Chapter 13

The Code of Professional Ethics and The Accountancy Act of 2004

 Part A – General Application
Integrity
Objectivity
Professional Competence and Due Care

Confidentiality
Professional Behavior
 Threats to Compliance
Self-interest
Self-review
Advocacy

Familiarity
Intimidation
 Safeguards
 created by profession, legislation or regulation
 Work environment
Part B – Professional Accountants in Public
Practice
- Professional Appointment

- Conflicts of Interest
- Second Opinions
- Fees and other types of Remunerations
- Gifts and hospitality
- Custody of Client Assets
- Objectivity

- Independence
Republic Act No. 9298
The Philippine Accountancy Act of 2004
Article I
- declaration of Policy, Objectives and Practice
Article II

Professional Regulatory Board of Accountancy

Article III

Examination, Registration and Licensure

• Financial Accounting and Reporting
• Advanced Financial Accounting and Reporting
• Auditing
• Management Advisory Services
• Business Law
• Taxation
• Average 75% with no grades lower than 65%
• If average is 75% but with a grade of lower than 65% on any subjects – conditional
• Shall take the removal exam within 2 years
• If failed twice refresher course is needed.
Article IV

Practice of Accountancy
Article V

Penal and Final Provisions

ANNEX A

COVERING THE ACCREDITATION OF AN ACCREDITED NATIONAL PROFESSIONAL ORGANIZATION OF CPAs, RENEWAL OF CERTIFICATE OF ACCREDITATION AND ITS
SUSPENSION/CANCELLATION
ANNEX B

COVERING THE ACCREDITATION OF INDIVIDUAL CPAs, FIRMS AND PARTNERSHIPS OF CPAS ENGAGED IN THE PUBLIC PRACTICE OF ACCOUNTANCY
ANNEX C

COVERING THE PROFESSIONAL EDUCATION (CPE) PROGRAMS FOR CPAs IN THE PRACRTICE OF ACCOUNTANCY