Law Summary
Legal Basis and Policy
- References Section 2 of Republic Act No. 9298 (Philippine Accountancy Act of 2004), emphasizing the State policy to nurture competent, virtuous, productive, and internationally competitive professional accountants.
- Recognizes the role of accountants in nation-building through high standards of practice and service.
Historical Significance
- Highlights the creation of the Board of Accountancy by the Sixth Philippine Legislature in 1923 under Act No. 3105.
- Board of Accountancy’s authority includes rule promulgation, setting standards for practice, and certifying qualified public accountants.
Contributions of the Profession
- Acknowledges the accountancy profession’s role in upholding professionalism and ethics.
- Notes the production of thousands of Certified Public Accountants (CPAs) with integrity.
- Recognizes CPAs’ contributions to the development of the nation, particularly in business, finance, and trade.
Implementation and Leadership
- The Board of Accountancy, under the Professional Regulation Commission, will lead the year-long celebration commemorating the centenary.
- The celebration spans from March 18, 2022 to March 17, 2023.
Participation and Support
- Calls upon all national government agencies, including government-owned or -controlled corporations and state universities and colleges, to support and participate in the celebration.
- Encourages local government units, non-government organizations, professional associations, and the private sector to render necessary assistance and active participation.
Formality and Authority
- The proclamation is issued by the President of the Philippines under constitutional and legal authority.
- The document was signed in Manila on March 18, 2022, and bears the seal of the Republic of the Philippines.