Professional Review and

Training Center (PRTC)

Philippine Accountancy Act

of 2004 (RA 9298)
(AT.2521)

Leomar R. Cabarles
Overview
Overview
Rule I
– Title, Declaration of
Policy, Objective and
Scope of Practice
Section 11 –– Short
Section Short Title
Title
Section 22 –– Declaration
Section Declaration of
of Policy
Policy
Section 33 –– Objectives
Section Objectives
Section 44 –– Scope
Section Scope of
of Practice
Practice
Practice in
Practice in Commerce
Commerce and
and Industry
Industry
Practice in
Practice in Academe
Academe
Rule II
– Professional Regulatory
Board of Accountancy
(PRBOA or the “Board”)
Section 55 –– Appointment
Section Appointment and
and Composition
Composition
Section 66 –– Qualifications
Section Qualifications
Section 77 –– Term
Section Term of
of Office
Office
Section 88 –– Compensation
Section Compensation and
and Allowances
Allowances
Section 99 –– Powers
Section Powers and
and Functions
Functions
Section 99 –– Powers
Section Powers and
and Functions
Functions
Section 99 –– Powers
Section Powers and
and Functions
Functions
 Section 99 (A)
Section (A) –– AASC
AASC and
and FRSC
FRSC
FRSC AASC
1. Chairman (FRSC: Any sector; AASC: Public Accountancy) 1 1
2. Board of Accountancy 1 1
3. Securities and Exchange Commission 1 1
4. Bangko Sentral ng Pilipinas 1 1
5. Commission on Audit 1 1
6. Bureau of Internal Revenue 1
7. FINEX 1
8. An association of CPAs in public practice 1
APO (PICPA):
9. Public Practice (AASC: Small, medium & big prac.) 2 6
10. Commerce and Industry 2 1
11. Academe/Education 2 1
12. Government 2 1
Total 15 15

• Three years, renewable for another term

 Section 99 (B)
Section (B) –– Education
Education Technical
Technical Council
Council

ETC
1. Chairman 1
2. Board of Accountancy 1
APO (PICPA):
3. Public Practice 1
4. Commerce and Industry 1
5. Academe/Education (Public & Private) 2
6. Government 1
Total 7

• Three years, renewable for another term

Section 10
Section 10 –– Administrative
Administrative Supervision…
Supervision…
Section 11
Section 11 –– Suspension
Suspension and
and Removal
Removal
Section 12
Section 12 –– Annual
Annual Report
Report
Rule III -
Examination,
Registration and
Licensure
Section 13
Section 13 –– The
The CPA
CPA Examinations
Examinations
Section 14
Section 14 –– CPA
CPA Exam
Exam Qualifications
Qualifications
Section 15
Section 15 –– Scope
Scope of
of CPA
CPA Exam
Exam
Section 16
Section 16 –– Rating
Rating in
in the
the CPA
CPA Exam
Exam
Rating in
Rating in the
the CPA
CPA Exam:
Exam: Illustration
Illustration
Section 17
Section 17 –– Report
Report of
of Ratings
Ratings
Section 18
Section 18 –– Refresher
Refresher Course
Course

Conditional + Removal
=
One Examination
Section 19
Section 19 –– Oath
Oath
Section 20
Section 20 –– COR
COR and
and PIC
PIC
Section 21
Section 21 –– Roster
Roster of
of CPAs
CPAs
Section 22
Section 22 –– Indication
Indication of
of COR,
COR, PIC,
PIC, &
& PTR
PTR
Section 23
Section 23 –– Refusal
Refusal of
of COR
COR &
& PIC
PIC
Sec. 24
Sec. 24 –– COR&PIC
COR&PIC Suspension/Revocation
Suspension/Revocation
Section 25
Section 25 –– Reinstatement,
Reinstatement, Reissuance…
Reissuance…
Rule IV –
Practice of
Accountancy
Section 26
Section 26 –– Prohibition
Prohibition in
in Practice
Practice
Section 27
Section 27 –– Vested
Vested Rights
Rights of
of CPAs
CPAs
Section 28
Section 28 –– Public
Public Practice
Practice Limitation
Limitation
Section 28
Section 28 (A)
(A) –– Meaningful
Meaningful Experience
Experience
Section 28
Section 28 (A)
(A) –– Meaningful
Meaningful Experience
Experience
Section 29
Section 29 –– Ownership
Ownership of
of Working
Working Papers
Papers
Section 30
Section 30 –– Accredited
Accredited Professional
Professional Org.
Org.
Section 31
Section 31 –– Accreditation
Accreditation to
to Public
Public Prac.
Prac.
 Annex B
Annex B –– Name
Name of
of Practice
Practice
TYPE BASIS EXAMPLE
Individual “Juan de la Cruz,
CPA BOA and PRC CPA”
Registered Name
“Juan de la Cruz
Firms DTI Registered and Associates”
Name
“Cruz, Isidro,
Partnerships SEC Registered Martin, and
Name Company"
Annex B
Annex B –– Name
Name of
of Practice
Practice
Annex B
Annex B –– Quality
Quality Review
Review Committee
Committee (QRC)
(QRC)
Annex B
Annex B –– Quality
Quality Review
Review Committee
Committee (QRC)
(QRC)
1. Chairman 1
2. Board of Accountancy 1
APO (PICPA):
3. Public Practice 2
4. Commerce and Industry 1
5. Academe/Education 1
6. Government 1
Total 7
Section 32
Section 32 –– Continuing
Continuing Professional
Professional Dev.
Dev.
 PRC CPD
PRC CPD Council
Council

1. Chairperson (BOA) 1
2. 1st Mem (Officer of PICPA) 1
3. 2nd Mem (Academician) 1
Total 3
Exemptions from
Exemptions from CPD
CPD
Annex “C”
Annex “C” –– Sanctions
Sanctions to
to CPAs
CPAs
Section 33
Section 33 –– Seal
Seal and
and Use
Use of
of Seal
Seal
Section 33
Section 33 –– Seal
Seal and
and Use
Use of
of Seal
Seal
Section 34
Section 34 –– Foreign
Foreign Reciprocity
Reciprocity
Section 35
Section 35 –– Temporary/Special
Temporary/Special Permits
Permits
Rule V –
Penal and Final
Provisions
Section 36
Section 36 –– Penal
Penal Provisions
Provisions
Section 37
Section 37 –– IRR
IRR
Section 38
Section 38 –– Interpretation
Interpretation
Section 39
Section 39 –– Enforcement
Enforcement
Section 40
Section 40 –– Funding
Funding Provision
Provision
Section 41
Section 41 –– Transitory
Transitory Provision
Provision
Section 42
Section 42 –– Separability
Separability Clause
Clause
Section 43
Section 43 –– Repealing
Repealing Clause
Clause
Section 44
Section 44 –– Effectivity
Effectivity
Accountancy Practice
Accountancy Practice
DIY Drill Answers
DIY Drill Answers
DIY Drill Answers