounting and Auditing |
| title_full |
The Philippines : Accounting and Auditing |
| title_fullStr |
The Philippines : Accounting and Auditing |
| title_full_unstemmed |
The Philippines : Accounting and Auditing |
| title_sort |
philippines : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2001-12-17 |
| url |
http://documents.worldbank.org/curated/en/2001/12/7072333/philippines-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14481 |
| work_keys_str_mv |
AT worldbank thephilippinesaccountingandauditing AT worldbank philippinesaccountingandauditing |
| _version_ |
1807154215503527936 |