A study on the applicability of a practical experience requirement for the licensure of Certified Public Accountants in the Philippines

• Main Author: Manibo, Victor Ishmael B.
• Format: text
• Language: English
• Published: Animo Repository 2005
• Subjects: Accounting > Examinations; questions; etc; Accounting > Standards > Philippines; Accounting > Study and teaching; Accounting
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/2041
• Institution: De La Salle University

Several studies conducted by international bodies conclude that the licensure standards for Certified Public Accountants (CPA) in the Philippines are not at par with international standards and practices. In particular, the lack of a practical experience requirement has been pointed out as a major weakness. The International Federation of Accountants (IFAC), through its International Education Guidelines (IEG), includes practical experience as a requirement prior to licensure and entry into the profession. Its guidelines stipulate that all candidates should undergo a period of work experience whose length and coverage permits prospective accountants to demonstrate knowledge, skills and values sufficient for performing with professional competence . The international body recommends a period of no less than three years under a supervised environment in the scope of work of accountancy.