pp. 6-10

• If the Chairman or any member of the Board is still in active practice of public accountancy or connected with any office in commerce and industry or in the government, he/she must go on leave during the pendency of any case involving himself/herself, his firm, partnership, company or government office, or inhibit himself/herself completely in all the stages of the proceedings thereof.
• Term of Office for the Chairman and members of the Board

  Three (3) years
• Any vacancy occurring within the term of a member shall be filled up for the unexpired portion of the term only.
• No person who has served two successive complete terms as chairman or member shall be eligible for reappointment as chairman or member until the lapse of one year.
• No person shall serve in the Board for more than twelve (12) years.
• Compensation and Allowances of the Board

  The chairman and members of the Board shall receive compensation and allowances comparable to that being received by the Chairman and members of existing regulatory boards under the Commission as provided for in the General Appropriations Act.
• Powers and Functions of the Board

  • Prescribe and adopt rules
  • Supervise registration and practice
  • Administer oaths
  • Issue, suspend, revoke, or reinstate Certificates
  • Adopt an official seal
  • Prescribe a Code of Ethics
  • Monitor conditions affecting practice
  • Conduct quality audits
  • Investigate violations
  • Issue cease or desist orders
  • Punish for contempt
  • Prepare syllabi for examinations
  • Ensure compliance with educational standards
  • Exercise other powers as provided by law
• Investigation process by the Board

  1. Issue summons

  2. Compel attendance

  3. Investigate violations

  4. Adopt findings of fact
• The policies, resolution, rules and regulations, issued or promulgated by the Board shall be subject to review and approval of the Commission.
• The Board’s decisions, resolutions or orders rendered in administrative cases shall be subject to review only if on appeal.
• The Commission shall create an accounting standard setting body known as the Financial Reporting Standards Council (FRSC) and an auditing standard setting body known as the Auditing and Assurance Standards Council (AASC).
• Composition of the FRSC

  • Chairman (senior accounting practitioner)
  • 14 representatives from various organizations
• Composition of the AASC

  • Chairman (senior practitioner in public accountancy)
  • 14 representatives from various organizations
• The Chairman and members of the FRSC and AASC shall be appointed by the Commission upon the recommendation of the Board in coordination with the APO.
• The FRSC and the AASC shall make an annual review of the composition of their respective councils.
• The Chairman and the members of the FRSC and AASC shall have a term of three (3) years renewable for another term.
• The Commission shall create an Education Technical Council (ETC) to assist the Board in carrying out its powers and functions.
• Functions of the ETC

  • Determine minimum standard curriculum
  • Establish teaching standards
  • Monitor progress of accountancy education
  • Evaluate performance of educational institutions
• The Board shall be under the administrative supervision of the Commission.
• All records of the Board shall be under the custody of the Commission.
• The President of the Philippines may suspend or remove any member of the Board on specific grounds.
• Grounds for Suspension or Removal of Members of the Board

  • Neglect of duty or incompetence
  • Violation of this Act
  • Final judgment of crimes involving moral turpitude
  • Manipulation of licensure examination results
• The Board shall submit an annual report to the President of the Philippines through the Commission.
• Certified Public Accountant Examinations

  1. Applicants required to undergo licensure examination

  2. Designated by the Commission

  3. Compliance with requirements prescribed by the Commission