686220ESW0P1080Consultant0s0Report0.doc

686220ESW0P1080Consultant0s0Report0.doc - 68622 AN...

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FEBRUARY 2009 AN INDEPENDENT OVERSIGHT BODY FOR QUALITY ASSURANCE REVIEW IN THE PHILIPPINES 68622
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AN INDEPENDENT OVERSIGHT BODY FOR QUALITY ASSURANCE REVIEW IN THE PHILIPPINES Table of Contents Paragraph Nos. WHAT IS THIS PROJECT - AN OFFSHOOT OF ROSC-A&A,2006 1-4 WORK COVERAGE AND PROJECT DELIVERABLES What is Covered 5 What is Not Covered 5 WHAT IS QUALITY ASSURANCE REVIEW (QAR) – Definition 6-8 WHY IS QUALITY ASSURANCE REVIEW (QAR) NECESSARY 9 QAR under the Accountancy Law and its Implementing Regulations 10 QAR under Auditing Standards in the Philippines 11 QAR under International Professional Requirements Of IFAC 12 WHO ARE TO BE COVERED BY QUALITY ASSURANCE REVIEW 16-20 WHAT IS THE STATUS OF QUALITY ASSURANCE REVIEW TODAY Status at the BOA and PICPA Level 22-24 Status at the Practitioners’ Level 25-27 Analysis Why It is at this Level – Six Components Necessary 28-29 WHAT TO DO RECOMMENDATIONS TO ADOPT A QUALITY ASSURANCE REVIEW PROGRAM FOR THE PHILIPPINES Introductory Comments 30 An Independent Oversight Body for Qualtiy Assurance Review in the Philippines November 2008 1 | P a g e
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SIX COMPONENTS NECESSARY FOR A QAR PROGRAM TO EXIST 31-32 AUTHORITY TO IMPLEMENT THE QAR PROGRAM – First Component 33 The Role of BOA is Key as it is Monumental 34-36 QAR Program Directly under BOA – Or Not? 37 CREDIBLE INDEPENDENT ENTITY TO OVERSEE THE QAR PROGRAM –Second Component 38-40 Creation of a credible entity 41-43 Name of Credible Entity 44 Main Purposes and Duties of the QAR Council 45-53 Membership of the QAR Council 54-55 Chairmanship of the QAR Council 56 Memorandum of Agreement Among Accrediting Agencies 57-59 CPA PRACTITIONERS MUST ENROLL/REGISTER IN THE QAR PROGRAM – Third Component 60-62 The Support Group to QARC 63-64 Audit Inspection Unit Housed in SG-QARC 65-66 Organization and Reporting Status of AIU Explained 67 How PICPA will Set up the SG-QARC unit 68-71 Registering CPA Practitioners under the Appropriate Risk Category 72-74 Risk Categories of CPA Practitioners Category A 75 Category B 76 Registration Rules 77-79 AUDIT INSPECTION UNIT (AIU) WITH CAPABLE PERSONNEL – Fourth Component 80-81 Head of the AIU or Chief Inspector 82 Basis Minimum Qualifications of the Chief Inspector 83 Appointment of the Chief Inspector of the AIU 84 Main Duties of the Chief of Administration 85 Assistants for the Chief of AIU and Chief of Administration 86 In Charge Level Inspectors 87 The Beginning Plantilla and Salary Levels 88 An Independent Oversight Body for Qualtiy Assurance Review in the Philippines November 2008 2 | P a g e
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METHODOLOGY FOR QAR –Fifth Component 89 FUNDING – Sixth Component 90-93 What must BOA do 94 Overcoming Objections from Practitioners 95 Requirement for the Plan to be Equitable 96 Nature of the Practice 97-99 Extent of Quality Assurance Work to be Applied 100 Timing or Frequency of the QAR 101 Why some firms would have annual inspections 102 The Proposed Fund Plan 103 Rationale for the Annual Fee to Practitioners 104 Estimated Collections from Proposed Funding Plan 105 Allowance For Fee Reduction or Non-collection 106
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  • Fall '17
  • Aguwa
  • BOA, Qualtiy Assurance Review

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