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Conclusion
I conclude my series on globalization (“G” of Cipag) with a
discussion on the Mutual Recognition Arrangements and its impact on the
Filipino Certified Public Accountant (CPA). The MRA is an international
agreement by which countries agree to recognize one another’s qualification
assessments. The first MRA on accountancy of the Philippines is the Asean
MRA signed in
November 2014 by the representatives of all Asean member-states. It was during
my term as chairman of the Professional Regulatory Board of Accountancy that
this monumental agreement was concluded. You can get a copy of this MRA in the
link: https://www.prc.gov.ph/sites/default/files/4.%20ASEAN%20MRA%20on%20Accountancy%20services_e.pdf
This MRA is intended to provide career mobility of accountants in the Asean region where there will be minimal restrictions imposed on qualified professional accountants working in the various countries in the region. Filipino CPAs will be able to take advantage of the demand for accountants in Singapore, Malaysia, and the other Asean member-states and consider employment in these countries. This MRA is also intended to enhance exchange of information or networking, promote adoption of best practices on standards and qualification, and provide opportunities for capacity building and training of professional accountants in the Asean region. However, the Asean MRA does not directly provide the benefits of the agreement to the practice of signing off of the independent auditors report.
The Professional Regulatory Board of Accountancy (BOA) has organized a Monitoring Committee for the MRA implementation. The guidelines had been released on how to become an Asean Chartered Professional Accountant and avail yourself of the benefits of the MRA. The guidelines can be accessed in: https://boa.com.ph/asean-mutual-recognition-arrangement/
In addition to the Asean MRA, there are other countries that
the Philippines can consider for concluding MRAs. During my term as
chairman of the BOA, I was involved in discussions for the negotiation of at
least two MRAs with other countries, including Australia and the United States.
If MRAs will be concluded with these two countries, Filipino CPAs may have an
easier time tapping the opportunities for accountants in those jurisdictions
where Filipinos abound. I just hope that the initiatives started during my term
may be pursued by the BOA to its conclusion.
Clearly, the MRA provides opportunities for our CPAs. However, the Philippine accountancy profession and the Filipino CPA should all be ready to address the demands that these global opportunities require. The qualities of Cipag, namely, compliance, innovation, professionalism, advocacy and globalization should be imbued by the Filipino CPA to move forward in his profession.
Joel L. Tan-Torres is a Certified Public Accountant who placed No. 1 in the May 1979 CPA Board Examinations. He was the former commissioner of the Bureau of Internal Revenue from 2009 to 2010 and the chairman of the Professional Regulatory Board of Accountancy from 2014 to August 2018. He is a partner of Reyes Tacandong & Co.
This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.