REVISED QAR RULES RELEASED
It will be a matter of time when the long litigated and delayed Quality Assurance Review (QAR) of the Board of Accountancy will soon be implemented.
BoA Resolution 244-2015 was released providing for the revised rules on the QAR that will replace the disputed Resolution 23-2010, which was the subject of an injunction case filed last December 2010. The Regional Trkal Court (RTC) of Caloocan subsequently issued and injunction order in 2010 that resulted in the implementation of the QAR being suspended. the RTC subsequently ordered the BoA and those who filed the case to try to settle this by Judicial Dispute Resolution.
“ I was able to arrange for the arrange an agreement with the Accountants who filed the case to move forward after conceding to some of their requests. The agreement is contained in the “Cebu Accord.,” said BoA Chairman Joel Tan-Torres.
This new Resolution incorporates the terms of the Cebu Accord and will soon be submitted to the RTC with a petition to lift the injunction.
“Once the RTC will approve this petition, the BoA and the various stakeholders will be ready to move forward on this,” said Chairman Tan-Torres.
Meanwhile, the PICPA is inviting CPAs who are interested to be covered by its Voluntary QAR to notify its Committee so that they can be involved in this PICPA QAR initiative in assisting CPAs in public practice improve the quality of their practice work.
PICPA QAR COMMITTEE PLANS FOR VOLUNTEER QAR PROGRAM
The Quality Assurance Review (QAR) Committee of PICPA, headed by Chairman Donnies Alas, met with BoA Chairman Joel Tan-Torres on November 16, 2015 at the Elks Club in Makati. The Committee presented to Chairman Tan-Torres the work being done on the Voluntary QAR,
The Voluntary QAR will be available to CPAs in public practice starting next year where they can opt to be subject to peer review to assist in pinpointing areas where quality improvement can be made. The Voluntary QA$ consists of three phases, namely Phase 1 is the Review of Financial Statements’ Phase 2 is the General Peer Review of Audit Engagements and Phase 3 is the working papers review,
The QAR Committee have prepare manuals, checklists, template agreements, and training modules for the QAR.
“The BoA recognizes the effort of PICPA on the QAR. We feel that this initiative will complement the forthcoming QAR that will be implemented by the BoA soon pursuant to the requirements of the law,” said Chairman Joel Tan-Torres
Letter to Commissioner Reyes : Report on the Quality Assurance Review Program of the BoA
QAR Write up : Quality Assurance Review Program of the Board of Accountancy of the Philippines
Download a copy of the write up here : QAR Write up
QAR Roadmap for Implementation
Download a copy of the presentation here : QAR Roadmap
BoA Update on Quality Assurance Review
Download a Copy of the Presentation : QAR Update
Office of the Solicitor General Release of Funds
IMPORTANT: PROPOSED IMPLEMENTING RULES AND REGULATIONS TO THE QUALITY ASSURANCE REVIEW
The Board of Accountancy will include the following document as part of the proposed revisions to the Conduct of Oversight into the Quality of Audits of Financial Statements. We are inviting our stakeholders to take part and provide us with your feedback on our proposed changes.
Download the IRR here: REVISED RULES AND REGULATIONS FOR THE PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY CONDUCT OF OVERSIGHT INTO THE QUALITY OF AUDITS OF FINANCIAL STATEMENTS AND OPERATIONS OF CPA PRACTITIONERS