The Professional Practice of

Accounting
• Accounting as a profession
• 4 Sectors
• Regulations
• Government Agencies
• BoA
– Composition
– Nomination and Appointment
– Qualification (5)
 The Professional Practice of
Accounting
– Term
– Powers and Functions
– Grounds for Removal (4)
– Council
• CoA
– Composition
– Term
 The Professional Practice of
Accounting
• Standard Setting Bodies
– Transition
– Composition
– Term
– Nomination and Appointment
• Professional Organization
– Sectoral Organizations
 The Professional Practice of
Accounting
• Requirements for a CPA Certificate
– ETC
• Composition
• Duties and Function
• Term
– CPA Board Exam
• Ratings
• Refusal to issue
• Penalties and Sanctions
 The Professional Practice of
Accounting
• Foreign CPAs
• Professional Standards
– Purpose
– Standards and Practice Statements
• CPD – “ refers to the inculcation , assimilation and
acquisition of knowledge, skills, proficiency and
ethical and moral values, after the initial
registration of a professional that raise and
enhance the professional’s technical skills and
competence.”
 The Professional Practice of
Accounting
– Programs
– Credit Units
– Exemption
– Sanction
 Setting Up and Maintaining an
Accounting Practice
• Forms that can practice Public Accountancy
• Well known CPA firms in the Phils
• Accreditation to practice public accountancy
– Certificate of Accreditation
– 3 years meaningful experience
– Renewal of Accreditation
– Names and Foreign CPAs
– QRC
 Setting Up and Maintaining an
Accounting Practice
• BSA-CPA Board Examination – 3 years
meaningful experience- practice (own name)
• Apply: July 19, 2020
• Approved: July 31, 2020 (counted as if Jan
1,2020)
• Expiration: December 31,2022
Renewal: On or before September 30, 2022
 Setting Up and Maintaining an
Accounting Practice
• Fees and Billing
• Death, Disability and Dissolution
• Highlights of different Sections in RA9298