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Consulting Partners join EY Sri Lanka webinar  SGV Consulting Partners Christiane Say-Mendoza (EY ASEAN Risk Competency Leader) and Ian Canlas (EY ASEAN Consulting Quality Leader) were among the speakers at a webinar titled Building Resilience through Risk Management hosted by EY Sri Lanka. They led the discussion on the areas that companies have focused on during the pandemic and the significant role of internal auditors in working with management throughout the crisis. They also shared insights on the planned initiatives of various internal audit departments aimed to respond to the pandemic’s various challenges.    Speakers at the Building Resilience webinar   Other speakers included EY Sri Lanka Consulting Partner Ranil de Saram and EY ASEAN Cybersecurity Leader Gerry Chng. Ranil presented insights from the Sri Lankan market about the pandemic’s effects on different industries. He also discussed the key areas of concern companies may consider when managing risk. Gerry provided an overview of the pandemic’s effect on cybersecurity.   The organizing team of the EY Sri Lanka webinar  EY Sri Lanka Consulting Principal Brian Goudian moderated the session. Participants included audit committee members, chief financial officers and chief audit executives from various industries and conglomerates in Sri Lanka. 

JMC speaks at IIAP webinar  SGV Consulting Partner and EY ASEAN Consulting Quality Leader Joseph Ian M. Canlas (JMC) was one of the panelists at a webinar titled Benefits and Challenges of Continuous Auditing hosted by the Institute of Internal Auditors Philippines (IIAP). Other panelists and participants included risk, compliance and governance professionals in the Philippines.   JMC’s presentation at the IIAP webinar  The webinar covered the benefits and challenges of continuous auditing, its effects on organizations, and its difference from continuous monitoring. Drawing from his experience as an internal audit professional, JMC provided tips and techniques on how companies can implement continuous auditing to positively impact their organizations. He discussed how a technology-driven continuous auditing program can help organizations detect fraud and errors, accomplish compliance with regulatory guidelines and policies, and minimize cost while increasing productivity and effectiveness. He also emphasized the difference between continuous auditing and continuous monitoring as explained in the Global Audit Technology Guide of the Institute of Internal Auditors. Continuous auditing is primarily a method used by auditors while continuous monitoring is overseen by management functions. However, with proper coordination between the two activities, continuous auditing and monitoring can more effectively identify the gaps and weaknesses in risk management and control, and create a more responsive environment.   

SGV tabulates virtual Miss Philippines Earth pageant  RDD during the online tabulation  SGV was the official tabulator of the Miss Philippines Earth 2020 pageant aired on national television last 5 July. Celebrating its 20th year, Miss Earth is an international environmental beauty pageant where candidates and winners advocate environmental preservation and protection. The pageant also aims to promote local tourist destinations. Miss Philippines Earth 2020 is the first local pageant to hold finals after the country was placed on community quarantine because of the COVID-19 pandemic.    Miss Philippines Earth 2020 candidates  Strategy and Transactions Partner Ramon D. Dizon (RDD) and Assurance Partner Mariecris Barbaso led the SGV tabulation team who conducted an independent tabulation of scores cast by the judges. Completing the team were Assurance Senior Manager Crystal Aleli Cornell; Senior Associates Angelu Daphne Villanueva, Janella Landicho and Julius Ceasar Mercado; and Associates Arkangela Jerusha Tobes, Jemeca Mislang, Bryan Christopher Torres, Roma Mel Aguila and Reynaldo Angelo Fecundo.  

Tax Senior Associate inspires AdDU Law Freshmen   SGV Davao Tax Senior Associate Kristine Confesor was a guest speaker at the Ateneo de Davao University (AdDU) College of Law freshman orientation on 24 June. Organized by the College’s Supreme Student Council, the virtual orientation provided the incoming freshmen with a quick overview of the law school experience and introduced them to the faculty and key department heads.    Tax Senior Associate Kristine Confesor during the AdDU Law freshman orientation  As an alumna of AdDU who passed the 2019 bar exams, Kristine gave tips on how to succeed in law school and become a lawyer. Citing her own experiences, Kristine highlighted the contribution of her professors and the significance of their lectures. She also emphasized the value of self-discipline and explained that today’s students are faced with unique challenges created by the pandemic and must learn to adapt to the new online learning environment.   Over 4,000 participants viewed the event that was webcast via the AdDU Facebook page. Attendees included AdDU Legal Counsel Dean Manuel Quibod, Assistant Dean Jazzie Sarona-Lozare, Judge Maria Eloisa Maglana, and other faculty and staff of AdDU Law.  The AdDU College of Law emerged with the highest passing rate in the 2019 bar exams after registering an 88.64% overall passing rate, with 39 of its graduates passing the bar exams out of 44 takers. The College also marked a passing rate of 91.67% for first-time takers, with 33 passers out of 36 takers.  

SGV Partners hold first virtual PPC  SGV Partners held the first ever virtual Partners’ Planning Conference (PPC) last 19-20 June with the theme: Now…Next…Beyond. Members of the leadership team attended the virtual meeting from the Washington SyCip Development Center (WSDC) and observed social distancing while the other Partners participated from their own offices or their homes.  Members of SGV’s leadership at the WSDC during the PPC  

SGV honors retiring partner  SGV partners celebrated the retirement of Assurance Partner Josephine H. Estomo (JHE) on 19 June at the Washington SyCip Development Center. Assurance Leader Martin Guantes and Talent Leader Julie Mateo hosted the program. Country Managing Partner Wilson P. Tan (WPT) delivered the opening remarks and commended JHE’s outstanding contributions to the Firm, emphasizing her efforts in strengthening client relationships and developing the skills of generations of SGVeans.  WPT, JHE and ARB during the retirement program  Consulting Partner Leonardo J. Matignas prepared a video musical number and Assurance Partners Albert R. Bon (ARB), Shane D. Tanguin (SDT) and KC S. Catalan (KSC) shared their heartfelt messages for JHE. Assurance Partners Dhonabee Señeres, Jennifer Ticlao, Wanessa Salvador, John Villa, ARB, SDT and KSC presented a special video featuring JHE’s SGV journey with her colleagues, friends and staff.   Alumni Partners Pong Villamayor, Vic Ibe, Mar Aguas and Cynthia Manlapig also prepared messages for her. Chairman Itos Cruz delivered the closing remarks and emphasized her remarkable stewardship that has helped nurture SGV’s current and future leaders.  JHE’s token of appreciation  In honor of her 39 years of invaluable service to the Firm, JHE was presented with a token of appreciation – a sculpture titled A New Chapter. It depicts a woman reading a book under a tree, in her constant pursuit of new knowledge. The program concluded with a message from JHE who expressed her gratitude to SGV, her staff and colleagues.    Best wishes on your retirement, JHE! 

FAAS holds COVID-19 Accounting Considerations webinars  SGV, through its Financial Accounting Advisory Services (FAAS) team, conducted a series of webinars on COVID-19 accounting considerations on 22 May and 5 June. FAAS and Climate Change and Sustainability Services Partner Benjamin Villacorte hosted and moderated all sessions.     Speakers at the first session of the FAAS COVID-19 webinar  During the first session, Country Managing Partner Wilson Tan provided an overview of the pandemic’s effect on the country, such as supply chain disruption and high volatility in financial markets. Assurance Partner Peter Ventura discussed lease payments, proposed amendments to PFRS 16 and other lease modifications. FAAS Senior Director TJ Raagas explained the pandemic’s effects on financial instruments such as debt modifications, loan covenants and expected credit losses, among others. Assurance Partner Meynard Bonoen spoke on the impairment of assets. EY ASEAN FAAS Leader Aris “Bok” C. Malantic (ACM) discussed the challenges that enterprises face due to the pandemic and the steps that they can take to mitigate these risks. Speakers concluded the session with a panel discussion with SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR). During the discussion, VCR explained how companies can respond to the pandemic’s challenges across various areas now, next and beyond. She discussed business continuity and crisis planning, new business models, and the adoption of technologies and new ways of doing things as businesses transition to the new normal.  Speakers at the second session of the FAAS COVID-19 webinar  VCR began the webinar’s second session with an overview of the community quarantine measures implemented in the country and their effects on accounting considerations. Assurance Partner Dhonabee Señeres discussed financial presentations and financial statement disclosure considerations. Assurance Partner Ysmael Acosta explained the different types of employee benefits and their financial reporting considerations. FAAS Senior Director Anna Maria Rubi Diaz spoke on considerations in revenue recognition. ACM discussed the financial reporting challenges that entities face and the measures that they can implement to protect their organizations. The session concluded with a panel discussion.   The webinars helped equip participants to address the issues that the pandemic has created now, plan for what’s next, and think about their organization’s position in a world beyond the COVID-19 crisis. Over 2,200 financial and accounting executives participated in both webinars. The event’s organizing team included FAAS Senior Directors Anna Maria Rubi Diaz and Alexander Bughaw. 

AWO speaks at ISACA webinar   Consulting Partner Allan W. Ocho (AWO) led a webinar titled “How Risk and Assurance professionals can contribute to Building a Resilient Enterprise” for the ISACA Manila Chapter on 16 June. ISACA Manila is a professional organization composed of information security, assurance, risk management and governance professionals. Over 300 participants attended the webinar, including internal audit (IA), risk management, and compliance professionals.       AWO during the open forum of the ISACA webinar   AWO began the session with a discussion on enterprise resiliency and business continuity. He explained the role of risk and assurance professionals in building a resilient enterprise. He also discussed leading practices that IA and risk management professionals from different organizations are implementing to adapt to uncertainty. He then presented the EY Enterprise Resilience Tool which provides a methodical approach to crisis management, recovery and reinvention. He also discussed the different areas that organizations can focus on to reframe their future and strengthen their resilience.

FSO conducts Insurance webinar     The SGV Financial Services Organization (FSO) Insurance sector held a webinar titled “Impact of COVID-19 on Insurance Companies” on 3 June. The session provided valuable insights on the financial effects of the pandemic on the insurance industry. Financial Services Organization Consulting (FSO Consulting) and Government and Public Sector Partner Christian Lauron moderated the session. Participants included finance, risk, and actuarial professionals from various insurance companies.      Speakers at the FSO Insurance webinar  Strategy and Transactions Services Partner Marie Stephanie Tan-Hamed provided an overview of the local economic impact of the pandemic and discussed its effects on the financial services industry. FSO Senior Manager Redgienald Radam discussed the accounting considerations for financial instruments, including the classification, reclassification and impairment of financial assets under PAS 39 given the recent sharp decline in financial markets and the stressed economic environment, and the tainting rule applicable to held-to-maturity financial assets. He also explained the PFRS 9 requirements on business model assessment and the expected credit losses to consider in assessing the pandemic’s impact on insurers that adopted the standard prior to the pandemic. FSO Consulting Senior Manager Catherine Laigo discussed the impact of COVID-19 on financial and regulatory reporting, including the business area focus for insurance companies.  The webinar is the first among a series of webinars on the insurance industry conducted by the SGV FSO team. Those interested may contact Catherine R. Laigo at Catherine.R.Laigo@ph.ey.com or Mary Catherine M. Biliran at Mary.Catherine.M.Biliran@ph.ey.com.  

TFM leads NordCham Tax webinar    Tax Partner Thyrza F. Marbas (TFM) conducted a tax webinar for the Nordic Chamber of Commerce Philippines (NordCham) titled “Let’s Talk about CREATE” on 2 June. The webinar aimed to orient participants on the salient features of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).     TFM presenting at the NordCham tax webinar  TFM discussed the bill’s recent developments in Congress and provided an overview of the corporate income tax rates and average duration of incentives among ASEAN countries. She also explained the bill’s significant provisions in comparison with the existing provisions and the Senate and House versions of the Corporate Income Tax and Incentives Rationalization Act (CITIRA).     Mr. Svenningsen and participants at the NordCham tax webinar with TFM and other members of the SGV Tax Team  NordCham Executive Director Jesper Svenningsen moderated the webinar and welcomed participants who included executives and representatives from the private and public sectors. The event’s organizing team included SGV Tax Leader Fame delos Santos and Tax Senior Director Gecel Codera-Ong.