I.
Accountancy Act (RA9298)
A. Objective and Scope
1. Objectives
a) Standardize of accounting education
b) examination for registration or CPA's
c) Supervision and control of practice in accountancy
2. Practice
a) Public Accountancy (Fee, Independent, Client-based)
(1) Audit
(2) Reporting f/s
(3) Design system
(4) Represent agencies
b) Commerce and Industry (employee)
(1) Decision making
(2) Taxation, finance
c) Practice in Education
(1) teachings, lecture, advisory
d) Practice in Government
B. Board of Accountancy (BOA)
1. Role of BOA
a) Assist the PRC in the practice of accountancy
2. Membership
a) Chairman and 6 members
b) President appoints the members
c) Nominations of members are done by PICPA
3. Qualifications of Members
a) Natural Born Resident Citizen (RC)
b) CPA with 10 years experience and nominated to represent sector
c) Good morals and no crimes committed
d) Must not have financial interest in education institution offering an
accounting degree
e) Must no be a director or officer of the APO at time of appointment
4. Term of Office
a) The membership will hold the position for 3 years, not more than
12 years.
b) 2 successive years as member or chairman cannot be appointed
the next year (needs a 1 break)
5. Powers of the BOA
a) Follow the rules and regulations
b) supervise the registration and license
c) Conduct oaths
d) Suspend, issues, or revoke license
e) Official Seal of the BOA
f) Follow code of ethics
g) conduct an oversight into the quality of audits of f/s
h) Investigate violations
i) Prepare, adopt, issue the syllabus of examinations
j) Work with CHED
6. Accounting Council to Assist BOA
a) Financial and Sustainability Reporting Standards Council
(FSRSC)
(1) Created the Philippine Sustainability Committee (PSRC)
(2) Membership used to be 15, revised to 16 membership
b) Auditing and Assurance Standards Council (AASC)
(1) Used to be 1 Chairman and 14 representatives, revised to
1 chair and 17 representatives)
c) ETC - Education Technical Council
(1) improve the quality of accounting education
(2) 1 chair and 6 members
7. Violation for removal
a) Neglect
b) violation of act
c) final Judgment of crime involving moral turpitude
d) manipulation of exams
C. Examination
1. Qualification of Applicant
a) Filipino citizen
b) Good moral character
c) Holder of BSA degree
d) Nott convicted of criminal offense
2. Ratings for Passing
a) General average of 75%
b) No grade lower than 65%
c) Failing 2 complete exam would require recovery lessons
d) Conditional = at least 75% ave or below 75%
(1) Provided: Grade is at least 75% in majority subjects
(a) Provided: The failed subjects should have no
grade lower than 65% and a total ave of 75%
D. Practice of Accountancy
1. Meaningful Experience
a) Commerce and industry having significant involvement
b) 1 years as an audit assistant and 2 years as auditor in charge
c) Education of teaching at least 3 trimesters or 2 semester subjects
d) Significant involvement in government
2. Working Papers
a) All working papers made by a CPA shall be kept confidential
3. Certificate of Accreditation
a) Issues by the BOA that you are allowed to do public practice with
3 years validity
