WHAT ARE THE OBJECTIVES OF MRA FRAMEWORK? THE MRA?

1.1 The MRA framework lays down the broad principle and framework for the negotiations of bilateral
pr multilateral MRAs on Accountancy services between pr among ASEAN member states

1.2 The objectives of the MRA Framework are:

1.2.1 To facilitate the negotiations of MRAs on Accountancy services between or among ASEAN
member states by providing a structure towards the conclusion of such MRAs
1.2.2 To exchange information in order to promote and take into consideration the development of
the best practices on standards and qualifications in the accountancy profession.

1.3 In achieving the above objectives , ASEAN Member States shall be guided by the following principles:

1.3.1 Promoting effiency and quality of standards of the accountancy profession in ASEAN member
states
1.3.2 Enhancing cooperatonin the accountancy profession among ASEAN Member States
1.3.3 Respecting and conforming with the domestic regulations of the participating ASEAN member
states without lowering the standards and requirements of the accountancy profession on each
ASEAN Member state
1.3.4 All negotiations between or among ASEAN member states for the conclusion of bilateral or
multilateral MRAs on Accountancy services shall be based on objectivity, fairness and reciprocity

DISCUSS THE PRINCIPLES GUIDING THE ASEAN MEMBER STATES WITH REGARDS TO THE MRA

The ASEAN Framework Agreement on Mutual Recognition provides a common basis for developing and
implementing MRAs. Thie guidelines specifies general principles for developing sectoral MRAs amongst
Member States and the general conditions under which each Member State shall accept or recognise
the results of conformity 7 assessment procedures from conformity assessment bodies of other
Member States. The Framework MRA Agreement does not provide for the harmonisation of technical
regulations within ASEAN or the acceptance of other Member State’s technical regulations as
equivalent. Each Member State’s Regulator retains its full authority to grant approvals based on its own
domestic regulations and standards. While regional harmonisation of standards is encouraged in the
MRAs, it does not amount to a mandatory obligation The sectoral ASEAN Mutual Recognition
Agreements (MRAs) benefit industry by providing better access to conformity assessment. These
agreements can also reduce the costs of conformity assessment. A parallel harmonisation of standards
between Member States additionally eliminates the need for multiple tests and assessments.
EXPLAIN THE SCOPE OF MRA

The scope of application for each ASEAN MRA is determined by the Sectoral ASEAN Body that is
responsible for the development of a particular MRA. Questions have been posed by a number of
Working Groups on defining the scope of a MRA. It is intended that this document provides guidance to
the Working Groups in defining the scope of the MRA with respect to the sectors and products covered
and the origin of the products. The ASEAN Trade in Goods Agreement (ATIGA) and the World Trade
(WTO) Agreements on Technical Barriers to Trade (TBT) and on Sanitary and Phytosanitary Measures
(SPS) have been referenced to ensure consistency with relevant existing obligations contained in these
agreements. This guidance is applicable to MRAs as defined in this document and does not apply to
harmonised regulatory regimes that are adopted by ASEAN. The harmonisation of regulatory regimes
includes consideration of additional administrative issues that will require alternative guidance.

WHAT IS THE RATIONALE BEHIND THE CONTINUING PROFESSIONAL EDUCATION?

Continuing professional education are important to all professional because they have structured time
to engage in sustained reflection and structured learning and they advance their knowledge skills and
ethical values. Any professional worth his or her title should view the CPD as a lifelong learning activity.
Continuing Professional Development (CPD) is how professionally registered Cpa demonstrate that they
are enhancing their competence. By committing to CPD, professionally registered Cpa are assuring the
public of their competence.

CPE is required for CPAs to maintain their professional competence and provide quality professional
services. CPAs are responsible for complying with all applicable CPE requirements, rules and regulations
of state boards of accountancy, as well as those of membership associations and other professional
organization

DESCRIBE FURTHER THESE 3 MAJOR COMPETENCY AREAS

Technical competence 30 units

Professional skills 5 units
Professional values, ethics and attitude 5 units

Technical competence refers to the ability to apply professional knowledge to perform a role to defined
standard

Standards applicable to the professional practice which include but are not limited to the following:

 Financial Accounting and Reporting

 Assurance and auditing
 Related practice statements and interpretations
 Pronouncements related to taxation, depending on the area of practice of the professional
Professional skills refers to the various types of abilities required to apply professional knowledge, and
professional values, ethics and attitudes appropriately and effectively in a professional context

Laws, rules and regulations affecting professional practice which include but are not limited to:

 Professional regulation commission and board of Accountancy

Professional values, ethics and attitudes refers to the professional behavior and characteristics that
identify professional accountants as members of a profession. They include the principles of conduct
generally associated with and considered essential in defining the distinctive characteristics of
professional behavior.

 Code of ethics for professional accountant

 Governance principles and intervention

HOW CAN A REGISTERED CPA, FOR ACCREDITATION PURPOSES EARN THE REQUIRED CPA UNITS?

According to Section 32 of republic Act 9298, known as “Philippine Accountancy Act of 2004” States that
all CPA shall abide by the requirements , rules and regulations on continuing professional education to
be promulgated by the Professinal Regulation Commission ,in coordination with the accredited national
professional organization of certified public accountants or any duly accredited educational institutions

DISCUSS THE POWERS AND FUNCTIONS OF THE PRC CPD COUNCIL

The powers, functions and responsibilities of the CPD Council

 Ensure the adequate and appropriate provision of CPD Programs for their respective profession
 Evaluate and act on applications for accreditation of CPD Providers and their CPD Programs;
 Monitor and evaluate the implementation of the CPD Programs;
 Assess and/or upgrade the criteria for accreditation of CPD Providers and their CPD Programs on a
regular basis;
 Develop mechanisms for the validation, accreditation and recognition of self-directed learning,
prior/informal learning, online learning, and other learning processes through professional work
experience;
 Conduct researches, studies and benchmarking for international alignment of the CPD Programs;
 Issue operational guidelines, with the approval of the PRC and the PRB concerned; and
 Perform such other functions related or incidental to the implementation of the CPD. According to
the CPD law,the CPD is made as a mandatory requirement in the renewal of the PICs of all registered
and licensed professionals under the regulation of the PRC.