ACCOUNTANCY LAW (R.A.

9298) or rendering, or both, to • One who represents his/her aspect of finance, business
Republic Act 9298 is known as more than one client on a fee employer before government law and taxation, and other
Philippine Accountancy Act of basis, or otherwise, services agencies on tax and other related subjects
2004 such as: matters related to accounting • Provided that members of the
1. audit or verification of • One when such employment Integrated Bar of the Phils.
Repealed PD 692 known as
financial transactions and or position requires the (IBP) may be allowed to teach
Revised Accountancy Law
accounting records holder to be a CPA involved in law and taxation subjects,
Objectives:
2. preparation, signing or supervision of recording of • Provided further that the
• The standardization and
certification for client of financial transactions, position of either the dean or
regulation of accounting
reports of audit preparation of financial department chairman or its
education.
3. design, installation, review statements, coordination equivalent that supervises the
• The examination for
and revision of accounting with external auditors for f/s BSA program of an
registration of certified public
system audit provided that the educational institution is
accountants.
4. represents his/her client business or company where deemed to be in practice of
• The supervision, control and
before government agencies such position exists has paid accountancy in the
regulation of the practice of
on matters related to up capital of at least P5M academe/education and
accountancy in the
accounting &/or annual revenue of at therefore must be occupied
Philippines.
5. rendition of professional least P10M provided that it only by CPA.
Scope of Practice
assistance relating to shall apply to persons to be Practice in Government:
Practice of Public Accountancy:
accounting procedures and employed after the effectivity • One who holds or is
• - One who in his individual
the recording and of IRR & provided finally, it appointed to, a position in an
capacity, or as a partner or a
presentation of financial facts shall not deprive employment accounting professional
staff member in an
or data. of incumbents to this group in government or in a
accounting or auditing firm.
Practice in Commerce and Industry: position. government owned and/or
• Holding himself/herself as
• One who is involved in Practice in Education/Academe controlled corporation,
one skilled in the knowledge,
decision making requiring • One who is in an educational including those performing
science and practice of
professional knowledge in the institution which involve proprietary functions, where
accounting, and as a qualified
science of accounting, as well teaching of accounting, decision-making requires
person to render professional
as the accounting aspects of auditing, management professional knowledge in the
services as a CPA, or offering
finance or taxation advisory services, accounting science of accounting.
 • One where civil service been convicted of crimes Registration for the practice 12. To prepare, adopt, issue or
eligibility as a CPA is a involving moral turpitude. of accountancy. amend the syllabi of the
prerequisite. • Must not have any pecuniary 7. To prescribe and/or adopt a subjects for examinations in
Professional Regulatory Board of interest in any school, college, Code of Ethics for the practice consultation with the
Accountancy university or institution of accountancy. academe, determine and
- Under the supervision and offering academic degree 8. To conduct an oversight into prepare questions for the
administrative control of the • Must not be a director or the quality of audits of licensure examination as well
Professional Regulation Commission, officer of APO at the time of financial statements through as, administer, correct and
composed of a Chairman and six (6) appointment. a review of the quality control release the results of the
members to be appointed by the Powers and Functions of the measures. licensure examination.
President of the Republic of the Board 9. To investigate violations of 13. To ensure, in coordination
Philippines from a list of three (3) 1. To prescribe and adopt the this Act and the rules and with the Commission on
recommendees and ranked by PRC rules and regulations regulations promulgated Higher Education (CHED) or
from a list of five (5) nominees. necessary for carrying out the hereunder and for this other authorized government
- Term of office: 3 years renewable provisions of this Act. purpose, to issue summons to offices, that all higher
for another term, lapse of one (1) 2. To supervise the registration, violators. educational instruction and
year. licensure and practice of 10. To issue a cease or desist offering of accountancy,
- No person shall serve the Board for accountancy in the order to any person, including accounting review
more than twelve (12) years. Philippines. association, partnership or centers and/or CPE providers
Qualifications of the members of 3. To administer oaths in corporation engaged in offering accounting seminars,
the Board connection with the violation of any provision of comply with the policies,
• Must be a natural born citizen administration of this Act. RA 9298, any accounting or standards and requirements
and a resident of the Phils. 4. To adopt an official seal of the auditing standards of the course prescribed by
• Must be a duly registered CPA Board. promulgated by the Board. CHED or other authorized
with at least ten (10) years 5. To monitor the conditions 11. To punish for contempt of the government officer of CPE
work experience in any scope affecting the practice of Board, both direct and Council as the case may be.
of practice of accountancy accountancy in the indirect, in accordance with
• Must be of good moral Philippines. the pertinent provisions of Grounds for Suspension or
character and must not have 6. To issue, suspend, revoke or and penalties prescribed by Removal of Members of the
reinstate the Certificate of the Rules of Court. Board
 1. Neglect of duty or (b) Securities and Exchange (g) Accredited National Professional
incompetence. Commission………………………………….1 Organization of CPAs
2. Violation or tolerance of any (c ) Bangko Sentral ng Pilipinas………1 Public Practice………………….9
violation of this Act and its (d) Bureau of Internal Revenue……..1 Commerce and Industry……1
implementing rules and (e) A major organization composed of Academe/Education………….1
regulations or the Certified preparers and users of f/s………………1
Public Accountant’s Code of (f) Commission on Audit………………..1
Ethical and technical and (g) Accredited National Professional
professional standards of the Organization of CPAs
practice for certified public Public Practice………………….2
accountants. Commerce and Industry……2
3. Final judgment of crimes Academe/Education………….2
involving moral turpitude. Government……………………..2
4. Manipulation or rigging of the Auditing and Assurance Standards
certified public accountant’s Council (AASC) Auditing standard
licensure examination in the setting body
examination questions prior Composed of 17 members with a
to the conduct of the said Chairman, who had been or
examination or tampering of previously a senior practitioner in
grades. public accountancy and sixteen (16)
Financial Reporting Standards representatives from the following:
Council (FRSC) standard setting body (a) Board of Accountancy……………. 1
Composed of 15 members with a (b) Securities and Exchange
Chairman, who had been or Commission………………………………….1
previously a senior accounting (c ) Bangko Sentral ng Pilipinas………1
practitioner in any scope of (d) An association or organization of
accounting practice and fourteen (14) CPAs in active public practice of
representatives from the following: accountancy……………………………………1
(a) Board of Accountancy……………. 1 (f) Commission on Audit………………..1