Arvee Trinidad-Badua
La Trinidad, Benguet – November 2024
Two Certified Public Accountants (CPA), Mr. Terrence Leif F. Fangasan and Mr. John A. Domerez, Jr. took oath as part of the renewal of their CDA Accreditation on November 4, 2024 and November 27, 2024 respectively. The oath-taking ceremony, led by CDA CAR OIC Regional Director Felicidad R. Cenon, Ph.D., reinforces CPA’s role in supporting cooperatives nationwide with transparent and sustainable financial practices.
Under the provisions of Republic Act No. 9520 or the Philippine Cooperative Code of 2008, CPAs are required to obtain accreditation before auditing cooperatives. Accredited CPAs are an integral part of this process, bringing their expertise to ensure cooperatives comply with legal, financial and operational standards. CPAs like Mr. Fangasan and Mr. Domerez, Jr. play a critical role in supporting cooperatives through financial advice and audits, ensuring the stability and continuity of these essential community organizations. Cooperatives, which provide essential services in underserved communities, rely on sound financial practices to remain operational and resilient in a competitive market. With their deep understanding of financial regulations and risk management, accredited CPAs help cooperatives efficiently manage their resources, identify opportunities for improvement, and implement strategies for sustainable growth.
The CDA’s partnership with accountants strengthens the commitment to boost the cooperative movement and promote financial literacy and stability across the sector. Auditors who work with cooperatives provide essential expertise in areas such as financial reporting, tax compliance, and internal controls. Their audits ensure that cooperatives comply with the regulatory framework established by CDA and RA 9520, thereby promoting good governance and enabling cooperatives to qualify for government support and financing opportunities. By engaging accredited CPAs, cooperatives not only meet their legal obligations but also position themselves for sustainable growth and resilience in the face of economic challenges.
After taking their oath, the two CPA’s has renewed their pledge to the CDA and cooperatives, joining a dedicated group of CPAs committed to supporting the mission and values of the sector. This accreditation represents a commitment to transparency, accountability and cooperative empowerment – principles that lie at the heart of the cooperative movement and are essential to building a stronger and more inclusive economy.
