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Resa Ra 9298 1

The document outlines the objectives and regulations pertaining to the practice of accountancy in the Philippines as per the Philippine Accountancy Act of 2004. It details the composition and qualifications for the Professional Regulatory Board of Accountancy, the examination requirements for certified public accountants, and the supervision of accountancy practices. Additionally, it discusses the establishment of various councils and the importance of continuing professional development.

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Nerissa Palma
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99 views1 page

Resa Ra 9298 1

The document outlines the objectives and regulations pertaining to the practice of accountancy in the Philippines as per the Philippine Accountancy Act of 2004. It details the composition and qualifications for the Professional Regulatory Board of Accountancy, the examination requirements for certified public accountants, and the supervision of accountancy practices. Additionally, it discusses the establishment of various councils and the importance of continuing professional development.

Uploaded by

Nerissa Palma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

CPA Review Batch 48  October 2024 CPA Licensure Examination AT-01


AUDITING (Auditing Theory) IRENEO  ALLAUIGAN  ARAÑAS  TUGAS  YABUT

PRACTICE & REGULATION OF THE PROFESSION


PRBOA Resolution No. 27 Series of 2024 “Suppletory Guidelines on the Implementation of Board
Resolution No. 53 (S. 2022)”
The Philippine Accountancy Act of 2004 (RA 9298)
Objective 1: the standardization and regulation of accounting education
▪ The creation of Education Technical Council (Section 9 [B] of the IRR of RA 9298)
▪ The Philippine Institute of Certified Public Accountants (PICPA) as member of the International
Federation of Accountants (IFAC) is expected to comply with the Statement of Membership
Obligations (SMOs).
▪ One of the regulators is the Commission on Higher Education (CHED)
Objective 2: the examination for registration of certified public accountants
▪ The Professional Regulatory Board of Accountancy (PRBOA)
o Composition of PRBOA
o Qualifications of Members of the Professional Regulatory Board
✓ Must be a natural-born citizen and a resident of the Philippines
✓ Must be a duly registered Certified Public Accountant with a least ten (10) years
of work experience in any scope of practice of accountancy
✓ Must be of good moral character and must not have been convicted of crimes
involving moral turpitude
✓ Must not have any pecuniary interest, directly or indirectly, in any school,
college, university or institution conferring an academic degree necessary for
admission to the practice of accountancy or where review classes in preparation
for the licensure examination are being offered or conducted, nor shall he/she
be a member of the faculty or administration thereof at the time of his/her
appointment to the Board
✓ Must not be a Director or Officer of the AIPO (or PICPA) at the time of
appointment
o Powers and Functions of the Board
o Grounds for Suspension or Removal of Members of the Board
▪ Qualifications of Applicants of Examinations
✓ is a Filipino citizen
✓ is of good moral character
✓ is a holder of the degree of Bachelor of Science in Accountancy conferred by a
school, college, academy or institute duly recognized and/or accredited by the
CHED or other authorized government offices
✓ has not been convicted of any criminal offense involving moral turpitude
▪ Scope of Examination
▪ Rating in the Licensure Examination
▪ Failing Candidates to Take Refresher Course
▪ Oath, Issuance of Certificates of Registration, and Professional Identification Card
Objective 3: the supervision, control, and regulation of the practice of accountancy in the Philippines
▪ The entire Rule IV (Practice of Accountancy) of the IRR of RA 9298
▪ The entire Rule V (Penal and Final Provisions) of the IRR of RA 9298
▪ All the annexes of the IRR of RA 9298
▪ Practice sectors are public practice, commerce and industry, government, and
academe/education.
▪ The creation of Auditing and Assurance Standard Council (AASC), Financial Reporting and
Standards Council (FRSC), Quality Review Committee (QRC), and CPE Council
Scope of Practice
Organizations (Regulatory, Government, and Professional) Related to the Profession
RA 10912: Continuing Professional Development Act of 2016
▪ International Education Standard (IES) 7
▪ PRC and PRBOA resolutions and issuances
Managing Public Accounting Practice and Other Considerations
▪ PRBOA accreditation
▪ Audit fees and billing

Page 1 of 7 0915-2303213  resacpareview@gmail.com

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