NAME: FIONA MARIE T.

JAUCIAN YEAR&BLOCK: 2C

WEEK 10
1. The accountancy profession, led by CPAs, mandates a BSA degree and successful completion of
the CPALE, involving specialized language, a Code of Ethics, and contributions to professional
improvement through organizations like PICPA.

2. CPAs play a vital role in the economy, contributing to information sharing, resource allocation,
transparency, and waste prevention.

3. CPAs engage in diverse opportunities within sectorial professions, including public practice,
commerce, government service, and education.

4. Accountancy's resilience is attributed to adaptability and the dominance of financial information.

5. Noteworthy service areas in accountancy include auditing, bookkeeping, cost accounting,

financial accounting, financial management, management accounting, taxation, and government
accounting.

6. The study on "Accountancy Service Requirements of MSMEs in the Philippines" reveals that
MSMEs engage in various services, notably outsourcing taxation. Micro and small enterprises
differ in service complexity from medium enterprises.

7. Practicing CPAs should be mindful of the smaller market represented by MSMEs, especially
micro and small enterprises. Adapting services and employing strategic marketing are crucial to
tackle potential challenges.

8. Accounting culture, shaped by shared values and practices, significantly influences perceptions
and practices within a society.

9. The accounting profession involves individuals and organizations in accounting-related activities,

influenced by cultural contexts in financial reporting, auditing, and ethics.

10. Understanding the connection between accounting and culture is crucial for professionals working
in diverse cultural settings, fostering a globally cohesive yet culturally sensitive accounting
landscape.
NAME: FIONA MARIE T. JAUCIAN YEAR&BLOCK: 2C

WEEK 11
1. Regulation, often perceived as state-centered, serves as a tool for command or social influence.

2. Professional regulation ensures safe services by controlling training, evaluations, and setting
standards.

3. In the Philippines, the PRC administers exams, with the BOA regulating accountancy under RA
9298.

4. Regulatory measures, licensure exams, CPD programs, and government requirements work
together to maintain high professional standards.

5. Accountancy areas, such as accounting, auditing, and tax services, are governed by the BOA.

6. CPAs integrate through PICPA, emphasizing lifelong learning and professional growth.

7. Competency requirements for CPAs include knowledge in audit, financial accounting, and
information technology, coupled with practical experience.

8. Professional skills like intellectual, technical, personal, interpersonal, and organizational skills are
vital.

9. A professional accountant's mindset evolves with experience, emphasizing professionalism,

ethics, judgment, awareness, stakeholder focus, and adaptability.

10. Regulatory frameworks and ongoing professional development collectively contribute to building a
competent and ethical accountancy profession.
NAME: FIONA MARIE T. JAUCIAN YEAR&BLOCK: 2C

WEEK 12
1. Increased globalization in accounting and auditing is fueled by evolving standards and a
heightened demand for information, impacting transparency and comparability.

2. Global harmonization, especially through the International Financial Reporting Standards (IFRS),
facilitates cross-border decisions and reduces capital-raising costs.

3. Accountability has broadened beyond financial statements to encompass reports on internal

controls, reflecting a commitment to transparency.

4. There's a rising demand for more current and detailed reporting, including risk-based information,
to meet stakeholders' needs for timely and relevant financial information.

5. Global audit standards are evolving to emphasize quality, addressing public expectations for
consistency and reliability in financial reporting.

6. The CPA Horizons 2025 project provides strategic insights, focusing on technology, education,
global positioning, professional pride, and core values.

7. Core values integral to CPAs include integrity, competence, lifelong learning, objectivity,
commitment to excellence, and relevance in the global marketplace.

8. Core competencies for CPAs involve communication, leadership, critical thinking, anticipating
evolving needs, synthesizing intelligence, and integration and collaboration.

9. Challenges in the public accounting profession stem from the complexity of accounting due to
intricate transactions and evolving organizational standards.

10. The profession's reputation hinges on executing successful engagements, requiring professionals
to move beyond rule adherence, emphasizing professional judgment, excellence, and ethics.
NAME: FIONA MARIE T. JAUCIAN YEAR&BLOCK: 2C

WEEK 13
1. International standards in accountancy are crucial, fostering transparency and global surveillance,
thereby promoting market efficiency and discipline on a worldwide scale.

2. At the national level, countries utilize international standards to benchmark practices, identify
vulnerabilities, and guide policy reforms aligned with their development strategy.

3. In the Philippines, accountancy practices revolve around International Financial Reporting

Standards (IFRS), International Standards on Auditing (ISAs), and International Education
Standards (IES) developed by the International Accounting Standards Board (IASB) and
International Federation of Accountants (IFAC).

4. The IASB, functioning as an independent standard-setting body, rigorously follows a "due

process" and collaborates globally in shaping and maintaining international accounting standards.

5. The Financial Reporting Standards Council (FRSC) in the Philippines serves as a

recommendatory body to the Board of Accountancy (BOA), aligning local practices with
international standards.

6. The International Federation of Accountants (IFAC) is a global organization encouraging high-

quality accountancy practices worldwide, contributing to the harmonization of professional
standards.

7. The Auditing and Assurance Standards Council (AASC) in the Philippines aligns with
International Auditing and Assurance Standards Board (IAASB) standards, ensuring uniformity in
auditing practices.

8. Other influential standard-setting bodies include the International Organization of Securities

Commissions (IOSCO), International Organization of Supreme Audit Institutions (INTOSAI),
Institute of Internal Auditors (IIA), and Committee of Sponsoring Organizations (COSO).

9. Harmonizing professional standards globally allows countries to enter into Mutual Recognition
Agreements (MRAs), facilitating readiness for global practice.

10. The World Trade Organization's (WTO) General Agreement on Trade in Services (GATS) defines
four modes of service delivery across countries, promoting smooth, predictable, and free trade in
accountancy services.
NAME: FIONA MARIE T. JAUCIAN YEAR&BLOCK: 2C

WEEK 14
1. Dedicated accountants often pursue additional qualifications, such as a law degree, alongside
their CPA license, indicating a trend towards multidisciplinary expertise for career advancement.

2. Dually-licensed CPA Lawyers hold a competitive advantage, excelling in various professional

fields by combining legal and accounting qualifications.

3. The combination of legal and accounting education proves advantageous, offering a well-rounded
understanding of complex concepts in both industries.

4. Combining a CPA license with a law degree provides a unique advantage, equipping
professionals with comprehensive knowledge in tax, accounting, and various legal fields.

5. Dually-qualified CPA Lawyers possess a deeper understanding of financial and legal principles,
showcasing excellence in both accounting and legal domains.

6. The dual expertise is particularly advantageous when addressing accounting issues in legal
practice, demonstrating the practical applicability of the combined qualifications.

7. Dually-licensed professionals have a competitive edge, derived from their additional training,
making them well-rounded and capable of offering superior advice to clients.

8. Education in both law and accounting proves beneficial, as the skills acquired complement each
other, leading to a more comprehensive understanding of complex legal and financial concepts.

9. Dually-qualified professionals can view problems from diverse perspectives, avoiding blind spots
and providing more nuanced and effective solutions.

10. The crossover between finance and law creates new and diverse career opportunities for dually-
licensed CPA Lawyers, positioning them as valuable assets in various professional settings.