Publication: An Independent Oversight Body for Quality Assurance Review in the Philippines
Date
2009-02
ISSN
Published
2009-02
Author(s)
World Bank
Abstract
The paper is part of a program to
provide support to a major recommendation in the Philippine
Review of Standards and Codes on Accounting and Auditing
(ROSC-A&A). The ROSC-A&A brought out that there were
major improvements in the accounting and auditing scene
since the last assessment made in 2001. Substantially
complete improvements include the adoption of the
international standards for accounting, auditing, and
professional ethics. The objects of this program were as
follows: First, to develop a strategic plan to provide for
the adoption and implementation of a QAR (Quality Assurance
Review) program for auditing firms in the Philippines.
Second, begin devloping a cooperative arrangement between
Philippine regulatory authorities and the accounting
professional body, and develop rules and regulations
subjecting auditors and/or auditing firms to such a quality
assurance review program. This would include administrative
steps to be taken by the relevant government authority to
initiate this program. Third, to enable the development a
medium-term strategic plan for sustainability of the QAR
program. The proposed plan should be the product of working
closely with the relevant regulatory body (BOA) and PICPA
incorporating their inputs in the study. This should ensure
their eventual acceptability for adoption and implementation
by these entities.
Citation
“World Bank. 2009. An Independent Oversight Body for Quality Assurance Review in the Philippines. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/73f610f7-8f20-54b9-9a4c-89601b81f913 License: CC BY 3.0 IGO.”