RA 9298

Philippine Accountancy Act of 2004

• Repealed PD 692 known as Revised Accountancy Law (1975)
• Global competitiveness addressed in the new law
o Accounting education
▪ Standardization and regulation thru CHED Memorandum
▪ Research
▪ Integrative review
▪ Internship
• Examination
• Questions are more relevant to practice

o Practice of profession
▪ Practice is regulated thru accreditation (CPD requirements)
▪ Public practice
▪ Education
▪ Commerce and industry

Practice of Public Accountants

1. Audit or verification of financial transactions and accounting records
2. Preparation, signing or certification for client of reports of audit
3. Design, installation, review and revision of accounting system
4. Represent client before government agencies on accounting matters
5. Rendition of professional assistance

Practice in commerce
1. Represent employers in government agencies
2. Preparation of FS
3. Coordination with external auditors
4. Where company has paid-up capital of at least P5M and annual revenue of at least
P10M, CPAs should be hired

Practice in education
1. Teaching of accounting, auditing, management advisory services
1. Provided, that members of the IBP may be allowed to teach law and taxation
subjects
2. Provided further that the position of chairman of the department of accountancy
must be occupied ONLY by a CPA

Practice in government
1. Work must be accounting related
2. Civil service eligibility as a CPA is a prerequisite

Board of Accountancy
• Formed by PRC
• Composed of a Chairman and six members to be appointed by the President of the
Republic of the Philippines from a list of three recommendees and ranked by PRC from
a list of five nominees
• Terms of office: three yeard renewable for another term lapse of one year
• No member shall serve for more than twelve years
Qualifications of members
1. Must be natural born citizen and resident of PH
2. Must be duly registered CPA with at least 10 yrs work experience in any scope of
practice of accountancy
3. Must be of good moral character and must not have been convicted of crimes involving
moral turpitude
4. Must not have any pecuniary interest in any school, college, university, or institution
offering academic degree
5. Must not be a director or officer of PICPA and APO at the time of appointment

Powers and Functions

1. To prescribe and adopt the rules and regulations necessary for carrying out the
provisions of the ACt
2. To supervise the registration, licensure, and practice of accountancy in the Philippines
3. To administer oaths
4. To adopt an official seal of the Board
5. To monitor the conditions affecting the practice of accountancy in the Philippines
6. To issue, suspend, revoke, or reinstate the COR for practice of accountancy
7. To prescribe and adopt a CoE for the practice
8. To conduct an oversight into the quality of audits of financial statements through a
review of the quality control measures
9. To investigate violations of this act and the rules and regulations
10. To issue a cease or desist order to any person, association, partnership, or corporation
engaged in violation of any provision of RA 9298, any accounting or auditing standards
promulgated by the Board.
11. To punish for contempt of the Board
12. To prepare, adopt, issue, or amend the syllabi of the subjects for examinations
13. To ensure that all higher educational institutions offering accountancy, including review
centers and CPD providers, comply with the policies, standards, and requirements of the
course prescribed by CHED or other authorized government officer of CPD council as
the case may be.
Grounds for suspension or removal of members of the board
1. Negligence or incompetence
2. Violation or tolerance of any violation of the Act
3. Final judgement of crimes involving moral turpitude
4. Manipulation or rigging of the certified public accountant’s licensure examination in the
examination questions prior to the conduct of the said examination, or tampering of
grades

Financial Reporting Standards Council (FRSC)

Auditing and Assurance Standards Council (AASC)
Educational Technical Council (ETC)
(QRC)
(PRC-CPD)

Qualification for CPA Board Exams

1. Filipino citizen
2. Good moral character
 3. Holder of degree of BS Accountancy conferred by school recognized by CHED
4. Not convicted of any criminal offence involving moral turpitude

Documents for submission

1. Certificate of Live Birth
2. Marriage Contract
3. College Diploma
4. Baccalaureate Transcript of Records
5. NBI Clearance
6. Other documents the Board may require
1. Payment**

Scope of Exams
1. RFBT
2. Taxation
3. MAS
4. Auditing
5. Financial Accounting and Reporting
6. Advanced Financial Accounting and Reporting

Ratings shall be submitted within ten days after the examination

Certificate of registration
Professional Identification Card
PTR (where the practice is to be conducted)
Refusal to be issued COR and PIC
1. Conviction by court
2. Unsound mind

Suspension and revocation of COR and PIC

1. Unprofessional or unethical conduct
2. Malpractice
3. Violation of any provisions of RA 9298

Reinstatement - after two years

Ownership of Working Papers - shall be treated confidential

General rule: no information of clients shall be disclosed to third parties