SERIES 1
The topic “Accounting in the owner’s perspective” was
subdivided into three sections. The first one is “your career options” I
realized that achieving our dream career is a very long journey. As much as
possible, we should set long-term objectives for our future career and have
some visions for our path. The discussion of Ms. Jona gives us an idea of
different career options to take,and that we should not limit ourselves and still
be open to new learning. Furthermore, I’ve learned the importance of the Management
Advisory Services, which plays a vital role regarding the operations and
finance of businesses that address the issues to help management achieve their
goals by making the right decisions. Since the pandemic affects many people and
business owners globally, management and advisory services helped many business
owners to survive and continue their operations during these trying times.
The topic “Doing Business in the Philippines under Create
Law” by Sir Rex Banggawan discussed the recent changes in taxation plus the new
rules of the Create Law. The pandemic caused people to stay at home and,
businesses were forced to close. Create Act reduced the corporate income tax
rate and was created to recover business from the effects of the pandemic. In
addition, it encourages and attracts more foreign investments in our country
despite the difficulties brought by the crisis. The discussion was advantageous
for us to know the importance of the Create Law, the new rules, and its
adaptation.
SERIES 2
The
webinar series 2 held last July 16 was another set of learning experience for
us. The first topic entitled “Cyber security and emerging technologies in
auditing” was a very interesting and overwhelming topic for me. Mr. Jallain
Marcel Manrique, CPA, CIAS, CRISC shared his CPA journey with us and how he was
able to be part of the IT field. I have learned that choosing this profession
has a lot of opportunities even in the IT field. Since technology transforming
many businesses today, as a BSA student we need to enhance our knowledge and
skills to stay relevant and timely on the evolution of technologies. He also
discussed the importance of the adaptation of technologies in auditing. Despite
the advantages of technologies to businesses, risks are more into the
technology and it can disrupt business. That is the reason why the approach for
those risks in auditing needs to be changed. He further stresses the use of
technology to conduct effective audit such as BOT development for data
extraction and cleansing, data analytics in internal audit etc. The emerging
technology poses a significant challenge to audit functions of organization. To
address these challenges the auditors need to understand, adapt and continue
learning to stay relevant in the market.
For the second topic, “The Philippine Banking Laws”, presented by Atty. Daryl Liangco, CPA. As BSA student the topic is very relevant and helpful for us since it is part of board exam. He discussed the function of the bank and other laws affecting banks, etc. I have learned the objectives of PDIC for protection of depositor and financial stability. Additionally, he gave us some examples for us to understand the different cases for claims. Aside from that, he also emphasized the money laundering act. On the other hand, digital transactions are currently prominent amidst pandemic. Physical transactions are limited for public safety that is why private banks are doing their own way to ensure the security of their digital platforms and safety of customers for possible cyber security risk. Overall, the webinar is informative, timely and relevant and I am thankful that I’ve gained additional knowledge and insights from the speakers.
SERIES 3
For SWEP Webinar Season 3, Series 3 The first topic entitled “Corporate Income Tax (Including the Amendments of Create Law and RR 5 2021) with our resource speaker Mr. Leomar Seminiano, was informative and relevant topic for us. My previous knowledge in tax and law was being refreshed as he gave us a quick overview of corporation and computation for corporate income tax. As also discussed in webinar series 1, Create Law grants some relief to taxpayers by making adjustments or reducing tax rates, to help everyone recover from the pandemic. Also, I understood that there are some issues and wrong construction regarding Revenue Regulation 5 2021 (RR 5 2021), such as the proprietary educational institutions. Thus, Revenue regulation 5 2021 will be against the constitution.
In topic “Unique Auditing Trends under the New Normal” with resource speaker Mr. Ray Marvin Flores. I have learned a lot from his discussion as he connects his theories to a real-life scenario. He gave an insight into a different perspective of people, especially for every professional. On the other hand, Pandemic brought a lot of challenges in business, individuals, and audit. Many businesses suffer from the rapid shift of transactions and operations into digitization. Even though pandemic brought everyone a lot of challenges, it also an opportunity in some ways. In terms of audit, it encourages internal audit to strengthen the assessment of third-party vendors. Thus, it enables auditors to adopt these challenges and allowed them to strengthen the risk management. So when future disruption happens, auditors can address these challenges.
Finally, the webinar series 3 was an enlightening experience for both of my studies and insights about the real-life challenge and current issues.
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