Shaping the future by reimagining the possible
Isla Lipana & Co. celebrates 95th anniversary
Marking its 95th year as the oldest professional accounting firm in the country, Isla Lipana & Co. remains a pillar in professional services industry, which stands in excellence and integrity. The firm, previously known as Joaquin Cunanan & Co., has gained the trust of its clients over the decades through its unswerving dedication of delivering quality services.
Isla Lipana & Co. is a member firm of PricewaterhouseCoopers (PwC), one of the world’s largest professional services networks with over 223,000 people in 157 countries, which gives the firm a more competitive edge. PwC has retained its position as the number one professional services brand, and one of the world’s top 10 most powerful brands in the Brand Finance Index 2017.
With a total of approximately 1,200 employees, Isla Lipana & Co. sticks to the highest quality standards in carrying audit and assurance, deals and corporate finance, management, accounting, consulting and tax planning to its variety of clients including government agencies and leading corporations across different industries.
“Our relationship with our clients is always based on understanding the business of our clients and understanding their business. Giving them candid opinions, giving them perspectives from all angles – not merely fresh perspectives but all-angle perspectives. All these things build the trust of our clients over the years,” Alexander B. Cabrera, chairman and senior partner of Isla Lipana & Co., said in an interview with BusinessWorld.
This veteran firm in the professional services industry not just lives by the numbers, its longevity signifies expertise and remarkable performance in its more than nine- decade journey. Isla Lipana & Co. is the first and only local audit firm who received a clean and unqualified report from the Public Company Accounting and Oversight Board (PCAOB), a nonprofit corporation that conducts inspections to identify and address the weaknesses and deficiencies of firms related to audit work. The citation is a proof to the quality standards of the firm. As Mr. Cabrera explained, this “speaks volume, it’s about the quality of the work and how we protected the methodology and processes.”
Mr. Cabrera also shared that Isla Lipana & Co., so far, is the only accounting firm, and among the few companies in the Philippines, that has received an advance rating from the Integrity Initiative, a campaign spearheaded by the Makati Business Club and the European Chamber of Commerce of the Philippines that aims to strengthen ethical standards in business.
Asked about the other milestones of the company, Mr. Cabrera said, “During the 95 years of existence of the firm, one milestone that we’re proud of is our integrity – the value of our integrity truly supports our brand.”
Amidst the continuous changes and competitive setting in the professional services industry, Isla Lipana & Co. stands firm among its competitors by living its purpose – to serve and help the clients achieve sustainable growth.
“We don’t try to stand out, and that is probably not the most important point about what we do, but it’s about living our purpose. Our purpose is building trust in society and solve important problems, and we try to not only have taught leaderships about this purpose, we actually try to live it,” Mr. Cabrera said.
Isla Lipana & Co. also promotes development within the society through their corporate social responsibility initiatives. One of these projects is the recently concluded annual “Developmental Social Enterprise Awards (DSEA)”, which recognizes organizations in the country that have proven efficiency in achieving their social objectives and viability. For 2017, the award goes to GenerationHope, Inc., the manufacturer of “Hope in a Bottle” purified bottled water, which received cash award and free mentorship.
“Value Photo Story Contest”, a photo competition searching for entries that shows the Filipino values, is one of the ongoing projects of the company. Mr. Cabrera said that the contest targets to assemble a book that can be the basis of curriculum or course in the lower grade for value formation.
In relation to Philippine tourism, the firm is developing unique investment guides on the six cities of Visayas and Mindanao named “Reimagining VisMin: Investment guides”. It will showcase the culture, food, people and tourist spots of Bacolod, Cagayan de Oro, Cebu, Davao, Iloilo and General Santos. The publication of these guides intends to invite potential investors to invest in the said localities.
When asked about the future plans of Isla Lipana & Co., Mr. Cabrera responded, “The future plan will always be based on our purpose, which is to build trust in the society, and help solve important problems, but we want to also create not only a distinctive experience for our clients but to provide a unique work experience for our people. My objective as the leader is not so much on the size of the firm or the level of growth, it’s really to leave behind a strong firm for all our talented young people, and I know the rest will be incidental.”
Mr. Cabrera ended that Isla Lipana & Co. is not simply an accounting firm or a consulting firm. It is a firm with purpose and part of that purpose is breathing, living and doing something positive to the communities and country.