The signing of the memorandum of understanding between CIMA, PAMA and PICPA
The Chartered Institute of Management Accountants (CIMA), the Philippine Association of Management Accountants (PAMA) and the Philippine Institute of Chartered Accountants (PICPA) met on May 27, 2021 at 2 p.m. via the Zoom online meeting for the signing of a memorandum of understanding on their tripartite partnership.
On the same day, CIMA launched its public accountancy program in the Philippines. Through this program, members of PICPA with at least three (3) relevant professional experiences are exempted from fifteen (15) CIMA professional qualification exams and will only be required to sit one (1) exam, the exam strategic case study. Upon successful completion of this exam, the prestigious Chartered Global Management Accountant (CGMA) designation will be granted upon successful CIMA membership application.
Managing Director of Global Markets, Association of International Certified Professional Accountants (the Association – representing AICPA and CIMA) Ms. Irene Teng opened the event with her welcoming speech thanking stakeholders and partners, as well as for the support that PAMA has given to the growth of management accounting professionals in the Philippines. The Association represents 696,000 members and students worldwide, and this combined force provides additional capabilities to support members and students, and to work with selected partners for the good of the profession, as well as for economic recovery and building a more sustainable future for all.
President Lolita Tang of the Philippine Association of Management Accountants (PAMA) acknowledged the challenges everyone faces, observing that “when we as organizations support each other, we talk and learn. from each other, we optimize our operations and the result is a net addition for everyone involved. Today’s event is truly a great opportunity, indeed! Today is a celebration of our persistence and resilience.
“Profit should not and cannot be all that matters in our new world.”
PICPA President Jun Lope Bato Jr also shared a message for the event, beginning by showing his gratitude to the Honorable Noe G. Quiñanola, Chairman of the Accounting Board of the Philippines, to the Regional Vice President of the Association for Asia-Pacific, Mr. Venkkat Ramanan FCMA, CGMA, Ms. Lolita Tang, President of the Philippine Association of Management Accountants, PAMA Board of Directors and Board of Directors and past Presidents present, PICPA Executive Director Estelita Aguirre, and other members of the PICPA board, the CIMA work team and friends.
“Getting together is a start. Staying together is progress. Working together is success.
He explained how this collaboration is a cooperation between the parties in matters of corporate governance, professional ethics, technical research, continuing professional development, professional accounting training, quality control, education and review, and that this tripartite agreement allowed PICPA to increase the number of PICPAs becoming CGMAs.
“None of us are as smart as all of us, and only we can do so little, together we can do so much.”
The Association’s Asia-Pacific Regional Vice President, Mr. Venkkat Ramanan FCMA, CGMA, gave his presentation on the transformation of the financial profession. In his speech, he highlighted the rationality of man, the complexity of the world, the financial challenges and the importance of technology today. He ended his post by discussing how finance professionals should provide information as businesses evolve because that information impacts an organization.
Partnering with CIMA, PICPA and PAMA helps create impact for organizations, which will help address organizational sustainability amid financial risk.
As noted by the Association’s Regional Vice President for Asia-Pacific, Mr. Venkkat Ramanan FCMA, CGMA:
“The future of finance and the transformation of finance professions require us to go beyond and beyond our technical skills. We need to bring our ability to manage people, human skills, to be able to support the business with the technical skills they have at the bottom of the ladder. This is why finance professionals are better placed to become strategic partners. And with this partnership with PICMA and PAMA, we hope to develop strategic business partners capable of delivering and developing our future in a sustainable manner in the Philippines. “