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Accounting, Accounting News

May 2014 CPA Board Exam Postponed Indefinitely

We don’t really know what the candidates for the upcoming May 2014 CPA Licensure Examination feel about this, but, it’s true that the Professional Regulation Commission (PRC), through the recommendation of the Board of Accountancy (BOA) postponed the upcoming May 2014 CPA Licensure Examination.

First, let us know how do you feel about it.  

Keep responses coming! Latest statistics so far…

  • Mad. It defers my becoming a CPA! – 26%
  • Glad. I have more time to prepare! – 35%
  • Frustrated. I am already prepared! – 17%
  • I don’t really care… – 9%
  • Others – 13%

The Postponement

The BOA recommended the postponement and rescheduling of the licensure exam due to the vacancies in the board leaving only two active members of the seven-member board therefore rendering the Board short of the requirement for a quorum to validly perform its duties and functions, specifically in the formulation and extraction of test items, conduct of the examination proper and releasing of the results.

PRC Resolution No. 832 series of 2014 sought to indefinitely postpone and reschedule the BLECPA until the new members of the Board have been duly appointed and qualified. Republic Act 9298, otherwise known as the “Philippine Accountancy Act of 2004”, provides that the attendance of four (4) members of the Board shall constitute a quorum to officially transact business.

The postponement was approved April 16, 2014 and was posted in the PRC website on April 21, 2014 that called mixed responses in the social media.

What’s Wrong?

As what the resolution says, inadequate members of the Board prevents it from validly conducting its business due to the absence of quorum.  What was not told us is what happened behind the vacancy, leaving only two active members in the Board.  We could recall that the release of the October 2013 CPA Board Exam Result was deferred for a week, despite of the early availability of the result due to, again, unavailability of the Board to release the results.

We heard from then that there is already an issue on the number of the active members of the Board.  Questions are:

  • Is this problem not anticipated?
  • If anticipated, how long the time is required to solve this problem?
  • Where is the bottleneck?
  • What are the plan of action committed for this problem not to take place again in the future?

It may not so easy in the point of view of the regulators to address the matter as what critics think.  But, the the problem is anticipated, the problem is known, and they are aware of it, they just have to timely act on it.  We don’t really know the twists and turns that the Board undergone trying to fill the positions up, but the lag has just became so significant.

Last time we heard, there is already a list of possible appointees with the President of the Philippines.  We wish that the CPA Board Exam be scheduled sooner as a lot of spectators awaits for the semi-annual results.

And for the next times, we hope that the government prepares for the CPA Board Exam as much as the candidates do.

Candidates’ Perspectives

We talked to some known candidates who are buying for the CPA title and they have differing views about the postponement.  Some are quite happy, because in some way, the postponement, although not expected to be long, will lengthen their preparation.  Some others, however, don’t want to prolong the agony.  Some says they really don’t care and they understand the moves of the government.

May and October are the months most awaited by many for the CPA Board Exam results, where new names are added in the roster of CPAs or same names will soon be seen in the list of examinees.  Wherever your name belongs after the CPA Board Examination, we wish you goodluck and may God bless you.

Copy of the  PRC Resolution No. 832 series of 2014 is posted HERE for your reading pleasure.

For the meantime, let’s wait for further announcement from the BOA-PRC.  Feel free to express your thoughts. 🙂

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About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://calundan.co

Discussion

3 thoughts on “May 2014 CPA Board Exam Postponed Indefinitely

  1. Hi, I just want to ask if the October 2014 exam will be moved too

    Posted by poshmylife | April 21, 2014, 2:44 pm
  2. Perhaps the postponement of the May 2014 CPA licensure examination is a blessing in disguise for the accounting profession in the Philippines. The lack of quorum in the Board of Accountancy is not an acceptable excuse for it could have been anticipatedan. (Acceptable perhaps if there is a total overhaul of the system in government to be able to track the so-called tuwid na daan.)

    With the thousands of luminaries in the accounting profession, it is quite surprising to encounter difficulties in choosing ONLY FIVE MORE to fill up the BOA vacancies, Perhaps the PRC resolution is giving us time to assess the state of the accounting profession in our country.

    There are some issues which should perhaps be addressed too. Among these are:

    1. Is there really a need to conduct examinations at least twice a year? Perhaps we can revert to the old system of only one exam a year. Not that I fear competition. Rather, I am more concerned with the number of quality CPAs in the country. Before we focus on globalization, let us first clean our ranks. Where are the over 150,000 CPAs in the country now that we cannot even fill up the five vacancies in BOA? Has PRC faithfully done its cleansing work of what is caledl CPA roster in the country? A lot of CPAs roam the metropolis and brag of their being CPAs but have not even renewed their CPA licence once.

    2. How many of our so-called CPAs are members of PICPA, the bona fide professional organization of CPAs accredited by the PRC. Membership in PICPA rises only when new CPA board passers are announced but drops in the years thereafter.

    3. Is PICPA really the united voice of the CPAs in the country as it claims of having four sectoral groups under its umbrella – Public Practice, Commerce and Industry, Academe and government service? Should not PICPA BE INVOLVED IN THE AFFAIRS OF THE NATION particulary in graft and corruption by sharing responsibility in the conduct of activities of its member-CPAs in government?

    4. Should there not be a review of the present system of BOA accreditation? PRC itself requires the same number of CPD units as required by BOA before a license is renewed by PRC? Is not BOA under PRC? So why the duplication? On the first renewal of the CPA license, PRC could merely stamp Valid for Practice on the ID without need of securing BOA Accreditation. I would not like to think that PRC is renewing licenses without the required CPD units merely to collect the fees.

    5. Should not BOA reassess its multiple choice type of examination and extract from the would-be CPA the ability to solve some practical problems a CPA encounters. After all, accounting is not really an exact science but more of an art.

    Posted by BENJAMIN LINO SAMPEDRO | April 21, 2014, 10:10 pm

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