B.S. Accountancy

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BACHELOR OF SCIENCE IN ACCOUNTANCY (BSA)
Government Recognition No. C-R-006 s. 1993

 

Scope and Coverage:

Accountancy is a profession that plays an important role in all societies. As the world moves toward global market economies, and with investments and operations crossing borders to an ever greater extent, professional accountants need a broad global outlook to understand the context in which business and other organizations operate.

A program of accounting education needs to go beyond the traditional approach. This approach emphasize “transfer of knowledge,” with learning defined and measured strictly in terms of knowledge of principles, standards, concepts, facts and procedures at a given point in time. Increased emphasis needs to be placed on a set of professional knowledge, professional skills, and professional values, ethics and attitudes broad enough to enable adaptation to constant change. Individuals who become professional accountants should have a constant desire to learn and apply what is new.

The foregoing trends lead to the need for greater accountability and, as a result, in all cultures demands on the profession are high and continue to rise. It is the profession’s capacity to satisfy these demands that determines its value to society.

These trends challenge professional accountants to make greater contributions to society than ever before, and they also present a challenge to maintaining competence. The viability of accountancy as a profession depends on the ability and willingness of its individual members to accept responsibility for meeting these challenges.

 

Program Description:

The curriculum of the BS Accountancy Program puts emphasis on a professional accounting study that is long and intensive enough to permit students to gain professional knowledge required for professional competence.  Such professional accounting education consists of: 1) accounting, finance and related knowledge; 2) organization and business knowledge; and 3) information technology knowledge and competencies.

The professional knowledge component complements the non-professional knowledge, and the intellectual, personal, interpersonal, communication, and organizational and management skills developed in General Education.

The BSA curriculum requires 210 units of study.  These include 51 units in General Education Courses (Humanities; Math and Science; Social Science; and Mandated Subjects); 42 units in Business Education; 9 units in IT Education; 94 units in Accounting and Finance; and 14 units in PE/NSTP.

 

Program Objectives:

The primary goal of accounting education is to produce competent professional accountants capable of making a positive contribution over their lifetimes to the profession and society in which they work. In the face of increasing changes that they will meet later as professional accountants, it is essential that students develop and maintain an attitude of learning to learn, to maintain their competence later as professional accountants.

The Bachelor of Science in Accountancy program should provide a foundation of professional knowledge, professional skills, and professional values, ethics and attitudes that enable them to continue to learn and adapt to change throughout their professional lives. These capabilities will enable professional accountants to identify problems, know how to apply it in an ethical manner to achieve appropriate solutions. The balance of these elements may vary but what is required is to develop the knowledge base and strong skills in order to produce competent professional accountants with appropriate values, ethics and attitudes.

Preparing students for the CPA Licensure Examinations and for employment in private establishments and public sectors (government agencies) are subsidiary objectives which should judiciously blend with the primary goal of preparing students for a successful long-term professional accounting career. Thus, the accounting graduate should be qualified to take and pass the CPA Licensure Examinations, and to obtain employment as an entry-level professional accountant. With proper orientation and supervision, he should be able to cope with the problems he will face upon in the workplace.

 

Competencies:

The core competencies for professional accountants identify the knowledge, skill and values considered necessary to perform effectively in today’s rapidly changing environment.

  • Knowledge that the BSA graduate should possess include:General knowledge – gaining an understanding of the different cultures in the world and developing an international perspective. Traits that will make our Filipino CPAs prominent in the global marketplace such as competency in the English language (the lingua franca of business), adaptability to foreign business practices, level of trainability and good capabilities in dealing with foreign partners.

 

  • Organizational and business knowledge – broad base of knowledge concerning macro-environmental, economic and industry issues, business process structures, functions and processes. Includes core knowledge in areas such as economics, quantitative methods and business statistics, organization behavior, marketing and operations management, international business, ethics and corporate governance.

 

  • Information Technology (IT) knowledge – this includes not only being conversant with IT concepts for business systems but sound knowledge on internal control in computer-based systems, development standards and practices for business systems, management of the adoption, implementation and use of IT, evaluation of computer business systems, and managing the security of information.

 

  • Accounting and Finance knowledge – this includes core knowledge related to accounting and related areas in private and government setting and must include proficiency in the international accounting/financial reporting and auditing standards, cost management and the latest concepts in management accounting, recent tax laws and business and commercial laws. It also includes knowledge of corporate finance and the Philippine capital markets, professional ethics and environmental accounting and reporting.

 

Skills that the BSA graduate should possess include:

  • Intellectual – this set of skills includes the ability to carry out abstract logical thinking and learn the process of critical thinking. It also includes creative thinking or the generation of new ideas; visualization or “seeing things in the mind’s eye”; and reasoning skills or the discovery of a rule or principle underlying the relationship between two or more objects and applying it when solving a problem. Hence the BSA graduate must demonstrate the following skills:
      • Analysis – ability to review, interpret, evaluate financial data and systems / operational data / controls in order to form conclusions and/or make recommendations on validity / usefulness / correctness / compliance within established policies, procedures, guidelines, agreements and/or legislation.
      • Problem solving – discerning the true nature of a situation and evaluation of applicable principles and techniques. Innovative thinking, reliable evaluation of information, openness to constructive change and consideration of future contingencies and developments.
      •  Strategic/Critical Thinking – linking data, knowledge and insight together from different sources and disciplines to make informed decisions. Considering the “big picture” when making decisions, as well as potential threats to the vision, strategy, objectives and culture of the organization.
  •  Interpersonal – this involves developing the ability of the BSA graduate to work in groups and being a team player. It includes the skills to participate as member of a team and contributing to group effort; teaching others new skills; working to satisfy clients’ expectations; negotiation skills and working with diversity or working well with men and women from diverse backgrounds. Hence, the BSA graduate must demonstrate attributes such as being:
      • A team player
      • Persuasive, confident and diplomatic
      • Discreet, open minded and patient
      • Capable for hard work and able to respond well to pressure
  •   Communication – this refers to active listening skills and the ability to communicate effectively one’s points of view, both orally and in writing, at all organizational levels; being able to justify one’s position, deliver impressive presentations and to persuade and convince others. The BSA graduate should demonstrate skills such as the ability to:
      • Explain verbally and/or in writing financial / statistical / administrative matters / policies / procedures / regulatory matters / audit results at a level appropriate to the audience.
      • Ask clear, concise and relevant questions to obtain desired information to perform a task.
      • Negotiate effectively.

 

Values that the BSA graduate should possess include:

  • Professional Ethics – since the objectives of the accountancy profession are to work in accordance with the highest standards of professionalism, to attain the higher level of performance and generally to meet the public interest, the need for CPAs to conform to ethical standards of the profession becomes vital. These include:
      • Integrity – avoiding actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict; refraining from engaging in any activity that would prejudice their ability to carry out their duties ethically; refusing any gift, favor or hospitality that would influence or appear to influence their actions; refraining from either actively or passively subverting the attainment of the organization’s legitimate and ethical objectives; recognizing and communicating professional limitations or other constraints that would prelude responsible judgment or successful performance of an activity; communicating unfavorable as well as favorable information and professional judgments or opinions; and refraining from engaging in or supporting any activity that would discredit the profession.
      • Objectivity and Independence – communicating information fairly and objectively; and disclosing fully all relevant information that could reasonably be expected to influence an intended users understanding of the reports, comments and recommendations presented.
      • Professional competence and due care – maintaining an appropriate level of professional competence by ongoing development of knowledge and skills; performing one’s professional duties in accordance with relevant laws, regulations and technical standards; preparing objective and complete reports and recommendations after appropriate analysis of relevant and reliable information.
      • Confidentiality – refraining from disclosing confidential information acquired in the course of their work, except when authorized, unless legally obliged to do so; informing staff as appropriate regarding the confidentiality of information acquired in the course of their work and monitor their activities to assure the maintenance of that confidentiality; and refraining from using or appearing to use confidential information acquired in the course of their work for unethical or illegal advantage either personally or through third parties.
      • Professional behavior – discharging one’s professional responsibilities with competence and diligence and performing one’s services to the best of a member’s ability with concern for the best interest of those for whom the services are performed and consistent with the profession’s responsibility to the public; obligation of self-discipline above and beyond the requirements of laws and regulations; and unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.
  •  Moral values – beyond ethical rules, there is a need for the BSA graduate to be able to discern between what is morally right or wrong

 

Career Opportunities:

After completion of the program and passing the CPA licensure examination, the graduates can pursue a career in accountancy and related professions. Specific jobs vary widely among the four major fields of accountancy: public practice, commerce and industry, government and education.

Specific career opportunities are the following:

Entry – level jobs.

  1. Public Practice: Audit Staff, Tax Staff, Management Services/Consulting Staff
  2. Commerce and Industry: Financial Accounting & Reporting Staff, Management Accounting Staff, Tax Accounting Staff, Internal Audit Staff, Financial Analysts, Budget Analyst, Credit Analyst, Cost Accountant
  3. Government: State Accounting Examiner, State Accountant, LGU Accountant, Revenue officer, Audit Examiner, Budget Analyst, Financial Services Specialist
  4. Education: Junior Accounting Instructor

 

Middle – level positions.

  1. Public Practice: Audit Manager, Tax Manager, Consulting Manager
  2. Commerce and Industry: Comptroller, Senior Information Systems Auditor, Senior Fraud Examiner, Senior Forensic Auditor
  3. Government: State Accountant V, Director III and Director IV, Government Accountancy and Audit, Financial Services Manager, Audit Services Manager, Senior Auditor
  4. Education: Senior Faculty, Accounting Department Chair

 

 Advanced positions

  1. Public Practice: Partner, Senior Partner, Senior Consultant/Financial Advisor
  2. Commerce and Industry: Chief Financial Officer, Chief Information Officer
  3. Government: National Treasurer, Vice President for Finance/CFO (for GOCCs), Commissioner, Associate Commissioner, Assistant Commissioner, (COA, BIR, BOC)
  4. Education: Vice President for Academic Affairs, Dean

 

Professional Organizations Web Site
Philippine Institute of CPA’s (PICPA) www.picpa.com.ph