Oathtaking Ceremonies of the new CPAs

Speech of President Edgardo J. Angara
during the Oathtaking Ceremonies of the new CPAs
on 14 November 1985
at the PICC Plenary Hall

Ladies and Gentlemen:

Let me congratulate you on passing the 1985 CPA examination. That you all successfully made it to one of the most difficult professional tests is surely a credit to your academic preparation, to your personal discipline and intellectual abilities, and to your parents who have always stood by your side. And our country is richer for having an additional corps of fresh and idealistic professionals who can be called upon to help a nation in crisis.

And yet even as words of felicitation are sincerely given, the sense of joy that victory evokes is somewhat muted by the harsh realities that surround us. The economy is in terrible shape. Trade and investments are on the downtrend. The ranks of unemployed are swelling. Insurgency is mounting. And all around us is an atmosphere of uncertainty and doubt.

Let me add quickly, it is not my intention to dampen your high spirit during this happy event. On the contrary, my fervent hope is that you will remain optimistic about your future and your country. The nation needs the enthusiasm and idealism of your youth as much as the integrity of your profession to help our country revive its faltering economy.

To the central task of reconstructing the country's economy, the accountant must bring back and restore his profession's ideals of high personal honor and paramount duty to the public. For the economy is now in a sorry state because a number of us failed to apply those ideals.

You may ask: What is the special role and relevance of accountants in rebuilding the economy?

I suggest your role is vital in two ways. The first aspect relates to the basic nature and purpose of your profession. The second refers to the new and increasing career opportunities which modern technology is opening up for accountants.

Let me first explain the nature and purpose of the accounting profession as I understand it. Accounting has been called the language of organizations. The date that organizations need to understand their environment and their situation as well as the information they need to plan ahead must be expressed in accounting terms. Only the science of accounting can give the coherence to myriad transactions that organizations engage in. This essential service is necessary in all organizations be they public or private, government or academic institutions.

The science of accounting, however, is susceptible to two uses: that of giving order and clarity to transactions and that of obscuring them. The accountant's paramount duty to the public should be a shield against the temptation to commit concealment. His moral duty to bring out the truth is unavoidable.

In the course of your training to be accountant, you were taught that the application of your science has one end: to so arrange and express the facts with precision as to enable managers and owners of enterprises to make quality decisions. The whole point of the accounting science is to clarify the situation in which an enterprise finds itself. In short, to bring out the truth. The decision as to what should be done about the situation rests with those who would be most affected by that decision; it does not rest with the accountant. When an accountant, therefore, uses his science to obscure or conceal the facts, he is in effect making the decision that he has no right to make.

But even as that decision rests with the owner of the enterprise, never should the accountant allow himself to be an instrument of concealment or deception to suit the purposes of his client. For accounting is a profession. Its ethical rules allow no room for immoral schemes. The accountant has a duty not only to his clients but also to the public which relies on his opinion.

As the primary medium of knowledge and information, the accountant therefore plays a key role in the organization.

And that brings me to your individual career prospects. Our economy requires modernization in order o recover. Your accounting training is a valuable asset. Trained in the analysis of data and the handling of information, the accountant enjoys a headstart compared with many professionals in the rapidly growing service sector. Services will continue to grow faster than other sectors because computer and communications technology is surely and swiftly advancing.

This new field offers everyone of you the opportunity to carve a greatly challenging career. This means, however, you must first understand the significant changes which computer and communications technology has affected in the practice of accounting. You must begin to adjust to the reality that the accounting systems are going to be manned less by bookkeepers and more by data input assistants. You must even now realize that with computerization, data and reports will now be produced with greater speed and precision.

In short, while the doors to employment as traditional accountants are not readily open, a new wide world of career opportunities beckons in such fields as management control and information systems, systems auditing, design of software for accounting systems, system consultant services and others.

That is why I say at the start that you have no reason to lose your idealism and confidence even during this period of uncertainty. Your profession is on the mainstream of modern information technology. Your professional future is largely on your hands. With drive and determination, you will surely succeed.

Your individual success added to similar efforts of other Filipinos, can make and should transform our country into a "going concern" once again.