Here is a good news!
News, news, news….
The Regional Trial Court Branch 128 of Caloocan City issued an injunction on the implementation of PRBOA Resolution No. 88, Series of 2009 and PRBOA Resolution No. 23, Series of 2010. Now, until the final resolution of this case, the Board of Accountancy is not implementing these resolutions.
Well, well, well, this is so good, especially for all the CPAs out there practicing, because until the case is pending, and until further notice, applicants for 2011 BOA accreditation, whether initial or renewal, will be required under R.A. 9298 and its implementing rules and regulations, to submit proof of participation in the review of internal quality measures adopted within the firm for the last three years in accordance with PSQC 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements and PSA 220, Quality Control for an Audit of Financial Statements. These documentations will be subjected by the BOA or its authorized representatives to inspection and validation at the time and place designated by the BOA as one of the prerequisites for accreditation.
Inquiries may be made at the PRC Standards and Inspection Division. This is in lieu of the requirement of QAR enrolment under the QAR Program.
So there, the QAR…
For those who would like to know about the Board of Accountancy (BOA) accreditation requirements, here is the link that may help you.