September 9, 2016
Sixty certified public accountants (CPAs) of the Lopez Group began last month (August 17) 70 hours of training to comply with new rules adopted by the Professional Regulatory Commission (PRC) Board of Accountancy (BoA).
BoA Resolution No. 3 dated January 19, 2016 requires “the submission of a Certificate by the responsible CPA on the Compilation Services for the preparation of the financial statements (FS) and notes to the financial statements.” The certificate must be attached to annual FS with gross revenues exceeding P10 million, to be submitted to the Securities and Exchange Commission (SEC) and to the Bureau of Internal Revenue (BIR).
To qualify to sign the certificate, a CPA doing compilation services for the preparation of the FS and signing the certificate should be accredited with the BoA as a CPA in commerce and industry. The BoA mandates compliance with continuing professional development or CPD requirements.
Lopez Group accountants undergo continuing professional development to maintain accreditation as CPAs in commerce and industry
Organized by the Lopez Group Comptrollers’ Circle, the training is provided by SGV & Co. and covers all the thematic areas required for CPAs in commerce and industry. Exclusive to Lopez Group members, sessions are held at Rockwell Business Center Ortigas and will end on October 14.
According to SGV, the new rule enhances “the reliability of the annual statutory FS being submitted to the SEC and the BIR. With the signing of this Certificate by the CPA who is responsible for the preparation of the FS, accountability on the part of the CPA will be pinpointed and his/her obligation to do diligent work will further be reinforced.” (Story/Photos by: Jei-Jei Gertes)