Publication:
Strengthening Oversight: Improving the Quality of Statutory Audits in the Philippines

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dc.contributor.authorWorld Bank Group
dc.date.accessioned2016-07-20T19:33:14Z
dc.date.available2016-07-20T19:33:14Z
dc.date.issued2016-05
dc.description.abstractSince 2003, the Philippines have been striving to implement reforms aimed at improving audit quality. Oversight of the audit profession is a key control over the financial reporting architecture of a country’s private sector. A Quality Assurance Review system over audit practitioners is a subset of oversight which serves as a key monitoring control over the integrity of financial reporting. In keeping with the country’s strategic priority of boosting private sector development by improving the investment climate for firms of all sizes, including greater access to finance, legislation was enacted to support the objective of increasing the integrity of private sector financial reporting through improved audit quality. Accordingly, the Board of Accountancy was mandated with the power to conduct oversight into the quality of audits of financial statements through a review of the quality control measures instituted by auditors in order to ensure compliance with the accounting and auditing standards and practices. . However, the injunction remains in place and, accordingly, implementation of the mandated Quality Assurance Review Program may not move forward. Several concrete steps should be taken in order to effectively move forward with the rollout of a comprehensive system of public oversight including audit quality assurance in the Philippines. These include (1) reforming the legal framework to establish an effective audit oversight system with sufficient legal power and authority (2) rationalizing the statutory audit threshold to minimize the conditions contributing to low quality audits, (3) building support among key stakeholder groups by properly addressing their concerns to the extent possible, (4) ensuring coordination of efforts among regulators to eliminate gaps and overlaps and foster collaboration among the group, and (5) establishing a dedicated Project Management Office to oversee the rollout of a Quality Assurance Review Program over audit practitioners.en
dc.identifierhttp://documents.worldbank.org/curated/en/2016/05/26408211/philippines-strengthening-oversight-improving-quality-statutory-audits-philippines
dc.identifier.doi10.1596/24723
dc.identifier.urihttps://hdl.handle.net/10986/24723
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectACCOUNTING PRINCIPLES
dc.subjectGOOD PRACTICE
dc.subjectDISCUSSION
dc.subjectFINANCIAL SERVICES
dc.subjectCOPYRIGHT CLEARANCE
dc.subjectWORKFORCE
dc.subjectAWARENESS
dc.subjectACCOUNTING
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET DEVELOPMENT
dc.subjectSECURITIES REGULATORS
dc.subjectSALES
dc.subjectINTEREST
dc.subjectQUALITY CONTROL MEASURES
dc.subjectAUDITING PRINCIPLES
dc.subjectEXCHANGE
dc.subjectINFORMATION
dc.subjectCOPYRIGHT CLEARANCE CENTER
dc.subjectFISCAL POLICY
dc.subjectREGULATOR
dc.subjectFINANCIAL STATEMENTS
dc.subjectBRANCH OFFICES
dc.subjectINFORMATION SHARING
dc.subjectCAPACITY BUILDING
dc.subjectFINANCIAL STATEMENT
dc.subjectCONTENT
dc.subjectTAX
dc.subjectLEADING
dc.subjectQUALITY
dc.subjectREPORTING
dc.subjectAUDITS
dc.subjectREGULATORY AUTHORITIES
dc.subjectCENTRAL BANK
dc.subjectCOLLABORATION
dc.subjectJURISDICTIONS
dc.subjectCOMMUNICATIONS
dc.subjectDATA
dc.subjectTECHNICAL ASSISTANCE
dc.subjectEXCHANGE COMMISSION
dc.subjectMARKET DEVELOPMENT
dc.subjectPARTNERSHIPS
dc.subjectAUDITORS’ REPORTS
dc.subjectPUBLIC ACCOUNTANTS
dc.subjectPRODUCTIVITY
dc.subjectEXPERTS
dc.subjectIDEAS
dc.subjectCRITERIA
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectDEBT
dc.subjectDOCUMENTS
dc.subjectFINANCIAL REPORTING
dc.subjectCOMPETENCIES
dc.subjectCORPORATE GOVERNANCE FRAMEWORK
dc.subjectCAPITAL ASSETS
dc.subjectPRIVATE SECTOR DEVELOPMENT
dc.subjectPROCESS
dc.subjectCONFLICTS OF INTERESTS
dc.subjectPRACTICE
dc.subjectACCOUNT
dc.subjectLEGAL FRAMEWORK
dc.subjectEFFICIENCY
dc.subjectRESOURCES
dc.subjectINVESTORS
dc.subjectBUDGET APPROPRIATIONS
dc.subjectREGULATORY AGENCIES
dc.subjectAUDITED FINANCIAL STATEMENTS
dc.subjectCOMPETENCY
dc.subjectJURISDICTION
dc.subjectACCOUNTANTS
dc.subjectAUDITORS
dc.subjectDISCUSSIONS
dc.subjectTRANSPARENCY
dc.subjectSMALL ENTERPRISES
dc.subjectMARKET CAPITALIZATION
dc.subjectBEST PRACTICES
dc.subjectPARTICIPATION
dc.subjectBOUNDARIES
dc.subjectQUALITY AUDITS
dc.subjectCONFLICTS OF INTEREST
dc.subjectPROCESSES
dc.subjectACCOUNTANCY
dc.subjectDECISION-MAKING
dc.subjectCOST
dc.subjectJOB CREATION
dc.subjectAUDIT ENGAGEMENTS
dc.subjectAUDIT REPORTS
dc.subjectFINANCIAL REPORTING STANDARDS
dc.subjectFOREIGN EXCHANGE
dc.subjectCONFIDENTIALITY
dc.subjectDYNAMIC ECONOMIES
dc.subjectQUALITY CONTROL
dc.subjectSECURITIES
dc.subjectADMINISTRATION
dc.subjectGOVERNANCE
dc.subjectENFORCEMENT
dc.subjectINSURANCE
dc.subjectINTERNATIONAL BEST PRACTICES
dc.subjectCOMMUNITY OF PRACTICE
dc.subjectINTERESTS
dc.subjectMUTUAL RECOGNITION
dc.subjectINVESTOR
dc.subjectSECURITIES REGULATION
dc.subjectACCOUNTING STANDARDS
dc.subjectFINANCIAL MARKET
dc.subjectBUSINESS
dc.subjectINVESTMENT
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectSHARE
dc.subjectINVESTOR PROTECTION
dc.subjectINTERNAL AUDIT
dc.subjectINVESTMENT CLIMATE
dc.subjectSECURITIES REGULATOR
dc.subjectFINANCIAL MARKETS
dc.subjectMARKET DEMAND
dc.subjectCOOPERATIVES
dc.subjectREGULATORS
dc.subjectPRACTITIONERS
dc.subjectCOMMUNICATION
dc.subjectQUALITY ASSURANCE
dc.subjectSHAREHOLDER
dc.subjectAUDIT
dc.subjectAUDITING STANDARDS
dc.subjectEXCHANGE RATE
dc.subjectPUBLIC ACCOUNTABILITY
dc.subjectPRIVATE SECTOR GROWTH
dc.subjectDECISION-MAKING AUTHORITY
dc.subjectAUDITING PROFESSION
dc.subjectFINANCIAL SECTOR
dc.subjectCERTIFIED PUBLIC ACCOUNTANTS
dc.subjectIMPLEMENTATION
dc.subjectAUDITING
dc.subjectINTERNATIONAL BEST PRACTICE
dc.subjectCORPORATE GOVERNANCE
dc.titleStrengthening Oversighten
dc.title.subtitleImproving the Quality of Statutory Audits in the Philippinesen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleStrengthening Oversight
okr.date.disclosure2016-06-03
okr.doctypeEconomic & Sector Work::Other Financial Accountability Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2016/05/26408211/philippines-strengthening-oversight-improving-quality-statutory-audits-philippines
okr.guid656981468087856039
okr.identifier.doi10.1596/24723
okr.identifier.doihttps://doi.org/10.1596/24723
okr.identifier.externaldocumentum090224b08462d9c6_5_0
okr.identifier.internaldocumentum26408211
okr.identifier.reportAUS13045
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/EAP/2016/06/03/090224b084390d3e/3_0/Rendered/PDF/Philippines00000in0the0Philippines.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryPhilippines
okr.sectorPublic Administration, Law, and Justice :: Public administration- Financial Sector
okr.sectorPublic Administration, Law, and Justice :: Central government administration
okr.themeFinancial and private sector development :: International financial standards and systems
okr.themePublic sector governance :: Other accountability/anti-corruption
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicGovernance::Governance and the Financial Sector
okr.topicPrivate Sector Development::Corporate Governance and Corruption
okr.topicLaw and Development::Corruption & Anticorruption Law
okr.unitGOV PRMM - EAP (GGO20)
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