QUALITY ASSURANCE REVIEW PROGRAM

BOA Chairman Joel L. Tan-Torres

 Commitment of the
Board of Accountancy
to its Mandate
Philippine Accountancy Law
of 2004
 RA 9298 Section 9h
“coordinate an oversight into the quality of
audits of financial statements through a review
of the quality control measures instituted by
auditors in order to ensure compliance with
accounting and auditing standards and
practices.”
 E H
X O
P R
Quality Assurance A
I
Review Program N
Z
D
I O
N N
G S
 Historical Background
Date Event
Issuance of BoA Resolution No. 88 to
July 28, 2009
implement the QAR
Execution of a MOA with SEC, BSP and IC, as
August 12, 2009
well as, with PICPA
Resolution No. 23: Some amendments to
February 2, 2010
BoA Resolution No. 88
 Historical Background
Date Event
Injunction case file by the group of small
December 2010 accountants in Public Practice with RTC 128
(Caloocan) to stop the implementation

The QAR was not implemented!

• To date, the QAR is suspended; RTC order for the judicial
arbitration between the parties
 Historical Background
Date Event
Issuance of PSQC 1 : Quality Control for
2011
Firms that Perform Audits and Reviews
Issuance of PSW 220 : Quality Control for an
Audit of Financial Statements
 Recent Developments
Date Event
Discussion between the BoA Chairman and
July 05, 2014
the petitioners in the Caluya case
Signing of the Cebu Accord
July 06, 2014 • Agreements and Principles that addressed
the QAR disputed issues
 Moving Forward
 Recommend to PRC the withdrawal of
Resolutions 88 and 28
 Recommend to PRC a new resolution for the
QAR implementation
 Notify RTC 128 of mutual agreement upon
resolution of the case
 Guiding Principles
 The formulation of the Resolution and
implementing rules and regulations (attached
as to the Resolution as an annex) shall be
consultative following a strict time table
 Discussions are based on mutual trust
 The right of the BoA to regulate the profession
shall be recognized and respected
 Developments to Date
 Dissemination of draft IRR and QAR resolution to
sectoral organizations and social network (BoA
Facebook)
 Conduct of public dialogues held last July 10 and
Sept. 10, 2014
 Attendance of BoA Chairman of the judicial
arbitration in RTC Caloocan last September 4, 2014
 Developments to Date
 Submission of several written comments on draft IRR
 Planned dissemination of revised IRR
 Ongoing address of QAR organizational and
implementation requirements
With the support and cooperation of all
stakeholders, our accountancy
profession is well on its way towards
instituting measures for the
enhancement of our profession.

Joel Tan Torres

BoA Chairman