Republic Act No.

9298:
The Phil. Accountancy Act 2004
Declaration of Policy, Objectives and Scope of Practice
Objectives:
Art. I - Standardization & regulation of accounting education
- Examination for registration of CPAs
- Supervision, control & regulation of the practice

Scope of Practice:
(a) Practice of Public Accountancy
(b) Practice of Commerce & Industry
(c) Practice in Education/Academe
(d) Practice in the Government
 Republic Act No. 9298
The Philippine Accountancy Act 2004

Art. II Professional Regulatory Board of Accountancy

Art. III Examination, Registration and Licensure

Art. IV Practice of Accountancy

Art. V Penal and Final Provisions

Art. I Declaration of Policy, Objectives and Scope of Practice

Practice of Public Accountancy

• shall constitute in a person, be it his/her individual capacity, or

as a partner or staff member in an accounting or auditing firm,
holding out himself/herself as one skilled in the knowledge,
science and practice of accounting, and as a qualified person
to
render professional services as a CPA; or offering or otherwise,
services such as audit or verification of financial transaction &
records; the preparation, signing or certification for clients of
reports of audit, balance sheet, and other financial, accounting
& related schedules, exhibits, statements of reports which are
to be used for publication or for credit purposes,
OVERVIEW of SETTING UP AN ACCOUNTING PUBLIC PRACTICE
Graduate with a degree in
Bachelor of Science in Accountancy
Successfully pass the CPA Board Examination:
Registration and license to practice Comply with
Continuing
Obtain meaningful experience (minimum 3 yrs)
Professional
Secure accreditation from BOA/PRC &, if Development
necessary, including from BIR, BSP, IC & CDA
(CPD)
Perform services in accordance with Requirements
professional standards, ethical, legal and
regulatory requirements
Republic Act No. 9298
Art. I Declaration of Policy, Objectives and Scope of Practice
Practice of Public Accountancy

• or to be filed with a court or government agency, or to be used

for any other purpose; the design, installation, & revision of
accounting system, the preparation of income tax returns when
related to accounting procedures; or when he/she represents
clients before government agencies on tax & other matters
related to accounting or renders professional assistance in
matters relating to accounting procedures & the recording &
presentation of financial facts or data.
Republic Act No. 9298

Art. I Declaration of Policy, Objectives and Scope of Practice

Practice of Commerce and Industry

shall constitute in a person involved in

decision making requiring professional
knowledge in science of accounting, or when
such employment or position requires that the
holder thereof must be certified public
Accountant.
Republic Act No. 9298

Art. I Declaration of Policy, Objectives and Scope of Practice

Practice in Education/Academe

shall constitute in a person in an educational

institution which involves teaching of
accounting, auditing management advisory
services, finance, business law, taxation, and
other technically related subjects: Provided,
that members of the IBP may be allowed to
teach business law & taxation subjects.
Republic Act No. 9298

Art. I Declaration of Policy, Objectives and Scope of Practice

Practice in Government

shall constitute in a person who holds, or is

appointed to, a position in an accounting
professional group in government or in a
government-owned and/or –controlled corporations,
including those performing proprietary functions,
where decision making requires professional
knowledge in the science of accounting, or where a
civil service eligibility as a CPA is a prerequisite.
 Republic Act No. 9298
Art. II Professional Regulatory Board of Accountancy

BOA Chairman
6 members (VP for 1 year)
Sec 6 - BOA Qualifications
Sec 7 - Term of Office
Sec 8 - Compensation and allowances of the board
Sec 9 - Powers & functions of the Board
Sec 10 - Administrative Supervisions of the Board, Custodian
of its Records, Secretariat and Support Services
Sec 11 - Grounds for Suspension or Removal of Members of
the Board
Sec 12 - Annual Report
Art. III Examination, Registration and Licensure
Sec 13 – CPA Examinations
Sec 14 - Qualification of Applicants for Examinations
Sec 15 - Scope of Examination
Sec 16 - Rating in the Licensure Examination
Sec 17 - Report of Ratings
Sec 18 - Failing Candidtes to Take Refresher Course
Sec 19 - Oath
Sec 20 - Issuance of Certificates of Registration & Personal ID Card
Sec 21 – Roster of Certified Public Accountants (CPA)
Sec 22 – Indication of Certificate Registration ID card & PTR
Sec 23 – Refusal
Sec 24 – Suspension & Renovation of Certificates of Registration &
Professional ID Card & Cancellation of Special Permit
Sec 25 - Reinstatement, Reissuance & Replacement of Revoked or
Lost Certificates

DR. NOE G. QUIÑANOLA
GLORIA J. TOLENTINO-BAYSA
ATTY. SAMUEL B. PADILLA
ARLYN SICANGCO - VILLANUEVA
GERVACIO I. PIATOR
THELMA S. CIUDADANO
MARKO ROMEO L. FUENTES
I. Auditing
II. Management Advisory Services
III. Taxation
IV. Regulatory Framework for Business
Transactions
V. Financial Accounting and Reporting
VI. Advanced Financial Accounting and
Reporting (AFAR)
As per the Board of Accountancy (BOA)’s Resolution No. 114 Series of 2016, the individual
subjects in the CPA Boards shall be composed of two (2) parts with the corresponding
percentage weights.

SUBJECT THEORETICAL PRACTICAL / COMPETENCE

Auditing 50% 50%
Management Advisory Services 30% 70%
Taxation 30% 70%
Regulatory Framework for Business Transactions 70% 30%
Financial Accounting and Reporting 30% 70%
Advanced Financial Accounting and Reporting 30% 70%
UPDATE (August 2018):
These include the new and old provisions of
According to the Board of
Accountancy (BOA), the CPA the following three (3) topics:
Examinations in October 2018, TRAIN Law or Tax Reform for Acceleration &
May 2019, & October 2019 shall Inclusion
cover the NEW and OLD PFRS 9 on “Financial instruments”
provisions of certain laws and PFRS 15 on “Revenue from Contracts with
standards. Customers”
Section 16. Rating in the Licensure Examination.

To be qualified as having passed the licensure examination for accountants, a

candidate must obtain a general average of seventy five percent (75%), with
no grade lower than sixty-five percent (65%) in any given subject. In the event
a candidate obtains the rating of seventy-five percent (75%) and above in at
least a majority of subjects as provided for in this Act, he/she shall receive a
conditional credit for the subjects passed: Provided, That a candidate shall
take an examination in the remaining subjects within two (2) years from
preceding examination: Provided, further, That if the candidate fails to obtain
at least a general average of seventy-five percent (75%) and a rating of at
least sixty-five percent (65%) in each of the subjects reexamined, he/she shall
be considered as failed in the entire examination.
Section 17. Report of Rating. - The Board shall submit to the Commission the
rating obtained by each candidate within ten (10) calendar days after the
examination, unless extended for just cause. Upon the release of the results of the
examination, the Commission shall send by mailing the rating received by each
examinee at his/her given address using the mailing envelop submitted during the
examination.

Section 18. Failing Candidates to Take Refresher Course. - Any candidate who
fails in two (2) complete Certified Public Accountant Board Examinations shall be
disqualified from taking another set of examinations unless he/she submit
evidence to the satisfaction of the Board that he/she enrolled in and completed at
least twenty-four (24) units of subject given in the licensure examination.

For purposes of this Act, the examination in which the candidate was conditioned
together with the removal examination on the subject in which he/she failed shall
be counted as one compete examination.
Republic Act No. 9298

Art. IV Practice of Accountancy

Sec 26 – Prohibition in the Practice of Accountancy

Sec 27 - Vested Rights: CPA Registered When this Law is Passed
Sec 28 - Limitation of the Practice of Public Accountancy
Sec 29 - Ownership of Working Papers
Sec 30 - Accredited Professional Organization
Sec 31 - Accreditation to Practice Public Accountancy
Sec 32 - Continuing Professional Education (CPE) Program
Sec 33 - Seal and Use of Seal
Sec 34 – Foreign Reciprocity
Sec 35 – Coverage of Temporary/Special Permits
 Republic Act No. 9298
Art. V Penal and Final Provisions
Sec 36 – Penal Provision
Sec 37 - Implementing Rules and Regulations
Sec 38 - Interpretation of this Act
Sec 39 - Enforcement of the Act
Sec 40 - Funding Provision
Sec 41 - Transitory Provision
Sec 42 - Separability Clause
Sec 43 - Repealing Clause
Sec 44 – Effectivity
Approved: May 13, 2004
President: Gloria Macapagal Arroyo
Jose de Venecia, Jr (Speaker), Franklin M. Drillon (Senate President), Roberto Nazareno
(Secretary General), Oscar G. Yabes (Secretary of the Senate)