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1.What is a professional accountant? Identify the characteristics that makes

Accountancy a profession.
According to Kagan (2020), a professional accountant is the one who practices
accounting tasks including financial statement analysis, audits, or account analysis.
Accountants work for accounting firms or the internal accounting divisions of big
businesses. They are free to establish their own, unique practices. These professions
are certified by national professional groups after completing the educational and testing
standards set forth by their respective states. It is considered as a profession because
accountancy possess the necessary attributes of what a profession is, and this includes:

● Mastery of intellectual skill, wherein they will acquire by obtaining a BSA degree,
passing the CPA exam, and continuously acquire knowledge by means of the
CPE program to keep them updated with the new standards.
● Adherence to a common code of values and conduct since the accountancy
profession requires them to act in accordance with the Code of Ethics, and
ofcourse to always observe the traits which was taught to them which are
integrity, honesty, and etc.
● Acceptance of a duty to society since accountants are to act for the public
interest which imposes responsibility on the accountancy profession and on its
members

2.What are the different scope of practice of accountancy? Identify and each and
explain the scope of practice.

A. Practice of Public Accountancy - In the Practice of Public Accounting a qualified

person to provide professional services as a certified public accountant is an
accountant who is knowledgeable in the discipline of accountancy. This includes
auditing, attestations, the compilation of financial statements and tax returns, as
well as any other accounting activities that represent the clients before
governmental bodies.

B. Practice in Commerce and Industry - The accountant focuses or renders his/her

service only to the company they work for since they are part of the organization.
Also,just like in public accounting they must be well equipped with the
knowledge and abilities to carry out accounting related activities.

C. Practice in Education/Academe - In this scope, it involves giving accounting

services to educational institutions. The The accountant instructs in accounting,
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auditing, and management consulting services, money, taxation, and other
closely linked technical subjects:

D. Practice in the Government - Practicing in the Government involves rendering

professional services to government regulatory agencies and government owned
and controlled corporations. Our government needs accounting services because
it still needs the expertise of accountants for a variety of purposes.

3. What are the different standard setting bodies that affect the practice of
accountancy?

There are two categories of standard setting bodies, and both affect the practice
of accountancy, and these are local/domestic and foreign/ international. For the
local/domestic category it includes the Financial Reporting Standards Council (FRSC)
wherein it serves as the standard setting body for accounting, and Auditing and
Assurance Standards Council ( AASC) which serves as the setting body for auditing.
Both FRSC and AASC are created by BOA. With regards to the Foreign/International
category includes the International Federation of Accountants (IFAC) which purpose is
to strengthen the accountancy profession worldwide, as well as contribute to the
development of strong international economie. Furthermore, foreign category includes
the International Accounting Standard Board (IASB) which is the counterpart of FRSC,
and the last one is the International Auditing and Assurance Standard Boards (IAASB)
the foreign equivalent of AASC.

4.What are the different government agencies that affect the practice of
accountancy?

a. The Professional Regulation Commission (PRC) is the government agency

that is in charge of administering, carrying out, and enforcing the Philippine
Government's regulatory policies with regard to the licensing and regulation of
the many professions,including the accountancy profession under its purview.
b. Professional Regulatory Board of Accountancy (BOA) is BOA is under the
supervision of PRC, and is responsible and have the power to oversee and
enforce The Philippine Accountancy Act (RA 9298), wherein its objectives
includes:

● The standardization and regulation of accounting education;

● The examination for registration of CPAs; and

● The supervision, control, and regulation of the practice of accountancy in the

Philippines.
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c. Securities and Exchange Commission (SEC) is the governing body in the

Philippines that oversees the registration and operation of companies (stock or
non-stock), partnerships, and other types of associations. Moreover, SEC's main
goal is to help provide investors with information that is trustworthy on which to
base investment decisions.
d. Bangko Sentral ng Pilipinas (BSP)'s principal goal is to ensure price stability
that is supportive of achieving sustained and balanced economic growth. It also
seeks to advance to maintain the peso's convertibility and monetary stability. It is
also responsible for regulating and supervising the banking industry.
e. Commission on Audit (COA) In state auditing, COA is the supreme and last
authority since the Philippine Constitution establishes its responsibilities and
jurisdiction.COA investigates whether government entities manage their funds in
accordance with the laws and regulations now in place and whether their
programs are being carried out effectively, efficiently, and economically.
f. Insurance Commission (IC) is the government agency that controls and
monitors the insurance sector to advance the interests of the country.
g. Bureau of Internal Revenue (BIR) is responsible for enforcing tax laws.Taxes
must be collected by BIR in order to generate funds for the government's usage
and support.

5.What is Continuing Professional Development? Why does a professional

accountant need to do Continuing Professional Development?

The Continuing Professional Development Act of 2016 must be followed by accountants

in order to renew their professional identification cards. Accountants need to do or
comply with the CPD since they must consistently gain experiences and knowledge
throughout their careers in order to master their craft, which is one of the necessary
attributes required for the accounting profession. According to BPP (2020),CPD keeps
both academic and practical credentials current, enabling people to continuously up-skill
and expand their proficiencies regardless of their age, profession, or educational
background.

6.What are the methods to obtain Continuing Professional Development Units?

To obtain Continuing Professional Development Units, the Continuing Professional

Education (CPE) is implemented. The CPE program comprises carefully thought-out
and organized activities, the application of it calls for a specific set of professionals to
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take part in order to fulfill the obligations of voluntarily preserving and enhancing the
professional standards and ethics of the occupation. The activities covered by this
program include seminars, master's and doctoral degrees, writing, self-directed learning
courses, post-graduate training, resource speaking, peer reviewing, providing CPE, and
other activities linked to CPE programs. Additionally, a minimum of 15 credit units must
be earned annually, for a potential total of 120 credit units over the course of three
years.

References:

BPP.(2020).Why Continuing Professional Development (CPD) Is Important.bpp.com.

https://www.bpp.com/insights/why-cpd-is-important

Kagan,J.(2020).Accountant.investopedia.com.https://www.investopedia.com/terms/a/
accountant.asp