QuestionsQuestions (PRC BOARD OF ACCOUNTANCY Resolution NO. 64, S. of 2006)
R.A. No. 9298, specifically Sec. 14 (Qualifications of Applicants for Examination), Art. III provides among others that an applicant must be a holder of the degree of Bachelor of Science in Accountancy conferred by a CHED-recognized/accredited institution, subject to the law’s other requirements.
It allows all graduates with a Bachelor’s degree major in accounting to take the CPA Licensure Examination within two (2) years from the effectivity of the Act, subject to rules and regulations to be promulgated by the Board with approval by the Commission.
The resolution states that the transitory two-year period was “until May 2006.”
Graduates with a Bachelor’s degree major in accounting, and non-holders of a Bachelor of Science in Accountancy who had taken and failed the CPA licensure examination on or before May 2006.
To admit and allow certain graduates (BSA major in accounting degree holders and non-BSA holders) to retake the CPA Board Licensure Examination for October 2006 and subsequent exams, despite the lapse of the original transitory period.
They may be admitted to the October 2006 and subsequent CPA Board Licensure Examinations.
They must have been previously admitted and qualified to take the said examination on or prior to the May 2006 examinations.
If they failed in two (2) complete CPA Board Licensure Examinations, they must submit a Certificate of Completion of a Refresher Course conducted under the Board’s rules and regulations pursuant to R.A. 9298 and Res. No. 71, s. 2004.
No. The resolution expressly notes that it is “just and fair” to allow them to retake without anymore requiring them to obtain the Bachelor of Science in Accountancy.
It states that the move allows them to enjoy their “vested right” and to still retake the examination subject to conditions and limitations under R.A. 9298, Res. No. 71 s. 2004, or any policy issued by the Board.
Res. No. 71, Series of 2004, titled as the Rules and Regulations Implementing R.A. No. 9298, and specifically its Sec. 41 (Transitory Provision), Rule V.
It takes effect after fifteen (15) days following its full and complete publication in the Official Gazette or in a newspaper of general circulation in the Philippines.
Copies must be forwarded to the PRC Application Division, all PRC Regional Offices, the CHED, PICPA, and ACPAe.
It is required if the applicant fails in two (2) complete CPA Board Licensure Examinations; then the applicant must submit a Certificate of Completion of a refresher course.
The resolution operationalizes a continuing allowance for a specific class of applicants who already had eligibility/qualification on or before May 2006, allowing retake after the transitory period while imposing conditions such as prior qualification and refresher course upon two failed attempts.