Institute of Singapore Chartered Accountants and LLB & Co. CPAs Collaborate to Strengthen Firms’ Quality Management in the Philippines

19 June 2024 - Doubling down on their commitment to strengthen audit firms’ approach to quality, a fundamental in building trust and confidence in the reliability of financial information, the Institute of Singapore Chartered Accountants (ISCA), Singapore’s national professional accountancy body, and Lope Laranjo Bato & Co., CPAs (LLB) have delivered an International Standards on Quality Management (ISQM) workshop in Makati City, Philippines from 18 June to 19 June 2024. 

This collaboration comes in response to the recent adoption of ISQM by the Philippines’ Auditing and Assurance Standards Council (AASC), and the workshop will get auditors up to speed on alignment with the national agenda, which will help audit firms provide better value to their clients and the public.

The workshop, titled "Mastering Quality Management: A Two-Day Dive into International Standards and Practical Adaptations”, stands as a pioneering initiative in the Philippines following the announcement of the adoption of ISQM 1 and ISQM 2 by AASC. A unique feature of this collaboration is ISCA's SMP Centre’s onsite sharing of its experience from the Singapore audit landscape, renowned for its high standards in the region. Designed to be interactive to foster engagement between the trainers and participants, the workshop was attended by an exclusive group of individuals.

Speaking about the collaboration, LLB Managing Partner Mr. Lope L. Bato Jr., a former National President of the Philippine Institute of Certified Public Accountants (PICPA), said, "We recognise the importance of learning from peers in other markets and benchmarking best practices. By jointly organising this workshop with ISCA, we hope to make such valuable content accessible to other firms, benefitting fellow practitioners in the Philippines."

Ms. Gladeys Jill A. Santos, ISCA’s Philippines Chapter Chairperson, also a former National President of the Association of Certified Public Accountants in Public Practice (ACPAPP), said, "As ISCA's Chapter Chairperson and a fellow practitioner, I see this workshop as a great opportunity for local practitioners and firms to leverage Singapore’s best practices to enhance the quality management systems within their practices. ISCA is committed to building further partnerships with local professional accountancy organisations and practicing firms to support and advance the accountancy profession in the Philippines."

The ISQM workshop in Makati City represents a significant milestone in enhancing the quality of practicing firms in the Philippines and underscores the unwavering dedication of ISCA and LLB to enable auditors in meeting regulatory requirements.