EVERY audit engagement begins with planning but before long, one question almost always arises: “When can we expect the audit report?” It is a simple question yet it reflects one of the profession’s enduring challenges: delivering a timely audit without compromising quality. Companies often need audited financial statements for SEC filing, loan applications, board meetings, investor requirements, or compliance with various regulatory agencies. Deadlines matter and everyone
AFTER a decade of experience with business registration, tax compliance, accounting and business closures, I’ve noticed one surprising reality: It’s often easier to register a business than it is to properly close one. It sounds ironic, but it’s true. Starting a business today is much easier than it used to be. Registering a business can be completed in a matter of days through various digital government platforms. Entrepreneurs are encouraged to formalize their businesses
WHEN accountants hear that a new standard is effective for annual periods beginning on or after Jan. 1, 2027, the natural reaction is to think that there is still enough time. After all, 2027 still feels like a future reporting period. However, in financial reporting, the effective date of a standard is rarely the true starting point of preparation. By the time a new standard becomes mandatory, accountants should already have understood its effect, updated working papers, tra
MANY of us did not choose accountancy because it was our dream course. I was one of those people. I came from a province where opportunities were not always readily available. When it was time to choose a college course, I honestly had no idea about what accountancy was. I did not know the meaning of debit and credit, and I had never imagined myself becoming an accountant someday. Like many students, I listened to the advice of people around me. They said that if I wanted
CORRUPTION is often defended as a kind of “grease” that keeps commerce moving, a shortcut that supposedly helps firms navigate slow bureaucracies and underpaid public offices. For some businesses and the crooks who profit from it, it can even be lucrative. But this illusion collapses when viewed from society’s perspective: corruption drains public revenues, discourages investment, raises prices and erodes essential services. What enriches a few ultimately becomes a burden b
THE results of the May 2026 Certified Public Accountant Licensure Examination (CPALE) again raises the question about the future of the accounting profession. Out of 9,745 examinees, only 3,004 passed, or a passing rate of 30.83 percent. While we congratulate the new certified public accountants (CPAs), the results also mean that nearly seven out of 10 examinees did not make it through one of the country’s most challenging licensure examinations. As someone who has spent
