Quality assurance reviews in times of confusion
- Christopher Ismael Jr.
- Apr 30
- 4 min read
"Ask not what your country can do for you — ask what you can do for your country."— John F. Kennedy
THESE words resonate powerfully today, especially for us Filipino certified public accountants (CPAs). In this era of globalization, technological innovation and economic uncertainty, it is not enough to simply ask what the profession can offer us. The true question is what we Filipino CPAs can contribute — not only to the country, but to the standing of our profession across the world.
As a second-generation CPA and an audit partner, I see the immense responsibility we carry. Ours is a profession built on public trust, professional excellence and an unwavering commitment to integrity. Yet today, more than ever, we must confront the reality that trust must be continually earned. We must not merely aim to meet standards set by regulators; we must strive to set new benchmarks of excellence, aligning ourselves fully with the best practices of our Asean neighbors and the wider global community.
The Program of Quality Assurance Review (QAR) in the Philippines embodies this vision. It is not simply a regulatory requirement; it is a professional and moral commitment to ensure that every audit, every financial statement and every assurance engagement upholds the highest standards of quality. Quality assurance is the profession's way of showing to the public: they can trust us, they can invest in us and they can depend on our work.
Across Asean, quality assurance is no longer optional; it is integral to professional integrity and reputation. In Malaysia, the Malaysian Institute of Accountants leads a comprehensive Practice Review Program that mentors firms toward continual improvement. In Singapore, the Accounting and Corporate Regulatory Authority has implemented a public Audit Quality Indicators framework that holds audit firms visibly accountable for performance. In Thailand and Indonesia, mandatory inspections ensure that firms, particularly those auditing public interest entities, consistently meet international standards. These countries understand that audit quality is not merely an internal matter — it is a national economic advantage. Our practice of profession is no longer local, it's global.
The Philippines must level up to these standards. If we are to remain competitive, we must attract investments, build business confidence, and contribute to national development. Consequently, the Filipino CPA must be at par with counterparts in Singapore, Malaysia, Thailand, Indonesia and the world at large. Our standards must not merely be good enough for compliance; they must be good for the world at large.
Of course, this journey is not without its challenges. Small and medium-sized firms grapple with resource constraints, while the rapid evolution of auditing and accounting standards can feel overwhelming even for seasoned practitioners. Technology has added new layers of complexity. Clients, too, demand faster, more insightful services while maintaining expectations for accuracy and reliability. And our profession going beyond borders.
However, these challenges are not barriers; they are opportunities and stepping stones. Every investment in quality assurance — every time we align our practices with international norms, every time we submit ourselves to review and continuous improvement — is a step toward building a stronger, more resilient Philippine accountancy profession.
As a second-generation CPA, I am deeply aware that the work we do today will shape the opportunities available to future generations. We want the Filipino CPA to be respected not only within our borders but across Asean and the world. We must envision a profession where our audit reports, our financial advice, and our assurance services are recognized for their reliability, their integrity, and their excellence beyond borders.
The Program of Quality Assurance Review is a cornerstone of this future. It challenges us to improve, to innovate, and to reaffirm our commitment to quality, not because it is easy or convenient, but because it is necessary for our profession's survival and growth.
It is how we build a reputation that we can compete globally.
In these times of rapid change, it is easy to fall into a mindset of resistance to change. But if we truly wish to honor the spirit of JFK's timeless challenge, we must instead ask: what can we do for our profession? How can we raise our standards? How can we make it a source of pride for our country?
The Filipino CPA must not only adapt to the new global standards. We must lead. We must embody quality, innovation and unwavering ethics. By doing so, we not only uplift our own careers and firms — we contribute to the broader dream of a Philippines recognized and respected in the global arena.
The world is watching. It is time for the Filipino CPAs to rise, to compete and to inspire. The Filipino CPAs can be the best.
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Christopher Ismael Jr. is an audit partner at Ismael and Co. CPAs and is a member of the Media Affairs Committee of the Association of Certified Public Accountants in Public Practice (ACPAPP). The views and opinions expressed in this article are solely his and do not necessarily represent the official position of any organization, institution, or regulatory authority.
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