PRACTICE AND REGULATION OF ACCOUNTANCY PROFESSION

REGULATION OF THE ACCOUNTANCY PROFESSION MAY 13,2004

RA 9298 "PHILIPPINE ACCOUNTANCY ACT OF 2004" regulatory act of the practice of accountancy in the Philippines Regulatory profession from the entrance up to eventual practice
Supersedes PD.692 " revised accountancy law" Those who are still following the old rule prior to the effectivity date does not violated the rule

Non compliance will result to violation

APPOINTMENT PROCESS
OBJECTIVES FOR EACH VACANT POSITION
MNEMONICS
S TANDARDIZATION and regulation of accty education PICPA • 6 Members+ 1 Chairman
E XAMINATION for registration of CPAs; and
S UPERVISION, control and regulation of the practice of accountancy in Ph Represents
Select a newly member
PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY (PRBOA or BOA ) APO ( Accredited National PRES OF THE PH
• 6 Members+ 1 Chairman by the Pres of PH Professional Org. of CPAs)

by the Vice chairman for a term of 1 year submits 5 nominees PRC 3 recommendees
select in order of priority
Within 60 days to the
Must Not be a director or officer of the APO at the time of his appointment
expiration of member's term
Natural-born citizen and a resident of Ph
Duly registered CPA with AT LEAST 10 Yrs of expirience in any scope of prac of Accty if the cause is the
NOTE if picpa fails to pass the Nominees to PRC, PRC *DEATH OR RESIGNATION OF A MEMBER
Must NOT have been convicted of crimes involving moral turpitude
Must NOT have pecuniary interest directly or indirectly in any school/ review school at the time of his/ her appoinment to the board will still select the persons to be recommended to
the Pres. of the Philippines 60 days will run after the notice
Must Not be a director or officer of the APO at the time of his appointment

TERM OF OFFICE 3 YEARS UP TO 2 SUCCESSIVE COMPLETE TERMS

3 yrs 3 yrs 3 yrs GROUNDS TO SUSPENSION OR REMOVALS OF THE BOARD

1 Yr lapse
as recommended and investigated by PRC
MAX. OF 12 YEARS OF SERVICE

3 YEARS UP TO 2 SUCCESSIVE COMPLETE TERMS

Can be extended for another 3 years considering the 1 year lapse
PRESIDENT
*IF REPLACED The term of service is the unexpired years of the replaced member POWERS AND FUNCTION OF THE BOARD has the power to suspend
but it does not count as complete term, (think of it as a bonus term) After serving the remaining term PLEASE READ IN HO1 PAGE 2 a member
of the replaced member, he/ she can still render the 2 successive complete terms

3 yrs 3 yrs
1 year (remaining)
Term served
plus 2 complete terms

PRC provides Administrative Supervisions, custody of its record, Secretariat, and support services to the BOA to implement the provisons of RA 9298

ALL OF THE RECORDS OF CUSTODIAN OF ITS

BOA RECORDS
ADMINISTRATIVE
BOA
SUPERVISION OF THE

PROVIDE THE
SECRETARIAT OTHER
SUPPORT SERVICES

ANNUAL REPORT OF BOA

EACH CALENDAR YEAR

PRC PRESIDENT OF THE PH

ANNUAL REPORT
-Consolidates the report fr (ULTIMATE USER OF THE
OF BOA
BOA
REPORTS: detailed account of its proceedings
and accomplishments during the year
 CPA EXAMINATION
NOTE: proposed amendments are not followed unless effective/ naisapabatas na.

ALL APPLICANTS for registration for the practice of accty shall be Required to undergo a licensure exam
PROF ID 3 YEARS VALIDITY RENEWAL
CONDITIONAL JUNE 2021 SEPT 2021
on or before
up to two complete exam
plus 3 years 2024 on your Bday
PASSED BDAY
(REGISTERED)
2021 2022 2023 2024

FAILED
OCT MAY OCT MAY Refresher course REFRESHER COURSE CERTIFICATE
only from educational institution offering ang BSA Program
C F C F NOT review centers (only accredited review centers)

(C=CONDI; F= FAILED)

Successful candidates ROSTERS OF CPA

OATH
Foreign CPAs who are allowed to practice Accty Profession ( Certain Period Validity) shall be updated by the board (deligated by PICPA)

SPECIAL AND TEMPORARY PERMIT OF FOREIGN CPA

1. Foreign Reciprocity Agreement of two countries to allow foreign CPA to practice Accountancy in the Philippines SOLE/ SINGLE PRACTICTIONERS "Firm"
2. There should be an essential contribution to the development of accty profession in the Philippines Firm after the name of the business is no longer allowed

CREATING YOUR OWN ACCOUNTING FIRM kunwari, may namatay at nagretire na partner,
Accreditation to practice public accounting magagamit pa ren ba ng remaining partners ang
1. NAMING* old name ng business? YES
Individual CPA register the name that is in your CPA certificate Kamille Leiva DC. Cabocan, CPA
Sole proprietorship Kamille and Associates, CPAs Pero kapag nagiisa nalang si remaining partner
Kamille and Tablizo, CPAs pwede niya pa ren ito magamit ito for 2 years
Partnership
Just in case you have other anonymous partners Kamille and Tablizo & Co., CPAs After 2 yrs pede na siya magconvert

Not allowed Fictitious names

Specialization
must not be misleading as to form of the organization dapat if sole, sole lang

RULES ON THE YEARS OF ACCREDITATION

Kamille and Tablizo, CPAs
Approved Reg date: 7/19/2023

OLD RULES NEW RULES

Automatic 2023 being the year of registration counted agad as 1 COA= 3 years validity
year shall be renewed on or before the exp date

expiration: December 31, 2025 A. Individual Professional: Bday After 3 years ( like Prof ID)
B. Acctg firms & Partnership
renewal shall be on or before Sept 30 of the year of expiry SEC registration month + 3 years (end of the month)
Example: Business Registration June 2022
take effect of renewal: 1/1/26 SEC registration Sept 2022
Expiration: Sept 30, 2025

Question: What if one of the partners retire? Can they still use the original business name?
Yes, as long as the latter agreed to use his/name.

Note that after the retirement of one partner, the business will be dissolved and they are again required to register to SEC
If the partners wished to continue

Question: What if isa nalang natitirang partner? Kase namatay yung isa at the others retired?
1. magreregister si remaining partner as a sole proprietorship
2. Yung partnership na naiwan, need na i-wind up
2 years to wind up a partnership of course keep in mind that the business should be properly liquidated

MEANINGFUL EXPERIENCE
If it is earned in PUBLIC PRACTICE and dhall include at least 1 year as audit assistant
2 yrs as auditor in charge

Others Sector
A. Commerce & Industry Significant involvement
B. Academe/Education Teaching At least 2 or 3 sem in all acctg subj. teaching exp shall not be less than 3 years
C. Government Significant involvement in general Acctg, budgeting, internal aud, liason with COA or any other related function