An Independent Oversight Body for Quality Assurance Review in the Philippines

An Independent Oversight Body for Quality Assurance Review in the Philippines

The paper is part of a program to provide support to a major recommendation in the Philippine Review of Standards and Codes on Accounting and Auditing (ROSC-A&A). The ROSC-A&A brought out that there were major improvements in the accounting...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING STANDARDS AGENTS AUDITORS BENEFICIARIES BROKERS BUSINESS COMMUNITY CERTIFIED PUBLIC ACCOUNTANTS COMPONENT PARTS COVERAGE DISCUSSION DISCUSSIONS ENFORCEMENT MECHANISM FINANCIAL REPORTING GOVERNMENT REGULATIONS GOVERNMENT REGULATORS HANDLING IDEA INNOVATION INSPECTIONS INSTRUCTION INSURANCE INTEGRITY INTERRELATIONSHIPS INVESTIGATIONS LEGAL AUTHORITY LEGAL REQUIREMENTS PRACTITIONERS PROFESSIONAL STANDARDS PROGRAM COSTS PROGRAMS QUALITY ASSURANCE QUALITY CONTROL QUALITY CONTROL PROCEDURES RATES REGULATORS REGULATORY AGENCIES REGULATORY AUTHORITIES REGULATORY AUTHORITY RULES SAVINGS SECURITIES SOCIAL RESPONSIBILITY SUSTAINABILITY TECHNICAL STANDARDS
Online Access:	http://documents.worldbank.org/curated/en/2009/02/16277578/philippines-an-independent-oversight-quality-assurance-review http://hdl.handle.net/10986/12483

Description
Summary:	The paper is part of a program to provide support to a major recommendation in the Philippine Review of Standards and Codes on Accounting and Auditing (ROSC-A&A). The ROSC-A&A brought out that there were major improvements in the accounting and auditing scene since the last assessment made in 2001. Substantially complete improvements include the adoption of the international standards for accounting, auditing, and professional ethics. The objects of this program were as follows: First, to develop a strategic plan to provide for the adoption and implementation of a QAR (Quality Assurance Review) program for auditing firms in the Philippines. Second, begin devloping a cooperative arrangement between Philippine regulatory authorities and the accounting professional body, and develop rules and regulations subjecting auditors and/or auditing firms to such a quality assurance review program. This would include administrative steps to be taken by the relevant government authority to initiate this program. Third, to enable the development a medium-term strategic plan for sustainability of the QAR program. The proposed plan should be the product of working closely with the relevant regulatory body (BOA) and PICPA incorporating their inputs in the study. This should ensure their eventual acceptability for adoption and implementation by these entities.