May 2013 CPA Licensure Examination Result

The Professional Regulation Commission (PRC) announces that 1,553 out of 5,665 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 2013.

Registration for the issuance of Professional Identification Card (ID) and Certificate of Registration will start on Wednesday, June 5, 2013 but not later than Friday, June 7, 2013. Those who will register are required to bring the following: duly accomplished Oath Form or Panunumpa ng Propesyonal, current Community Tax Certificate (cedula), 1 piece passport size picture (colored with white background and complete nametag), 2 sets of metered documentary stamps and 1 short brown envelope with name and profession and to pay the Initial Registration Fee of P600 and Annual Registration Fee of P450 for 2013-2016. Successful examinees should personally register and sign in the Roster of Registered Professionals.

The date and venue for the oathtaking ceremony of the new successful examinees in the said examination WILL BE ANNOUNCED LATER.

Related Downloads

• Full text of the Official Result of May 2013 Certified Public Accountant Licensure Examination
• Performance of schools in the May 2013 Certified Public Accountant Licensure Examination
• List of successful examinees who garnered the ten (10) highest places
• List of successful examinees in the May 2013 Certified Public Accountant Licensure Examination

Congratulations to our new CPAs! Uplift the profession for our nation!

The successful examinees who garnered the ten (10) highest places in the May 2013 Certified Public  Accountant Licensure Examination are the following:

Outline: Philippine Tax Administration

Read on. Download 2006.07.philippines.tax.administration.outline

Corporation Code of the Philippines

The Corporation Code of the Philippines

Batas Pambansa Bilang 68

 

Download in PDF: corp code

 

Generally Accepted Auditing Standards

The GENERALLY ACCEPTED AUDITING STANDARDS (GAAS) promulgated by the Board of Accountancy and approved by the Professional Regulation Commission are as follows:

General Standards – TIP

1. The examination is to be performed by a person or persons having adequate technical training and proficiency as an auditor.
2. In all matters relating to the assignment, an independence in mental attitude is to be maintained by the auditor or auditors.
3. Due professional care is to be exercised in the performance of the examination and the preparation of the report.

Standards of Field Work – PIE

4. The work is to be adequately planned and assistants, if any to be properly supervised.

5. There is to be a proper study and evaluation of existing internal control as a basis for reliance thereon and for the determination of the resultant extent of the tests which auditing procedures are to be restricted.

6. Sufficient competent evidential matter is to be obtained through inspection, observation, inquiries and confirmations to afford a reasonable basis for an opinion regarding the financial statements under examination.

Standards of Reporting – GODC

7. The report shall state whether the financial statements are presented in accordance with generally accepted principles of accounting.

8. The report shall state whether such principles have been consistently observed in the current period in relation to the preceding period.

9. Information disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report.

10. The report shall either contain an expression of opinion regarding financial statements taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefore should be stated. In all cases where an auditor’s name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor’s examination, if any, and the degree of responsibility he is taking.

The Accounting Cycle

The 14 important steps in the Accounting Cycle

1. Identification and analysis of transactions from source documents.
2. Journalizing accounting entries.
3. Posting of entries to the ledger.
4. Preparation of the trial balance.
5. Adjusting journal entries.
6. Posting of adjusting entries.
7. Preparation of the adjusted trial balance.
8. Preparation of the financial statements.
9. Closing journal entries.
10. Posting of closing entries.
12. Preparation of trial balance after closing entries.
13. Reversal entries (optional).
14. Rewarding oneself! optional too 😉