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Sunday, May 31, 2015

Discussions in Auditing Theory by Mr. Valdez Part 3

MP3 File/24 items/Taglish/6:26:52/88.6MB/2012

Mr. Rommel M. Valdez
Systems Information and Accounting Director
Magna Cum Laude
Co-author, Textbook in Auditing Theory

Discussions include:
Risk Assessment and Internal Control
Audit Evidence
Audit Opinion

The links are provided below:


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Saturday, May 30, 2015

CPAR Materials: AP - PPE and Intangibles Part 2 (2009 Edition)





English/PDF/78KB/16 Pages
Source: CPA Review School of the Philippines (CPAR) - Manila


Download by clicking the links here:

Problems

Supporting computations

*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

Sunday, May 24, 2015

CPAR Materials: Audit of Liabilities Part 1 (2009 Edition)



English/PDF/78KB/16 Pages
Source: CPA Review School of the Philippines (CPAR) - Manila

I've got this material of CPA Review School of the Philippines or CPAR from an unknown source. I scanned the problems and they are good.

The first link is for the multiple choice problems with answers highlighted already. The second one are the supporting computations.

Download them by clicking the links:



*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

CPAR Materials: Audit of Liabilities Part 2 (2009 Edition)




English/PDF/78KB/16 Pages
Source: CPA Review School of the Philippines (CPAR) - Manila

I've got this material of CPA Review School of the Philippines or CPAR from an unknown source. I scanned the problems and they are good.

The first link is for the multiple choice problems with answers highlighted already. The second one are the supporting computations.

Download them by clicking the links:


Supporting Computations


*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

CPAR Materials: AP - PPE and Intangibles Part 1 (2009 Edition)





English/PDF/78KB/16 Pages
Source: CPA Review School of the Philippines (CPAR) - Manila


Download by clicking the links here:

Problems

Supporting computations


*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

AP - Shareholders Equity - 1st part (CPAR) (2009 Edition)




English/PDF/78KB/16 Pages
Source: CPA Review School of the Philippines (CPAR) - Manila


Download by clicking the links here:




*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

AP - Shareholders Equity - 2nd part (CPAR)




English/PDF/78KB/16 Pages
Source: CPA Review School of the Philippines (CPAR) - Manila


Download by clicking the links here:




*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

Summary of the Old Conceptual Framework issued by the Accounting Standards Council (ASC)


FRAMEWORK FOR THE PREPARATION
AND
PRESENTATION OF FINANCIAL STATEMENTS


PURPOSE AND STATUS OF THE FRAMEWORK


The FRSC Framework for the Preparation and Presentation of Financial Statements describes the basic concepts by which financial statements are prepared. The Framework serves as a guide to the Board in developing accounting standards and as a guide to resolving accounting issues that are not addressed directly in Philippine Accounting Standards or Philippine Financial Reporting Standards or Interpretations. The purpose of the framework as outlined is to:

a.    Assist the Financial Reporting Standards Council (FRSC) in developing accounting standards that represent generally accepted accounting principle;

b.    Assist the FRSC in its review and adoption of existing International Accounting Standards;

c. Assist preparers of the financial statements in applying FRSC Statements of Financial Accounting Standards and in dealing with topics that have yet to form the subject of an FRSC statement;

d. Assist auditors in forming an opinion as to whether financial statements conform with Philippine GAAP;

e. Assist users of financial statements in interpreting information contained in the financial statements prepared in conformity with Philippine GAAP;

f.     Provide those who are interested in the work of the FRSC with information about its approach to the formulation of Statements of Financial Accounting Standards


10 Kinds of Immovable Properties



BOOK II

PROPERTY, OWNERSHIP, AND ITS MODIFICATIONS

Title I. - CLASSIFICATION OF PROPERTY

PRELIMINARY PROVISIONS
  
Art. 414. All things which are or may be the object of appropriation are considered either:

(1) Immovable or real property; or

(2) Movable or personal property. (333) 
 


CHAPTER 1
IMMOVABLE PROPERTY
  
Art. 415. The following are immovable property:


(1) Land, buildings, roads and constructions of all kinds adhered to the soil;

(2) Trees, plants, and growing fruits, while they are attached to the land or form an integral part of an immovable;

(3) Everything attached to an immovable in a fixed manner, in such a way that it cannot be separated therefrom without breaking the material or deterioration of the object;

(4) Statues, reliefs, paintings or other objects for use or ornamentation, placed in buildings or on lands by the owner of the immovable in such a manner that it reveals the intention to attach them permanently to the tenements;

(5) Machinery, receptacles, instruments or implements intended by the owner of the tenement for an industry or works which may be carried on in a building or on a piece of land, and which tend directly to meet the needs of the said industry or works;

(6) Animal houses, pigeon-houses, beehives, fish ponds or breeding places of similar nature, in case their owner has placed them or preserves them with the intention to have them permanently attached to the land, and forming a permanent part of it; the animals in these places are included;

(7) Fertilizer actually used on a piece of land;

(8) Mines, quarries, and slag dumps, while the matter thereof forms part of the bed, and waters either running or stagnant;

(9) Docks and structures which, though floating, are intended by their nature and object to remain at a fixed place on a river, lake, or coast;



(10) Contracts for public works, and servitudes and other real rights over immovable property. (334a)

Discussions in Sales, Pledge, Agency and Mortgage

By: Atty. Johnson A. H. Ong, CPA, MBA
      PRTC Reviewer in Business Law



Taglish / MP3 / 130MB / 9 Files / Very Comprehensive Summaries/ 2012 Edition

Source: www.prtc.com.ph

Download links:

Track 12

*Author's Note: These materials are intended solely for review purposes to those who are taking the Philippine Certified Public Accountants (CPA) Examinations. Copying and distributing such materials are prohibited and may result to legal proceedings. Download at your own risk.

Pre-Board Examinations in Auditing Theory by USJ-R (2008 Edition)

Logo owned by University of San Jose-Recoletos. Visit www.usjr.edu.ph.

Final Pre-board Examinations in Auditing Theory
USJ-R CPA Review School (now in alliance with PRTC)
Reviewer: Ms. Kristine June Uy, CPA, CAT




Saturday, May 23, 2015

The Philippine Accountancy Act of 2004 and its Accompanying IRRs

Logo owned by the Philippine
Institute of Certified Public
Accountants (PICPA
The Republic Act 9298 (RA9298) otherwise known as the "Philippine Accountancy Act of 2004" serves as the regulating law for the certified public accountants (CPAs) in the Philippines. The act was officially promulgated on July 28, 2003 by the Congress of the Philippines. Topics and its accompanying details are included in the CPA Board Examinations as part of the Auditing Theory subject.

The act discusses the following topics:

1. The scope of the profession's practice, which classifies the CPA profession into three categories namely, Practice of Public Accountancy, Practice in Commerce and Industry, and Practice in Education/Academe.
2. The creation of the Regulatory Body for CPAs known as the Professional Regulatory Board of Accountancy (BOA).
3. The admittance and licensure of qualified candidates for the CPA profession.
4. The guiding rules and law in the practice of accountancy which includes prohibitions, limitations, accreditations and the continuing professional education (CPE).
5. The Penal and Final provisions.

Thursday, May 21, 2015

May 2015 CPA Board Exam Results (Top Performing Schools and Students)



The Professional Regulation Commission (PRC) announces that 2,132 out of 5,959 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo and Legazpi this May 2015.

The results were released in three (3) working days after the last day of examination.

The list of top performing schools are provided below:
RANK
SCHOOL
TOTAL NO. OF EXAM.
TOTAL NO. OF PASS
PERCENTAGE PASS
1
UNIVERSITY OF SAN CARLOS
67
59
88%
2
DE LA SALLE UNIVERSITY-MANILA
85
69
81%

May 2015 CPA Board Exam Results (List of Passers)

Logo owned by the Professional Regulation Commission (PRC).
Visit www.prc.gov.ph for more information.


The Professional Regulation Commission (PRC) announces that 2,132 out of 5,959 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo and Legazpi this May 2015.

The results were released in three (3) working days after the last day of examination.

The list of successful examinees can be accessed through the Professional Regulation Commission (PRC) Website. You can access the list in the link provided below:

List of Successful Examinees

Source: www.prc.gov.ph

Tuesday, May 19, 2015

Prenumbered accountable forms as a basic internal control procedure

Monitoring of accountable forms is an important function of internal control in all organizations; be it business or governmental agency. Accountable forms may range from official receipts issued for a cash sale to stock transfer order issued to evidence interplant transfer of goods. An important aspect of this control is the sequential numbering of accountable forms. These numbers are printed in any conspicuous part of the form for easy retrieval and reference.

A sample official receipt shows an OR No. at the document's
upper right side. Pre-numbering enhances the transactions
verifiability by referencing them to a pre-numbered source
document. (Photo owned by sckprinting.com)
Pre-numbering of forms does not only apply to manually-prepared forms but also to electronically-generated forms. This is because sequential numbering of accountable forms is a critical internal control process in all types of organizations. Sequential numbering helps company personnel review and monitor the flow of transactions. It also allows easy retrieval of the source documents and transaction details in case needed.

For an audit professional, sequential numbering is very essential. It will be difficult, if not impossible to audit an organization with its forms not sequentially pre-numbered. Pre-numbering provides audit trail that allows the auditor to process, analyze and comment on those transactions.

Let us take for example an experience I had with one client whose transfer of stocks is monitored by a stock transfer form. They issue these forms once they transfer goods from one department to another department (e.g., from the operations department to the logistics department). Missing forms that might indicate unauthorized transfer of goods will be easily detected by the auditor by just looking at the number sequence of compiled transfer forms.

Establishing strong internal control procedures and strict observance of those procedures are important for an organization to achieve its objectives. Sequential numbering of forms is a basic internal control process and its observance will help other internal control procedures to work as intended.

All Rights Reserved @PhilCPA Review

Monday, May 4, 2015

Top 5 Firms for fresh CPA Passers

Most new CPA Passers prefer to be employed in a professional firm in their first try to apply the knowledge and concepts they learned from 4 to 5 years of challenging but meaningful stay in college. One compelling reason for this is the notion that job experience provided by professional firms help them fast track their career and eventually increase their market value in a short period of time.

There are many firms, sole and partnership, in the Philippines offering services related to audit, advisory and taxation. Six of them are the biggest and most prominent. A short description of each firm is provided as follows:


1. Isla Lipana & Co., a member firm of PriceWaterhouseCoopers

Picture owned by PriceWaterhouseCoopers. Visit www.pwc.com/careers
for more information about their career offerings. Click picture to enlarge.

Isla Lipana & Co. is the Philippine member firm of PricewaterhouseCoopers (PwC)—a leading multinational professional services network operating in 157 countries around the globe and employing more than 195,000 professional staff. With its main tagline “Building relationships, creating value”, PwC aims to create lasting relationships to its people and impact their lives both inside and outside of their professional career. Furthermore, Isla Lipana & Co. is known for its “work-life balance” concept wherein it tries to provide its people the highest flexibility they need both in work and personal life.


Meanwhile, the hiring is now up. Vacancy for CPAs include associates, senior associates and managers for the areas in financial audit, internal audit, IT audit, Tax, Finance & Accounting Consulting, Risk & Forensics, Deals and Corporate Finance, Financial Risk Management Consulting, and Risk Management. The Firm is expanding its workforce considering the increase of client jobs that are currently in the pipeline. You can find out more by visiting their career site through www.pwc.com/ph/careers.


2. Navarro Amper & Co.


Navarro Amper & Co. delivers the Philippine practice for Deloitte Touche Tohmatsu Limited Global Network. Deloitte retained its position as the largest professional services firm in the globe reaching total revenues of $33.952 billion in 2014. Deloitte was only second in 2012, PwC being the largest until it outperformed PwC in 2013.


Similar to PwC, Deloitte attracts the most business professionals seeking additional training, experience and opportunities. In the 2014 rankings survey report of the Universum APAC Most Attractive Employers, Deloitte ranked as the second most ideal employer among business students of the Asia and the Pacific.


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