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Republic Act 9298, also known as the Accountancy Act of 2004, established the Professional Regulatory Board of Accountancy to regulate the accounting profession in the Philippines. The Board has powers such as determining qualifications for licensure, administering exams, investigating violations, and disciplining accountants. The Act also specifies requirements for Certified Public Accountants such as obtaining a degree in accountancy, passing the licensure exam, and maintaining professional standards. It aims to professionalize the practice of accountancy and protect the interests of the public.

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Zarah Mae Umali
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329 views

Concept Map

Republic Act 9298, also known as the Accountancy Act of 2004, established the Professional Regulatory Board of Accountancy to regulate the accounting profession in the Philippines. The Board has powers such as determining qualifications for licensure, administering exams, investigating violations, and disciplining accountants. The Act also specifies requirements for Certified Public Accountants such as obtaining a degree in accountancy, passing the licensure exam, and maintaining professional standards. It aims to professionalize the practice of accountancy and protect the interests of the public.

Uploaded by

Zarah Mae Umali
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Agraviador, John Siegfred L.

AC 516 MW 12:00-3:00
November 23, 2015
Concept Map

Republic Act 9298

Article I
Title: Accountancy Act of 2004

Declaration of Policy

Article II
Professional Regulatory
Board of Accountancy

Powers and Functions

Chairman
Six Members

- Adapt to the rules and


regulations necessary
for carrying out the act
- Supervise registration,
licensure & practice
- Administer oaths in
connection with this act
- Monitor the quality of audits
of financial statements
- Issue, suspend, revoke or
reinstate the registration
- Adopt official seal
- Prescribe and/or adopt a
Code of Ethics for
accountancy
- Investigate violations of this
act
- Punish for contempt of the
Board
- Prepare, adopt or amend
syllabi for examinations
and prepare questions
for the licensure exams

Term: 3 years
Objectives
- Standardization of
accountancy education
- Examination for registration
of CPA
- Supervision, control and
regulation of practice

Scope of Practice
Public accountancy
Commerce and Industry
Education
Government

Article III

Qualifications
1)

Natural born
Filipino
2) Registered CPA w/ 10
years of experience
3) Of good moral character
4) Not have any pecuniary
interest in any school,
college, university or
institution

Receive compensation &


allowances based on the
General Appropriations Act
Board is under supervision
of the Commission
Submit an annual detailed
report to the President
through the Commission at
year end

Qualifications for the


licensure exam

Cannot practice without


BOAs certificate and
identification card

Filipino citizen
Good moral character
BS Accountancy degree
from any school accredited
by the government
Not convicted of any crime
involving moral turpitude

Scope of the exam:


- Theory of Accounts
- Business Law & Tax
- Management Advisory
Services
- Auditing Theory
- Auditing Problems
- Practical Accounting 1 & 2
General average of 75% with
no grade less than 65%

May remove or suspend


members

Article IV

Accreditation certificate
will be awarded if he
has 3 years of
meaningful experience

Renewable every 3
years

Working papers,
schedules & memoranda
shall be confidential.

All licensed
accountants shall use a
seal prescribed by the
Board

Foreign accountants
may practice in the
Philippines abiding
the laws and
international treaties
existing

Article V
Anyone who violates the
act shall be charged with
a fine not less than
50,000 or by
imprisonment for not
less than 2 years or
both.

Nothing in the act shall


prevent the practice of
any other legally
recognized profession

If any clause in the act


is declared invalid or
unconstitutional, then it
shall not affect the
other any other part of
the Act.

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