PRACTICE AND

REGULATION OF THE
ACCOUNTANCY
PROFESSION
GROUP 2

PAGE 85-92
SCOPE OF EXAMINATION
1. Advanced Financial Accounting and Reporting (AFAR)
2.Auditing (AUD)
3.Financial Accounting and Reporting (FAR)
4.Management Advisory Services (MAS)
5.Taxation (TAX)
6.Regulatory Framework for Business Transactions (RFBT)
RATING IN THE LICENSURE
EXAMINATION
General average of at least seventy-five percent (75%), with no grades
PASSED
lower than sixty-five percent (65%) in any given subject.

General average of less than 75%, has a grade of less than 65%, or both, but has
obtained 75% and above in at least majority (4 out of 6) of the subjects covered in the
licensure examination.

CONDITIONAL
Removal Examination
A candidate shall take an examination in the remaining subjects within two years from
the preceding examination.

Examinees who did not meet the above two ratings shall obtain a "failed”
FAILED
rating.
FAILING CANDIDATES TO TAKE
REFRESHER COURSE
A candidate who fails two (2) complete CPA Board Examinations shall be
disqualified from taking another set of examinations unless he/she
submits evidence to the satisfaction of the Board that he/she enrolled in
and completed at least twenty-four (24) units of subjects given in the
board exam. Such evidence is popularly known as a refresher course
certificate.

The examination where the examinee had obtained a "conditional"

status and the removal examination on the subject in which he/she failed
shall be counted as one complete examination.
WHERE TO OBTAIN THE REFRESHER
COURSE CERTIFICATE?
R.A. 9298 mandates that refresher courses for Bachelor of Science in
Accountancy degrees must be offered by educational institutions
accredited by the Board.

Candidates can choose between regular courses or special refresher

courses. BOA Resolution No. 46 Series of 2020 states that only
accredited institutions with an average national passing rate of at
least 10% and at least ten examinees in the CPA licensure examination
for the last five years can offer special refresher courses. The
refresher course certificate can only be obtained from such
institutions.
OTHER PROVISIONS OF R.A. 9298 RELATED TO
THE CPA LICENSURE EXAMINATION
The Board shall submit to the Commission the ratings obtained by each candidate within ten (10)
calendar days after the examination, unless extended for just cause. Upon the release of the
Report of Ratings results of the examination, the Commissio n send by mailing the rating received by each examinee
at his/her given address using the mailing envelope submitted during the examination.

All successful candidates in the examination shall be required to take an

oath of profession before any member of the Board or before any
Oath government official authorized by the Commission or any person authorized
by law to administer oaths upon presentation of proof of his/her
qualification, prior to entering upon the practice of the profession.

A roster showing the names and places of business of all registered

Roster of Certified certified public accountants shall be prepared and updated by the
Public Accountants Board, and copies thereof shall be made available to any party as
may be deemed necessary.
REGISTRATION
A. Certificate of Registration
A certificate of registration shall be issued to:
• Examinees who pass the licensure examination
• Person admitted under reciprocity or other international agreements

It shall bear the following:

• Full name and the assigned registration number of the registrant
• Signature of the chairperson of the PRC and the chairman and members of BOA
• Official seal of PRC and BOA

RA 9298 grants a person a certificate of registration, granting them the right to

practice the accountancy profession with all associated privileges. This certificate
remains valid until withdrawn, suspended, or revoked, and serves as the primary
proof of acceptance in the profession, with lifetime validity unless suspended or
revoked.
REGISTRATION

B. Professional Identification Card

In addition to the certificate of registration, a professional identification
card bearing the registration number, date of issuance, expiry date, duly
signed by the chairperson of PRC, shall likewise be issued to every
registrant. Such card is renewable every three (3) years.
REGISTRATION
C. Special or Temporary Permit
It may be issued by the Board subject to the approval of the Commission and
payment of the fees the latter has prescribed and charged thereof to the following
persons:
• A foreign CPA is called for consultation or for a specific purpose that, in the
judgment of the board, is essential for the development of the country, provided
that his/her practice shall be limited only to the particular work that he/she is
being engaged for and that there is no Filipino CPA qualified for such
consultation or specific purposes.
• A foreign CPA engaged as professor, lecturer or critic in fields essential to
accountancy education in the Philippines, and his/her engagement is confined to
teaching only; and
• A foreign CPA who is an internationally recognized expert or with specialization
in any branch of accountancy and whose service is essential for the
advancement of accountancy in the Philippines.
Indication of Certificate of Registration, Identification Card and
Professional Tax Receipt
The certified public accountant shall be required to indicate his/her
certificate of registration number, and date of issuance, the duration of
validity, including the Professional Tax Receipt number, on the documents
he/she signs, uses or issues in
connection with the practice of his/her profession.

Refusal to Issue
The Board shall not register and issue a certificate of registration and
professional identification card to any successful examinee
• Convicted by a court of competent jurisdiction of a criminal offense
involving moral turpitude
• Guilty of immoral and dishonorable conduct
• Of unsound mind
Suspension and Revocation
The Board shall have the power, upon due notice and hearing, to suspend or revoke
the practitioner's certificate of registration and professional identification card or
suspend him/her from the practice of his/her profession or cancel his/her special
permit for any of the causes or grounds
• As mentioned in the grounds for refusal to issue, or
• Any unprofessional or unethical conduct
• Malpractice
• Violation of any of the provisions of RA 9298 and its IRR, the CPA's Code of
Ethics, and the technical and professional standards of practice for certified
public accountants.

Reinstatement, Reissuance and Replacement of Revoked or Lost Certificates

The Board may, after the expiration of two (2) years from the date of revocation of a
certificate of registration and upon application, and for reasons deemed proper and
sufficient, reinstate the validity of a revoked certificate of registration and, in so
doing, may, in its discretion, exempt the applicant from taking another examination.
PRACTICE OF ACCOUNTANCY
Prohibition in the Practice of Accountancy
No person shall practice accountancy in this country, or use the title
"Certified Public Accountant," or use the abbreviated title "CPA," or
display or use any title, sign, card, advertisement, or other device to
indicate such person practices or offers to practice accountancy or is a
certified public accountant, unless such person shall have received from
the Board a certificate of registration/professional license and be issued
a professional identification card or a valid temporary/special permit
duly issued to him/her by the Board and the Commission.
PRACTICE OF ACCOUNTANCY

Limitation of the Practice of Public Accountancy

Types of organization allowed
Single practitioners and partnerships (whether general or limited) for the
practice of public accountancy shall be registered certified public
accountants.

A corporation-type organization is prohibited from engaging in the practice of

public accountancy.
PRACTICE OF ACCOUNTANCY
Limitation of the Practice of Public Accountancy
Rules on name
A CPA shall practice only under an individual, firm or partnership name allowed
in accordance with Philippine laws and shall not include any fictitious name,
indicates specialization or is misleading as to the type of organization
(proprietorship or partnership).

Death, withdrawal or resignation of all other partners

In case of death, withdrawal or resignation of all other partners in a
partnership, the surviving or remaining partner may continue to use the old
partnership name for a period of not more than two (2) years after
becoming a sole proprietorship.

This means that the remaining partner shall change the old partnership
name to an individual CPA or Firm name if he/she continues to practice on
or before reaching the end of the two-year period.
ACCREDITATION TO PRACTICE PUBLIC
ACCOUNTANCY
Certificate of Accreditation
Definition
The Certificate of Accreditation is a seal-based certificate issued by the
Philippine Revenue Commission (PRC) upon the recommendation of the BOA,
attesting that individual CPAs, firms, and partnerships of CPAs are "duly
accredited" to practice public accountancy in the Philippines.

Requirement
A certificate of accreditation shall be issued to a CPA in public practice only
upon showing that such registrant has acquired a minimum of three (3) years
of meaningful experience in any of the areas of public practice, including
taxation.
ACCREDITATION TO PRACTICE PUBLIC
ACCOUNTANCY
Meaningful experience in public practice
R.A. 9298 mandates that a meaningful experience, earned in public practice, must include at
least one year as an audit assistant and two years as an auditor responsible for full audit
engagements of significant clients, ensuring satisfactory compliance with the requirements.

Meaningful experience in other sectors

If a CPA chooses to be accredited in other sectors like business, accounting, or government,
they must earn meaningful experience in their respective sector in the following manner:
• In commerce and industry and shall include significant involvement in general accounting,
budgeting, tax administration, internal auditing, and representing their employer before
government agencies on tax and accounting matters; or
• In academe or education and must cover at least three trimesters or two semesters in
financial accounting, business law and tax, auditing problems, auditing theory, financial
management, and management services, with at least three school years of teaching
experience; or
• In government and shall include significant involvement in general accounting, budgeting,
tax administration, internal auditing, and liaison with the Commission on Audit.
ACCREDITATION TO PRACTICE PUBLIC
ACCOUNTANCY
Renewal and Expiration
R.A. 9298
The certificate of accreditation shall be valid for a period of three (3)
years and may be renewed every three (3) years on or before
September 30 on the year of expiry upon compliance of the
requirements.
THANK YOU!

GROUP 2

PAGE 85-92