The Philippines : Accounting and Auditing

[摘要] Historically, accounting and auditing inthe Philippines has been heavily influenced by practices ofthe United States. More recently, efforts have been made toadapt International Accounting Standards and InternationalStandards on Auditing to national circumstances. However,there are gaps between the current international standardsand the applicable Philippine standards, and in complianceof Philippine standards. Established in 1929, the PhilippineInstitute of Certified Public Accountants (PICPA) is one ofthe oldest professional accountancy bodies in Asia. Thepassage of the Accountancy Act 1923 led to the creation ofthe Board of Accountancy, with authority to issuecertificates for certified public accountants. The PICPApresently lacks effective mechanisms either for monitoringmembers' professional activities or for takingappropriate actions against errant members. There are gapsin the capacity of the SEC and the Central Bank to monitorand enforce rules and regulations with reference toaccounting, auditing, and financial reporting by theenterprises under their regulatory authority. The Board ofAccountancy, under the Professional Regulation Commission,has the authority and responsibility to regulate theaccounting profession, but is handicapped by lack ofresources. Policy recommendations to improve accounting andauditing practices in the Philippines were discussed andagreed by a group of national stakeholders at the conclusionof the accounting and auditing review exercise conducted inMay - June 2001, under the joint World Bank-IMF Reports onthe Observance of Standards and Codes (ROSC) initiative.

[发布日期] 2001-12-17 [发布机构] Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] ACCOUNTANCY;ACCOUNTING;ACCOUNTING CURRICULUM;ACCOUNTING FIRMS;ACCOUNTING POLICIES