FOR some time now in the Philippines, the accounting profession, particularly those involving certified public accountants (CPAs), has been contemplating on taking the road to the global arena through the initiative of the Philippine Regulatory Board of Accountancy (PRBOA). Igniting the engine to make our accountants gain international acceptance, or even dominance, may take a determined leap not only on the part of regulators but also of the stakeholders. As an academician, public practitioner and entrepreneur, I am not inclined to stay but to take the leap toward globalization due to the continuing evolution of our beloved accounting profession.
Taking a leap entails necessary changes, one of which is reforming the existing Licensure Examination for Certified Public Accountants (Lecpa) in the Philippines. In line with this, the PRBOA formed a task working group (TWG) per CPA licensure exam (CPALE) subject represented by well-regarded CPAs both in the academe and public practice to take part in the review of the existing syllabi for the Lecpa. Also, there is a need to propose necessary reforms with the objective of not only meeting the global standards for CPA licensure examination but of the entire accounting practice in various sectors. PRBOA envisioned to pattern the Philippine Lecpa with the American Institute of Certified Public Accountants (Aicpa) Evolution Examination that was formulated to address the skills and competencies of new CPAs that are required today and in the future. I took part in the review of the existing Lecpa syllabi as a member of the taxation team.
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