Question & AnswerQ&A (Republic Act No. 5166)
The Act governs 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 Board of Accounting Education and the Board of Accountancy were created to implement this Act.
The Board is composed of the Secretary of Education or authorized representative as Chairman, the Chairman of the Board of Accountancy, the President of the Philippine Institute of Certified Public Accountants, the President of the Philippine Association of Collegiate Schools of Business, and a representative of business/industry appointed by the President of the Philippines.
Accounting and Auditing 36 units, Business Law 9 units, Taxation 6 units, English 15 units, Mathematics 9 units, and Management 6 units.
A Board member must be a Filipino citizen, of good moral character, a duly registered CPA with at least ten years of practice or government service in accounting-related roles, and must not have connections with any school offering qualifying degrees or any pecuniary interest in such institutions.
A candidate must obtain a general weighted average of 75% or above, with no rating below 65% in any subject to pass.
Neglect of duty, incompetence, unprofessional or dishonorable conduct can be grounds for suspension or removal by the President.
Conviction involving moral turpitude, immoral or dishonorable conduct, insanity, fraud in acquiring registration, gross negligence or incompetence, addiction to drugs or alcohol, false advertising, issuing certificates without auditing standards, aiding unqualified persons, or violating the Code of Ethics.
A fine up to 5,000 pesos or imprisonment up to two years or both for each offense; each day of violation is a separate offense.
Engaging publicly as skilled in accounting, offering audit or verification services, preparing and certifying reports for publication or legal purposes, installing accounting systems, preparing tax returns related to accounting, representing clients on tax matters related to accounting, and providing professional accounting assistance.