Results of the May 2024 Licensure Examination for Certified Public Accountants

The Professional Regulation Commission (PRC) has announced the results of the May 2024 Licensure Examination for Certified Public Accountants. Out of 10,421 candidates who took the examination, 3,155 successfully passed. The exam was conducted by the Board of Accountancy across multiple testing centers in the National Capital Region (NCR), Baguio, Butuan, Cagayan de Oro, Cebu, Davao, Iloilo, Koronadal, Legazpi, Lucena, Pagadian, Pampanga, Rosales, Tacloban, Tuguegarao, Zamboanga, and Puerto Princesa, Palawan.

Despite the significant number of successful examinees, the PRC reported that no schools qualified as top-performing institutions for this examination cycle. According to Commission Resolution No. 1814 series of 2024, a school must have 50 or more examinees and at least an 80% passing rate to qualify as a top-performing school. Unfortunately, no school met these criteria in the May 2024 CPA licensure exam.

The absence of top-performing schools in this round underscores the challenging nature of the CPA licensure examination and highlights the need for continuous improvement in accounting education and training.

The PRC congratulated the new Certified Public Accountants and urged those who did not pass to continue their efforts and seek further preparation for future examinations. The Board of Accountancy remains committed to maintaining high standards for the accounting profession to ensure that only the most qualified individuals are certified.

These results are a testament to the rigorous standards upheld by the PRC and the Board of Accountancy, ensuring that the field of public accounting in the Philippines remains robust and that its practitioners are well-prepared to meet the demands of the profession.

The top performing schools in the May 2024 Licensure Examination for Certified Public Accountants as per Commission Resolution No. 1814 series of 20244 WITH 50 OR MORE EXAMINEES AND WITH AT LEAST 80% PASSING PERCENTAGE NONE QUALIFIED -NOTHING FOLLOWS-

PERFORMANCE OF SCHOOLS

The performance of schools in the May 2024 Licensure Examination for Certified Public Accountants in alphabetical order as per R.A. 8981 otherwise known as PRC Modernization Act of 2000 Section 7(m) "To monitor the performance of schools in licensure examinations and publish the results thereof in a newspaper of national circulation" is as follows:

Any discrepancy in the report is not intentional on the part of the Commission, but rather due to miscoding of school codes by the examinees themselves. Concerned schools may write the Commission for correction.

SOURCE:
PRC Philippines

Academic Content for a Certified Public Accountant

The academic content of Certified Public Accountants (CPAs) in the Philippines typically encompasses a comprehensive curriculum covering various accounting principles, financial management, taxation, auditing, and business law. Here's an overview of the academic content commonly found in CPA education programs in the Philippines:

Financial Accounting: Students learn the fundamental principles and concepts of financial accounting, including the preparation and presentation of financial statements in accordance with Philippine Financial Reporting Standards (PFRS). Topics may include recording transactions, adjusting entries, financial statement analysis, and accounting for assets, liabilities, equity, revenue, and expenses.

Management Accounting: This area of study focuses on the use of accounting information for internal decision-making and performance evaluation within organizations. Students learn about cost concepts, budgeting, variance analysis, cost-volume-profit analysis, and other management accounting techniques to support planning, control, and decision-making processes.

Auditing and Assurance Services: Students are introduced to the principles, procedures, and practices of auditing, including auditing standards, audit planning, risk assessment, internal control evaluation, substantive testing, and audit reporting. They learn how to conduct audits of financial statements in accordance with Philippine Standards on Auditing (PSAs) and relevant regulatory requirements.

Taxation: The taxation curriculum covers Philippine tax laws, regulations, and principles governing income taxation, value-added taxation (VAT), estate and donor's taxes, and other taxes applicable to individuals, corporations, and businesses. Students learn about tax compliance, tax planning strategies, and tax implications for business transactions and investments.

Financial Management: This area of study focuses on the principles and techniques of financial management, including capital budgeting, financial analysis, risk management, working capital management, capital structure decisions, and dividend policy. Students learn how to apply financial management concepts to optimize the financial performance and value of organizations.

Business Law and Ethics: Students study the legal framework governing business operations in the Philippines, including contracts, partnerships, corporations, securities regulation, labor laws, and commercial transactions. They also learn about professional ethics, ethical dilemmas in accounting and business, and the ethical responsibilities of CPAs in their practice.

Information Technology in Accounting: Given the increasing role of technology in accounting and business operations, students may receive training in accounting information systems, computerized accounting software, data analytics, and cybersecurity. They learn how to leverage technology tools to streamline accounting processes, enhance decision-making, and mitigate risks.

Professional Development and Communication Skills: CPAs need strong communication, interpersonal, and professional skills to effectively interact with clients, colleagues, regulators, and other stakeholders. Students may receive training in written and oral communication, presentation skills, teamwork, leadership, and professional etiquette.

Practical Training and Internship: CPA education programs often include practical training components, such as internships or on-the-job training, to provide students with hands-on experience in applying accounting principles and techniques in real-world settings. This practical training helps students develop practical skills, gain exposure to professional practice, and prepare for entry into the accounting profession.

Overall, CPA education in the Philippines is designed to provide students with a solid foundation in accounting principles, financial management, taxation, auditing, and business law, along with practical skills and professional competencies essential for success in the accounting profession. Graduates of CPA programs are prepared to pursue careers in public accounting firms, corporate finance departments, government agencies, or other business organizations, and to fulfill their responsibilities as trusted advisors, financial experts, and guardians of financial integrity.

READ ALSO...

Complete List of Passers in the May 2024 Licensure Examination for Certified Public Accountants

Top 10 Passers of the May 2024 Licensure Examination for Certified Public Accountants