What is a professional accountant?

Identify the characteristics that makes Accountancy

a profession.
A person with the knowledge and experience needed to set up and manage correct
financial records for an individual or a corporation. An accountant's responsibilities may
include establishing and controlling record-keeping systems, auditing books, and
preparing financial statements. An accountant can assist with tax planning and
preparation.
A public accountant provides accounting or auditing services to a group of employees,
each of whom pays a fee to the accountant. He or she does more than just bookkeeping
but does not always possess all of the credentials of a certified public accountant.
A certified public accountant (CPA) is a professional that has received a state license
demonstrating a high level of ability, training, and experience. In order to qualify for the
license, an applicant must have the necessary business experience, education, and
moral character, in addition to passing an accounting examination. The shorthand for
the title Certified Public Accountant is CPA, which is regularly used and widely
recognized.
A professional accountant's position is critical, as they assist clients with sensitive
financial concerns. Bookkeeping, VAT, PAYE, Provisional Tax, financial statements,
business strategies, and a variety of other services are all performed by accountants in
this profession. While accounting knowledge and education are essential, a professional
accountant must also possess a number of other qualities.
In his article Attributes of a Profession, Ernest Greenwood lists five essential traits of an
ideal accountant. (1) a structured body of thought, (2) professional authority, (3)
community sanction, (4) a code of regulations, and (5) a culture.
What are the different scope of practice of accountancy? Identify and each and explain
the scope of practice.
Public Accounting
Accountants in public practice operate in accounting firms or independently for their
clients, providing audit and attestation, tax planning and preparation, and advisory
services. Public accountants work with clients on a project or contractual basis. New
accountants begin their careers as accounting or audit staff and progress through the
ranks of junior accountant, senior accountant, supervisor, manager, and partner in CPA
companies. They may even open their own public accounting business after getting
adequate expertise.
Private Accounting
An accountant in private accounting, also known as practice in commerce and industry,
works for only one client. Private accounting accountants serve as a support function for
the company by conducting accounting-related activities. Bookkeeper, accounting clerk,
financial analyst, internal auditor, and other entry-level positions are available in private
practice. From there, newcomers can work their way up the corporate ladder to
positions like Chief Internal Auditor, Controller (Chief Management Accountant or Chief
Accounting Officer), and Chief Financial Officer (CFO).
Government Accounting
Accountants are also required by government agencies. These organizations require
accounting data to plan, budget, forecast, and allocate government funds. The
government also hires state auditors to guarantee that the money are used and
allocated properly.
Accounting Education
Accountants who work in teaching, research, and training and development make up
this group. Accountants can work as a professor in a school, as an author of an
accounting book, as a researcher, as a trainer, or as a reviewer.
It's important to note that working in multiple areas is not uncommon. In reality, many
accountants practice in more than one area. While working part-time as a teacher, one
can provide public accounting services. Another might work for a multinational
corporation or a government agency while also consulting with the general public on
bookkeeping.
What are the different standard setting bodies that affect the practice of accountancy?
In the Philippines, there are three standards-setting and interpretation organizations that
recommend accountancy and auditing standards, rules, and interpretative declarations.
The Financial Reporting Standards Council, the Auditing and Assurance Standards
Council, and the Philippine Interpretations Committee are the three organizations.
These three are required under the Accountancy Law and the implementing rules to
recommend standards and interpretations to the Board of Accountancy for approval.
What are the different government agencies that affect the practice of accountancy?
The Professional Regulation Commission (PRC) is responsible for administering,
implementing, and enforcing the country's regulatory laws and policies governing the
regulation and licensing of the various professions and occupations under its
jurisdiction, as well as the enhancement and maintenance of professional and
occupational standards and ethics, as well as the enforcement of rules and regulations
governing them.
Under the Professional Regulation Commission, the Board of Accountancy (BOA) is the
professional board of Certified Public Accountants in the Philippines (PRC). All CPAs in
the Philippines who conduct audits and sign audited financial statements must be BOA
accredited.
The Securities and Exchange Commission (SEC) is a government body in the
Philippines that oversees the registration and operation of corporations, partnerships,
and other types of associations.
The Commission on Audit (COA) is the government agency in charge of auditing or
determining if government entities are following existing rules while handling finances
and whether their programs are being run properly and economically.
The Bureau of Internal Revenue (BIR) is in charge of enforcing tax laws, regulations,
and guidelines. Its agents conduct compliance audits, inspect, and review individual and
corporate income tax returns to ensure that income has been computed and taxes paid
in accordance with the National Internal Revenue Code.
What is Continuing Professional Development? Why does a professional accountant
need to do Continuing Professional Development?
Continuing Professional Development (CPD) is an acronym that stands for "continuing
professional development." Beyond any initial training, it refers to the practice of
tracking and documenting the abilities, information, and experience that you gain both
formally and informally while you work. It's a record of what you've done, what you've
learned, and what you've put into practice. The term is most commonly used to refer to
a physical folder or portfolio that documents your professional growth. Some companies
use it to refer to a training or development program, which I believe is not entirely
accurate.
Continuing Professional Progress (CPD) is defined as a method of documenting and
reflecting on one's own learning and development. Continuing Professional
Development (CPD) is designed to guarantee that you are well equipped as a CPA to
navigate through business disruptions. CPD allows you to stay current in your field of
practice while also learning and growing.
What are the methods to obtain Continuing Professional Development Units?
CPD Learning Types
CPD learning comes in a variety of forms and includes a wide range of learning
approaches. Various methods of CPD are available for effective Continuing
Professional Development, ranging from formal training to self-directed study.
Structured CPD / Active Learning
Structured CPD / active learning is a study that is interactive and participatory.
Attending training classes, workshops, seminars, conferences, e-learning courses, or
CPD recognized events is normally proactive. Professionals taking career-oriented tests
can also benefit from CPD active learning, although the study and review would be
considered self-directed learning.
Reflective CPD / Passive Learning
Because there is no participant-based engagement in reflective learning, it is a far more
passive and one-directional kind of CPD. Reading relevant news stories, podcasts, case
studies, and industry updates are examples of this. Some casual gatherings can be
used for CPD reflective learning, but these sessions' learning objectives must be
specified in an individual's overall CPD plan.
Self-Directed CPD / Unstructured Learning
All unassisted CPD activities are included in self-directed learning. It includes both print
and online reading of documents, articles, and publications. Self-directed CPD includes
reading relevant publications, books by prominent experts, industry journals, and trade
periodicals. Industry-specific news feeds or research into relevant subjects could also
be included.
 References

Accounting verse. Areas of Accounting Practice

https://www.accountingverse.com/accounting-basics/areas-of-accounting-
practice.html
CPA Ontario. CPD requirements.
https://www.cpaontario.ca/cpa-members/obligations/continuing-professional-
development
CPD Certification service. CPD Learning Types
https://cpduk.co.uk/explained
Funa, D. (2018). Philippine Accounting Standards
https://businessmirror.com.ph/2018/10/31/philippine-accounting-standards/
Govph. Professional regulation commission
https://www.prc.gov.ph/mandate
Jobs.ac.uk. What is CPD?
https://career-advice.jobs.ac.uk/career-development/what-is-continuing-
professional-development-cpd/
Legal dictionary. Accountant
https://legal-dictionary.thefreedictionary.com/Professional+Accountant
Oxford Journals. (2020). Attributes of a Profession
https://web.engr.uky.edu/~jrchee0/CE%20401/CE-401%20Important%20Seminar
%20Documents/Attributes%20of%20Professons-Greenwood.pdf
Tax accounting center. Accreditations of independent CPA auditors in the Philippines.
https://taxacctgcenter.ph/accreditations-independent-cpa-auditors-pilippines/