Saturday, November 10, 2007 Strengths of accountancy practice cited By Joy Romares-Sevilla
RESULTS of a research conducted by one of the professors of the Dela Salle University in Metro Manila revealed the strengths and opportunities of the Philippine accountancy practice in the global market.
Dr. Tereso Tullao Jr., who was invited as a speaker to tackle accountancy service during a discussion forum on the service industry Thursday, also cited the competitiveness of Filipino certified public accountants (CPAs).
Tullao said Filipino CPAs could meet challenges in outsourcing of financial and accounting services and the options available for Filipino service providers.
He said that aside from the competitiveness of Filipino CPAs, the country has at least seven strengths in accountancy practice.
These are the strict requirements for licensure; the adherence to international standards; the Filipinos' English proficiency; foreign affiliation of local auditing firms; the steady supply of competent accountants; the high tolerance for hard work and sense of responsibility; and the overall costs advantage.
He said accounting firms, which have foreign affiliations, have the advantage.
"Firms will be more competent and faster-growing, they will be also able to overcome the domestic regulations that restrict their entry and operations, and the benefits of information sharing, access to wider markets, transfer of technology, and the exposure to different business environment," Tullao said.
At present, Tullao said there are seven big accounting firms in the country that have foreign affiliates.
These are the Sycip, Gorres Velayo & Co., the Laya Mananghaya & Co., Punongbayan & Araullo, the Isla Lipana and Company, the C.L. Manabat & Co., Alba Romeo & Co., and the Carlos J. Valdez.
