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PHILIPPINE ACCOUNTANCY ACT OF 2004
ARTICLE I
Republic Act 9298 is known as Philippine Accountancy Act of 2004
PRACTICE OF PUBLIC ACCOUNTANCY:
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PHILIPPINE ACCOUNTANCY ACT OF 2004
PRACTICE IN COMMERCE AND INDUSTRY:
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PHILIPPINE ACCOUNTANCY ACT OF 2004
PRACTICE IN EDUCATION/ACADEME:
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PHILIPPINE ACCOUNTANCY ACT OF 2004
PRACTICE IN GOVERNMENT:
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PHILIPPINE ACCOUNTANCY ACT OF 2004
PROFESSIONAL REGULATORY BOARD
OF ACCOUNTANCY (UNDER THE
SUPERVISION AND ADMINISTRATIVE CONTROL OF
THE PROFESSIONAL
Composed of a ChairmanREGULATION COMMISSION)
and six (6) members to be
appointed by the President of the Republic of the Philippines
from a list of three (3) recommendees and ranked by PRC from
a list of five (5) nominees.
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PHILIPPINE ACCOUNTANCY ACT OF 2004
PROFESSIONAL REGULATORY
BOARD OF ACCOUNTANCY
Qualifications of the members of the Board:
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PHILIPPINE ACCOUNTANCY ACT OF 2004
POWERS AND FUNCTIONS
OF THE BOARD :
1. To prescribe and adopt the rules and regulations necessary for
carrying out the provisions of this Act.
2. To supervise the registration, licensure and practice of accountancy
in the Philippines.
3. To administer oaths in connection with the administration of this Act.
4. To adopt an official seal of the Board.
. 5. To monitor the conditions affecting the practice of accountancy in
the Philippines.
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PHILIPPINE ACCOUNTANCY ACT OF 2004
POWERS AND FUNCTIONS
OF THE BOARD:
6. To issue, suspend, revoke or reinstate the Certificate of Registration for the
practice of accountancy.
7. To prescribe and/or adopt a Code of Ethics for the practice of accountancy.
8. To conduct an oversight into the quality of audits of financial statements
through a review of the quality control measures.
9. To investigate violations of this Act and the rules and regulations
promulgated hereunder and for this purpose, to issue summons to violators.
. 10. To issue a cease or desist order to any person, association, partnership or
corporation engaged in violation of any provision of RA 9298, any
accounting or auditing standards promulgated by the Board.
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PHILIPPINE ACCOUNTANCY ACT OF 2004
POWERS AND FUNCTIONS
OF THE BOARD:
11. To punish for contempt of the Board, both direct or indirect, in accordance
with the pertinent provisions of and penalties prescribed by the Rules of
Court.
12. To prepare, adopt, issue or amend the syllabi of the subjects for examinations
in consultation with the academe, determine and prepare questions for the
licensure examination as well as, administer, correct and release the results
of the licensure examination.
. 13. To ensure, in coordination with the Commission on Higher Education (CHED)
or other authorized government offices, that all higher educational
instruction and offering of accountancy, including accounting review centers
and/or CPE providers offering accounting seminars, comply with the policies,
standards and requirements of the course prescribed by CHED or other
authorized government officer of CPE Council as the case may be.
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PHILIPPINE ACCOUNTANCY ACT OF 2004
GROUNDS FOR
SUSPENSION OR
REMOVAL OF MEMBERS
OF
1. THE
Neglect of duty or incompetence.
2. Violation or tolerance of any violation of this Act and its
BOARD:
implementing rules and regulations or the Certified Public
Accountant’s Code of Ethical and technical and professional
standards of the practice for certified public accountants.
3. Final judgment of crimes involving moral turpitude.
4. Manipulation or rigging of the certified public accountant’s
licensure examination in the examination questions prior to the
conduct of the said examination or tampering of grades.
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PHILIPPINE ACCOUNTANCY ACT OF 2004
FINANCIAL REPORTING STANDARDS
COUNCIL (FRSC)
- Accounting standard setting body
- Composed of 15 members with a Chairman, who had been or previously
a senior accounting practitioner in any scope of accounting practice
and fourteen (14) representatives from the following:
(a) Board of Accountancy …………………….. 1
(b) Securities and Exchange Commission …….. 1
(c ) Bangko Sentral ng Pilipinas ……………….. 1
(d) Bureau of Internal Revenue ………………. 1
(d) An major organization composed of
preparers and users of f/s ……… 1
(f) Commission on Audit .………………………. 1
(g) Accredited National Professional Organization
of CPAs
Public Practice……………….. 2
Commerce and Industry ……... 2
Academe/Education ………… 2
Government …………………. 2 8
------ -----
Total 14
===
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PHILIPPINE ACCOUNTANCY ACT OF 2004
AUDITING AND ASSURANCE STANDARDS
COUNCIL (AASC)
- Auditing standard setting body
- Composed of 17 members with a Chairman, who had been or previously
a senior practitioner in public accountancy and sixteen (16)
representatives from the following:
(a) Board of Accountancy …………………….. 1
(b) Securities and Exchange Commission …….. 1
(c ) Bangko Sentral ng Pilipinas ……………….. 1
(d) An association or organization of CPAs in
active public practice of accountancy ……… 1
(f) Commission on Audit .………………………. 1
(g) Accredited National Professional Organization
of CPAs
Public Practice……………….. 9
Commerce and Industry ……... 1
Academe/Education ………… 1
-----
11
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Total 16
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PHILIPPINE ACCOUNTANCY ACT OF 2004 15
EDUCATION TECHNICAL
COUNCIL (ETC)
- Created by PRC upon recommendation of BOA
- Assist the Board in the attainment of the objective of continuously
upgrading the accountancy education in the Philippines to make the
Filipino CPAs globally competitive.
- Composed of seven (7) members with a Chairman, who had or been
presently a senior accounting practitioner in the academe/education
and six (6) representatives from the following:
(a) Board of Accountancy …………………….. 1
(b) Accredited National Professional Organization
of CPAs
Public Practice……………….. 1
Commerce and Industry ……... 1
Academe/Education ………… 2
Government …………………. 1 5
------ -----
Total 6
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- Term is three (3) years renewable for another term.
1. Is a Filipino citizen.
2. Is of good moral character.
3. Is a holder of the degree of Bachelor of Science in
Accountancy conferred by a school, college, academy
or institute duly recognized and/or accredited by
CHED or other authorized government
offices. PHILIPPINE ACCOUNTANCY ACT OF 2004 18
EXAMINATION, REGISTRATION
AND LICENSURE
The Certified Public Accountant Examination
and
Partnerships
(b) Academe/Education
- Teaching for at least three (3) trimesters or two (2) semesters ,
subjects in either financial accounting, business law and
management services
(c) Government
All working papers, schedules and memoranda made by a CPA and his staff in the
course of an examination, including those prepared and submitted by the client,
incident to or in the course of examination, by such CPA, except reports submitted by
a certified public accountant to a client shall be treated confidential and privileged
and remain the property of such CPA in the absence of written agreement between the
CPA and the client, to the contrary, unless such documents are required to be
produced through subpoena issued by any court, tribunal or governmental regulatory
or administrative body in accordance with Philippine laws.
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PHILIPPINE ACCOUNTANCY ACT OF 2004
QUALITY REVIEW
Functions: COMMITTEE
1) Conduct quality review on applicants for registration to practice public
accountancy and render a report which shall be attached to the
application for registration.
2) Recommend to the Board the revocation of the Certificate of
Registration (COR) and Professional Identification Card (PIC) of an
Individual CPA, including any of his/her staff members, Firms including
the sole proprietors and any of his/her staff members.
COVERAGE OF
TEMPORARY/SPECIAL PERMITS
PHILIPPINE ACCOUNTANCY ACT OF 2004 49
PENAL
PROVISION
Fine of not less than fifty thousand pesos
(50,000) or by
Imprisonment for a period not exceeding
two (2) years or
Both
Temporary Exemption:
Practicing his/her profession or furthering his/her
studies abroad provided that he/she has been out of the
country for at least two (2) years immediately prior to
the date of renewal.