ENGAGEMENT REPORTS SUBMISSION DEFERRED
BoA Resolution No. 2-2016 was issued last January 13, 2016 and required the submission of Engagement Report/s (ER) by CPAs, accounting firms and partnerships engaged in public practice.
The ER contain information on the accounting and auditing engagements conducted by the entities mentioned above. The ERs are to be submitted to the Professional Regulations Commission twice a year, one month after the six month period covering the engagements of the entities.
The first ER report covering the engagements in 2015 was supposed to have been submitted last March 31, 2016.
“Pending the setting up of the information technology (IT) system required for the ERs, we have recommended to the PRC the deferral of the implementation of this resolution to a later date when the IT infrastructure is completed,” said Chairman Joel Tan-Torres.
DEADLINE FOR COMPLETION OF CPD REQUIREMENTS AUTOMATICALLY EXTENDED TO DECEMBER 31, 2016 FOR CPAs IN COMMERCE AND INDUSTRY
The Board of Accountancy will soon issue a resolution and announcements that the deadline for submission of CPD requirements for CPAs in Commerce and Industry applying for accreditation has been extended from June 30, 2016 to December 31, 2016. This will be in line with the extension of the deadline for filing of the accreditation applications to December 31, 2016 pursuant to BoA Resolution No. 115-2016.
This will clarify the queries on the accreditation requirements prescribed in BoA Resolution 3-201, including those asking whether the affidavit of undertaking on the completion of the CPD requirements by June 30, 2016 will be extended.
The deadline will AUTOMATICALLY be extended to DECEMBER 31, 2016
The latest revised deadlines for the accreditation and other requirements are as follows:
> For filing of initial application of accreditation of CPAs in Commerce and Industry (pursuant to Resolution 03-2016 as amended by 115-2016):— -Deadline is December 31, 2016
>For filing of application of accreditation of CPAs in Commerce and Industry who are newly hired (pursuant to Resolution 68-2016)——-Deadline is one month from the date of hiring beginning 2017
>For filing of application of accreditation of CPAs in Commerce and Industry whose organization becomes covered by the requirements of Resolution 03-2016———Deadline is one month from the date of the company/organization being covered beginning 2017
> For filing of application of accreditation of Partners of Accounting Firm/Partnership (pursuant to Resolution 295-2015)———Deadline is December 31, 2016 (extended deadline to be prescribed in forthcoming resolution)
>For filing of application of accreditation of CPA Professional Staff of Accounting Firm/Partnership (pursuant to Resolution 295-2015)———Deadline is December 31, 2016 (extended deadline to be prescribed in forthcoming resolution)
>For filing of application of Accounting teachers who are newly hired by Accounting schools————-Deadline is one month from date of hiring
>For filing of application of Partners who are newly accepted and/or CPA Professional staff who are newly hired by Accounting Firm/Partnership ——Deadline is one month from date of acceptance or hiring
>For filing of application of Partners and CPA Professional staff of newly formed Accounting Firm./Partnership—-Deadline is one month from date of formation for Partners and same deadline for CPA Professional Staff beginning 2017
> For completing CPD requirements covered by an Affidavit of Undertaking by CPAs in Commerce and Industry and CPA Professional Staff————–Deadline is December 31, 2016 (extended deadline to be prescribed in forthcoming resolution)
> For completing CPD requirements covered by an Affidavit of Undertaking by Partners of Partnerships ————–Deadline is June 30, 2016
> For completing CPD requirements covered by an Affidavit of Undertaking by Accounting Teachers—-Deadline is July 30, 2016
> For submission of Engagement Reports for 2015 engagements (pursuant to Resolution 02-2016)——-Deadline is March 31, 2016 for the 2015 reports and a month after the end of the 6 month period covered by the subsequent reports (two times a year reporting)
>For submission of Engagement reports in 2016 and subsequent years——–Deadline not later than the last day of the month following the semester to be submitted.
> For submission of FS to external auditors for the conduct of their audit of said FS ———-Deadline shall be two (2) months after the close of the accounting period/year.
NOTE: The CPD Certificates previously submitted to support a CPA accreditation can again be submitted to support a second and subsequent applications for other sectoral CPA Accreditation for as long as the these are still effective for not more than three years at time of the subsequent application.
NOTE: The submission of Certificate of Compilation Services for the preparation of the FS as rendered by an Accredited CPA shall be effective for Financial Statements ending on December 31, 2016 and all subsequent periods/years (pursuant to BoA Resolution 115-2016)
Accreditation fee for CPAs (for three year period)—as prescribed in Resolution 92-2016
For sole practitioner- P1,500
For partnership and accounting firm P2,000
For Partner P1,500
For CPA Professional Staff P 300
For accounting teacher P1,500
For CPA in commerce and industry P1,500