Question & AnswerQ&A (Act No. 3264)
The Board of Accountancy is composed of three persons who are citizens of the Philippine Islands or the United States. At least two members must have been engaged in reputable practice as public accountants for a continuous period of three years immediately preceding the passage of the Act.
Applicants must be over twenty-one years of age, of good moral character, a high school graduate with a four-year course or equivalent education, and have at least three years of practical experience as professional public accountants or three years of study in accounting and commercial subjects certified by a recognized college or university.
The CPA examination shall be held by the Board at least once each year at such times and places as determined by the Board.
The examination covers theory of accounts, practical accounting, auditing, and commercial law as affecting accountancy.
All candidates must obtain a rating of seventy-five percent or over on each subject to be entitled to registration as certified public accountants.
The Board may waive the examination for any person of competent age and good moral character who holds a CPA certificate from any State, territory, or District of Columbia that grants similar privileges to Philippine CPAs, provided the applicant has resided in the Philippines for one year immediately prior to the application.
Certified Public Accountants have passed the CPA examination and hold a certificate issued under this Act. Public Accountants who have not qualified as CPAs but have been in continuous practice for at least one year prior to the Act's passage are allowed to practice and be styled as Public Accountants but cannot use the title "Certified Public Accountant" or the abbreviation "C.P.A."
Such persons shall be punished by a fine not exceeding five thousand pesos, imprisonment for up to two years, or both, per offense. Each day of unlawful practice constitutes a separate offense.
Yes, each member receives ten pesos from Insular funds for each application for examination or renunciation accepted. The secretary-treasurer receives an additional yearly compensation of 240 pesos, paid semiannually.
They are prohibited from disclosing any communication or information derived from professional services unless authorized by the person employing them or their legal successors. Violations are subject to the same penalties as unlawful practice.