Eligibility Requirements for Certification
- Applicants must be citizens of the Philippine Islands, the United States, or foreign countries granting reciprocal privileges.
- Applicants must be at least 21 years old and of good moral character.
- Applicants must be graduates of four-year high school courses or possess equivalent education.
- Applicants must have at least three years of practical experience in professional accounting or three years of study in accounting and commercial subjects certified by a recognized college or university.
Examination Waiver for Certain Certificate Holders
- The Board may waive the CPA examination for persons who:
- Are of competent age and good moral character.
- Hold a valid CPA or similar certificate from the U.S., its territories, District of Columbia, or a foreign country that grants reciprocal rights to Philippine CPAs.
- Hold a chartered accountant or similar certificate with reciprocal privileges.
Registration Based on Prior Professional Experience and Foreign Certification
- Persons engaged in professional accountancy in the Philippines for five years prior to application, who hold CPA, chartered accountant, or similar foreign certificates or degrees, can register as CPAs.
- Registration requires that the foreign country or state grants reciprocal rights to Filipino CPAs.
- Applications for such registration must be filed by December 31, 1938.
Prohibitions, Penalties, and Confidentiality
- It is unlawful to:
- Represent oneself as a CPA without a valid certificate.
- Use the title "C.P.A." or similar designations without certification.
- Practice accountancy after suspension or revocation of the certificate.
- Penalties for violations include fines up to ₱5,000, imprisonment up to two years, or both.
- Each day of unlawful practice constitutes a separate offense.
- CPAs and their employees are prohibited from disclosing confidential communications or information derived from professional services without court order or employer permission.
- Willful falsification of reports or statements subjects the offender to the same penalties.
- These provisions apply to active resident partners or members of partnerships or corporations practicing accountancy, excluding non-resident members.
Use of Trade Names by Accountancy Practices
- Persons, partnerships, or corporations practicing accountancy may adopt and use trade names.
- Adoption of trade names requires compliance with Act No. 3883.
- Proper qualification and registration of all partners or members' names with the Board of Accountancy is mandatory.
Effectivity
- The amendments take effect upon approval of this Act.