Philippine Institute of Certified Public Accountants (PICPA) Accountancy Week Celebration – Commerce and Industry Sector Day

MESSAGE OF SEN. LOREN LEGARDA
Philippine Institute of Certified Public Accountants (PICPA)
Accountancy Week Celebration – Commerce and Industry Sector Day
Association of CPAs in Commerce & Industry

19 July 2023

I extend my warmest greetings to all members of the Philippine Institute of Certified Public Accountants (PICPA), the Association of Certified Public Accountants in Commerce and Industry (ACPACI), the National Association of CPAs in Education (NACPAE), the Government Association of CPAs (GACPA), the Association of CPAs in Public Practice (ACPAPP), the PICPA Metro Manila Region, and the National Committee on Cooperative Development as you come together to celebrate the PICPA Accountancy Week—Commerce and Industry Sector Day. This important event serves as a testament to the invaluable contributions made by Filipino accountants in various fields.

As Filipino professionals who uphold the highest standards of integrity, accuracy, and transparency, you play a pivotal role in driving economic growth and facilitating efficient financial management.

I would like to specially acknowledge the presence of Atty. Randy B. Blanza, PICPA National President; Ms. Anna Lissa C. Chua-Dycaico, ACPACI National President; all previous presidents of ACPACI; and all speakers of the technical sessions.

I remember one light conversation in the office when I asked my finance officer about the nature of accounting. With utmost confidence, she stated, “Accounting is an art.” Her response was not among the answers I anticipated.

People have always regarded accounting as a purely analytical and highly methodical field. Traditionally, it is perceived as a discipline rooted in numbers and financial calculations. But beyond number-crunching, this discipline requires a level of creativity and intuition akin to that found in artistic endeavors.

Your event is appropriately themed, “Beyond Numbers: Redefining the Roles of Certified Public Accountants”. With the ongoing advancements in automation and technology, the dynamics of business models are constantly being reshaped. Consequently, your responsibilities are also growing exponentially.

The multifaceted nature of accounting also plays a crucial role in guiding informed-decision-making processes. You have a key role in the scheme of things as strategic advisors and problem solvers but this discipline has to be viewed in a new light. How to strategically navigate intricate financial landscapes? What is the future financial ecosystem? How to uncover avenues for growth? And what new skills must you possess to mitigate risks in safeguarding financial stability?

The accounting profession goes beyond financial statements and embraces a broader perspective that includes environmental, spatial, and social considerations. We live in a digital world where you are expected to provide insights into more complex risk management, cybersecurity, and data analytics, among others.

Further, you can complement the work of the Philippine Registry of Cultural Property (PRECUP) and the National Commission on Culture and the Arts (NCCA) in preserving and protecting our cultural assets. The conduct of joint inventories in our efforts to safeguard and promote our diverse cultural heritage is relevant, especially in the present time. On the other hand, as experts and advisors, what strategies can our cultural organizations employ to efficiently allocate resources for our preservation efforts? Your expertise in auditing and reporting, with your innate values of transparency and accountability, have the power to inspire trust and confidence among Filipinos in the management of our cultural heritage.

But let me also remind you that we are challenged by a global scenario where there is a widespread shortage of resources. Every so often we hear the call for sustainability, for our own use and for posterity, but it is often taken lightly.

Our economic growth is indicative of our quality of life. Similarly, the depletion of natural resources affects not only the environment but also our economy and society. As these continue to be exploited, there is a need for you as accountants to fully understand our available and expendable natural capital.

This is another area where your expertise is essential. You are to ensure that natural resources are sustainably managed and that their depletion is accounted for in financial reports. By integrating environmental, social, and governance (ESG) factors into financial decision-making, CPAs can help businesses and organizations chart a course toward responsible and sustainable practices.

As your four-term Senator, I have always believed that there should be a system where our natural capital is accounted for to ensure that our policy makers and decision makers are well informed in their plans and programs for the betterment of the Philippines.

With that, I filed Senate Bill No. 9, the Philippine Ecosystem and Natural Capital Accounting System or PENCAS, because I saw the need to also focus on developing and implementing a strong accounting system that truly highlights the importance of the Philippine environment and its precious resources to our economy. I am glad to report that, for the first time, the PENCAS bill is finally being heard in Congress.

As stewards of financial information, continue to maintain a high standard of excellence in your work, which includes rigorous adherence to accounting principles and ethical standards. We deeply acknowledge your valuable technical expertise that has played a pivotal role in advancing economic growth.

More than numbers and spreadsheets, infusing a humanistic approach by incorporating empathy and compassion in your practice should be the true essence of your work.

On the other hand, I urge you as CPAs to broaden your skillset to make positive contributions in equally important areas, such as cultural preservation and environmental sustainability. Be reminded that on top of your accounting expertise, you also wear various hats as vanguards of culture and as stewards of this planet.

Thank you very much! Isang luntiang Pilipinas sa ating lahat!