R.C. Solangon & Associates, CPAs Co.
RAFAELITO C. SOLANGON acquired his Bachelor of Science in Business Administration major in Accounting in March 1979 from the University of the East in Claro M. Recto, Manila. He passed the Certified Public Accountant Examination given in May 1984. He has extensive experience and expertise in all phases of accounting, finance, taxation and audits from various companies. He started his employment in 1979.
In 1984, he joined the company of the former President of the then Manila Stock Exchange as Chief Accountant and two (2) years later, he became the Internal Audit Manager of Gimenez Group of Companies. After the EDSA 1 revolution in February 1986, he joined several manufacturing companies that produces and exports various products such as garments and textiles, stuffed toys, fine craft jewelries, automotive parts and porcelain dolls.
From September 1988 to February 1999, he worked in abroad and served as Financial Controller in two (2) big manufacturing companies in Jakarta, Indonesia. In various capacities, he led the management team of the 2nd company he worked with that set up smaller operations in several Asian countries namely, Malaysia, Hongkong, Singapore and China. Back in the Philippines, he worked with four (4) more companies including Liquigaz Philippines Corporation, a Top 500 Corporation in terms of sales revenue. It is from his work in these companies that his expertise in financial and operational audits, treasury activities and taxation were developed and sharpened. In fact, in his last employment with a Japanese company, then a leading manufacturer of automotive parts in the world, he was assigned as head of Quality Management Representative (QMR) when the company applied for certification of ISO-9000 in August 2005.
In late 2006, some of his colleagues and friends became his clients aside from getting several offers as a consultant from various companies. To keep update with latest tax rulings, various updates from SEC and basic requirements on financial reporting framework that includes Philippine Accounting Standards (PAS), Philippine Financial Reporting Standards (PFRS), Philippine Auditing Standards (PSA), he attends seminars and lectures regularly in order to earn units on Continuing Professional Development (CPD).
By the end of the 1st quarter of 2007, his clients increased on gradual basis and in June 2008, he took an early retirement to pursue his professional career as a CPA in public practice.
And since both SEC and Board of Accountancy (BOA) will implement Quality Assurance Review (QAR) and the opening of doors of ASEAN countries to Filipino practicing CPAs, Lito had formed an alliances with other CPA practitioners in May 23, 2014 and registered it with SEC as R.C. Solangon & Associates, CPA’s Co.
QAR is an excellent step in the pursuit of improving the credibility and reliability of financial statements audited by Philippine external auditors. At present, it has Nine (12) CPA associates and a combined eight (10) senior and junior auditors.
The Associates offers professional services as follows; 1. Assurance such as external audit, review services, accounting consultations, regulatory compliance, extended audit services, due diligence work, etc. 2. Tax consultancy including compliance review, tax planning, seminars, etc. 3. Advisory such as performance improvement on operations, risk assessment, etc.
Currently, Lito has certificates of accreditation with the Bureau of Internal Revenue (BIR), Board of Accountancy (BOA) and Securities & Exchange Commission (SEC). He is also a member of various professional associations and civic organizations, as follows:
1) Vice President – Philippine Chamber of Commerce and Industry (Makati)
2) Member – Philippine Institute of Certified Public Accountants (PICPA)
3) Member and Treasurer – Association of CPA in Public Practice (ACPAPP)
4) Member – Association of CPA in Commerce and Industry (ACPACI)
5) Director – Finance Educators Association (Fin.Ed) Phils.
6) President – Association of Residencia Accountants in Public Practice (ARAPP) Inc.
7) Member – Israel Chamber of Commerce & Industry (ICC)
8) Chartered President – Rotary Club of Makati Valero – RI District 3830
9) Member – Tax Management Association of the Philippines (TMAP)