"SWEP Webinar Series Season 3 - Series 3: “The New Normal and Beyond in Accountancy: Surviving and Thriving During and Beyond the Crisis”
Webinar Series 1 of the College of Business and Accountancy - Supervised Work Experience Program Online Micro-Training Series Season 3
Season
3 Synergy Series 1, with the first topic, “Accounting in the
Owner’s Perspective,” presented by Ms. Jona Pangapalan, CPA, MSA.
I realized that studying an accountancy program doesn’t just stop
in achieving the CPA title. There are so many career opportunities
waiting after graduation. I can be a professor, sharing my knowledge
and inspire students as the future CPA. I can also work at the
government or do public or private accounting. I’ve learned the
importance of knowledge in Management Advisory Services. When the
pandemic hit our country, all companies are facing so many problems
and issues and suffered from financial difficulties, because they are
unprepared for what to do about this crisis. MAS is vital in every
company because it has the capacity to provide financial advice and
opinions and they analyze the health of the businesses for its growth
and continue its operations. Simply, very important in the time of
the pandemic.
On the other hand, with the topic entitled, “Doing Business in the
Philippines Under Create Law,” by Mr. Rex Banggawan, CPA, MBA. I
was very excited to see sir Rex, the author of our book in Income
Taxation and it’s truly an honor to meet him in zoom online. Sir
Rex discussed some changes to the tax system to become more efficient
for the taxpayers during the pandemic. On
March 26, 2021, President Duterte signed into law the R.A. 11534 or
the CREATE Act. It helps businesses recover from the
pandemic and encourage foreign investments. This
CREATE Law is made to reduce the burdens of the taxpayers. We all
know that almost all businesses, small or large company faced huge
problems because the COVID and CREATE Law is made to help every
company to reduce their taxes. It is also made to attract foreign
companies to invest in the country for the growth of our economy.
Webinar Series 2 of the College of Business and Accountancy - Supervised Work Experience Program Online Micro-Training Series Season 3
Season 3 Synergy Series 2, with the first topic, “Cybersecurity & Emerging Technologies in Auditing,” presented by Mr. Jallain Marcel Manrique, CPA, CIAS, CRISC. He discussed how emerging technologies can help people do their work easier and faster. Technology
evolves so fast. Today, we are now on Intelligent automation, AI,
nanotech, biotech, cyber-physical systems, and digital labor.
Organizations
are embracing emerging technologies
nowadays. Audit
professionals need to adapt to the new faces of auditing emerging
technologies. The Artificial General Intelligence, Brain-Computer
Interface, Quantum Computing, Machine Learning, Blockchain, Human
Augmentation, Virtual reality, Smart Robots, Drone, and 3D Printing
are new
and disruptive technologies, auditors
need to learn and understand for the better
outcomes
of the company. The three key emerging technology trends are
Immersive
experiences, Artificial
intelligence, and Digital platforms. Emerging technologies bring great
benefits to the company, but it has also had various substantial risks.
Auditors need to understand how these technologies work, as well as
the risk that may occur. It
may help to prevent potential issues and unforeseeable events
that can damage the organization.
On
the other hand, with the topic entitled, “The Philippine Banking
Laws,” by Atty. Daryl Liangco, CPA. Atty.
discussed
the different functions of banks, which are the loan, deposit, and
others, and nature of banking business. I’ve
learned that the two public policy objectives of the Philippine
Deposit Insurance Corporation (PDIC) is the
Depositor protection and Financial stability. My favorite part about
the discussion is the Money Laundering. It is a crime whereby the
proceeds of an unlawful activity are transacted, thereby making them
appear to have originated from legitimate sources. There are 3 stages
of Money Laundering, Placement, Layering, and Integration. He
gave a relevant discussion about the Anti-Money Laundering Policies
(AML). It helps
financial institutions combat money laundering by stopping criminals
from engaging in transactions to disguise the origins of funds
connected to illegal activity.
After I’ve listened, learned, and gained knowledge about the topic, it
made me want to be a lawyer like him. Atty. Daryl made me realized
the real view about money and business, and it’s really important
to take action about these things.
Webinar Series 3 of the College of Business and Accountancy - Supervised Work Experience Program Online Micro-Training Series Season 3
Season
3 Synergy Series 3, with the first topic, “Corporate Income Tax
(Including the Amendments of CREATE Law and RR
5-2021),” presented by Mr. Leomar Seminiano, CPA, MICB, CTT,
MRITAX. Corporation
as defined in the revised corporation code, a corporation is an
artificial being created by operation of law, having the right of
succession and the powers, attributes, and properties expressly
authorized by the law or incidental to its existence. Mr. Seminiano
also discussed the classes of corporate taxpayers, such as domestic
corporations, resident foreign corporations, and non-resident foreign
corporation. All
registered domestic and foreign companies in the Philippines are
liable to pay corporate income tax. The
Philippines
enacts a law reducing corporate income tax rates and rationalizing
fiscal incentives. Effective
July 01, 2020, corporations (domestic or resident foreign) with the
net taxable income not exceeding 5M and with total assets not
exceeding 100M excluding land on which the particular business
entity’s office, plant, and equipment are situated shall be taxed at
20%. And, all other corporations (domestic or resident foreign) shall
be taxed at 25% starting July 01, 2020. Moreover, effective
January 01, 2021, non-resident Foreign Corporations (NRFC) shall be
taxed at 25% of their gross income. Mr.
Seminiano said that it is good to ask the ‘whys’
behind the law, because when we already know the answer of our ‘whys’
we will
never forget it again.
Every
business
people should regularly familiarize themselves with regulations for
tax residency, corporate income tax, withholding tax, and others to
remain compliant.
The law amends the Philippine Foreign income tax and incentives system to
attract, increase foreign investments to help the Philippine economy
to recover from the COVID-19 pandemic.
On the other hand, with the topic entitled, “Unique Auditing Trends
Under The New Normal,” by Mr. Ray Marvin Flores, CEO-CKO.
Mr. Flores explained perspective in different hats, the C-level, CPA,
and as audit Practitioner of a
Risk management System. Next
to that is the Audit Fundamentals. An audit is always a systematic
process. It is always objective and scientific. An audit is always based
on evidence. Evidence is
critical. We should never present something without evidence. And,
always communicate results to the users. We have a moral obligation to
the client and or government. The emerging trend in internal audit is artificial intelligence. Auditing practices are just a tool,
nothing replaces the discretion of a good auditor, because are
foundation is trust and credibility. In
this pandemic, some companies need to throw people in order for the
company to survive, we need to have a retention strategy and high
talent in order to stay at that company. Soft control affects the
audit practice. We have to learn the human side of
the operation and strategies
that solve the problems. Soft
controls contentiously evolve and continue to be experimented with to
provide further assurance of the effectiveness of company culture.
Besides the bad things that happened because of the pandemic, it also encourages third-party vendors.
Internal audit will examine the proficiency of remodeled supply
chains and assess the risk they pose. Pandemic gave
us an opportunity to excel in risk management. The main purpose of
auditing is to assist in the creation, integration, and deployment to
conduct appropriate checks and controls to ensure it is entirely fit
for purpose against costs. In conclusion, an audit under the new normal
has become interdisciplinary, multifaceted, and extra-territorial.
