Diagnostic Study of Accounting and Auditing Practices in the Philippines

Publication | December 2003

This report describes accounting and auditing arrangements in the Philippines, identifies deficiencies in those arrangements, and presents recommendations to address those deficiencies.

The study revealed a range of issues that need attention if accountancy is to maintain its high status in the Philippines and if the Philippines is to successfully attract investment. In the case of accounting and auditing standards and practices, the study identifies deficiencies in the standards and in standard-setting arrangements. In addition, the quality of financial reporting is undermined by a lack of compliance monitoring.

With regard to professional arrangements, the study identifies significant weaknesses in CPA licensure standards and quality assurance arrangements. Standards of accountancy education and training arrangements may also need to be raised. Some of these constraints can be addressed with minimum resources and effort, while others are more complex and will take time.


  • Introduction
  • Accounting and Auditing in the Philippines
  • Professional Infrastructure
  • Accounting and Auditing Standards
  • Accounting and Auditing Training
  • Government Budget and Accounting
  • Donor Assitance
  • Issues and Recommendations
  • Country Action Plan
  • References
  • Appendixes