Rules on CPA Firm Registration

The resolution requires official registration of CPA firms and partnerships, including all partners and staff.
It enables the Board to formulate and enforce regulatory standards.
Protects the public by ensuring only authorized individuals and entities practice.
Enforces sanctions against unauthorized and unethical practice.

"Practice of public accountancy" includes auditing, financial verification, report preparation, accounting system installation, income tax preparation related to accounting, client representation on tax issues, among others.
"Board" refers to the Board of Accountancy established under PD No. 692.
"Commission" means the Professional Regulation Commission established under PD No. 223.
"Firm" is a sole practitioner or an organization with staff engaged in public accountancy.
"Partnership" is a professional CPA partnership regardless of SEC registration.
"Staff member" means those engaged in public accountancy below partner rank.
"Certified Public Accountant (CPA)" holds a valid certificate issued by the Board.
"Certificate of Registration" is the official document issued by PRC upon Board recommendation to practice public accountancy.
"Quality Review" is an appraisal of a firm or partnership's professional work by the Board or authorized representatives.

Existing firms and partnerships must register within 6 months from rule effectiveness.
New firms and partnerships must register prior to commencing practice.
Application must be in prescribed form, signed by authorized partner or sole practitioner.
Registration application must include firm name, partners' full names and CPA numbers, SEC registration (if any), office addresses, foreign correspondent relationships, and CPA staff details.
Changes in registration details must be reported within 60 days.
The Board authenticates applications and recommends approval or denial within 30 days.
Foreign CPAs may only be partners if qualified under foreign reciprocity provisions.
Registration certificates are valid for three years and renewable upon fee payment.

Firms, partnerships, and individuals may voluntarily withdraw registration by petitioning the Board signed by all partners or sole practitioner.
Withdrawal petitions must be published once in a general circulation newspaper.
If no opposition, approval is recommended and registration removed; petitioner must cease practice.
The PRC publishes lists of cancelled or withdrawn registrations and notifies government agencies.
Previously withdrawn firms or partnerships may apply for new registration.

The Board may require firms and sole practitioners to undergo quality reviews uniformly as a registration condition.
Requirements must be promulgated in advance and provide for equivalency for satisfactory reviews performed for other purposes.
Quality reviews will apply equally and without discrimination.

Dissolution must be reported to the Board within 30 days via affidavit or certified SEC documents.
Failure to notify subjects managing partners to penalties.

Registration application, renewal, and reinstatement fees set at P300.00.
The Board may suspend or revoke registration and CPA certificates depending on the violation.
Criminal penalties apply for offenses under PD 692 and other laws.
Violations include practicing without registration, practice after expiration, suspension or revocation, false statements in registration, misrepresentation, failure to undergo quality reviews, and failure to report required information.

Rules take effect 15 days after publication in the Official Gazette upon PRC approval.