Quality Assurance Review: Assuring Quality in QAR Accounting

Quality Assurance Review: Assuring Quality in QAR Accounting
PUBLISHED: March 10, 2023

In light with the celebration of the “Centenary Year of the Accountancy Profession in the Philippines” from March 18, 2022 to March 17, 2023, Quality Assurance Review (QAR Accounting) has been in the limelight. The accounting profession is one of the most valued profession in the country, from basic bookkeeping that helps a small company perform its day-to-day practice, up to the preparation, filling and auditing of a large corporation. Accountants are present on also all organization and pretty much wouldn’t function properly without them. That is why it is likewise important for the accountants to keep up and improve their knowledge and practice by participating in relevant seminars, trainings, and Quality Assurance Review that assures the quality in QAR Accounting.

Quality Assurance Review

What is Quality Assurance Review (QAR Accounting)?

Accounting to the Philippine Accountancy Act of 2004, “Quality Assurance Review (QAR) – a study, appraisal or review by the Board or its duly authorized representatives, of the quality of audit of financial statements through a review of the quality control measures instituted by CPA Practitioners engaged in the practice of public accountancy to ascertain compliance with prescribed professional, ethical and technical standards of public practice.”

Who are concern with Quality Assurance Review (QAR Accounting)?

The Quality Assurance Review (QAR Accounting) is mandatory for all CPAs (Certified Public Accountants) engaged in the public accounting sector may they be practicing as an individual practitioner or a part of a partnership.

Why is Quality Assurance Review Important?

As accountants are trusted by many, they too should be reliable and responsible. And by equipping them with trainings and reviews, they are knowledgeable and updated with the latest changes in the practice. The ultimate purpose of the said program is to provide a comprehensive guide to ensure that all Certified Public Accountants in public practice shall establish and maintain a system of quality management designated to provide a reasonable assurance that shows that they are complying with the professional standards, relevant, ethical and regulatory requirements in the country.

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QAR Accounting

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