R.A.
9298
Republic Act 9298 or
Philippine Accountancy Act of 2004
Objectives:
• The standardization and regulation of accounting
education.
• The examination for registration of certified public
accountants.
• The supervision, control and regulation of the practice of
accountancy in the Philippines.
Practice of Public Accountancy
• One who in his individual capacity, or as a partner or a
staff member in an accounting or auditing firm
• Holding himself/herself as one skilled in the knowledge,
science and practice of accounting, and as a qualified
person to render professional services as a CPA, or
offering or rendering, or both, to more than one client
on a fee basis, or otherwise, services such as:
Practice of Public Accountancy
• audit or verification of financial transactions and accounting
records
• preparation, signing or certification for client of reports of audit
• design, installation, review and revision of accounting system
• represents his/her client before government agencies on matters
related to accounting
• rendition of professional assistance relating to accounting
procedures and the recording and presentation of financial facts or
data.
Practice in Commerce and
Industry
• One who is involved in decision making requiring
professional knowledge in the science of accounting, as
well as the accounting aspects of finance or taxation
• One who represents his/her employer before government
agencies on tax and other matters related to accounting
Practice in Commerce and
Industry
• One when such employment or position requires the holder to be
a CPA involved in supervision of recording of financial
transactions, preparation of financial statements,
coordination with external auditors for f/s audit provided
that the business or company where such position exists
has paid –up capital of at least P5M &/or annual revenue of
at least P10M provided that it shall apply to persons to be
employed after the effectivity of IRR & provided finally, it
shall not deprive employment of incumbents to this
position.
Practice in Education/Academe
One who is in an educational institution which involve teaching of
accounting, auditing, management advisory services, accounting
aspect of finance, business law and taxation, and other related
subjects Provided that members of the Integrated Bar of the Phils.
(IBP) may be allowed to teach law and taxation subjects, Provided
further that the position of either the dean or department
chairman or its equivalent that supervises the BSA program of an
educational institution is deemed to be in practice of accountancy
in the academe/education and therefore must be occupied only by
CPA.
Practice in Government
• One who holds or is appointed to, a position in an
accounting professional group in government or in a
government-owned and/or controlled corporation,
including those performing proprietary functions, where
decision making requires professional knowledge in the
science of accounting
• One where a civil service eligibility as a CPA is a
prerequisite.
Professional Regulatory Board
of Accountancy
• Composed of a Chairman and six (6) members to be
appointed by the President of the Republic of the
Philippines from a list of three (3) recommendees and
ranked by PRC from a list of five (5) nominees.
• Term of office – 3 years renewable for another term, lapse
of one (1) year. No person shall serve the Board for more
than twelve (12) years.
Qualifications of the members
of the Board
• Must be a natural –born citizen and a resident of the Phils.
• Must be a duly registered CPA with at least ten (10) years work
experience in any scope of practice of accountancy
• Must be of good moral character and must not have been
convicted of crimes involving moral turpitude.
• Must not have any pecuniary interest in any school, college
university or institution offering academic degree
• Must not be a director or officer of APO at the time of appointment
Term of Office
• The Chairman and members of the Board shall hold office
for a term of three (3) years. Any vacancy occurring within
the term of a member shall be filled up for the unexpired
portion of the term only. No person who has served two
(2) successive complete terms shall be eligible for
reappointment until the lapse of one (1) year. Appointment
to fill up an unexpired term is not to be considered as a
complete term.
Grounds for Suspension or
Removal of Members of the Board
• Neglect of duty or incompetence;
• Violation or tolerance of any violation of this Act and its implementing
rules and regulations or the Certified Public Accountant’s Code of
Ethics and the technical and professional standards of practice for
certified public accountants;
• Final judgment of crimes involving moral turpitude; and
• Manipulation or rigging of the certified public accountant’s licensure
examination results, disclosure of secret and confidential information in
the examination questions prior to the conduct of the said examination
or tampering of grades.
Qualifications of Applicants for
Examinations
He/She:
• is a Filipino citizen;
• is of good moral character;
• is a holder of the degree of Bachelor of Science in Accountancy
conferred by a school, college, academy or institute duly recognized
and/or accredited by the CHED or other authorized government
offices; and
• has not been convicted of any criminal offense involving moral
turpitude.
Scope of Examination
• FAR
• AFAR
• MAS
• Auditing
• RFBT
• Taxation
Rating in the Licensure
Examination
• A candidate must obtain a general average of seventy-five percent (75%),
with no grades lower than sixty-five percent (65%) in any given subject
• A candidate obtains the rating of seventy-five percent (75%) and above in at
least a majority of subjects as provided for in this Act, he/she shall receive a
conditional credit for the subjects passed (A candidate shall take an
examination in the remaining subjects within two years from the preceding
examination)
• if the candidate fails to obtain at least a general average of seventy-five
percent (75%) and a rating of at least sixty-five percent (65%) in each of the
subjects reexamined, he/she shall be considered as failed in the entire
examination.
Failing Candidates to Take
Refresher Course
• Any candidate who fails in two (2) complete Certified
Public Accountant 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 subject given in the licensure
examination.
Issuance of Certificates of Registration and
Professional Identification Card
• A certificate of registration shall be issued to examinees who pass the licensure
examination subject to payment of fees prescribed by the Commission. The
Certificate of Registration shall bear the signature of the chairperson of the
Commission and the chairman and members of the Board, stamped with the
official seal of the Commission and of the Board, indicating that the person
named therein is entitled to the practice of the profession with all the privileges
appurtenant thereto. The said certificate shall remain in full force and effect
until withdrawn, suspended or revoked in accordance with this Act.
• A Professional Identification Card bearing the registration number, date of
issuance, expiry date, duly signed by the chairperson of the Commission, shall
likewise be issued to every registrant renewable every three (3) years.
