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PICPA QAR COMMITTEE

2015-2016
Outline
 PICPAVoluntary Quality Assurance Review
Program (VQARP)
 2015-2016 PICPA QAR Committee
Direction
 2015-2016 PICPA QAR Project: Phase I
 2015-2016 PICPA QAR Project: Phase II
 2015-2016 PICPA QAR Project: Phase III
 PICPA QAR Committee Members
PICPA Voluntary Quality Assurance
Review Program (VQARP)
 As part of the PICPA’s over-all mission of
promoting, upholding, and maintaining high
standards in the accountancy profession and
to serve the best interest of the members and
the stakeholders, which can be achieved
through, among others, a committed
leadership, effective professional development
programs, and strict implementation of
professional ethics, PICPA initiates this
Voluntary Quality Assurance Review Program
for audit practitioners.
Scope of the Program
The PICPA Voluntary QAR Program is a PICPA-
initiated quality assurance review for
practitioners who will voluntarily submit
themselves to a quality review to have a
reasonable assurance that they are in
compliance with the requirements of ISQC 1
and ISA 220.
Phases of the PICPA Voluntary QAR
Project

PHASE 1 PHASE 2 PHASE 3

FS QAR Linkage of Phase Assembly of


1 with Suggested Work
Suggested Audit paper templates
Program (Peer and Roll-out
Review
Checklist)
+
PICPA QAR
Manual
PICPA QAR Project Phase I
“Guide on Quality Control for the Review of
Financial Statements”
 Composed of Sample Reports and Checklists
in Preparing Financial Statements
 Assists PICPA Members/Accounting and Audit

Practitioners
 Composed of 16 Annexes (A to P) to be

available at the PICPA National Website very


soon (www.picpa.com.ph)
Guide on Quality Control for the Review of the Financial
Statements
PICPA QAR Project Phase II
 General Peer Review Checklist

 PICPA QAR Manual


General Peer Review Checklist
 This covers checklist for review of audit
engagements covering:
I. Engagement Profile
II. General Audit Planning Procedures
II. Audit Areas
III. General Audit Procedures
IV. Functional Areas
V. Audit Report
V. Explanation of “No” Answers and Other
Comments
VII. Conclusions and Recommendations
General Audit Planning Procedures
 Client and Engagement Acceptance and Continuance
 Client Understanding
 Audit Planning
 Fraud Considerations
 Information Technology Considerations
 Group Audits
 Work Performed by a Component Auditor
 Auditor's Specialist, if used

 Internal Controls and Control Risks


 Service Auditor Reports
 Related Party Transactions
 Audit Plan
Audit Areas
 Highest Risk Audit Areas  Liabilities
 Cash  Deferred Credits
 Receivables  Income Taxes
 Inventories  Commitments and
 Investments in Securities, Contingencies
Derivative Instruments, and  Capital Accounts
Hedging Activities  Revenue
 Prepaid Expenses and Deferred  Expenses
Charges, etc.  Business
 Intangible Assets and Goodwill Combinations and
 Property, Plant, and Equipment Consolidations
General Audit Procedures
 Audit Sampling
 Substantive Analytical Procedures
 Material Accounting Estimates
 Representation Letters
 Compliance With Laws and Regulations
 Going Concern Considerations 
 Communication of Internal Control Related Matters  
 Subsequent Events  
 Communication With Those Charged With Governance  
 Audit Documentation  
 Supervision and Review
Functional Areas
 Leadership Responsibilities for Quality Within
the Firm (the “Tone at the Top”)
 Relevant Ethical Requirements
 Acceptance and Continuance of Client

Relationships and Specific Engagements


 Human Resources
 Engagement Performance
PICPA QAR Manual
1. Independence declaration
2. Confidentiality declaration
3. Acceptance questionnaire
4. Continuance questionnaire
5. Illustrative engagement letter
6. Assignment of personnel to engagement
7. Consultation
8. Quality control review checklist
9. Engagement quality review checklist
10. Monitors report
11. Quality assurance manual
12. Engagement quality review
PICPA QAR Project Phase III
 Assembly of Suggested Work Paper
Templates lifted from IFAC Small and
Medium Entities Template (SMET)
 Roll-out and QAR training
 Target Date: November 2015
PICPA QAR COMMITTEE
2015-2016
 Mr. Donnies Alas, Chair
 Ms. Corazon Pangcog, Co-chair
 Ms. Grace Morfe, Member
 Mr. Ador Mejia, Member
 Mr. Mike Aguirre, Member
 Mr. Carlos Yturzaeta, Member
 Mr. Alvin Santos, Member
 Mr. Elirie Aranas, Member

 Mr. Rene Cabral, Member


 Mr. Eric Magcale, Member
 Mr. Benjie Hortelano, Member
 Mr. Marco Ng
PICPA QAR COMMITTEE
2015-2016

 Mr. Reden Roque, Liason Director


 Ms. Sally Pangilinan, Executive Director
 Mr. Eugene Villaceran, Technical Director
Thank you
For Questions and Clarifications,
you may email:
Eugene Villaceran at
techd_evvillaceran@picpa.com.ph

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