Challenges in the accountancy profession
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May 2019 CPALE in numbers. Evolution of the Accountancy Curriculum. Previous BOA presentations. Future of Accountancy Profession. Challenges to the Academ
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Challenges in the accountancy profession
- 1. 1 www.companyname.com © 2016 Jetfabrik Multipurpose Theme. All Rights Reserved. Challenges and Issued facing the Accountancy Profession Ferdinand C. Importado CPA, MBA, DBA (Academics) September 10, 2019
- 2. May 2019 CPALE in Numbers Evolution in the Accounting Profession 1 2
- 3. 3 Challenges to the Academe Future of the Accounting Profession 3 4
- 5. CPA Board Exam Results 36% 35% 30% 29% 25%42% 16% May 2016 October 2016 May 2017 May 2018 May 2019 October 2017 October 2018
- 6. May 2019 CPALE in Numbers 468 Number of schools whose students took the May 2019 CPALE
- 7. May 2019 CPALE in Numbers 91Passers 470Failed 570Takers
- 8. May 2019 CPALE in Numbers 5 Number of schools with 100% passing rate 180 Number of schools with 0% passing rate
- 9. May 2019 CPALE in Numbers 305 = 65% Number of schools below the national passing rate
- 10. May 2019 CPALE in Numbers National passing rate for the May 2019 CPALE 16.47%
- 11. 22.07% 16.47% 70.61% 76% 73% 52% 38% 66% 27.28% 25.95% 40.80% 68.68% 51.08% 69.51% BAR exam CPALE Mechanical engineering Physician Dentist Nursing Civil engineering Architecture Elementary teachers Secondary teachers Environmental planner Real estate broker Customs broker Pharmacist Is the CPALE becoming more difficult? The quality of Accounting education is declining?
- 12. Evolution in the Accounting Profession The CPA examination scope Before (1923) • Theory of Accounts • Practical Accounting • Auditing • Commercial Law After • Theory of Accounts • Practical Accounting 1 • Practical Accounting 2 • Management Advisory Services • Business Law and Taxation • Auditing Theory • Auditing Problems Now • Financial Accounting and Reporting • Advanced Financial Accounting and Reporting • Management Advisory Services • Auditing • Taxation • Regulatory Framework for Business Transactions
- 13. Evolution in the Accounting Profession The Qualification to Apply Before (1923) • An applicant must be over 21 years of age • Nothing explicitly requiring a bachelor’s degree in accountancy Now • Filipino citizen • Good moral character • Bachelor of Science degree in Accountancy • Must not have been convicted of any criminal offense involving moral turpitude • No minimum age requirement.
- 14. Evolution in the Accounting Profession The Rating Required to Pass Before (1923) •A general average rating of 75 percent Now •A general average of 75 percent •No grade below 65 percent in any subject
- 15. The supervision, control and regulation of the practice of accountancy in the Philippines Regulation The examination for registration of certified public accountants Examination Standardization and regulation of accounting education Education Challenges to the Academe and BOA
- 16. Present Situation : Education 1 Declining passing rate among takers (16% May 2019) PASSING RATE 2 468 schools offering BSA all over the country SCHOOLS 3 38% (180) have zero passing rate and 65% (305) below the NPR PROGRAM 4 The introduction of the SHS seems to be problematic ABM PLIGHT
- 17. 17 Representation Extend help to DepEd on ABM Greater Collaboration Strengthen collaboration between CHED and BOA Pruning Prioritize Visit schools with low, minimal, zero passing rate Future-proof Periodic review of BSA curriculum Terminate BSA program of schools with remote possibilities of producing CPAs What Should be Done
- 18. Present Situation : Examination Out-of-Sync CPA Exam Syllabus not in synch with BSA curriculum Selective Examination may not cover the entire syllabus Long-nights Exam results released more than a week after the last day of the exam
- 22. 22 Which Generation Are You?
- 23. 23 Teaching Methods for Millennials
- 26. Future of Accounting Profession Increased use of sophisticated and smart technologies Continued globalization Increased regulation, and the associated disclosure rules
- 29. Future of Accounting Profession “AAT recently surveyed 250 accountants and bookkeepers to look at what the future might be for the accountancy profession.” Automation Cloud Developments of accounting software
- 33. Cloud Computing Potential losses Subject to hacking
- 36. Cyber Security Statistics 2019 Half of all Cyber attacks are targeted at small businesses Estimated $6 trillion in damages by 2021 Only 10% of cybercrimes are reported in the U.S each year Become a hacker with $1
- 38. BSMA BSIA BSAISBSA Financial Accounting and Reporting Advances Financial Accounting and Reporting Financial Management and Advisory Services Taxation Regulatory Framework for Business Transactions Certified Accountant (CA) Three years of meaningful experience Advanced Auditing Advanced Mgt Acctg Advanced Internal Aud Advanced Acct Info Sys Certified Public Accountant Certified Professional Accountant Programs High LVL License First Level Exam Subjects 1st License LVL Work Exp. 2nd LVL Exam Subjects
- 41. 41 Ý START END Preparing for your Future Career Decide where you want to take your career Continue building skills Network Plan but be flexible Commit mistakes
- 42. 42 www.companyname.com © 2016 Jetfabrik Multipurpose Theme. All Rights Reserved.