Accounting is a systematic and comprehensive recording of transactions pertaining to a business; it also refers to the summarizing, analyzing and reporting these transactions (Investopedia, N.D.). This statement particularly refers to accounting being the soul and heart of the corporate world, because without accounting there would be no transaction and if without transaction, there would be no business to operate and money to generate. Accounting is based on such practices that would enable the users to be competitive with full honesty and integrity. The Generally Accepted Accounting Principles or GAAP is the basis of the accounting practices observed by accountants all over the world. This rulebook is said to impose regulations and standards on all accounting procedures, so that the transactions will be dealt genuinely and efficiently.
The demand of an accountant is not only felt by the world but by the country as well. Accountants are truly needed in the business industry, that’s why accounting firms are established to provide quality accounting services to the businesses all over the country. According to an iMoney Philippines, accountants belong to the top 5 in demand jobs in the Philippines. This statement also signifies the demand of accounting firms in the country. With this kind of demand, businesses or firms have the urgency to fight for the top spot in order to distinguish their firm to a whole lot of firms that have the same field of profession (Marketing Theory, 2006).
The top 5 accounting firms in the country are continuously fighting over the top spot of being the best accounting firm in the country. According to Audit Hotel Program Rate, the ranking are as follows, SGV & Co, Manabat Delgado Amper & Co, Isla Lipana & Co, Manabat San Agustin & Co, and lastly the BDO Alba Romeo & Co. The top-ranking firm, which is SGV & Co, started its operation on 1946 right after the Second World War. Mr. Alfredo M. Velayo and Mr. Jose O. Vicente founded it and it was first called the Sycip, Velayo, Jose & Co. and then it was later called the SGV & Co because of the association of two Filipino accountants, Mr. Arsenio Reyes and Mr. Ramon J. Gorrez. The second ranking firm, which is Manabat Delgado Amper& Co., was founded by Dr. Conchita L. Manabat in 1997 and the firm later joined the Deloitte Global Network. Charles P. White and Percival S. Page founded the third ranked firm, which is Isla Lipana & Co., in 1922 until such time that Jerry Isla became the chairman in 2001 and became the name Isla Lipana & Co. Fourth ranked firm, which is Manabat San Agustin & Co., was formed by Roberto G. Manabat, Emmanuel P. Bonoan and Jorge Ma. S. Sanagustin& Co., and the 5th ranking firm, which is BDO Alba Romeo & Co., was founded in 1995 by Romeo C. Alba and its now one of the leading firms in the country.
This research paper aims to provide information about the current status of the accounting firms in the country. This paper will show the practices...