On July 10 -11, the CDA conducted the National Forum of Accredited Cooperative External Auditors in Subic, the first ever forum held since the Agency started its accreditation program. The CDA mustered around 500 public accountants and cooperative officers and accountants from all over the country despite inclement weather at that time.
The Forum was indeed a welcome privilege and opportunity for the participants who were able to gain updates and information on cooperative accounting and audit related issuances. Issues and problems were threshed out and commitments to help advance the micro-cooperatives by rendering free audit services were accepted by the accredited cooperative external auditors.
CDA Chairman Orlando R. Ravanera graced the occasion with message of support and assurance that CDA will continue to join hands in formulating more plans and policies that would lead to an absolutely empowered cooperatives as prime contributors for the realization of ideal economic development and achievement of social justice.
Exec. Director Ray Elevazo, in his State of the Philippine Cooperatives, cited that as of December 31, 2014, the country has a total of 24,652 cooperatives with 13.05 Million memberships where an estimated annual growth rate of 5.17% in cooperative membership was considered. Dir. Elevazo also shared that from the total registered 57.6% cooperatives belong to micro-level category. These are the category where priority assistance for free audit services from the cooperative external auditors is extremely needed. On Accreditation of Cooperative External Auditors, he reported that 674 individual CPAs and 81 Audit Firms were in the roster.
Taxation Applicable to Cooperatives was ably discussed by the representative of Bureau of Internal Revenue, Region 4 Pampanga, Atty. Francisco N. Sarmiento III, Asst. Chief, Legal Division.
Director Fe D. Caingles of the CDA, Institutional Development Department (IDD), presented the Revised Implementing Rules and Regulations of RA 9520 focusing on cooperative the accounting and auditing related concerns. For clarity and understanding of the rule, Director Caingles defined important terminologies and how these should apply in the audit of cooperatives. Further, she explained the program of the CDA which was dubbed Cooperative External Auditors – Micro Cooperatives Matching, a complementation program between and among the auditors and micro cooperatives where the former will provide free audit services to the latter as part of the auditors’ social responsibility. This free audit services will be considered by the Authority as their compliance to the requirement of Accreditation.
The first day of the forum was concluded with a discussion on the Audited Financial Statement: Forms and Contents. In her presentation, Dir. Nonie I. Hernandez of the CDA Manila Extension Office, comprehensively discussed the Authority’s observations and comments on the Audited Financial Statements submitted by the cooperatives. The participants were enlightened on some of the errors committed in the presentation of the financial reports prepared by the cooperative external auditors.
The two day activity was capped with a presentation and discussion of the Philippine Financial Reporting Framework by two remarkable speakers from the Philippine Institute of Certified Public Accountants, Ms. Ma. Elma Ame and Mr. Jekell Salosagcol.
This national forum also attended by the CDA Administrators, namely Administrators Eulogio T. Castillo and Benjie I. Oliva who expressed gratitude and appreciation to the participants. Likewise they shared the CDA’s current programs and directions.