Republic Act No.

9298 Summary

An act regulating the practice of accountancy in the Philippines, including in appropriate cases, having passed the CPA
repealing for the purpose Presidential Decree No. 692, otherwise known licensure examination.
as the Revised Accountancy Law, appropriating funds therefore and for e) Certificate of Accreditation - a certificate under seal,
other purposes. issued by the Commission upon the recommendation by
ARTICLE I the Board pursuant to this revised rules and regulation,
Section 1. Short Title. - This act shall be known as the "Philippine attesting that Individual CPAs, including the staff
Accountancy Act of 2004" members thereof, Firms, including the sole proprietors
Section 2. Declaration of Policy. - The State recognizes the importance and the staff members thereof and Partnerships of CPAs
of accountants in nation building and development. Hence, it shall including the partners and the staff members thereof,
develop and nurture competent, virtuous, productive and well rounded are duly accredited to practice public accountancy in the
professional accountants whose standard of practice and service shall be Philippines.
excellent, qualitative, world class and globally competitive though f) Certificate of Registration - a certificate under seal
inviolable, honest, effective, and credible licensure examinations and bearing a registration number, issued to an individual,
though regulatory measures, programs and activities that foster their by the Commission, upon recommendation by the
professional growth and development. Board, signifying that the individual has complied with
Section 3. Objectives. - This Act shall provide and govern: all the legal and procedural requirements for such
 The standardization and regulation of accounting issuance including, in appropriate cases, having
education; successfully passed the CPA licensure examination.
 The examination of registration of certified public g) Code of Ethics for Professional Accountants - the code
accountants; and of ethics approved by the Commission in December,
 The supervision, control, and regulation of the practice 2003 per its PRC Resolution No. 83, Series of 2003 and
of accountancy in the Philippines. its subsequent amendments which contains the norms
Section 4. Scope of Practice. - The practice of accountancy shall and principles governing the practice of the
include, but not limited to, the following: accountancy profession in the highest standards of
a) Practice of Public Accountancy - shall constitute a ethical conduct.
person, be it his/her individual capacity, or as a staff h) Commission or PRC - the Professional Regulation
member in an accounting or auditing firm, holding out Commission of the Philippines created under Republic
himself/herself as one skilled in the knowledge, science Act No. 8981.
and practice of accounting, and as a qualified person to i) Firm - an organization engaged in the practice of public
accountancy, consisting of sole proprietor, either alone

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render professional services as a certified public

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accountant; or offering or rendering, or both or more or with one or more staff member(s).
than one client on a fee basis or otherwise, services as j) Individual CPA - a certified public accountant engaged

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such as the audit or verification of financial transaction in the practice of public accountancy under his/her
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and accounting records; or the preparation, signing, or
certification for clients of reports of audit, balance
name, by himself/herself only or with one or more staff
member(s).

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sheet, and other financial, accounting and related k) Implementing Rules and Regulations or IRR - rules and
regulations implementing Republic Act No. 9298
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schedules, exhibits, statement of reports which are to be
used for publication or for credit purposes, or to be filed otherwise known as the Philippine Accountancy Act of
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with a court or government agency, or to be used for 2004.

any other purposes; or to design, installation, and l) Partnership - a professional partnership engaged in the
revision of accounting system; or the preparation of practice of public accountancy which is formed in
income tax returns when related to accounting accordance with Philippine laws, either as a general
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procedures; or when he/she represent clients before partnership or a limited liability partnership, and
government agencies on tax and other matters relating whether or not it is registered as such with the
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to accounting or render professional assistance in Securities and Exchange Commision (SEC).

m) Philippine Institute of Certified Public Accountant or
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matters relating to accounting procedures and the

recording and presentation of financial facts or data. PICPA - the integrated national professional
b) Practice in Commerce and Industry - shall constitute in organization of Certified Public Accountants accredited
a person involved in decision making requiring by the Board and the Commission per PRC
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professional knowledge in the science of accounting, or Accreditation No. 15 date dated October 2, 1975.
n) Professional Identification Card - a card with validity of
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when such employment or position requires that the

holder thereof must be a certified public accountant. three(3) years, bearing the registration number, date of
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c) Practice in Education/Academe - shall constitute in a issuance with an expiry date, due for periodic renewal,
person in an educational institution which involve duly signed by the Chairperson of the Commission
teaching of accounting, auditing, management advisory issued by the PRC to a registered CPA upon payment of
services, fiancé, business law, taxation and other the annual registration fees for three(3) years.
technically related subject: Provided, That members of o) Quality Review - a study, appraisal, or review by the
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the Integrated Bar of the Philippines may be allowed to Board or its duly authorized representatives, of the
teach business law and taxation subjects. quality of audit of financial statements through a review
of the quality control measures instituted by an
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d) Practice in Government - shall constitute in a person

who holds, or is appointed to, a position in an Individual CPA, Firm or Partnership of CPAs engaged
accounting professional group in government or in an in the practice of public accountancy to ascertain
government-owned and/or controlled corporation, his/her/its compliance with prescribed professional,
including those performing proprietary functions, where ethical and technical standards of public practice.
p) Sector - is the area of practice of accountancy namely
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decision making requires professional knowledge in the

science of accounting, or where a civil service public accountancy, commerce and industry,
eligibility as a certified public accountant is a academe/education and government.
prerequisite. q) Staff member - a CPA employed by an Individual CPA,
Section 4 (A). Definition of Terms. Firm or Partnership engaged in the practice of public
a) Accredited National Professional Organization of accountancy as defined in Sec. 1(a) herein, below the
Certified Public Accounts or APO - the integrated rank of the Individual CPA, sole proprietor or partner as
national professional organization of Certified Public the case maybe.
Accounts accredited by the Board and the Commission; r) Syllabi - documents showing the outline embodying
b) Act or RA No. 9298 - The Philippine Accountancy Act topics and concepts of major subjects prescribed in
of 2004 and its subsequent amendments; specific course of study to serve as the basis for test
c) Board or BOA - the Professional Regulatory Board of questions in the CPA licensure examinations.
Accountancy of the Philippines created under Republic ARTICLE II
Act No. 9298; PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY
d) Certified Public Accountant or CPA - a person who Section 5. The Professional Regulatory Board of Accountancy and its
holds a valid Certificate of Registration and a valid Composition. - The Professional Regulatory Board of Accountancy,
Professional Identification Card issued by the hereinafter referred to as Board, under the supervision and
Commission upon recommendation by the Board to administrative control of the Professional Regulation Commission,
those who have satisfactorily complied with the legal hereinafter referred to as the Commission, shall be composed of a
and procedural requirements for such issuance, Chairman and six (6) members to be appointed by the President of the
Philippines
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of three (3) recommendees for each position and
ranked by the Commission from a list of five (5) nominees for each

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 position submitted by the accredited national professional organization auditing standards or rules of duly promulgated by the
of certified public accountant. The Board shall elect a vice-chairman Board as part of the rules governing the practice of
from among each members for a term of one (1) year. The chairman accountancy in the Philippines;
shall preside in all meetings of the Boards and in the event of a vacancy  To punish for contempt of the Board, both direct and
in the office of the chairman, the vice-chairman shall assume such indirect, in accordance with the pertinent provision of
duties and responsibilities until such time as a chairman is appointed. and penalties prescribed by the Rules of Court;
Section 6. Qualifications of a members of the Professional  To prepare, adopt, issue or amend the syllabi of the
Regulatory Board. - A member of the Board shall, at the time of his/her subjects for examinations in consultation with the
appointment, posses the following qualifications: academe, determine and prepare questions for the
 Must be a natural-born citizen and a resident of the licensure examination which shall strictly be within the
Philippines; scope of the syllabi of the subjects for examinations as
 Must be a duly registered Certified Public Accountant well as administer, correct and release the result of the
with at least ten (10) years of work experience in any licensure examinations;
scope of practice of accountancy;  To ensure the coordination with the Commission of the
 Must be a good moral character and must not have been Higher Education (CHED) or other authorized
convicted of crimes involving moral turpitude; and government offices that all higher educational
 Must not have any pecuniary interest, directly or instruction and offering of accountancy comply with the
indirectly, in any school, college, university or policies, standards and requirements of the course
institution conferring an academic degree necessary for prescribed by the CHED or other authorized
admission to the practice of accountancy or where government offices in the areas of curriculum, faculty,
review classes in preparation for the licensure library and facilities; and
examination are being offered or conducted, nor shall  To exercise such other powers as may be provided by
he/she be a member of the faculty or administration law as well as those which may be implied from, or
thereof at a time of his/her appointment to the Board. which are necessary or incidental to the carrying out of,
Section 7. Term of Office. - The Chairman and Members of the Board the express powers granted to the Board to achieve the
shall hold office for a term of three (3) years. Any vacancy occurring objectives and purposes of this Act.
within the term of a member shall be filled up for the unexpired portion The policies resolution, rules and regulations issued or promulgated by
of the term only. No person who has served two (2) successive the Board shall be subject to review and approval of the Commission.
complete terms shall be eligible for reappointment until the lapse of one However, the Board's decisions, resolutions or orders rendered in the
(1) year. Appointment to fill up an expired term is not to be considered administrative cases shall be subject to review only if on appeal.
as a complete term. Section 10. Administrative Supervisions of the Board, Custodian of
Section 8. Compensation and Allowances of the Board. - The its Records, Secretariat and Support Services. - The Board shall be

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er as
chairman and the members of the Board shall receive compensation and under the administrative supervision of the Commission. All records of
allowances comparable to that being received by the chairman and the Board, including applications for examination and administrative

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members of existing regulatory boards under the Commission as and other investigative cases conduced by the Board shall be under the
provided for in the General Appropriate Act. eH w
Section 9. Powers and Functions of the Board. - The Board shall
custody of the Commission. The Commission shall designate the
secretary of the Board and shall provide the secretariat and other

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exercise the following specific powers, functions and responsibilities: support services to implement the provisions of this Act.
 To prescribed and adopt the rules and regulations Section 11. Grounds for Supervision or Removal of Members of the
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necessary for carrying out the provisions of this Act; Board. - The President of the Philippines, upon the recommendation of
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 To supervise the registration, licensure and practice of the Commission, after the giving the concerned member an opportunity
accountancy in the Philippines; to defend himself in proper administrative investigation to be conducted
 To administer oaths in connection with the by he Commission, may suspend or remove any member of the
administration of this Act; following grounds:
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 To issue, suspend, revoke, reinstate the Certificate of  Neglect of Duty or incompetence;

Registration for the practice of the accountancy  Violation or tolerance of any violation of this Act and
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profession; it's implementation rules and regulations or the

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 To adopt an official seal of the Board; Certified Public Accountant's Code of Ethics and the
 To prescribe and/or adopt a Code of Ethics for the technical and professional standards of practice for
practice of accountancy; certified public accountant;
 Final judgment of crimes involving moral turpitude; and
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 To monitor the conditions affecting the practice of

accountancy and adopt such measures, including  Manipulation or rigging of the certified public
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promulgation of accounting and auditing standards, accountant's licensure examination results, disclosure of
rules and regulations and best practices as may be secret and confidential information in the examination
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deemed proper for the enhancement and maintenance of questions prior to the conduct of the said examination
high professional, ethical, accounting and auditing or tampering of grades.
standards: That domestic accounting and auditing Section 12. Annual Report. - The Board shall, at the close of each
standards rules and regulations shall include the calendar year, submit an annual report to the President of the
international accounting and auditing standards, and Philippines though the Commission giving the detailed account of its
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generally accepted best practices; proceedings and accomplishment during the year and making
 To conduct an oversight into the quality of audits of recommendations for the adoption of measures that will upgrade and
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financial statements though a review of the quality improve the conditions affecting the practice of accountancy in the
control measures instituted by auditors in order to Philippines.
ensure compliance with the accounting and auditing ARTICLE III
standards and practices, EXAMINATION, REGISTRATION AND LICENSURE
 To investigate violations of this act and the rules and Section 13. The Certified Public Accountant Examinations. - All
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regulations promulgated hereunder and for the purpose, applicants for registration for the practice of accountancy shall be
required to undergo a licensure examination to be given by the Board in
to issue summons, subpoena and subpoena ad
testificandum and subpoena duces tecum to violator or such places and dates as the Commission may be designate subject to
compliance with the requirements prescribed by the Commission in
witness thereof and compel their documents in
connection therewith: Provided, That the Board upon accordance with Republic Act No. 8981.
Section 14. Qualifications of Applicant for Examinations. - Any
approval of the Commission may, subject to such rules
and regulations that may be promulgated to implement person applying for examination shall establish the following requisites
to the satisfaction of the Board that he/she:
this section, delegate the fact-finding aspect of such
investigations to the accredited national professional  is a Filipino citizen;
organization of certified public accountant: Provided,  is of good moral character;
further, That the Board and/or the Commission may  is a holder of the degree of Bachelor of Science in
adopt their findings of fact as may be seems fit;\ Accountancy conferred by the school, college, academy
 The Board may, muto propio in its discretion, may such or institute duly recognized and/or accredited by the
investigations as it deem necessary to determine CHED or other authorized government offices; and
whether any person has violated any provisions of this  has not been convicted of any criminal offence
law, any accounting or auditing standard or rules duly involving moral turpitude.
promulgated by the Board as part of the rules governing Section 15. Scope of Examination. - The licensure examination for
the practice of accountancy; certified public accountants shall cover, but are not limited to, the
 To issue a cease or desist order to any person, following subjects:
associations, partnership or corporation 
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violation of any provision of this Act, any accounting or  Business Law and Taxation

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  Management Services Section 25. Reinstatement, Reissuance and Replacement of Revoked
 Auditing Theory or Lost Certificates. - The Board may, after the expiration of two (2)
 Auditing Problems years from the date of revocation of a certificate of registration and
 Practical Accounting Problem I upon application and for reasons deemed proper and sufficient, reinstate
 Practical Accounting Problem II the validity of a revoked certificate of registration and in so doing, may,
in its discretion, exempt the applicant from taking another examination.
The Board, subject to the approval of the Commission, may revise or
exclude any of the subjects and their syllabi, and add new ones as the A new certificate of registration to replace lost, destroyed, or mutilated
certificate/license may be issued, subject to the rules and promulgated
need arises.
Section 16. Rating in the Licensure Examination. - To be qualified as by the Board and the Commission, upon the payment of the required
fees.
having passed the licensure examination for accountants, a candidate
must obtain a general average of seventy five percent (75%), with no ARTICLE IV
PRACTICE OF ACCOUTANCY
grade lower than sixty-five percent (65%) in any given subject. In the
event a candidate obtains the rating of seventy-five percent (75%) and Section 26. Prohibition in the Practice of Accountancy. - No person
shall practice accountancy in this country, or use the title "Certified
above in at least a majority of subjects as provided for in this Act,
he/she shall receive a conditional credit for the subjects passed: Public Accountant", or use the abbreviated title "CPA" or display or use
any title, sign, card, advertisement or other device to indicate such
Provided, That a candidate shall take an examination in the remaining
subjects within two (2) years from preceding examination: Provided, person practices or offers to practice accountancy, or is a certified
public accountant, unless such person shall have received from the
further, That if the candidate fails to obtain at least a general average of
seventy-five percent (75%) and a rating of at least sixty-five percent Board a certificate of registration/Professional license and be issued a
professional identification card or a valid temporary/special permit duly
(65%) in each of the subjects reexamined, he/she shall be considered as
failed in the entire examination. issued to him/her by the Board and the Commission.
Section 27. Vested Rights. - Certified Public Accountants Registered
Section 17. Report of Rating. - The Board shall submit to the
Commission the rating obtained by each candidate within ten (10) When This Law is Passed. - All certified public accountants registered
at the time this law takes effect shall automatically be registered under
calendar days after the examination, unless extended for just cause.
Upon the release of the results of the examination, the Commission the provisions hereof, subject, however, to the provisions herein set
forth as to future requirements. Certificate of Registration/Professional
shall send by mailing the rating received by each examinee at his/her
given address using the mailing envelop submitted during the license held by such persons in good standing shall have the same
license force and effect as though issued after the passage of this Act.
examination.
Section 18. Failing Candidates to Take Refresher Course. - Any Section 28. Limitation of the Practice of Public Accountancy. - Single
practitioners and partnerships for the practice of public accountancy
candidate who fails in two (2) complete Certified Public Accountant
Board Examinations shall be disqualified from taking another set of shall be registered certified public accountants in the Philippines:
Provided, That from the effectivity of this Act, a certificate of
examinations unless he/she submit evidence to the satisfaction of the

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accreditation shall be issued to certified public accountant in public

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Board that he/she enrolled in and completed at least twenty-four (24)
practice only upon showing, in accordance with rules and regulations
units of subject given in the licensure examination.
promulgated by the Board and approved by the Commission, that such

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For purposes of this Act, the examination in which the candidate was
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conditioned together with the removal examination on the subject in
which he/she failed shall be counted as one compete examination. experience in any of the areas of public practice including taxation:
Provide, further, that this requirement shall not apply to those already

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Section 19. Oath. - All successful candidates in the examination shall
required to take an oath of professional before any member of the granted a certificate of accreditation prior to the effectivity of this Act.
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The Security and Exchange Commission shall not register any
Board or before any government official authorized of the Commission
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or any person authorized by law to administer oaths upon presentation corporation organized for the practice of public accountancy.
Section 29. Ownership of Working Papers. - All working papers,
of proof of his/her qualification, prior to entering upon the practice of
the profession. schedules and memoranda made by a certified public accountant and
his staff in the course of an examination, including those prepared and
Section 20. Issuance of Certificate of Registration and Professional
submitted by the client, incident to or in the course of an examination,
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Identification Card. - A certificate of registration shall be issued to

by such certified public accountant, except reports submitted by a
examinees who pass the licensure examination subject to payment of
certified public accountant to a client shall be treated confidential and
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fees prescribed by the Commission. The Certificate of Registration shall

privileged and remain the property of such certified public accountant
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bear the signature of the chairperson of the Commission and the

chairman and members of the Board, stamped with the official seal of in the absence of a written agreement between the certified public
accountant and the client, to the contrary, unless such documents are
the Commission and of the Board, indicating that the person named
therein is entitled to the practice of the profession with all the privileges required to be produced though subpoena issued by any court, tribunal,
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or government regulatory or administrative body.

appurtenant thereto. The said certificate shall remain in full force and
effect until withdrawn, suspended or revoked in accordance with this Section 30. Accredited Professional Organization. - All registered
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certified public accountants whose appear in the roster of certified

Act.
public accountants shall be united and integrated though their
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A Professional Identification Card bearing the registration number date

membership in a one and only registered and accredited national
of issuance, expiry date, duly signed by the chairperson of the
Commission, shall likewise be issued to every registrant renewable professional organization of registered and licensed certified public
accountants, which shall be registered with the Securities and Exchange
every three (3) years.
Section 21. Roster of Certified Public Accountant. - A roster showing Commission as a nonprofit corporation and recognized by the Board
subject to the approval by the Commission. The members of the said
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the names and place of business of all registered certified public

accountants shall be prepared and updated by the Board, and copies integrated and accredited national professional organization shall
receives benefits and privileges appurtenant thereto upon payment of
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thereof shall be made available to any party as may deemed necessary.

Section 22. Indication of Certificate of Registration, Identification required fees and dues. Membership in the integrated organization shall
not be a bar to membership in any other association of certified public
Card and Professional Tax Receipt. - The certified public Accountant
shall be required to indicate his/her certificate of registration number accountants.
Section 31. Accreditation to Practice Public Accountancy. - Certified
and date of issuance, the duration of validity, including the Professional
public accountants, firms and partnerships of certified public
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Tax Receipt number on the documents he/she signs, uses or issues in

accountants, engaged in the practice of public accountancy, including
connection with the practice of his/her profession.
Section 23. Refusal to Issue Certificate of Registration and partners and staff members thereof, shall registered with the
Commission and the Board, such registration to be renewed every three
Professional Identification Card. - The Board shall not register and
issue a certificate of registration and professional identification Card to (3) years: Provided, That subject to the approval of the Commission, the
Board shall promulgate rules and regulations for the implementation of
any successful examinee convicted by the court of competent
jurisdiction of a criminal offence involving moral turpitude or guilty of registration requirements including the fees and penalties for violation
thereof.
immoral and dishonorable conduct to any person or unsound mind. In
the event of refusal to issue certificate for any reason, the Board shall Section 32. Continuing Professional Education (CPE) Program. - All
certified public accountants shall abide by the requirements, rules and
give the applicant a written statement setting forth the reasons for such
action, which statement shall be incorporated in the record of the Board. regulations on continuing professional education to be promulgated by
the Board, subject to the approval of the Commission, in coordination
Section 24. Suspension and Revocation of Certificate of Registration
and Professional Identification Card and Cancellation of Special with the accredited national professional organization of certified public
accountants or any duly accredited educational institutional. For this
Permit. - The Board shall have the power, upon the notice and hearing,
to suspend or revoke the practitioner's certificate of registration and purpose, a CPE Council is hereby created to implement the CPE
program.
professional identification card or suspend his/her from the practice of
his/her profession or cancel his/her special permit for any of the causes Section 33. Seal and Use of Seal. - All license certified public
accountants shall obtain and use a seal of a design prescribed by the
or ground mentioned under Section 23 of this Act or any of the
provisions of this Act, and its implementing rules and regulations, the Board bearing the registrant's name, registration number and title. The
auditors reports shall be stamped with the said seal, indicating therein
certified Public Accountant's Code of Ethics and the technical and
professional standards of practice his/her current Professional Tax Receipt (PTR) number, date/place of
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 payment when filed with government authorities or when used Section 43. Repealing Clause. - Presidential Decree No. 692 is hereby
professionally. repealed and all other laws, orders, rules and regulations or resolutions
Section 34. Foreign Reciprocity. - Subject or citizen of foreign or part/s thereof inconsistent with the provisions of this Act are hereby
countries may be allowed to practice accountancy in the Philippines in repealed or modified accordingly.
accordance with the provisions of existing laws, international treaty Section 44. Effectivity. - This Act shall take effect after Fifteen (15)
obligations including mutual recognition agreement entered into by the days following its publication in the Official Gazette or in any major
Philippines government with other countries. A person who is not a daily newspaper of general circulation.
citizen of the Philippines shall not be allowed to practice accountancy
in the Philippines unless he/she can prove, in the manner provided by
the Rules of Court that, specific provision of law country of which
he/she is a citizen, subject or national admits citizens of the Philippines
to the practice of the same profession without restriction.
Section 35. Coverage of Temporary/Special Permits. -
Special/temporary permit may be issued by the Board subject to the
approval of the Commission and payment of the fees the latter has
prescribed and charged thereof to the following persons:
 A foreign certified public accountant called for
consultation or for specific purpose which, in the
judgment of the Board, is essential for the development
of the country: Provided, That his/her practice shall be
limited only for the particular work that he/she is being
engaged: Provided, further, That there is no Filipino
certified public accountant qualified for such
consultation or specific purposes;
 A foreign certified public accountant engaged as
professor, lecturer or critic in fields essential to
accountancy education in the Philippines and his/her
engagement is confined to teaching only; and
 A foreign certified public accountant who is an
internationally recognized expect or with specialization
in any branch of accountancy and his/her service is
essential for the advancement of accountancy in the

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Philippines.

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ARTICLE V

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PENAL AND FIINAL PROVISIONS
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Section 36. Penal Provision. - Any person who shall violate any of the
provisions of this Act or any of its implementing rules and regulations
as promulgated by the Board subject to the approval of the

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Commission, shall upon conviction, be punished by a fine of not less
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than Fifty Thousand Pesos (50,000.00) or by imprisonment for a period
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not exceeding two (2) years or both.

Section 37. Implementing Rules and Regulations. - Within Ninety (90)
days after the effectivity of this Act, the Board, subject to the approval
of the Commission and in coordination with the accredited national
professional organization of certified public accountants, shall adopt
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and promulgate such rules and regulations to carry out the provisions of
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this Act and which shall be effective Fifteen (15) days following their
publication in the Official Gazette or in any of the major daily
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newspaper of general circulation.

Section 38. Interpretation of this Act. - Nothing in this Act shall be
construed to effect or prevent the practice or any other legally
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recognized profession.
Section 39. Enforcement of this Act. - It shall be primary duty of the
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Commission and the Board to effectivity enforce the provisions of this

Act. All duly constituted law enforcement agencies and officers of
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national, provincial, city or municipal government or of any political

subdivision thereof, shall upon the call or request of the Commission or
the Board, render assistance in enforcing the provisions of this Act and
to prosecute any person violating the provisions of the same. The
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Secretary of Justice or his duly designated representative shall act as

legal adviser to the Commission and the Board and shall render legal
assistance as may be necessary in carrying out the provisions of this
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Act.
Any person may bring before the Commission, Board of the
aforementioned officers of the law, cases of illegal practice or violations
of this Act committed by any person or party.
The Board shall assist the Commission in filing the appropriate charges
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though the concerned prosecution office in accordance with law and

Rules of Court.
Section 40. Funding Provision. - The chairperson of the Professional
Regulation Commission shall immediately include the Commission's
programs the implementation of this Act, the funding of which shall be
included in the annual General Appropriations Act.
Section 41. Transitory Provision. - The incumbent chairman and
members of the Board shall continue to serve in their respective
positions under the terms for they have been appointed under
Presidential Decree No. 692, without the need of new appointments.
All graduates with Bachelors Degree, Major in Accounting shall be
allowed to take the CPA Licensure Examination within two (2) years
from the effectivity of this Act under the rules and regulations to be
promulgated by the Board subject to the approval by the Commission.
Section 42. Separability Clause. - If any clause, provisions, paragraph
or parts thereof shall be declared unconstitutional or invalid, such
judgment shall not affect, invalidate or impair any other part hereof, but
shall be merely confined to the clause, provisions, paragraph or part
directly involved in the controversy in which such judgment has been
rendered.
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