CONGREGATION OF

FAITH, BEYOND

BORDERS

by Jamilah A. Panantaon

s

#PICPAgram

JANUARY-MARCH 2016

Official Publication of PICPA- Cebu | “Sharing success beyond borders.”

Hoops Dome in Lapu-Lapu city was the

venue for the catechesis for the youth. The

dignitaries of the Congress stayed in Cebu

Waterfront Hotel. The opening mass which

was attended by 350,000 people was held in

Plaza Independencia while the culminating

mass was held in Pedro Calungsod Templet

at the SRP grounds attended by almost a

million faithfuls.

PICPA Cebu was assigned in the

Secretariat Committee with the Congress

IDs distribution and facilitation of

participants without IDs yet. The

participants of International Eucharistic

Congress were categorized into Foreign,

Local, Religious, Walk-in participants and

Foreign Dignitaries. Participants of the

Congress or symposium were also given kits

and meal coupons by the PICPA volunteers,

with the help of the USJR and USC JPIANS.

A mass was also celebrated after the

Congress where volunteers from different

committees gathered for the great success of

the 51st International Eucharistic Congress.

Overall, this momentous ecclesial

gathering have been a huge success. Not only

for its organizers, for its working

committees, for Cebu, for the Philippines

but likewise and ultimately for the Catholic

Community as a whole.

The International Eucharistic Congress has

again showcased to each of our brethren the Source of

lasting spiritual renewal and resilient faith and that,

In its 51st celebration on being one

with Christ through the Sacrament of the

Eucharist, the city of Cebu was privileged to

welcome the world and host the 2016

International Eucharistic Congress. The

international catholic event aims to promote

an awareness of the central place of the

Eucharist in the life and mission of the

Catholic Church.

The International Eucharistic

Congress kicked off with the first of the two

main events, the Theological Symposium

held on January 20-22, 2016 at Cebu

Doctors’ University and the second main

event, the Congress Proper held from

January 24-31, 2016. Several activities were

held in the IEC Pavilion, a building

constructed principally for this event.

IN THIS

PFRS AND PSA SEMINAR

VAT AND PERCENTAGE

TAX SEMINAR

QUALITY ASSURANCE REVIEW

TRAINING

SEC AND BOA UPDATES

LAW FOR THE NON-

LAWYERS SEMINAR

ISSUE

4

Past President Rosanna Arcenas, President Odette Cambonga and Past President Letty

Cortes with Fr. Carlo Aguilar, 51st IEC Head of Registry and Treasury.

51st International Eucharistic

Congress registration

booths manned by PICPA

and JPIA volunteers.

PICPA CEBU AT THE 51ST

INTERNATIONAL EUCHARISTIC

CONGRESS

President Odette and PICPA-

Cebu volunteers Adang

Cuerquis, past President

Rosanna Arcenas and past

President Letty Cortes with

Bishop Dennis Villarojo, 51st

IEC Secretary General.

USJR-JPIA

Volunteers

President Lourdes

Cambonga at the 51st

International Eucharistic

Congress

Financial Statements Compilation

Engagements – Ms. Lourdes

Cambonga, Resource Speaker Mr.

Marco Fernando L. Ng from Financial

Service Group, Grant Thornton LLP

(New York, USA)

VAT & Percentage Taxes Seminar with

Dean Estelita Aguirre, President of

ASEAN Federation of Accountants.

Attendees of VAT-Percentage Taxes Seminar conducted last March 11,

2016 at Cebu Parklane International Hotel

PFRS and PSA speakers from KPMG Arvin Lemuel A. Yanga, Asst. Manager,

Audit Dept. of Professional Practice; Enrico E. Baluyot, Partner, Audit

Services and Technical Advisory; Aline A. Novilla, Partner, Audit Services;

Tireso Randy F. Lapidez, Partner, Audit Services; Ralph Michael H. Licaros,

Supervisor, Dept. of Professional Practice.

Voluntary Quality Assurance

Review Workshop Training –

Lourdes Cambonga and Mr. Elirie S.

Aranas

SEC and BOA Updates – Ms. Lourdes

Cambonga, Resource Speaker Mr.

Dexter F. Ortega, and Ms. Rosanna

Arcenas.

PFRS AND PSA

SEMINAR CONDUCTED

LAST MARCH 18, 2016 AT

CEBU PARKLANE HOTEL

Atty. Rosalie dela Cruz-

Cada, Resource Speaker for

the Law for the Non-

Lawyers Seminar held

January 8, 2016.

Voluntary Quality Assurance Review Workshop Training held last February 22, 2016

Effective February 8, 2016, the Philippine Board of Accountancy (BOA) has published its BOA Resolution 3, Series of 2016, Requiring the Submission of Certificate by the Responsible Certified Public Accountants on the Compilation Services for the Preparation of Financial Statements and Notes thereto, prescribing Certified Public Accountants (CPAs) who prepare the FS, notes to the FS and the Certificate, employee or contracted, to get accredited with the board. This resolution mandates the application for statutory financial information covering reporting periods ending June 30, 2016 and subsequent thereto filed with the Philippine Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR). The resolution encompasses the general provisions of the resolution, Accreditation requirements for CPAs in the practice of Accountancy in Commerce and Industry and likewise the penalties in cases of violations to the resolution. The resolution, among others highlights:

The need to attach Certificate for Compilation Services for the preparation of Financial Statements and notes thereto by the CPA preparing such. Also, preparation of FS and disclosures pertaining thereto shall only be done by a Certified Public Accountant.

The reiteration Code of Ethics for Certified Public Accountants rule that external auditors are strictly prohibited from preparing or assisting client in its FS and notes preparation with which they are rendering attestation services to pertaining documents.

The Certificate shall be prepared only for issuers which/who have gross sales or revenues exceeding ten million pesos (P10,000,000.00) for a particular accounting year.

The necessary application requirements for accreditation to the board with compliance to the Continuing Professional Development (CPD) of CPAs that engage in the compilation service

The austere penalties and sanctions imposed upon its violation.

ACCREDITED CPA TO CERTIFY THE PREPARATION OF

FINANCIAL STATEMENTS

EDITORIAL CONSULTANT

Lourdes O. Cambonga

EDITORIAL BOARD

Wendell Ganhinhin Editor-in-Chief

Members:

Domingo Dennis Mendoza Jr. Commerce and Industry

Edgar R. Detoya Education

Cedric Val R. Naranjo Government

Venencio Oyangoren Jr. Public Practice

Staff:

Jamilah A. Panantaon Deputy Editor

Jesfil U. Paraz Deputy Writer

Charlene E. de Castro Graphic/Layout Editor &

Deputy Writer

Richelle Eve B. Baquerfo Graphic/Layout Editor

by Jesfil U. Paraz

CALENDAR OF ACTIVITIES | UPCOMING TRAININGS AND SEMINARS

1

APRIL

Financial Statement

Compilation

Engagements (PSRS 4410)

Decision Techniques,

Problem Solving and

Creative Visualization

APRIL

22

Strategic and Critical

Financial Management

for CPAs

APRIL

29

Effective Strategic

Planning for Business

MAY

5

Cloud Computing and

Cloud Accounting

MAY

16

PICPA NATIONAL, REGIONAL,

LOCAL ELECTIONS

MAY 16

Cebu Parklane

International Hotel

Ethics and Good

Governance

MAY

20

PICPA 1st VISMIN GAOs

INTERNATIONAL CONFERENCE

MAY 21-24

Kuala Lumpur City

Center, Malaysia

Accountancy Profession:

Cases and Applications MAY

27

Risk Based Auditing of

Financial Statements

JUNE

3

Consultation Dialogue on

Accountancy Law (RA9298)

JUNE

10

Enterprise Wide

Risk Management JUNE

17

ACCOUNTANCY

WEEK 2016

JULY 9-16

Career Orientation,

Oath Taking and

Induction of New CPAs

JUNE

24

PICPA CEBU

SUMMIT

JULY 15