Impact Of Globalization On The Accountancy Profession
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In the recent years, the society hasexperienceddramatic changes and issues due to globalization which have had significant impacts on the Accountancy profession. The increase in demands for Certified Public Accountants (CPAs) is one of its most obvious impacts. However, researchers also mentioned that globalization is one of the challenges that a CPA is currently facing (Manaligod and Nadurata, 1997, p.1). Faced with these developments, according to Herwati (2012), “various accountants are required to have an international standard of competence and be able to compete in the global market (p.155). To achieve this, it is yet but accepted that an aspiring CPA must go through rigorous accounting education and training.
The Philippine Accountancy was recognized as a profession through Act No. 3105 entitled “The Act Regulating the Practice of Public Accounting,” which was approved by the Sixth Legislature on March 17, 1928. Currently, the Accountancy profession is governed by law through Republic Act. No. 9298, also known as the Philippine Accountancy Act of 2004. In order to join the Accountancy profession, one has to pass the CPA Licensure Exam given by the Professional Regulatory Board of Accountancy. The CPA Licensure Exam is considered to be one of the toughest exams in the Philippines, and passing it is a tough undertaking for all those who aspires to become a CPA. The exam is composed of seven subjects that are of equal importance: Theory of Accounts, Business Law and