QuestionsQuestions (Commonwealth Act No. 342)
Any person who has received from the Board of Accountancy a certificate of qualification to practice as a public accountant under the Act may style himself and be known as a “Certified Public Accountant” and use the abbreviated title “C.P.A.”
Applicants must be citizens of the Philippine Islands or the United States, or of foreign countries granting similar privileges to Philippine citizens, and must be over twenty-one (21) years of age.
Applicants must be graduates of high schools having a four-year course or have an equivalent education, and must have at least three years of practical experience in professional accounting, OR three years of study in accounting and commercial subjects as certified by a college or university recognized by the Government.
The Board may waive the examination for a person of competent age and good moral character who is a lawful holder of a CPA certificate (or similar certificate) issued under Act No. 3264, or under the law of a U.S. state/territory/District of Columbia/foreign country, or who holds a certificate as a chartered accountant (or similar), provided that the issuing jurisdiction extends similar privileges to Philippine CPAs.
Yes. It requires the candidate to be a lawful holder of a certificate of qualification to practice as a CPA, or a similar certificate, including being a chartered accountant or similar certificate—then waiver applies only if reciprocal privileges exist for Philippine CPAs.
They must have been engaged in professional accountancy work in the Philippine Islands for at least five (5) years prior to application, and must hold certificates as CPA or chartered accountant (or similar certificates/degrees in their nationality country).
It must not restrict the right of Filipino CPAs to practice there, and must not deny reciprocal rights to Filipinos.
Yes. Applications must be filed with the Board not later than December 31, 1938.
Representing to the public that one received a certificate under the Act, or assuming practice as a CPA (including use of “C.P.A.” or similar words/letters), without receiving the certificate; or assuming practice as a public accountant without the public accountant’s certificate; or using the CPA title after temporary suspension or revocation.
A fine not exceeding PHP 5,000 or imprisonment not exceeding two (2) years, or both, at the court’s discretion, for each offense. Each day the person practices or holds himself out as a CPA is deemed a separate offense.
A CPA (or employed person) is not required to and shall not voluntarily disclose/divulge the contents of communications or information derived from books/records/accounts of the employer/client, except by court order or express permission of the person employing him/her, or by heirs, personal representatives, or successors.
The CPA (or violator) is subject to the same penalty as provided for the misrepresentation offense (fine up to PHP 5,000 and/or imprisonment up to two years), for each such violation.
Any CPA practicing under the Act who willfully falsifies any report or statement bearing on any examination, investigation, or audit made by him/her or under his/her direction is subject to the same penalty as in the misrepresentation provision.
Yes. It applies to all active resident members of partnerships or corporations engaged in the practice of accountancy in the Philippines. It does not apply to non-resident members.
Any person, partnership, or corporation engaged in the practice of accountancy in the Philippines is entitled to adopt/acquire/use a trade name in connection with such practice upon compliance with Act No. 3883 and upon proper qualification and registration of the names of all partners/members with the Board.
It must comply with Act No. 3883 and ensure proper qualification and registration of all partners’/members’ names with the Board of Accountancy.