The Professional Regulation Commission (PRC) has officially released the results of the May 2024 Licensure Examination for Certified Public Accountants (CPAs). Out of 10,421 aspiring accountants who took the exam, only 3,155 successfully passed. The examination, administered by the Board of Accountancy, was held in various locations across the Philippines, including the National Capital Region (NCR), Baguio, Butuan, Cagayan de Oro, Cebu, Davao, Iloilo, Koronadal, Legazpi, Lucena, Pagadian, Pampanga, Rosales, Tacloban, Tugueuegarao, Zamboanga, and Puerto Princesa, Palawan, during May 2024.
Despite the considerable number of examinees, the PRC reported that none of the participating schools met the criteria to qualify as top-performing institutions. According to Commission Resolution No. 1814 series of 2024, a school must have 50 or more examinees and achieve at least an 80% passing rate to be recognized as a top-performing school. Unfortunately, none of the schools fulfilled these requirements for the May 2024 CPA licensure exam.
The absence of top-performing schools highlights the rigorous standards set by the PRC and the Board of Accountancy, emphasizing the demanding nature of the CPA licensure examination. The board continuously upholds these high standards to ensure that only the most qualified individuals enter the accounting profession, thereby maintaining the integrity and credibility of the industry.
In addition to the overall results, the PRC also announced the top scorers in the May 2024 CPA licensure examination. Topping the list are Nicole Agoy Gonzales from the University of the Cordilleras (for Baguio C.F.) and Hazel Ann Concepcion Sera from the Polytechnic University of the Philippines - Main Sta. Mesa, both achieving an outstanding rating of 90.83.
Joseph Camacho Mag-aso Jr. from Binalbagan Catholic College secured the second spot with a rating of 90.50, while Shawn Luther So Chan from De La Salle University - Manila secured the third position with a rating of 90.33.
These top performers exemplify excellence in their field and serve as inspirations to aspiring accountants across the country. Their dedication, hard work, and commitment to their craft have enabled them to achieve remarkable success in the rigorous CPA licensure examination.
Our team congratulates all successful examinees and encourages those who did not pass to persevere and continue their pursuit of becoming certified public accountants. The accounting profession plays a crucial role in the country's economic development, and the PRC remains committed to upholding the highest standards of professionalism and competence within the industry.
SOURCE:
PRC Philippines
Functions of Certified Public Accountants Profession
Certified Public Accountants (CPAs) play a crucial role in various aspects of accounting, finance, and business. Here's an overview of the key functions and responsibilities typically associated with the profession:
Financial Reporting and Analysis: CPAs are responsible for preparing, analyzing, and interpreting financial statements, including balance sheets, income statements, and cash flow statements. They ensure compliance with accounting standards and regulations and provide insights into the financial performance and health of organizations.
Auditing and Assurance Services: CPAs conduct audits of financial statements to provide independent assurance on the fairness and reliability of the information presented. They examine financial records, assess internal controls, and identify any discrepancies or irregularities. Auditing services help stakeholders, such as investors, creditors, and regulators, make informed decisions.
Tax Planning and Compliance: CPAs assist individuals and businesses in navigating complex tax laws and regulations. They provide tax planning strategies to minimize tax liabilities while ensuring compliance with applicable tax laws. CPAs also prepare and file tax returns, represent clients in tax audits, and offer advice on tax-related issues.
Management Accounting: CPAs help organizations make informed decisions by providing management with financial analysis, budgeting, cost management, and performance evaluation services. They analyze financial data to support strategic planning, resource allocation, and performance improvement initiatives.
Forensic Accounting and Fraud Examination: CPAs investigate financial irregularities, such as fraud, embezzlement, and financial mismanagement. They use accounting principles and investigative techniques to uncover evidence, quantify losses, and assist in legal proceedings. Forensic accountants also provide litigation support and expert testimony in court cases.
Consulting and Advisory Services: CPAs offer a wide range of consulting services to help organizations improve their financial performance, operational efficiency, and risk management. This may include advising on mergers and acquisitions, financial restructuring, internal controls, and compliance with regulatory requirements.
Financial Planning and Wealth Management: CPAs provide personalized financial planning and wealth management services to individuals and families. They help clients set financial goals, develop investment strategies, manage portfolios, and plan for retirement, education, and estate planning.
Education and Training: Many CPAs are involved in teaching and training future accounting professionals. They may work as professors in academic institutions, conduct professional development seminars, or provide mentorship to aspiring CPAs.
Ethics and Professional Standards: CPAs are bound by ethical principles and professional standards set forth by regulatory bodies such as the Board of Accountancy (BOA) and the Philippine Institute of Certified Public Accountants (PICPA). They must adhere to integrity, objectivity, confidentiality, and professional competence in their practice.
Overall, CPAs play diverse roles in the accounting profession, serving as trusted advisors, financial experts, and guardians of financial integrity for individuals, businesses, governments, and nonprofit organizations. Their expertise and ethical standards contribute to the transparency, accountability, and sustainability of financial markets and business operations.
