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.

PRC
BOA

Quality Assurance
Review Program

ACCOUNTING
PROFESSION

EXP
AND
ING
HO
RIZ
ONS

Historical Background
Date
July 28, 2009
August 12,
2009
February 2,
2010

Event
Issuance of BoA Resolution No.
88 to implement the QAR
Execution of a MOA with SEC, BSP
and IC, as well as, with PICPA
Resolution No. 23: Some
amendments to BoA Resolution No.
88

Historical Background
Date
December
2010

Event
Injunction case file by the group of
small 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
2011

Event
Issuance of PSQC 1 : Quality
Control for Firms that Perform Audits
and Reviews
Issuance of PSW 220 : Quality
Control for an Audit of Financial
Statements

Recent Developments
Date
July 05, 2014

July 06, 2014

Event
Discussion between the BoA
Chairman and the petitioners in the
Caluya case
Signing of the Cebu Accord
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
Joel Tan Torres
profession.
BoA Chairman