Philippine Institute of Certified Public Accountants

Quality assurance review requirements for auditors in the Philippines are established under Republic Act No. 9298, the Philippine Accountancy Act of 2004, with oversight exercised by the Professional Regulatory Board of Accountancy and sector regulators.

PICPA supports fulfillment of SMO 1 by acting as the implementing arm of the Quality Assurance Review Program under arrangements approved by the BOA. Through the Quality Assurance Review Office, PICPA supports the operationalization of firm-level and engagement-level quality assurance reviews, facilitates registration of audit firms and practitioners into the QAR Program, issues inspection reports, and supports monitoring of remediation plans linked to accreditation renewal. PICPA has also focused on helping its members understand and prepare for quality management requirements through audit methodology workshops, guidance materials, and training on the implementation of quality management standards.

Current Status: Review & Improve

Initial professional development, licensure, and continuing professional development requirements for professional accountants are established under Republic Act No. 9298 and administered by the Professional Regulatory Board of Accountancy and the Professional Regulation Commission.

PICPA supports fulfillment of SMO 2 by delivering continuing professional development programs aligned with international education standards, supporting professional competence throughout the career lifecycle, and working with regulators, academic institutions, and training providers to promote awareness of international education benchmarks. PICPA provides CPD programs, learning resources, and technical updates to assist members in meeting competency requirements and understanding evolving professional expectations.

Current Status: Review & Improve

Auditing standards in the Philippines are adopted under the authority of the Professional Regulatory Board of Accountancy through the Auditing and Assurance Standards Council and are fully converged with the International Standards on Auditing.

PICPA supports fulfillment of SMO 3 by providing ongoing training, technical guidance, and implementation support to its members on auditing standards, including new and revised International Standards on Auditing and related quality management standards. PICPA organizes seminars, workshops, and professional development activities to assist members in understanding and applying auditing standards in practice and supports dissemination of updates issued by the standard-setting bodies.

Current Status: Sustain

Ethical requirements for professional accountants are established under Republic Act No. 9298, with the Code of Ethics adopted and applied under the oversight of the Professional Regulatory Board of Accountancy.

PICPA supports fulfillment of SMO 4 by implementing the International Code of Ethics for Professional Accountants for all its members and by providing ethics-focused training, guidance, and awareness programs. PICPA supports member understanding of ethical requirements through seminars, technical updates, and advisory materials and assists regulators through delegated fact-finding activities in investigation and disciplinary matters.

Current Status: Sustain

Public sector accounting standards in the Philippines are established by government authorities through national standards that reference International Public Sector Accounting Standards.

PICPA supports fulfillment of SMO 5 by promoting awareness and understanding of public sector accounting standards and international best practices among its members through training programs, seminars, and professional development activities. PICPA supports capacity building in public sector accounting by providing learning opportunities and technical discussions related to IPSAS and public financial management reforms.

Current Status: Review & Improve

Investigation and disciplinary arrangements for professional accountants are established under Republic Act No. 9298 and administered by the Professional Regulatory Board of Accountancy and the Professional Regulation Commission.

PICPA supports fulfillment of SMO 6 by operating investigation and disciplinary procedures for its members under delegated authority, including receiving complaints, conducting fact-finding investigations, and referring cases to the BOA and PRC for adjudication and sanctioning. PICPA supports member understanding of disciplinary processes and professional responsibilities through awareness activities and guidance on ethical and professional conduct.

Current Status: Review & Improve

Financial reporting standards in the Philippines are adopted under the authority of the Professional Regulatory Board of Accountancy through the Financial and Sustainability Reporting Standards Council and are based on International Financial Reporting Standards.

PICPA supports fulfillment of SMO 7 by providing training, technical guidance, and professional development activities to assist members in understanding and applying financial reporting standards, including updates to IFRS and developments in sustainability reporting following the adoption of IFRS Sustainability Disclosure Standards. PICPA supports implementation through seminars, publications, and member engagement on financial reporting and disclosure requirements.

Current Status: Sustain