Brief History of Accounting
Internal
Profession in the Philippines
Birth of Accountancy in the Philippines
– In 1923, accounting was legally
recognized as a profession in the
country when the sixth Philippine
Legislature approved Act No. 3105 on
March 17, 1923.
– created the Board of Accountancy (BoA)
vested with authority to promulgate rules
and regulations, to set professional
standards for the accounting profession
practice and to issue certified public
accountant certificates to those who
have qualified in accordance with the
requirements of the law
– Composed of one (1) Chairman and two
(2) members
Members of the Board of Accountancy
– The first Board of Accountancy was
composed of Chairman W. W. Larkin,
and Domingo Dikit and Felix Tiongson,
as members.
– The first board exam for CPA was given
in May 1932.
Notable CPAs
 Don Vicente Fabella (1891-1959)
– first CPA of the Philippines
– the founder of the Jose Rizal University
 Jose Diokno (1922-1987)
– who was a senator and human rights
advocate;
– Washington SyCip (1921-2017), a
Philippine and global business icon.
 Manuel Villar
– former Speaker of the House and Senator
– richest Filipino
 Heidi Mendoza
– former COA Commissioner
– former Undersecretary General of
– Oversight, United Nations
PICPA: APO of Filipino CPAs
– The Philippine Institute of Certified
Accountants or PICPA is the accredited
professional organization (APO) of CPAs by
the Professional Regulation Commission
(PRC) and has been awarded four times as
PRC most outstanding APO from among
other professional organizations.
– PICPA was founded in November 1929 by a
group of illustrious pioneers in the
accounting profession: Enrique Caguiat,
Santiago de la Cruz, Francisco Dalupan,
Jaime Hernandez, Felipe Ollada, Ramon
del Rosario, Antonio Sanchez, Jose Torres,
Artemio Tulio, Clemente Uson and Jesus
Zulueta. W. W. Larkin, holder of CPA
Certificate No. 1, was its first president.
The CPA Board Examination
– As part of the Philippine Regulatory
Commission’s (PRC) mandate to oversee
the different professions in the country, the
Republic Act No. 9298 or the Philippine
Accountancy Act of 2004 requires aspiring
CPAs to take a written technical exam to
measure their competence and evaluate
whether they’re fit for this career or not.
– Passing the CPA board exam is required for
anyone who wants to practice accountancy
as a profession.
What is the coverage of the CPA Board Exam?
 Financial Accounting and Reporting
 Advanced Financial Accounting and
Reporting
 Management Advisory Services
 Auditing
 Taxation
 Regulatory Framework for Business
Transactions
What is the passing rate for the CPA Board
Exam?
 – To be a certified public accountant, you
must get a general average of 75% plus no
grades lower than 65% in any of the subject
areas.
– Should you miss the mark on your second
take, you’ll be required to enroll in a
refresher course.

What are the eligibility requirements of the CPA

Board Exam?

 A Filipino citizen;
 Has a good reputation and moral character;
 Has graduated with a degree of Bachelor of
 Science in Accountancy in a government-
recognized school, institute, college,or
university;
 Has no criminal record.

What are the application requirements of the

CPA Board Exam?

– SO/PSA Birth Certificate

– Transcript of Records with scanned picture
and Remarks “For Board Examination
Purposes”
– Valid NBI Clearance
– Examination fee payment (Php 900)
– Aside from the ones mentioned in the list,
exam takers who failed twice need to
undergo a refresher course and a
conditioned/removal examination as part of
their application requirements during their
third try.

When is the release of result?

10 days following the last of the examination.