Home⇛Business Research Journal⇛vol. 7 no. 1 (2021)

Effectiveness of Continuing Professional Development on the Professional Advancement of Certified Public Accountants: An Analysis

Alecksandra DC. Dado | Lana Nitch C. Lazaro

 

Abstract:

As stated in Republic Act (RA) No. 10912 of Article III, Section 10, or the “Continuing Professional Development Act of 2016”, continuing professional development is compulsory in compliance with the Professional Identification Card’s (PICs) renewal. International Education Standard (IES) No. 34 of the International Federation of Accountants (IFAC) describes Continuing Professional Development (CPD) as the continuous acquisition of knowledge and growth that sustains capability to permit CPAs to preserve their ability to execute the responsibility efficiently. However, according to the proposed House Bill 7171, which intends to repeal the Republic Act (RA) No. 10912, it only inflicts burden, financial pressure, and stress to licensed professionals. This study determines the effectiveness of continuing professional development as to the professional advancement of certified public accountants (CPA). The respondents were sixty-eight (68) teaching CPAs in universities along CAMANAVA who have undergone CPD, particularly the BOA Accreditation, and are not limited to license renewal. The study applied descriptivequantitative design and purposive sampling. This paper employed an adapted validated instrument, and data were gathered using a survey questionnaire. The statistical treatment used were frequency, percentage, mean, t-test, Spearman correlation, and chi square, wherein the critical alpha was set at 0.05 level of significance. Spearman rho coefficients show no significant relationship between CPD units earned and professional advancement as coefficients range from .012 to .138 (p>.05). Thus, the null hypothesis is accepted. Furthermore, no significant difference was found in any professional advancement domains when sex, tenure, and earned CPD units were considered. On the other hand, based on age groups, a significant difference was shown when it comes to career advancement (t=2.017, p<.05) and income (t=2.022, p<.05).



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