UHY M.L. Aguirre & Co., CPAs (UHYMAC) arms three auditors with the latest international standards in auditing best practices

CAPTION: Audit Alliance LLP Senior Partner Bernard Lee with the Philippine delegates from UHYMAC (L-R) Jonah-Lyn Colona, Aireylica Caguete, and Precious Joy Hernandez

As the global economy continues to grow and evolve, it is increasingly vital for auditors to stay up-to-date on the latest best practices in the auditing industry. One way to achieve this is by attending international seminars, which provide a unique opportunity to learn from experts and network with professionals worldwide.

One significant benefit of international seminars is the ability to learn from experts in the field. These events often feature presentations and workshops from leading practitioners, academics, and regulators, providing attendees with valuable insights and knowledge they can apply in their respective careers.

Three auditors from UHYMAC, were recently sent to the 2022 Audit Alliance LLP seminar in International Plaza, Singapore to learn the latest practices in auditing. Jonah-Lyn Colona, Aireylica Caguete, and Precious Joy Hernandez joined other delegates from Singapore and Pakistan for the five-day training.

The training was also broadcasted to various offices of Audit Alliance LLP and the office of UHYMAC to ensure that it will reach as many participants as possible.

Discussions delved into the participants' knowledge of accounting and auditing standards, utilization of CaseWare International (a renowned audit and accounting software), as well as other essentials/techniques/ best practices to meet international standards.

The participants were split into four groups, with the Philippine delegates joined by the Singapore team for interactive activities such as games, developing soft skills, and case studies. In detail, the five-day training focused on the importance of staff performance evaluation, how to conduct adequate planning, audit firm structure, job administration, audit sampling for test of details and test of controls, audit proper on important accounts, and completion procedures (including summary review memorandum, summarizing adjusting entries, and others).

Other significant topics covered by expert resource persons also include cash flow projections, financial assets, goodwill, expected credit losses (ECL) under IFRS 9, revenue recognition under IFRS 15, impairments under IAS 2, IAS 16, IFRS 9, IAS 36, and more.

UHYMAC believes that international seminars, like the one conducted by Audit Alliance LLP, allow auditors to network with their peers from other countries. This advantage can be especially valuable for those working in smaller firms or less developed markets, as it allows them to tap into the collective knowledge and experience of a larger community of professionals.

“In the accountancy profession, and specifically as external auditors, it is necessary that we always stay updated when it comes to standards. Thus, such training is also essential to help us improve the Firm’s standard procedures and how we can apply the standards in real-life situations,” shared Colona.

"I'm grateful to UHYMAC for allowing me to participate in this international training. As an advocate of lifelong learning and working in a Firm that invests in training and development programs, the Firm does not only prove how it greatly values its employees' growth but also its clients' satisfaction and compliance with regulatory laws and regulations. It's like hitting two birds with one stone. As I learned the best practices of audit throughout the training session, I feel empowered to deliver better quality work to clients, thus making them happier while complying with the different requirements of various regulatory bodies. Ultimately, the Firm's commitment to timely business advice to its clients will be achieved." Hernandez added.

"Recipes tell you nothing. Learning the techniques is the key. - Tom Colicchio, a well-known chef. One speech that still instills in me. I love books, but reading the standards, specifically in our profession, does not give me a better understanding of what it's all about. I'm glad that the Firm allows us to participate in this training. It gives me a broader knowledge of how medium-sized firms in our industry can sustain quality audits and skilled staff to be one of the Top Firms in the region." Caguete commented.

Another advantage that auditors can take from the seminar is the opportunity to learn about new regulations and standards concerning cross-border transactions. "As the international auditing landscape continues to change, it's important for auditors to be aware of these developments. They need to ensure that they comply with today's relevant laws and regulations," according to UHYMAC managing senior partner and founder Michael Aguirre, CPA MBA, MST.

"Overall, the importance of sending our auditors to the Audit Alliance LLP training will provide them with a wealth of knowledge, networking opportunities, and the chance to stay up-to-date on the latest best practices in the industry. By investing in the professional development of our employees, our organization can ensure that they are well-positioned to navigate an increasingly complex and dynamic global economy," he added.

Participants were elated with the opportunity extended to them by the Firm. “Since we attended on-site, we were able to focus on the training and absorb the knowledge more effectively,” conveyed Colona. “I believe our leaders at UHYMAC understand the importance of professional and career advancement. After all, it’s a part of the Firm’s system of quality management to prepare concrete plans on how they ensure we continue with our own professional development,” she concludes.

Audit Alliance LLP is a professional services firm that offers various auditing and accounting services, including statutory and external audits, IPO audits, IT system audits, Sarban Oxley audits, trust account audits, and financial due diligence audits. It also provides internal audit services to listed and unlisted companies and government agencies.

Through its affiliation with an international network and local perspective, Audit Alliance LLP aims to provide an integrated service platform and knowledge network to cover all personal and corporate needs. It believes in the power of strategic partnerships to help its clients achieve their financial goals. The organization also aims to provide a comprehensive service platform and knowledge network to achieve these goals.

About UHY M.L. Aguirre & Co., CPAs:

UHY M.L. Aguirre & Co., CPAs, one of the trusted partners of babylon2k.org, operated with a team of seventy-five (75) including four (4) partners and more than twenty-five (25) CPAs. The firm is based in Makati City, one of the 16 cities that make up the Philippines’ Metro Manila.

The firm provides audit, advisory, tax, insolvency and recovery services to a portfolio of local and international clients primarily export-oriented, foreign-funded, non-governmental organizations and SMEs.

The global presence of the UHY network combined with the expertise and knowledge of UHY's colleagues around the world supports the Firm in achieving its own mission and vision for the long-term. Its main objective is to collaborate with and assist mutual clients by providing reliable and timely advice.