Notesale: Turn your study into money

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PHILIPPINE
ACCOUNTANCY ACT
OF
2004

REPUBLIC ACT No
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Competent,
2
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Productive and
4
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SCOPE OF PRACTICE
a
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Practice in Commerce and Industry
c
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Practice in Government

PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY

PROFESSIONAL REGULATION COMMISSION
(PRC)
Supervise and administratively control the
Board of Accountancy
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6 Members

BOARD OF ACCOUTANCY
(BOA)
To be appointed by the President of the Philippines from a list
of three (3) recommendees for each position and ranked by the
PRC from a list of (5) nominees for each position submitted
by the accredited national professional organization of
certified public accountant
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Qualifications of a member of the Board of
Accountancy:
1
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2
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3
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4
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NOTE!
6 Members

BOARD OF ACCOUTANCY
(BOA)

Term of
three (3) years
1 Chairman

No person who has served
2 successive complete
terms shall be eligible for
reappointment until the
lapse of one (1) year
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2
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4
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6
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8
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To supervise the registration, licensure, and practice of accountancy
To administer oaths
To issue, suspend, revoke, reinstate the Certificate of Registration for
the practice of the accountancy profession
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To prescribe and/or adopt a Code of Ethics for the practice of
accountancy
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Domestic accounting and
auditing standards rules and regulations shall include the
international accounting and auditing standards
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9
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10
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11
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12
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13
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14
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15
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GROUNDS FOR REMOVAL OF MEMBERS OF THE BOA
4
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1
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3
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2
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ANNUAL REPORT
PRESIDENT OF THE PHILIPPINES

PROFESSIONAL REGULATION
COMMISSION

Annual Reports received by the President includes:
1
...

2
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The Board of Accountancy, at the close of each
Calendar year, submit an annual report to the
President of the Philippines through the PRC
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15
Theory of Accounts
Business Law and Taxation
Management Services
Auditing Theory
Auditing Problems
Practical Accounting Problem I
Practical Accounting Problem II

Note:
The BOA, subject to the approval of
the PRC, may revise or exclude any
of the subjects and their syllabi, and
ass new ones as the need arises
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Conditional

(may be extended for just cause)

To pass the CPALE, obtain general average of 75%, with no grade lower
than 65% in any given subject
...
If candidate fails the general average (75%)
and rating (65%) in each subject, then the status is “failed
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PROFESSIONAL IDENTIFICATION CARD
- shall bear the registration number, date of issuance,
expiry date, duly signed by the chairperson of the
Professional Regulation Commission, shall likewise be
issued to every registrant renewable every three (3) years
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23 to 24
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D
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25
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ACCOUNTANCY FIELDS
PRACTICE IN PUBLIC ACCOUNTANCY

Certificate of Accreditation
Requires three (3) years of meaningful experience in any
field of accounting practices
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32
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AUDITING
TAXATION
MANAGEMENT ADVISORY SERVICES

No Corporation form is allowed to be registered for
the practice of public accountancy
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This refers to employment in the
private sector involved in decision making requiring professional
knowledge in the science of accounting
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The role of a CPA is to provide objective financial
advice, auditing and assurance services to clients
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PRACTICE IN EDUCATION OR ACADEME
Employment in an education institution which involve teaching of accounting,
auditing, management advisory services, taxation, finance, and other related subjects
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Practice in Commerce and
Industry, Education or Academe,
Government are considered in
Private Practice



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