Amendments to CPA Practice Regulation Act

The Board holds authority to issue, suspend temporarily, or revoke CPA and public accountant certificates.
It shall maintain efficient ethical and technical standards in the profession.
The Board studies conditions affecting public accounting practices throughout the Philippines.
With the Secretary’s approval, it determines applicant qualifications and makes examination rules.
Examinations cover theory of accounts, practical accounting, auditing, and commercial law related to accountancy.

Examinations are held at least annually; dates and locations are publicly advertised for 30 days in two daily newspapers.
Applicants must be over 21, of good moral character, have completed high school or equivalent education.
Applicants must have at least three years’ practical experience or three years of accounting and commercial studies certified by a recognized college or university.

Candidates scoring 75% or higher on each subject are entitled to registration as certified public accountants.
Successful candidates receive certificates of registration from the Board.

Each Board member receives ten pesos per examination or renunciation application accepted.
The secretary-treasurer receives an additional annual compensation of 240 pesos, paid semi-annually.
Government employees serving on the Board may receive this compensation in addition to their regular salary.

The Board may waive the examination for qualified persons holding a CPA certificate from U.S. states or territories that grant similar privileges to Philippine CPAs.
The applicant must have resided in the Philippines for at least one year prior to application.

Public accountants not qualified as CPAs but practicing continuously for at least one year prior to the Act may be registered.
Such individuals must demonstrate good moral character and professional experience.
They may practice and be styled as public accountants but cannot use the title "Certified Public Accountant" or the abbreviation "C.P.A.".
Applications for registration must be filed within 60 days after the Act’s passage.

Unauthorized representation as a CPA or public accountant, or use of similar titles, without proper certification or after suspension/revocation, is punishable by a fine up to 5,000 pesos, imprisonment up to two years, or both.
Each day of unauthorized practice constitutes a separate offense.
Confidentiality is mandated; CPAs and their employees must not disclose client communications or information without express permission.
Willful falsification of reports or statements in examinations, audits, or investigations is similarly penalized.
Penalties also apply to partnerships or corporations with members practicing without certification.