top of page
Search

Why CPAs need constant research

CERTIFIED public accountants (CPA) need to constantly update themselves with knowledge and skills related to their profession. It takes a lot of dedication to pursue learning and mastering the craft, not only in day-to-day responsibilities, but also through research.


Accounting research, as defined by the IFAC (International Federation of Accountants), is a systematic investigation that examines accounting practices, principles and standards, and their impact on businesses, economies and societies. It aims to improve methods in recording, measuring and reporting financial information.


Accounting research also extends to gaining insights and new learnings to help further the practice of the profession.


It may be formal or informal in terms of approach. Informal research is more practical and less time-consuming compared to formal research that follows strict guidelines.


Shift to technology


My work as a CPA practitioner in the province entails critical thinking and decision-making to meet the client's needs and manage a small team.


When the pandemic came, I shifted to a work-from-home setup and studied further how cloud computing can help my team work as efficiently and effectively as being physically in the office and having quick access to clients' records filed inside steel cabinets.


One of the many aspects I had to consider was how our clients, who are mostly micro and small business owners, would adapt to the immediate change — from the old way of transacting in the office to the use of email and virtual meeting platforms as a means of communication.


We were able to overcome the moderate to difficult challenges leading to the immediate shift to technology, particularly for those who do not frequently check or respond to emails.


For those interested but do not know how to begin, here are some useful and meaningful purposes of accounting research, and how it can add significant value to the practice of the profession:


CPAs in business and public practice


Taxation, accounting and auditing standards change often and CPAs need to devote time to check for updates and ensure compliance to provide correct guidance. Research helps verify crucial information for reliable reporting and ensuring adherence to auditing standards.


CPAs always face challenges in complex client situations. Research also helps provide tailor-fit solutions to peculiar issues that still align with standards and regulations.


Continuous learning through research enhances the credibility of CPAs through solid knowledge and understanding of concepts and principles that are helpful in sound decision-making.


CPAs in education


Research work can potentially entitle CPAs to Continuing Professional Development (CPD) units. The Professional Regulation Commission recognizes various professional work experiences, including research activities that may be entitled to CPD credit units.


Research can bridge the gap between accounting concepts and practical applications that will further improve the curriculum and include courses relevant to the current practices in the industry.


Research helps in enhancing teaching strategies to improve student engagement in the classroom and preparation for the Licensure Examinations for Certified Public Accountants.


Knowing the factors that influence student satisfaction, such as teaching delivery and facilities management, can help colleges and universities create a more conducive learning environment for their students.


Accounting teachers who conduct research may influence educational standards, creating a better future for the profession in the Philippines.


CPAs in government


Research may address many aspects of tax reporting and reduce time spent on data entry, for example, on alpha lists and relief programs.


Research may also effectively implement information dissemination to the taxpaying public, including those who do not have access to the internet.


Overall, CPAs need to embrace research as a tool for empowerment to adapt to the rapid changes in the industry. Most importantly, research can contribute to the growth and stability in the practice of the profession.

---------------------------------------------------------------------------------------------------------------------------

Merilyn Gomez-Cheng manages her own accounting firm and is a member of the Media Affairs Committee of the Association of Certified Public Accountants in Public Practice (ACPAPP).






Comments

2025_Logo_color.png
Post: Blog2_Post

©2022 by Association of CPAs in Public Practice, Inc.

bottom of page