AT -01 Practice and Regulation of the Profession

• PRBOA Resolution No. 16 Series of 2021 "Resolution to Make an Official Representation with the Office of the President of the Philippines for the Signing of a Presidential Proclamation Declaring the Period March 17, 2022 to March 17, 2023 as the Centenary Year of the Accountancy Profession and the Board of Accountancy and the Adoption of the Centennial Logo and Theme for Its Year-long Anniversary Celebration"
• The Philippine Accountancy Act of 2004 (RA 9298)
• Objectives of the Philippine Accountancy Act of 2004


  • Standardization and regulation of accounting education
  • Examination for registration of certified public accountants
  • Supervision, control, and regulation of the practice of accountancy in the Philippines
• Standardization and regulation of accounting education

  1. Creation of Education Technical Council (Section 9 [B] of the IRR of RA 9298)

  2. PICPA as member of IFAC is expected to comply with the Statement of Membership Obligations (SMOs)

  3. Commission on Higher Education (CHED) as one of the regulators
• Examination for registration of certified public accountants

  1. The Professional Regulatory Board of Accountancy (PRBOA)

  2. Qualifications of Applicants of Examinations

  3. Scope of Examination

  4. Rating in the Licensure Examination

  5. Failing Candidates to Take Refresher Course

  6. Oath, Issuance of Certificates of Registration, and Professional Identification Card
• Supervision, control, and regulation of the practice of accountancy in the Philippines


  1. The entire Rule IV (Practice of Accountancy) of the IRR of RA 9298

  2. The entire Rule V (Penal and Final Provisions) of the IRR of RA 9298

  3. All the annexes of the IRR of RA 9298

  4. Practice sectors are public practice, commerce and industry, government, and academe/education

  5. Creation of Auditing and Assurance Standard Council (AASC), Financial Reporting and Standards Council (FRSC), Quality Review Committee (QRC), and CPE Council
• RA 10912: Continuing Professional Development Act of 2016
• International Education Standard (IES) 7
• PRC and PRBOA resolutions and issuances
• Managing Public Accounting Practice and Other Considerations

  • PRBOA accreditation
  • Audit fees and billing
• Filing of CPD program

  Be filed 60 days before the offering of the program
• Submission of CPD monitoring report

  CPD monitor should submit the monitoring report to PRC within 15 working days after the conduct of the program
• The new provisions of the most recent IRR (PRC Resolution 1146 Series of 2019) for CPD Law would not take effect by March 1, 2019
• The most recent IRR refers to the CPD Law of 2016
• 15 CPD credit units would be required for the renewal of the PRC ID
• 120 CPD credit units would be required for the accreditation of CPAs in government
• Minimum number of CPD credit units for registered professional accountants in public practice for accreditation within the three-year period starting 2019

  45 credit units
• Grounds for suspension or revocation of certificate of registration and professional identification card

  • Possession of an unsound mind
  • Practice in more than one field of accountancy
  • Conviction of a criminal offense involving moral turpitude
  • Unprofessional or unethical conduct, malpractice, or violation of RA 9298
• Punishment for violation of the Accountancy Act of 2004 or its Implementing Rules and Regulations


  A fine of not less than fifty thousand pesos (₱50,000.00) or imprisonment for a period not exceeding two (2) years, or both
• Reinstatement of a CPA whose certificate has been revoked


  May be reinstated by the PRBOA after the expiration of two (2) years from the date of revocation
• A BSA graduate is allowed to practice public accountancy under his or her own name immediately upon passing the CPA Board Exams
• The certificate of accreditation for CPAs in education is granted only once and remains in effect until withdrawn, suspended, or revoked in accordance with RA 9298
• Single practitioners and partnerships for the practice of public accountancy shall be registered certified public accountants in the Philippines
• A certificate of accreditation shall be issued to certified public accountants in public practice only upon showing, that such registrant has acquired a minimum of three (3) years meaningful experience in any of the areas of public practice including taxation
• Functions of a senior (experienced) associate

  Prepares the audit program and performs more complex audit procedures
• Factors affecting the amount of professional fees


  Volume of audit work and degree of competence and responsibilities involved
• Billing method where billing is done on the basis of actual time spent by the staff multiplied by the hourly rates agreed upon

  Time-based billing
• An author cannot mention services that the author's firm provides when publicizing a book in accounting
• A CPA may give a brochure to a non-client if the non-client has made an unsolicited request
• Subjects or citizens of foreign countries may be allowed to practice accountancy in the Philippines, subject to the provisions of existing laws and international treaty obligations, including mutual recognition agreements entered into by the Philippine government with other countries
• Situations where temporary or special permits may be issued to Foreign CPAs

  • A foreign CPA was called for consultation which, in the judgment of the Board of Accountancy, is essential for the development of the Philippines
  • A foreign CPA was engaged to lecture on fields essential to accountancy education in the Philippines
  • A foreign CPA, an IFRS expert, is engaged for services deemed essential for the advancement of accountancy in the Philippines which can also be performed by Filipino CPAs
• Violations of the IRR that shall subject the CPA to fines and penalties

  • Engaging in public accounting practice without first registering with the PRBOA and the SEC
  • Continuing to engage in the practice of public accountancy after the expiration of the registration/accreditation
  • Continuing to engage in the practice of public accountancy after suspension, revocation or withdrawal of registration
  • Giving any false information, data, statistics, reports or other statement which tend to mislead, obstruct, or obscure the registration of an Individual CPA, Firm or Partnership of CPAs under the IRR
  • Giving any misrepresentation to the effect that registration was secured in truth when in fact, it was not secured
  • Failure or refusal to undergo quality review
• Composition of the PRBOA

  • 1 Chairman, 6 Members
• Nominations for the PRBOA

  • 5 PICPA – 3 PRC – 1 President
• Term of PRBOA members

  One (1) complete term is 3 Years, Maximum no. of years is 12 years
• Term of PRBOA Vice Chairman

  1 Year, Two consecutive complete terms with 1 Year Lapse
• A member of the PRBOA cannot have direct, or indirect pecuniary interest in any school, college, university or institution conferring the B.S. Accountancy degree or providing CPA Review classes
• Applicants for CPALE do not need to be natural-born Filipino citizens
• The Accredited Integrated Professional Organization (AIPO) shall submit its nominations for the PRBOA, with complete documentation, to the Commission not later than sixty (60) days prior to the expiry of the term of an incumbent chairman or member
• The PRBOA is not tasked to conduct an oversight into the quality of audits of financial statements