SHIERMELLE D.

ORO BSA 1-C ACCY 101

1. Agencies:
a. International Federation of Accountants (IFAC)
- We are the global voice for the accountancy profession. We serve the public
interest through advocacy, development, and support for our member
organizations and the more than 3 million accountants who are crucial to our
global economy.
b. Philippine Institute of Certified Accountants (PICPA)
- The group set forth the following objectives: To promote and maintain high
professional and ethical standards among accountants; To advance the science
of accounting; To develop and improve accountancy education; To encourage
cordial relations among accountants, and To protect the Certificate of Certified
Public Accountant granted by the Republic of the Philippines.
c. Board of Accountancy (BOA)
- The BOA created the Auditing and Assurance Standards Council (AASC) in 2006
in order to adopt and disseminate applicable auditing standards in the
Philippines. The AASC has adopted the Philippine Standards on Auditing, which
are adopted from the ISA and pronouncements issued by the IAASB. The AASC
will develop country-specific standards and practice statements to address
specific auditing issues not covered by the IAASB pronouncements.
d. Professional Regulation Commission (PRC)
- A Certified Public Accountant shall be considered in the practice of his
profession, if the nature and character of his employment whether as an officer
or employee in a private enterprise or educational institution involves decision-
making requiring professional knowledge in the science of accounting or when
he represents his private employer before any government agency on tax
matters related to accounting, and such employment or position requires that
the holder thereof must be a Certified Public Accountant; or if he holds or is
appointed to a position in the accounting occupational group in the government
or in government-owned or controlled corporations, including those performing
proprietary functions, where a civil service eligibility as a Certified Public
Accountant is a prerequisite.
e. Securities and Exchange Commission (SEC)

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SHIERMELLE D. ORO BSA 1-C ACCY 101

- The SEC has a unique position in the financial reporting process. The
Commission not only has authority under the securities laws of the United
States to set accounting standards to be followed by public companies but also
the power to enforce those standards.
f. Financial Reporting Standards Council (FRSC)
- The FRSC monitors the technical activities of the IASB and invites comments on
exposure drafts of proposed IFRSs as these are issued by the IASB. When
finalized, these are adopted as Philippine Financial Reporting Standards (PFRSs).
The FRSC similarly monitors issuances of the International Financial Reporting
Interpretations Committee (IFRIC) of the IASB, which it adopts as Philippine
Interpretations–IFRIC. PFRSs and Philippine Interpretations–IFRIC approved for
adoption are submitted to the BOA and PRC for approval.
g. Auditing and Assurance Standards Council (AASC)
- The AASC is a ruling body in ensuring the excellence and uniformity of auditing
and assurance-related services in the country. The main objective of the AASC is
to adopt the International Auditing and Assurance Standards Board (IAASB)
standards and practice statements to attain uniformity of the local GAAS with
the IAASB pronouncements. This harmonization is expected to enhance the
reliability and acceptability of audited financial statements of Philippine
companies.

References:

 https://www.ifac.org/
 https://picpa.com.ph/about_us/
 https://www.ifac.org/about-ifac/membership/profile/philippines#:~:text=The%20BOA%2C
%20under%20the%20Republic,Certificates%20of%20Registration%20and%20Accreditation
 https://www.prc.gov.ph/accountancy
 https://www.sec.gov/news/testimony/051402tsrkh.htm#:~:text=The%20SEC%20has%20a
%20unique,power%20to%20enforce%20those%20standards
 https://picpa.com.ph/frsc/
 https://aasc.org.ph/

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2. My first interviewee was Angelica M. Candelario CPA, MPA she works at the Commission on
Audit in Region 12 and she was the State Auditing Examiner. The Commission on Audit
(COA; Filipino: Komisyon ng Pagsusuri) is an independent constitutional commission
established by the Constitution of the Philippines. It has the primary function to examine,
audit and settling all accounts and expenditures of the funds and properties of the Philippine
government. And the next one was Aries Jake J. Laro CPA he works at Lead Solutions Inc.
and was the Acting Supervisor. His job description was Investigation of discrepancies,
Monitoring and reviewing reports, Preparation of reports, and conference with the client
(monthly or depending on the circumstances). And the last one is Angela Vital she works at
Ten Elleven Manila Inc. with the position of Accounting Staff and she was assigned with the
Bank recon, Tax filling, Import/Export details, Recording bills.