UNIVERSITY OF CEBU – LAPULAPU AND MANDAUE

COLLEGE OF BUSINESS AND ACCOUNTANCY

 Research online R.A. 9298 known as the “Philippine Accountancy Act of 2004”

 Read and study this law and take note of the following salient points:

*The president who signed the law last May 13, 2004
- Republic Act No. 9298, known as the Philippine Accountancy Act of
2004 was signed into law by President Gloria Macapagal-Arroyo on May
13, 2004.

*The Board of Accountancy and its Composition

- The Board shall be composed of a CHAIRMAN and SIX (6) MEMBERS
to be APPOINTED by the PRESIDENT OF THE PHILIPPINES. The
Board shall elect a VICE CHAIRMAN from among its members for a term
of 1 YEAR.

*Admission requirements to the CPA Board Examinations

- Qualifications:
 Is a Filipino citizen;
 Is of good moral character;
 Is a holder of the degree of Bachelor of Science in Accountancy
conferred by a school, college, academy or institute duly recognized
and/or accredited by the CHED or other authorized government
offices;
 Has not been convicted of any criminal offense involving moral
turpitude.
- Documents to be submitted:
 Birth Certificate in NSO security paper
 Marriage contract in NSO security paper for married female
applicants;
 College diploma;
 Transcript of records;
 NBI clearance;
 Other documents that the Board may require.

*Scope of the CPA Board Examination

- The licensure examination for CPAs shall cover, but are not limited to, the
following subjects:
 Financial Accounting and Reporting (FAR)
 Advanced Financial Accounting and Reporting (AFAR)
  Management Advisory Services (MAS)
 Auditing (AUD)
 Regulatory Framework for Business Transaction (RFBT)
 Taxation (TAX)

*Rating in the Licensure Examination

General YES YES NO NO
Average ≥
75%
No Grades YES NO but majority YES NO
Lower than of subjects ≥ 75%
65%
RESULTS PASSED CONDITIONAL FAILED FAILED

*Reports of the rating

- The Board shall submit to the Commission the ratings obtained by each
candidate within 10 DAYS after the examination, unless extended for just
cause.
-Commission will mail the rating to the examinees at given address.
Passed – All successful examinees shall be required to take an OATH of
profession before any member of the Board. Also, the successful examinees
shall receive the following:
1. Certified of Registration (COR) – bears the signature of the
Chairperson of PRC and Chairman and Members of the BOA. The
said certificate shall remain in full force and effect until withdrawn,
suspended or revoked.
2. Professional Identification Card (PIC) – bears the registration
number, date of issuance, expiry date and renewable every 3 years
Conditional – The candidate shall take the remaining subjects within 2
years from the preceding examination.

*Failing candidates to take refresher course

A candidate who fails in 2 complete examinations shall be disqualified
from taking another set of examinations unless he or she submits evidence
to the satisfaction of the Board that he or she enrolled in and completed at
least twenty-four (24) units of subjects given in the examination.
-offered by an educational institution granting degree of BSA
-regular course offering or special refresher course accredited by the board