1/30/2018

Updates on CPA Board Examination

Updates on CPA Board Examination
Current topics NOT included in May 2018 Review of Examination syllabi and TOS
CPA Board Examination but in October 2018 -- In time for October 2017 CPA Board Exam
--PFRS 9 -- Will dwell on common themes or areas:
-Globalization developments
--PFRS 15 -Digitalization trends
--TRAIN Law -Effective business communication
-Governance and code of ethics
-Regulatory compliance requirements
-Integrated practical applications

PRC LAUNCHES TEST QUESTIONS DATABANKING SYSTEM (TQDS)

STRAT 6 - Provide COMMUNICATION Provide COMMUNICATION &

& ASSISTANCE MECHANISMS ASSISTANCE MECHANISMS
Website, Facebook & Twitter Website, Facebook & Twitter
Career Tracking Surveys
Career Tracking Surveys

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To date, several surveys that have been released and/or are

on going. These include the Sectoral surveys for
CPAs in Academe (“AE”), Public Practice (“PP”),
and Commerce and Industry (“CI”);
Survey on Satisfaction services of PICPA;
Survey on Access to Accountancy Website and Facebook sites;
New CPA Tracker Surveys, and various Mini Surveys.
CPA in Public Practice Survey
The surveys links are indicated below as follows:
Tabulation
AE – https://www.surveymonkey.com/r/CPASurveyAE
PP – https://www.surveymonkey.com/r/CPASurveyPP
CI – https://www.surveymonkey.com/r/CPASurveyCI as of January 10, 2018
New CPA Tracker Survey – https://www.surveymonkey.com/r/cpatracker
and https://www.surveymonkey.com/r/102017cpatrack Number of Respondents – 830
Survey on Satisfaction on PICPA -https://www.surveymonkey.com/r/mspicpa
Survey on FB and website - https://www.surveymonkey.com/r/webfbfeedbck

None A few A large number No basis

number for
responding

1.) The number of CPAs who are NOT able to do high Yes No
quality audit service due to lack if competency or
updated knowledge is: 3.) I believe that situations exist where unfair competition from
other CPAs who charge lower fees and who do not actual do
quality audit service. 749 95
53 310 177 290 (88.74%) (11.26%)
(6.39%) (37.35%) (21.33%) (34.39%)
4.) I have encountered situations of unfair competition from
2.) The number of practicing CPAs who do NOT do
high quality audit service due to low fees charged to
other CPAs who charge lower fees who do not actual do quality
clients for merely signing the audit opinions: audit service. 560 286
(66.19%) (33.81%)

48 278 269 235

(5.78%) (33.49%) (32.41%) (28.31%)

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Strongly disagree Disagree Neither Agree Strongly Agree

Disagree or
Agree

5.) An effective quality assurance review of CPAs

conducted by the regulator (ie.BOA) is needed to
Yes No address the issues on unfair competition, lack of
quality audit service, and other problems in the
public practice sector of the profession.
3.) I believe that situations exist where unfair competition from 61 73 121 388 169
other CPAs who charge lower fees and who do not actual do (7.51%) (8.99%) (14.90%) (47.78%) (20.81%)
6.) I benefit from Continuing Professional
quality audit service. 749 95
Development Program as implemented currently.
(88.74%) (11.26%) 40 16 41 476 289
4.) I have encountered situations of unfair competition from (4.64%) (1.86%) (4.76%) (55.22%) (33.53%)
other CPAs who charge lower fees who do not actual do quality 7.) The P600,000 of annual sales threshold prescribed
in the Tax Code requiring external CPA audit of
audit service. 560 286
financial statements should be adjusted upwards.
(66.19%) (33.81%)
73 152 157 250 178
(9.01%) (18.77%) (19.38%) (30.86%) (21.98%)
8.) The consolidation or merger of practice of sole
practitioners should be encouraged to enhance the
practice under partnership setup 88 207 189 263 55
(10.97%) (25.81%) (23.57%) (32.79%) (6.86%)

Yes No

9.) I support the objective of mobility of

accountancy services prescribed in the ASEAN
Mutual Arrangement (ASEAN MRA).
637 104

10.) I am aware of the salient features of the

(85.96%) (14.04%) CPA in Commerce and Industry
ASEAN MRA. 300
(39.37%)
462
(60.63%) Survey Tabulation

As of January 10, 2018

CI –

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YES NO Strongly Disagree Neither Agree Strongl

disagree Disagree y agree
1. My Company is presently hiring CPAs/accountants or Agree
222 143
(60.82%) (39.18%)
2. When hiring CPAs/accountants, my Company normally hires 5. I believe that the quality of
those with experience. CPAs/accountants available
for hiring is declining.
253 117
(68.38%) (31.62%)
3. My Company has a hard time hiring CPAs/accountants.
188 176 34 148 87 87 8
9.34% 40.66% 23.90% 23.90% 2.20%
(51.65%) (48.35%)
4. My Company has a hard time hiring good CPAs/accountants.

196 169
(53.70%) (46.30%)

I believe that the CPAs/accountants entering the commerce and industry sector 229
SHOULD HAVE the following attributes: (RANKED FROM HIGHEST TO _____9 Computer literacy, capacity to work with computerized accounting systems, basic
LOWEST): Microsoft Office
149
239 _____10. Strategic and integrative mindset that understands the impact of output on other
_____1. Satisfactory knowledge of basic accounting and bookkeeping units
202 219
_____2. Knowledge of taxation and management advisory _____11. Analytical skills, i.e., creative thinking and thinking out of the box
130 221
_____3. Business acumen _____12. Critical thinking, i.e., can prepare reports with analysis and recommendations
167 190
_____4. Knowledge of current trends and events and their impact on business _____13. Capacity to communicate with non-accountants or to present financial data to non-
137 accountants
_____5. Emphasis on governance and ethics 215
139 _____14. Communication skills –capacity to communicate and interact with people
_____6. International Standards in Accounting 209
191 _____15. Values of integrity and honesty
_____7. Analysis of data for use by management in planning and decision making 184
184 _____16. Leadership skills – involved in extracurricular activities during college; can handle
_____8. Competencies in the use of Information Technology pressure at work

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Below Between Between Between Above

177 P15,000 P15,001 P20,001 P25,001 P30,001
_____17. Adaptability – can be assigned to different places and different monthly and and and
assignments P20,000 P25,000 P30,000
207
_____18. Time management – ability to finish work on or before assigned 1. The hiring rate of CPAs/accountants with
deadlines no experience in my Company is: 17 36 50 174 93
(4.59%) (9.73%) (13,51%) (47.03%) (25.14%)
215 2. The hiring rate of experienced
_____19. Self driven – can work with minimal guidance CPAs/accountants in my Company is: 94 208 45 12 2
(26.04%) (57.62%) (12.47%) (3.32%) (0.55%)
16
_____20. Others, please specify
Strongly Disagree Neither Agree Strongly
I believe that the CPAs/accountants entering the commerce and industry sector IS
disagree Disagree agree
LACKING IN the following (select as many as warranted): or Agree
25
_____1. Satisfactory knowledge of basic accounting and bookkeeping 1. The Continuing Professional
71 Development (“CPD”) Program as
_____2. Knowledge of taxation and management advisory implemented currently will go a long
60 way in upgrading the CPA accounting 18 77 115 64 85
_____3. Business acumen profession. (5.01%) (21.45%) (32.03%) (17.83%) (23.68%)

YES NO
15. I am interested in having accounting interns trained and
YES NO 298 61
work in my Company? (83.01%) (16.99%)

Strongly Disagree Neither Agree Strongly

1. My Company is presently hiring CPAs/accountants
disagree Disagree agree
222 143
(60.82%) (39.18%) or Agree
2. When hiring CPAs/accountants, my Company normally hires
16. I believe that CPAs/accountants in the
those with experience. commerce and industry sector should
strictly comply with the CPD requirements. 24 50 67 169 58
(6.52%) (13.59%) (18.21%) (45.92%) (15.76%)
253 117
(68.38%) (31.62%) 17. I support the objective of mobility of
3. My Company has a hard time hiring CPAs/accountants. accountancy services prescribed in the ASEAN
188 176 Mutual Arrangement (ASEAN MRA) on
(51.65%) (48.35%) Accountancy Services.
4. My Company has a hard time hiring good CPAs/accountants. 51.40% 48.60%
18. I am aware of the salient features of the
ASEAN MRA on Accountancy Services.
6 20 44 242 45
196 169 (1.68%) (5.60%) (12.32%) (67.79%) (12.61%)
(53.70%) (46.30%) 19. I believe that the work done by my external
auditor has value added benefit to my Company. 10 4 10 197 142
(2.75%) (1.10%) (2.75%) (54.27%) (39.12%)

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Below P Between Between Between Between Above

50,000 P50,001 P100,001 P200,001 P300,001 P500,001
and and and and
P100,000 P200,000 PP300,000 P500,000

20. The professional fees paid by

For more information:
my Company this year to the
external auditor for their attest
62
(17.66%)
91
(25.93%)
44
(12.54%)
20
(5.70%)
40
(11.40%)
94
(26.78%)
• http://www.prc.gov.ph
work is:.
In house Outsourced to External
July batch: 289 October batch: 258
staff external
organization
auditor of
the • http://boa.com.ph
company

21. The accounting records of my Company

are maintained by:
348
(94.82%)
9
(2.45%)
10
(2.72%)
• www.facebook.com/professional
NCR: 46.1%

YES NO
regulatory board of accountancy
22. The year end financial statements(FS) and notes to FS
are prepared by the Company’s external auditor.
114 252
(31.15%) (68.85%)
• boa.secretariat@gmail.com