PRC-BOA RESOLUTION NO.

68-2016
(AMENDED PRC-BOA RESOLUTION NO. 03-2016)

The Professional Regulation Commission-Board of Accountancy (PRC-BOA) has

amended its BOA Resolution No. 3-2016 re Certification on Compilation Services, in its
recently released BOA Resolution No. 68-2016 [Date of Publication-March 23, 2016
with Effectivity today April 8, 2016].

Highlights of the amendments include:

1. Extension of the deadline for the filing of application for accreditation by CPAs in
commerce and industry from February 29, 2016 to April 30, 2016;

2. Application within one month after the date of hiring of certifying CPAs who are hired
after the April 30, 2016 deadline;

3. Release of Certificates of Accreditation with undertaking to comply with the

Continuing Professional Development (CPD) requirement until June 30, 2016 will only
be made upon submission of proof of compliance therewith;

4. Accredited CPA who retire, resign or be dismissed or separated from current

employment shall notify the Standards and Inspection Division (SID) of PRC within one
year from severance of employment; if he is subsequently re-employed & will be the
certifying CPA of the new employer, he shall apply for accreditation with BOA under the
new employer within one month from hiring date;

5. Certifying CPAs who also concurrently perform compilation services for other related
companies/persons shall file only an application for accreditation for the employer;
However, he shall indicate in the "Detailed Description of Work" the following:
- names of the other companies in which he is also doing compilation services; &
- that the preparation of the FS of such companies are also the responsibility & duty of
the CPA

6. CPAs shall complete the preparation of the FS & notes for presentation to the
external auditor/s not later than two months after the end of the accounting period;

7. External auditor/s shall bring to the attention of management any instance of

omission or non-compliance with the provisions of BOA Resolutions, including:
- failure of the audit client to engage a duly accredited CPA who is responsible for
preparing the FS,
- non-attachment of the Certificate in the Annual Statutory FS; &,
- other violations of BOA resolutions & any subsequent amendments thereto'

8. External auditor/s shall notify BOA of the foregoing omissions and non-
compliance within one month from the conclusion of the audit engagement.