P&A bridges theory, practice in accountancy

MANILA, Philippines—The average Filipino often sees the accountancy and auditing industry as an un-exciting place to be, but to hear practitioners talk about what they do, it seems there’s always something new going on.

Michael C. Gallego, partner for advisory services at Punongbayan & Araullo (P&A), says in an interview that aspiring accountants and auditors have to be ready for the challenges of the real world and nothing beats having industry insights from practicing accountants and auditors to get an edge.

That is why P&A, a leading professional business services firm offering audit, tax, corporate finance, and business support services, works with various universities and colleges to help students and  teachers alike become—and stay—competitive.

For about two years now, P&A has been conducting seminars on industry trends, sponsoring quiz bees, and providing support for general assemblies of relevant organization to uplift the auditing and accounting profession.

These initiatives aim to educate universities and share the firm’s industry expertise.

“We want to prepare students especially as they enter their desired profession and equip them with industry knowledge so that they may contribute something relevant and worthwhile in the workplace,” he says.

P&A provides assistance to both faculty and students according to their needs, says Faye Antolin, manager for people and culture at P&A.

Some of the universities and colleges that P&A is working with are Bicol University, De La Salle University, Saint Louis University, Holy Angel University, Polytechnic University of the Philippines, San Beda College, University of Cordilleras, University of the East, University of the Philippines, University of San Carlos and University of San Jose-Recoletos.

“Those are just some of the schools we have worked with, but the program is open to all universities and colleges with accountancy programs,” Antolin says, adding that P&A has upcoming activities with Ateneo de Davao and UP Visayas. P&A has also conducted faculty training at DLSU and UE Manila.

P&A’s main initiatives include training university professors for their continuing professional education (CPE) units, which is essential as they renew their certified public accountant (CPA) licenses every three years. Training provided by P&A has no cost to the professors and is conducted by P&A partners and managers.

The company also provides on-the-job training for students and even faculty who feel they need more industry experience, especially during the “busy season” for filing tax returns, from November to April.

P&A collaborates with the deans of accountancy colleges and the local chapters of the Junior Philippine Institute of Accountants (JPIA) to know the needs of the schools.

The training designed by P&A complement the activities that JPIA has lined up for that semester.

During these engagements, both faculty and students also get the chance to interact with P&A partners who practice audit, which provides an opportunity for students to get firsthand information on how it is to work in the auditing and accounting industry.

Can a student put one foot in the door at P&A through active participation at these events? Gallego and Antolin think so.

Engagements touch on important topics, trends and opportunities in auditing and accountancy such as internal audit seminars, Philippine Financial Reporting Standards updates, tax updates, life in audit and careers for accountancy graduates.

“It’s a bonus for JPEA officers to have close working relations with us. But those who participate actively and ask good questions can also get noticed,” Antolin says.

Gallego says that apart from giving students and teachers industry insights and a chance to apply the theories they learn in class, P&A also helps them prepare for the need to communicate with colleagues and future clients alike.

“One big gap that we see is in communication. Communicating to clients is very important, not just knowing the technicals or the process gaps. At P&A we have internal programs to develop communication and that is another advantage we lend to those we work with,” Gallego says.