Expanded Auditors Report Task Force (EAR)


TASK FORCE EAR FORMED

The Board of Accountancy (“BoA”) and the accountancy profession recently implemented a number of major auditing standards and procedures pursuant to BoA Resolution 125-2016 Among others, these include PSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements; PSA 701 (Revised), Communicating Key Audit Matters in the Independent Auditor’s Report; PSA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report;  PSA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report;  PSA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information and, PSA 570 (Revised) Going Concern.

In order  that the stakeholders that will be affected by  these standards and procedures are aware of these and should be able to implement and adopt these properly.  the BoA  form a Task Force on the Expanded Auditors Report (Task Force EAR).  This Task Force EAR shall be mandated to do the following to help in the dissemination of information and implementation of the new standards and procedures:

  1. Establish a virtual “Help Desk” that will accept and respond queries
  2. Maintain website that will provide information and links to established resources
  3. Conduct briefings to stakeholders
  4. Produce materials (flyers, video, etc.) for dissemination
  1. Address implementation and interpretation issues and prescribe resolutions to the BoA for their final action
  2. Monitor the awareness and implementation by online surveys; getting feedback from stakeholder groups during their events and the  CPD events ; etc.
  1. Other matters: Revision of audit thresholds, Integrated reporting and Engagement with key stakeholders
  1. Submit a final report to BoA by May 30, 2017

Representatives from the auditing firms and the sectoral organizations are members of Task Force EAR.  BoA Chairman Joel Tan-Torres is the chairman  of the Task Force.  The members of the Task Force EAR are:

Belinda Fernando Reyes Tacandong & Co.
Rico Baluyut R.G. Manabat & Co.
Lucy Chan Sycip Gorres Velayo & Co.
Leonardo “Jun”Cuaresma Punongbayan & Araullo
Maria Cecilia “Cindy”Ortiz Navarro Amper & Co.
Antonio Dayag National Association of CPAs in Education Inc.
Marco Ng PICPA QAR Committee
Karlo Tablizo BoA consultant
Nhorie Paguio Ramon F. Garcia & Co.
Michelle Guelas Sison Corillo Parone & Co.
Ma. Lois Abad Association of Certified Public Accountants in Public Practice
John John Patrick Lim Isla Lipana & Co.
Concordio “Concon” Quisaot Board of Accountancy, Vice-chair
Joel Tan-Torres Board of Accountancy, Chairman

 

The Task Force had its organizational meeting last January 17, 2017.

Communication to the task force can be emailed to taskforceear@gmail.com.