RA9298 & IRR (pp.1-5)

• Republic of the Philippines Professional Regulation Commission Manila
• BOARD OF ACCOUNTANCY Resolution No. ______ Series of 2004
• Philippine Accountancy Act of 2004


  Republic Act No. 9298
• Declaration of Policy


  The State recognizes the importance of accountants in nation building and development
• Objectives of the Act

  • 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
• Scope of Practice


  • Practice of Public Accountancy
  • Practice in Commerce and Industry
  • Practice in Education/Academe
  • Practice in the Government
• Practice of Public Accountancy

  Involves individuals in accounting or auditing firms, skilled in accounting, rendering professional services
• Practice in Commerce and Industry

  Involves decision making requiring professional knowledge in accounting, finance, and taxation
• Practice in Education/Academe


  Involves teaching accounting and related subjects in educational institutions
• Practice in the Government

  Involves positions in accounting professional groups in government or government-owned corporations
• Accredited National Professional Organization of Certified Public Accountants (APO)

  The integrated national professional organization of Certified Public Accountants accredited by the Board and the Commission
• Certified Public Accountant (CPA)

  A person who holds a valid Certificate of Registration and a valid Professional Identification Card
• Certificate of Accreditation


  A certificate issued by the Commission attesting that CPAs and firms are duly accredited to practice public accountancy
• Certificate of Registration


  A certificate issued to an individual signifying compliance with legal and procedural requirements for issuance
• Code of Ethics for Professional Accountants


  The code of ethics approved by the Commission containing norms and principles governing the practice of accountancy
• Professional Identification Card


  A card issued to a registered CPA upon payment of annual registration fees, valid for three years
• Quality Review


  A study or review of the quality of audit of financial statements by the Board or its representatives
• Qualifications of Members of the Professional Regulatory Board of Accountancy

  • Natural-born citizen and resident of the Philippines
  • Duly registered CPA with at least ten years of work experience
  • Good moral character
  • No pecuniary interest in academic institutions
  • Not a Director or Officer of the APO