Question & AnswerQ&A (Republic Act No. 9298)
The short title of Republic Act No. 9298 is the 'Philippine Accountancy Act of 2004.'
The State recognizes the importance of accountants in nation building and development, and shall nurture competent, virtuous, productive, and well-rounded professional accountants with world-class standards through licensure examinations and regulatory measures.
The Act aims to provide for and govern the standardization and regulation of accounting education, the examination for registration of certified public accountants, and the supervision, control, and regulation of the practice of accountancy in the Philippines.
The practice includes rendering professional services as a certified public accountant, auditing financial transactions and records, preparing and certifying financial reports, designing and revising accounting systems, preparing income tax returns related to accounting, and representing clients before government agencies on accounting-related matters.
The Board comprises a chairman and six members appointed by the President from a list of three recommendees per position ranked by the Professional Regulation Commission, based on nominees from the accredited national professional organization of certified public accountants.
A member must be a natural-born Filipino resident, a duly registered Certified Public Accountant with at least 10 years of work experience, of good moral character, and without any pecuniary interest in accounting educational institutions or review schools.
Members serve for three years, and no one who has served two successive full terms shall be eligible for reappointment until one year has lapsed. Appointment to fill an unexpired term does not count as a full term.
A candidate must obtain a general average of at least 75% with no grades lower than 65% in any subject to pass the examination.
Members may be suspended or removed for neglect of duty, incompetence, violation or tolerance of the Act or its rules, final conviction of crimes involving moral turpitude, and tampering with licensure examination results.
Violators shall be punished by a fine of not less than Fifty thousand pesos (P50,000) or imprisonment for up to two years, or both, upon conviction.
Yes, but only under conditions of foreign reciprocity. Foreigners may practice if their country allows Filipino citizens to practice there, or if they have a special permit issued for specific purposes such as consultation, teaching, or expertise essential to the country's accountancy development.
All licensed CPAs must use an official seal prescribed by the Board bearing their name, registration number, and title, and indicate their current Professional Tax Receipt number on auditor's reports filed with authorities or used professionally.
A person must have a certificate of registration and professional identification card issued by the Board and the Professional Regulation Commission or a valid temporary/special permit to use the title or represent themselves as a CPA.
Working papers, schedules, and memoranda prepared by a CPA and his staff remain confidential and the property of the CPA unless there is a written agreement stating otherwise, except when required by subpoena from courts or government regulatory bodies.
All CPAs must comply with Continuing Professional Education (CPE) programs and requirements promulgated by the Board, in coordination with the accredited national professional organization or accredited educational institutions.