Law Summary
Renewal Period and General Requirements
- Certificate of Registration for CPAs and CPA partnerships to practice public accountancy must be renewed every three (3) years
- Previous renewal processes lacked a specified list of supporting documents
- This resolution amends the annex of the 2004 Board Resolution to clarify these documents
Required Supporting Documents for Renewal
- Duly accomplished BACC Form No. 02 in triplicate, notarized, with metered documentary stamps on the original
- Photocopy of expired Certificate of Registration to practice public accountancy
- Payment of prescribed registration fee via cash, postal money order, manager's check, or bank draft payable to the Professional Regulation Commission (PRC)
- Photocopy of current professional identification cards of the individual CPA and all partners (for partnerships)
- Certified copies of current business permits and professional tax receipts (PTR) issued by local or national government entities
- Certification of Continuing Professional Education (CPE) Units earned, or equivalent proofs of participation for the immediate past three years
- Photocopy of current National Bureau of Investigation (NBI) Clearance for the CPA and partners
- Certified copy of current Articles of Partnership from the Securities and Exchange Commission (SEC) if partners have been added or withdrawn
Continuing Professional Education (CPE) Requirements
- CPAs and partnerships must comply with minimum CPE unit requirements:
- For 2007: Minimum 40 CPE units over the past three years, including:
- 15 units on updates to Philippine Financial Reporting Standards (PFRS)
- 10 units on updates to Philippine Standards on Auditing (PSA)
- 4 units on Taxation
- 4 units on Professional Ethics
- 7 units on recent relevant laws affecting business, including Securities and Exchange Commission rulings
- For 2008 and thereafter: Minimum 60 CPE units over the past three years with increased units on relevant laws (27 units)
- For 2007: Minimum 40 CPE units over the past three years, including:
- CPE units must be from accredited providers or approved programs
Additional Requirements for CPA Partnerships Affiliated with International Firms
- Submission of certified documents evidencing correspondent relationships, membership, or business dealings with foreign CPA firms
- Documents must include complete contact details (address, telephone, fax, email, website)
- Notarized sworn statement confirming:
- Faithful reproduction of original documents
- Foreign CPA firms are not directly or indirectly engaged in public accountancy practice in the Philippines unless authorized by Republic Act No. 9298
- Terms of rights and obligations are specified
Effectivity and Implementation
- The resolution takes effect 15 days after publication in the Official Gazette or a newspaper of general circulation
- Copies to be furnished to PRC Regional Offices and the Philippine Institute of Certified Public Accountants (PICPA) for dissemination
Important Legal Concepts
- Emphasis on proper documentation and compliance to maintain professional accreditation
- Balances regulatory oversight with practicality by avoiding redundant submissions
- Integration of continuing education as a requirement to uphold professional competence
- Compliance with national laws regulating the practice and affiliation of CPAs, especially with international firms
Penalties and Enforcement
- While specific penalties are not detailed in this resolution, non-compliance may affect renewal and lawful practice under the authority of Republic Act No. 9298 and PRC regulations.