SGV Assurance Partner and PICPA National Sectoral Director for Public Practice John T. Villa (JTV) and SGV Tax Partner and PICPA Metro Manila Region (MMR) Regional Sectoral Representative for Public Practice Maricris U. See (MUS) together with PICPA National Summit on Public Practice Committee member and Tax Senior Director Meynard Sardalla and Tax Associate Director Edsel Francis Lima, organized the first PICPA National Summit on Public Practice. The PICPA National Summit on Public Practice Core Team facilitated the summit from 31 January to 1 February 2023, at the Century Park Hotel, Manila with the theme “Sustaining the Public Practice Profession in the Philippines by Playing it Forward – with Quality.” The summit covered some of the hot topics on quality assurance review (QAR), updates on the BOA accreditation, accounting and other tax topics which are relevant to public practitioners. More than 200 public practitioners from all over the country attended the summit.
Meynard, Maricris, John, and Edsel at the summit
Philippine Regulatory Board of Accountancy Chair Hon. Noe Quiñanola shared updates and a timeline of the Quality Assurance Review (QAR) program, while Hon. Thelma Ciudadano discussed QAR focus areas. SGV Professional Practice Director and Head of Risk Management Lucy L. Chan (LLC) highlighted the importance of an effective internal control system and risk assessment in conformity with ISA 315 (Revised) - Assessing the Risks of Material Misstatement. SGV GCR Leader Sonia D. Segovia (SDS) was also present during the event and introduced one of the resource speakers. Tax Senior Director Meynard Sardalla was the master of ceremonies for the first day of the summit.
Lucy (left) and Roel (right) during their respective technical sessions
Maricris moderates panel discussion on e-invoicing
On the second day, PRBOA Vice Chair Hon. Atty. Samuel Padilla discussed PRC Resolution No. 53 with updates on the BOA accreditation requirements for CPAs in public practice and the education sector. SGV Accounting Standards Group and International Financial Reporting Standards Leader Roel E. Lucas (REL) facilitated the discussion on the exposure draft on IFRS for SMEs.
Other resource speakers covered topics such as the economic forecast for the Philippines, common 2021/2022 SEC findings, tax implications of online transactions, and the e-invoicing system of the BIR. Maricris moderated the discussion on the challenges encountered in the implementation of e-invoicing in the Philippines.
