Updates from the Professional Regulatory Board of Accountancy

Hon. Ma. Elenita B. Cabrera
Vice Chairman, PRBOA Accounting Teachers’ Conference General Santos City April 19, 2010


Presentation Coverage

BSA Curriculum Accounting Teachers Accreditation CPA Licensure Board Examinations The Quality Assurance Review (Oversight) Program


On the BSA Curriculum


On the Accounting Teacher Accreditation 4 .

On the CPA Board Examinations 5 .

Current Composition of the Board of Accountancy Chairman: Vice Chairman: Members: Hon. Mateo Hon. 6 . Luis A. Tayag. Mendoza Hon. Ma. Jose S. Rufo R. Elenita B. Eugene T. Jr. Cañete Hon. Cabrera Hon.

Board of Accountancy FROM SUBJECT : Philippine Accounting Standards (PASs). CPA Review Centers and Examinees in the October 2010 and subsequent CPA Licensure Examination : Eugene T. Philippine Standards on Assurance Engagements (PSAEs). Philippine Standards on Quality Control (PSQCs). Philippine Auditing Practice Statements (PAPSs).BOARD OF ACCOUNTANCY Memorandum TO : All Schools. Colleges and Universities offering BSA Program. 2010 7 . Mateo. Philippine Standards on Auditing (PSAs). Philippine Financial Reporting Standards (PFRSs). Chairman. Philippine Standards on Review Engagements (PSREs). Philippine Standards on Related Services (PSRSs) to be covered in the October 2010 and subsequent Certified Public Accountants (CPA) Licensure Examination DATE : February 15.

TITLE Introduction to PFRS (approved in January 2007) Preface to PFRSs (approved in January 2007) Framework for the Preparation and Presentation of Financial Statements (approved in January 2007) 8 .We wish to inform you that the following will be included in the October 2010 CPA Licensure Examination. 2010 NO. Philippine Accounting Standards (PASs) and Philippine Financial Reporting Standards (PFRSs) (Including ALL Related SIC. IFRIC and PIC Interpretations and CONSEQUENTIAL AMENDMENTS as a result of the revision of PASs and PFRSs) Approved as of January 31.

Changes in Accounting Estimates and Errors Events After the Balance Sheet Date Construction Contracts Income Taxes Property. PAS 1 PAS 2 PAS 7 PAS 8 PAS 10 PAS 11 PAS 12 PAS 16 PAS 17 PAS 18 PAS 19 TITLE Presentation of Financial Statements (Revised 2007) (effective January 1. 2009) Inventories Cash Flow Statements Accounting Policies. Plant and Equipment Leases Revenue Employee Benefits 9 .NO.

PAS 20 PAS 21 PAS 23 PAS 24 PAS 26 PAS 27 PAS 28 PAS 29 TITLE Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rates Borrowing Costs (Revised 2007) (effective January 1. 2009) Related Party Disclosures Accounting and Reporting by Retirement Benefit Plans Consolidated and Separate Financial Statements (revised 2008) Investments in Associates Financial Reporting in Hyperinflationary Economies 10 .NO.

NO. Contingent Liabilities and Contingent Assets Intangible Assets Financial Instruments: Recognition and Measurement Investment Property Agriculture 11 . PAS 31 PAS 32 PAS 33 PAS 34 PAS 36 PAS 37 PAS 38 PAS 39 PAS 40 PAS 41 TITLE Interest in Joint Ventures Financial Instruments: Disclosure and Presentation Earnings Per Share Interim Financial Reporting Impairment of Assets Provisions.

NO. PFRS 1 PFRS 2 PFRS 3 PFRS 4 PFRS 5 PFRS 6 PFRS 7 PFRS 8 TITLE First-Time Adoption of Philippine Reporting Standards Share-Based Payment Business Combination (revised 2008) Insurance Contracts Non-Current Assets Held for Sale and Discontinued Operations Exploration for and Evaluation of Mineral Resources Financial Instruments: Disclosures Operating Segments (effective January 1. 2009) PFRS for SMEs 12 .

Interpretations SIC – 7 SIC – 10 SIC – 12 TITLE Preface to Interpretations Introduction to the Euro Government Assistance – No Specific Relation to Operating Activities Consolidation – Special Purpose Entities Amendment to Interpretation SIC – 12 Scope of SIC – 12: Special Purpose Entities SIC – 13 SIC – 15 SIC – 21 Jointly Controlled Entities – Non-Monetary Contributions by Venturers Operating Leases – Incentives Income Taxes – Recovery of Revalued NonDepreciable Assets 13 .

Interpretations SIC – 25 SIC – 27 SIC – 29 SIC – 31 SIC – 32 TITLE Income Taxes – Changes in Tax Status of an Enterprise or its Shareholders Evaluating the Substance of Transactions Involving the Legal Form of a Lease Disclosure – Service Concession Arrangements Revenue – Barter Transactions Involving Advertising Services Intangible Assets – Web Site Costs 14 .

Interpretations IFRIC 1 IFRIC 2 IFRIC 4 IFRIC 5 TITLE Changes in Existing Decommissioning. Restoration and Environmental Rehabilitation Funds Liabilities arising from Participating in a Specific Market . Restoration and Similar Liabilities Members’ Shares in Co-operative Entities and Similar Instruments Determining Whether an Arrangement Contains a Lease Rights to Interests arising from Decommissioning.Waste Electrical and Electronic Equipment Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economics 15 IFRIC 6 IFRIC 7 .

Interpretations IFRIC 8 IFRIC 9 IFRIC 10 IFRIC 11 IFRIC 12 IFRIC 13 IFRIC 14 Scope of IFRS 2 TITLE Reassessment of Embedded Derivatives Interim Financial Reporting and Impairment IFRS 2—Group and Treasury Share Transactions Service Concession Arrangements Customer Loyalty Programmes PAS 19 – The Limit on a Defined Benefit Asset. Minimum Funding Requirements and their Interaction Agreements for the Construction of Real Estate Hedges of a Net Investment in a Foreign Operation Distributions of Non-cash Assets to Owners Transfers of Assets from Customers 16 IFRIC 15 IFRIC 16 IFRIC 17 IFRIC 18 .

2007 – 03 PAS 40. 2006 – 01 PAS 18.PHILIPPINE INTERPRETATIONS COMMITTEE (PIC) QUESTIONS AND ANSWERS (Q&As) Q&A No. 2007 – 01 (revised) PAS 1.10(d) – Clarification of criteria for exemption from presenting consolidated financial statement Q&A No. 2006 – 02 PAS 27.Basis of Preparation of Financial Statements If an Entity Has Not Applied PFRSs in Full Q&A No. Appendix.103(a) .27 .Valuation of Bank Real and Other Properties Acquired (ROPA) 17 . paragraph 9–Revenue recognition for sales of property units under pre-completion contracts Q&A No.

2008 – 02 PAS 20. 23 series of 2010) Q&A No. 2007 – 04 PAS 101.Financial statements prepared on a basis other than going concern 18 .Accounting for government loans with low interest rates under the amendments to PAS 20 Q&A No. paragraph 23 and PAS 1.7 .43 .23 .Q&A No.Application of Criteria for a Qualifying NPAE (superseded by BOA Resolution No. 2009 – 01 Framework.

Other Assurance and Related Services and Preface to the Philippine Standards on Quality Control.PSQCs. Other Assurance and Related Services Philippine Framework for Assurance Engagements Glossary of Terms (December 2002) [amended by PSA 220 (Revised)] - 19 . Auditing. 2006) TITLE Preface to the International Standards on Quality Control. PAPSs. PSRSs Approved as of January 31. Framework. Review. Preface (Dec. Auditing. 2010 NO. PSAs. PSREs. PSAEs. Review.

NO. and Other Assurance and Related Services Engagements Framework of Philippine Standards on Auditing Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Philippine Standards on Auditing Philippine Standards on Auditing (PSAs) 120 200 (Revised and Redrafted) 210 (Redrafted) Agreeing the Terms of Audit Engagements 220 (Redrafted) Quality Control for an Audit of Financial Statements 230 (Redrafted) Audit Documentation 20 . TITLE Philippine Standard on Quality Control (PSQC) 1 (Redrafted) Quality Control for Firms That Perform Audits and Reviews of Financial Statements.

NO. TITLE Philippine Standards on Auditing (PSAs) 240 (Redrafted) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 250 (Redrafted) Consideration of Laws and Regulations in an Audit of Financial Statements 260 (Revised and Redrafted) 265 Communication with Those Charged with Governance Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 300 (Redrafted) Planning an Audit of Financial Statements 315 (Redrafted) Identifying and Assessing the Risks of Material Misstatements Through Understanding the Entity and Its Environment 21 .

NO. 320 (Revised and Redrafted) 402 (Revised and Redrafted) 450 (Revised and Redrafted) 500 (Revised) TITLE Materiality in Planning and Performing an Audit 330 (Redrafted) The Auditor’s Responses to Assessed Risks Audit Considerations Relating to an Entity Using a Service Organization Evaluation of Misstatements Identified during the Audit Audit Evidence 501 (Redrafted) Audit Evidence – Specific Considerations for Selected Items 505 (Revised and Redrafted) External Confirmations 510 (Redrafted) Initial Engagements – Opening Balances 520 (Redrafted) Analytical Procedures 22 .

530 (Redrafted) Audit Sampling TITLE 540 (Revised and Auditing Accounting Estimates.NO. Including Fair Redrafted) Value Accounting Estimates and Related Disclosures 545 Auditing Fair Value Measurements and Disclosures 550 (Revised and Related Parties Redrafted) 560 (Redrafted) 570 (Redrafted) Subsequent Events Going Concern 580 (Revised and Written Representations Redrafted) 600 (Revised and Special Considerations – Audits of Group Financial Redrafted) Statements (Including the Work of Component Auditors) 610 (Redrafted) Using the Work of Internal Auditors 23 .

Corresponding Figures and Comparative Financial Statements The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements Special Considerations .NO.Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 24 . TITLE 620 (Revised Using the Work of an Auditor's Expert and Redrafted) 700 (Redrafted) Forming an Opinion and Reporting on Financial Statements 705 (Revised Modifications to the Opinion in the Independent and Redrafted) Auditor's Report 706 (Revised Emphasis of Matter Paragraphs and Other Matter and Redrafted) Paragraphs in the Independent Auditor's Report 710 (Redrafted) 720 (Redrafted) 800 (Revised and Redrafted) Comparative Information .

NO. 805 (Revised and Redrafted) 810 (Revised and Redrafted) TITLE Special Considerations . Accounts or Items of a Financial Statement Engagements to Report on Summary Financial Statements Philippine Auditing Practice Statements (PAPSs) 1000 1000Ph 1001Ph 1002Ph Inter-Bank Confirmation Procedures Audit Evidence – Practical Problems in an Audit of Financial Statements Guidance in Dealing with “Tentative Financial Statements”* The Auditor’s Report on General Purpose Financial Statements Prepared in Accordance with a Philippine Financial Reporting Framework Other Than PFRS 25 .Audits of Single Financial Statements and Specific Elements.

NO. 1003Ph 1004 1005 (Revised) 1006 1010 1012 1013 1014 TITLE Guidance in Dealing with Reports Required by the SEC Relating to Increase in Capital Stock of a Corporation The Relationship Between Bangko Sentral ng Pilipinas (BSP) and Banks’ External Auditors The Special Consideration in the Audit of Small Entities Audits of the Financial Statements of Banks The Consideration of Environmental Matters in the Audit of Financial Statements Auditing Derivative Financial Instruments [amended by PSA 220 (Revised)] Electronic Commerce – Effect on the Audit of Financial Statements Reporting by Auditors on Compliance with International Financial Reporting Standards 26 .

2400 2410 TITLE Engagements to Review Financial Statements (amended in 2008) Review of Interim Financial Information Performed by the Independent Auditor of the Entity (amended in 2008) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information The Examination of Prospective Financial Information (previously PSA 810) Engagements to Perform Agreed-Upon Procedures Regarding Financial Information (previously PSA 920) Engagements to Compile Financial Information (previously PSA 930) 27 Philippine Standards on Review Engagements (PSREs) Philippine Standards on Assurance Engagements (PSAEs) 3000 (Revised) 3400 Philippine Standards on Related Services (PSRSs) 4400 4410 .NO.

2008) Rules on Advertising and Promotion for the Practice of Accountancy in the Philippines (effective August 9.Revised Code of Ethics for Professional Accountants in the Philippines (effective June 30. 2008) 28 . 2008) Rules and Regulations for the Accreditation of Accounting Teachers (effective June 20.

ph www.ph Please be guided accordingly.org. 29 .The new standards / rules and regulations are available at www.aasc.com www.picpa.com.prboa.

Insights on the CPA Exams Results based on Items Analysis Management Services  Very satisfactory performance (1) cost-volume profit relationship involving determination of contribution margin. and (3) simple cash budgeting and flexible budgeting problems. (2) capital budgeting problems applying the net present value concept. incremental sales to bring in additional income in a multi-product firm. 30 .

and effect of increase in government purchases or expenditures on marginal propensity to consume out of disposable income. (2) cost classification (e.g. (3) decision making (such as processing further or selling as is a product.Insights on the CPA Exams Results based on Items Analysis Management Services  Unsatisfactory performance (1) financing decisions such as availment of loan with balloon payment and sources of financing short-term requirement. cost of doing business. increasing investment on inventory). (5) application of basic economic concepts in decision making such as effect of change in exchange rate of foreign currency. (4) use of balanced scorecard. period costs) and cost behavior. 31 ..

internal control. and working papers. objectives.Insights on the CPA Exams Results based on Items Analysis Auditing Theory  Good results (1) (2) (3) (4) (5) overview of auditing. professional practice. evidence. 32 . and professional responsibilities.

(4) audit sampling. (5) audit reports.Insights on the CPA Exams Results based on Items Analysis Auditing Theory  Poor performance (1) completing the audit. and (6) other services and reports. (3) audit process. 33 . (2) electronic data processing/computerized audit.

Insights on the CPA Exams Results based on Items Analysis Auditing Problems  Good results (1) financial statement presentation for companies with incomplete accounting data and will need reconstruction of account balances. and (3) financial statement presentation and classification and determination of adjusted net income. 34 . (2) conversion of cash basis to accrual basis of accounting.

35 .Insights on the CPA Exams Results based on Items Analysis Auditing Problems  Poor results (1) auditing cash flows from investing activities. (3) auditing shareholders’ equity accounts. and (5) auditing capitalized cost of equipment constructed for own use. (4) adjusting liability accounts. (2) auditing impairment loss in goodwill and other intangible assets.

Insights on the CPA Exams Results based on Items Analysis Practical Accounting I  Good outcome (1) determination of correct inventory balance. and (5) reporting cash flows from operations. (3) application of current value accounting in land. (4) recording the purchase of property and equipment. 36 . (2) accounting for purchase of investment in available for sale equity shares.

and (7) financial statement classification of liabilities. (5) accounting for deferred taxes.Insights on the CPA Exams Results based on Items Analysis Practical Accounting I  Poor performance (1) (2) (3) (4) computation of accrued interest in bonds payable. (6) computation of diluted earnings per share where there are options and convertible securities. determination of pension expense. determination of effect of errors on net income. 37 . accounting for impairment loss on receivables and loans.

(4) accounting for commercial franchise. and (5) accounting for construction contract costs.Insights on the CPA Exams Results based on Items Analysis Practical Accounting II  Good performance (1) accounting for foreign exchange transactions. (3) spoilage cost classification. (2) accounting for investment of partners in a partnership. 38 .

(2) application of purchase method in business combination. 39 .Insights on the CPA Exams Results based on Items Analysis Practical Accounting II  Poor performance (1) accounting for investment in equity securities. using the equity method. (4) application of proportionate method in consolidation. (3) accounting for joint costs in process costing system. and (5) distribution of partnership profit where the remaining distributable profit is insufficient to meet interest on capital of partners.

and for liabilities. 40 . accounting accounting accounting and financial accounting process. for assets.Insights on the CPA Exams Results based on Items Analysis Theory of Accounts  Good performance (1) (2) (3) (4) accounting concepts.

and (2) financial statement presentation 41 .Insights on the CPA Exams Results based on Items Analysis Theory of Accounts  Poor Performance (1) income recognition.

and sales and agency 42 . pledge and mortgages. partnership.Insights on the CPA Exams Results based on Items Analysis Business Law  Good performance (1) (2) (3) (4) obligations and contracts.

Insights on the CPA Exams Results based on Items Analysis Business Law  Poor performance (1) corporation law. and (2) negotiable instruments 43 .

Insights on the CPA Exams Results based on Items Analysis Taxation  Good results (1) principles of taxation. (5) value-added tax. and (7) transfer tax 44 . (2) community tax. (6) percentage tax. (3) interests and surcharges and compromise penalty (4) income tax.

Insights on the CPA Exams Results based on Items Analysis Taxation  Examinees performed better in Taxation than in Business Law. 45 .

The QAR Program of the Board of Accountancy 46 .

WHAT IS QUALITY ASSURANCE REVIEW (QAR)?  A study. ethical and technical standards of public practice. appraisal or review  by the BOA or its duly authorized representative  of the quality of audit of financial statements (FS) by CPA public practitioners  through a review of the quality control (QC) measures the CPA instituted in his practice  to ascertain compliance with prescribed professional. 47 .

WHAT IS QUALITY ASSURANCE REVIEW’S RELEVANCE TO ACCOUNTING TEACHERS?  Accounting Teachers who are concurrently in public practice Accounting Teachers who may want to become Quality Assurance Reviewers or Audit Inspectors QAR Program would be part of the BSA Curriculum and CPA Licensure Examinations   48 .

Revision of the Rules and Regulations for the Conduct by the Professional Regulatory Board of Accountancy of Oversight into the Quality of Audits of Financial Statements . Series of 2010. The Philippine Accountancy Act of 2004 BOA is “to conduct an oversight into the quality of audits of FS through a review of the QC measures instituted by auditors in order to ensure compliance with accounting and auditing standards and practices”  Professional Regulatory Board of Accountancy Resolution No.BASIS FOR QAR REQUIREMENT  Legal  RA 9298.Revision of Resolution No. Series of 2009 49 . 88. 23.

BASIS FOR QAR REQUIREMENT  Professional  Quality Control and Auditing Standards PSQC 1.” PICPA as a member body of IFAC. Quality Control for Firms that Perform Audits and Review of Financial Statements. regulators or other appointed authorities perform any of the functions covered in this statement. “should use its best endeavors to encourage those responsible for those functions to follow this SMO in implementing them. and assist them in that implementation where appropriate” 50 . 1 on Quality Assurance Review   “Where government. and Other Assurance and Related Services Engagement PSA 220. Quality Control for an Audit of Financial Statements IFAC Statement of Membership Obligations (SMO) No.

Mandated under RA 9298 to implement the QAR Council for Accreditation and Quality Control of Practicing CPAs    BOA coordinates with and may seek assistance from this Council in the proper implementation of the QAR Council created under a MOA dated August 12. BSP and IC  Quality Assurance Review Department (QARD)   Tasked to implement the QAR Under supervision of the QAR Executive Committee 51 .PARTIES IN THE IMPLEMENTATION  BOA . SEC. 2009 by the BOA.

PARTIES IN THE IMPLEMENTATION  Quality Assurance Review Executive Committee   Tasked to set policies and supervise the operation of the QARD Consists of 2 BOA and 1 PICPA representatives  CPA Practitioners or Individual CPA. 52 . Firm or Partnership of CPAs engaged in Public Accountancy  Mandated to enroll in the QAR Program as a prerequisite to accreditation or renewal for accreditation.

ROLE OF BOA      Assumes full responsibility in the discharge of the oversight function Sets operating and other implementation policies Organizes the QAR Department and ensures its independence Compliance and monitoring Implementation 53 .

    

Representation in the QAR Executive Committee Enters into contract of service for personnel Assists in personnel hiring Assists in developing operating system and procedures Provides infrastructure/facilities  QARD office – 4th floor (office and space)  Office furniture and fixtures  Laptops  Telephones/local area network  Training rooms, when needed







Responsibility and Authority (BOA Resolution No. 23, Series of 2010, Section 5)

Full power and authority to set policies and to supervise the operation of QARD Chairman and Vice-Chairman of the Board or their alternate from any of the incumbent members of the Board President of the APO or his alternate from any of the incumbent members of Board

Composition (Sections 5 and 6).


QAR EXECUTIVE COMMITTEE  Term of Office.  Co-terminus with their respective term in the BOA/APO not to exceed three (3) years.   57 . Should possess high degree of competence and objectivity Should not be in active practice of public accountancy during their incumbency in the QAR Executive Committee.  Qualification Requirements.

ethical or financial and auditing standards or any accounting or reporting related regulations Good oral/written communications skills   58 .QUALIFICATIONS OF QARD PERSONNEL Chief Inspector/Chief of Administration/Staff Auditors   Of good moral character Not guilty of violating any professional .

with 10 years audit experience Chief of Administration: 5 years administration work experience in supervisory capacity. 5 years auditor or financial accounting or auditing teacher in a CHED recognized educational institution or an accountant with corporate financial reporting or internal auditing function.QUALIFICATIONS OF QARD PERSONNEL  Additional requirements  Chief Inspector : with current CPA license. has not been terminated due to incompetence 59   . independent from auditee Staff auditor: with current CPA license. senior manager /partner with publicly listed clients. independent from auditee.

THE QAR PROGRAM   Coverage All CPAs in the public accounting sector (an individual practitioner.  Enrollment .Shall be considered by the BOA as compliance with the requirement of mandatory coverage. a firm or a partnership)    Mandatory coverage Enrollment in the QAR program is a pre-requisite for accreditation or renewal of accreditation by BOA The CPA registration category should be stated in the certificate of accreditation. 60 .

as long as the CPA practitioner: .has not been the subject of sanctions and penalties imposed by the BOA for violation of the provisions of these rules and regulations. under the oversight responsibility of the Board Frequency of registration    QAR registration is good only for one year Renewable annually.  Precondition to new and subsequent accreditation   Enrollment is precondition to new and subsequent accreditation Requires continuous compliance and registration. and . otherwise it can be a subject of fines and other penalties. 61 .shall conduct the QAR Program.GUIDELINES FOR QAR PROGRAM  QARD .issues audit reports on the FS of clients.

000 62 50.000 .000 150.in accordance with the following risk categories and the respective share in the QAR program (annual charge) Category A – Registration for CPA practitioners handling clients that use full IFRS/PFRS and public-interest entities (listed and notlisted but with public accountability). This category is further broken down into 6 sub categories: Category A (1) A (2) A (3) A (4) A (5) A (6) CPA Practitioners with: over 50 listed clients over 25 to 49 listed clients 1 to 25 listed clients 50 or more non listed clients over 25 to 49 non listed clients 1 to 25 non listed clients Annual Charge 350.000 200.000 250.000 100.GUIDELINES FOR QAR PROGRAM  Registration categories .

GUIDELINES FOR QAR PROGRAM  Registration categories Category B – Registration for CPA practitioners handling clients that use IFRS/PFRS for small and medium-sized entities (SMEs) This category is further broken down into 4 sub categories: Category B B B B (1) (2) (3) (4) CPA Practitioners with: over 200 clients 101 to 200 clients 51 to 100 clients 1 to 50 clients Annual Charge 40.may be subject to adjustment in the succeeding years depending on the practitioners’ share in the expected expense of the QAR Program which should not be construed as limiting the scope of QAR that may be conducted by the QAR Department or Audit Inspection Unit 63 (AIU).000 8.000 Registration fees .000 15. .000 25.

or the managing director / head of the firm of partnership .GUIDELINES FOR QAR PROGRAM  One registration category   A CPA practitioner can only register in one category (highest sub-category) division. 64 . same is true with the other sub-categories. A CPA practitioner registered under category B can not audit companies that use full PFRS.The signatory shall be liable administratively or criminally for any misrepresentations made under oath. unless he upgrades his registration to category A.  Information required for application of annual registration (initial and renewal)   Number of clients. classified as to public interest entities using full PFRS / PFRS for SMEs (under oath) to determine practitioner’s appropriate category Application must be signed by the CPA.

BOA is not precluded from imposing the appropriate penalties under the Philippine Accountancy Act of 2004 .GUIDELINES FOR QAR PROGRAM  Penalties .  Confidentiality . work and reports of the AIU:   Strictly confidential and not to be divulged Except only for purposes of determining whether or not to impose sanctions for violation of these rules and regulations or upon order of a court of competent jurisdiction 65 .the registration rules may provide for penalties provided:   They do not exceed the penalties under these rules and regulations.Information obtained.

or Imprisonment for a period not exceeding 2 years.00/day of violation / noncompliance 3rd offense. fine.00/day of violation / noncompliance .Continuing violation .GUIDELINES FOR QAR PROGRAM  General penalties and sanctions   Fine of not less than Php50. or both.00/day of violation / noncompliance 2nd offense.000. Php 4. for any violation of the rules: 1st offense. Php  Administrative penalties and sanctions  Fines imposed on the APO for failure to comply with the requirements. Php 2. suspension or cancellation of the professional license as a CPA. admonition. .Sufficient ground for suspension and eventual rescission by the BOA of the 66 recognition it granted to the APO. without prejudice to the imposition of administrative penalties of warning.000.

 The first to third offenses must have been committed within the period of 4 years computed from the time of the imposition of the penalty for the first offense.GUIDELINES FOR QAR PROGRAM  Administrative penalties and sanctions  Fines for failure or refusal to timely submit proof of current registration: Category A1 A4 B1 B3 to to to to A3 A6 B2 B4 Offense / per day of delay _________________________________ 1st 2nd 3rd 1.000 500 9.500 1.000 2.000 1.000 6. 67 .000 500 200 3.000 2.000 - Failure to submit prescribed documents and to settle penalty constitutes sufficient ground for suspension and revocation of accreditation after due notice and hearing .000 1.


Sign up to vote on this title
UsefulNot useful