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Republic of the Philippines

Congress of the Philippines

Metro Manila

 Twelfth Congress

 Third Regular Session

Begun and held in Metro Manila, on Monday, the twentyeight day of !uly, two

thousand three"

Republic #ct $o" %&%' May (), &**+

#$ #CT R-./#T0$- T1 PR#CT0C 23 #CC2.$T#$C4 0$ T1 P10/0PP0$S,

RP#/0$- 32R T1 P.RP2S PRS05$T0#/ 5CR $2" 6%&, 2T1R70S

8$27$ #S T1 R90S5 #CC2.$T#$C4 /#7, #PPR2PR0#T0$- 3.$5S T1R32R #$5 32R 2T1R P.RP2SS

Be it enacted by the Senate and 1ouse of Representati:es of the Philippines

in Congress asse;bled

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Section (" Shorts Title" This act shall be =nown as the >Philippine

#ccountancy #ct of &**+>

Section &" 5eclaration of Policy" The State recognizes the i;portance of

accountants in nation building and de:elop;ent" 1ence, it shall de:elop and

nurture co;petent, :irtuous, producti:e and well rounded professional

accountants whose standard of practice and ser:ice shall be e?cellent,

qualitati:e, world class and globally co;petiti:e though in:iolable, honest,

eecti:e, and credible licensure e?a;inations and though regulatory

;easures, progra;s and acti:ities that foster their professional growth and

de:elop;ent"

Section )" 2b@ecti:es" This #ct shall pro:ide and go:ern<

 The standardization and regulation of accounting educationA

 The e?a;ination of registration of certied public accountantsA and

 The super:ision, control, and regulation of the practice of accountancy in the

Philippines"

Section +" Scope of Practice" The practice of accountancy shall include, but

not li;ited to, the following<

aD Practice of Public #ccountancy shall constitute a person, be it hisEher

indi:idual capacity, or as a sta ;e;ber in an accounting or auditing r;,holding out hi;selfEherself as one s=illed in the =nowledge, science and

practice of accounting, and as a qualied person to render professional

ser:ices as a certied public accountantA or oering or rendering, or both or

;ore than one client on a fee basis or otherwise, ser:ices as such as the

audit or :erication of nancial transaction and accounting recordsA or the

preparation, signing, or certication for clients of reports of audit, balance

sheet, and other nancial, accounting and related schedules, e?hibits,

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state;ent of reports which are to be used for publication or for credit

purposes, or to be led with a court or go:ern;ent agency, or to be used for

any other purposesA or to design, installation, and re:ision of accounting

syste;A or the preparation of inco;e ta? returns when related to accounting

proceduresA or when heEshe represent clients before go:ern;ent agencies on

ta? and other ;atters relating to accounting or render professional assistancein ;atters relating to accounting procedures and the recording and

presentation of nancial facts or data"

bD Practice in Co;;erce and 0ndustry shall constitute in a person in:ol:ed

in decision ;a=ing requiring professional =nowledge in the science of

accounting, or when such e;ploy;ent or position requires that the holder

thereof ;ust be a certied public accountant"

cD Practice in ducationE#cade;e shall constitute in a person in an

educational institution which in:ol:e teaching of accounting, auditing,

;anage;ent ad:isory ser:ices, ancF, business law, ta?ation and other

technically related sub@ect< Pro:ided, That ;e;bers of the 0ntegrated Bar of

the Philippines ;ay be allowed to teach business law and ta?ation sub@ects"

dD Practice in -o:ern;ent shall constitute in a person who holds, or is

appointed to, a position in an accounting professional group in go:ern;ent or

in an go:ern;entowned andEor controlled corporation, including thoseperfor;ing proprietary functions, where decision ;a=ing requires

professional =nowledge in the science of accounting, or where a ci:il ser:ice

eligibility as a certied public accountant is a prerequisite"

#RT0C/ 00

PR23SS02$#/ R-./#T2R4 B2#R5 23 #CC2.$T#$C4

Section G" The Professional Regulatory Board of #ccountancy and its

Co;position" The Professional Regulatory Board of #ccountancy, hereinafter

referred to as Board, under the super:ision and ad;inistrati:e control of the

Professional Regulation Co;;ission, hereinafter referred to as the

Co;;ission, shall be co;posed of a Chair;an and si? 6D ;e;bers to be

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appointed by the President of the Philippines fro; a list of three )D

reco;;endees for each position and ran=ed by the Co;;ission fro; a list of 

:e GD no;inees for each position sub;itted by the accredited national

professional organization of certied public accountant" The Board shall elect

a :icechair;an fro; a;ong each ;e;bers for a ter; of one (D year" The

chair;an shall preside in all ;eetings of the Boards and in the e:ent of a:acancy in the oHce of the chair;an, the :icechair;an shall assu;e such

duties and responsibilities until such ti;e as a chair;an is appointed"

Section 6" Iualications of a ;e;bers of the Professional Regulatory Board"

# ;e;ber of the Board shall, at the ti;e of hisEher appoint;ent, posses the

following qualications<

Must be a naturalborn citizen and a resident of the PhilippinesA

Must be a duly registered Certied Public #ccountant with at least ten (*D

years of wor= e?perience in any scope of practice of accountancyA

Must be a good ;oral character and ;ust not ha:e been con:icted of cri;es

in:ol:ing ;oral turpitudeA and

Must not ha:e any pecuniary interest, directly or indirectly, in any school,

college, uni:ersity or institution conferring an acade;ic degree necessary for

ad;ission to the practice of accountancy or where re:iew classes in

preparation for the licensure e?a;ination are being oered or conducted, nor

shall heEshe be a ;e;ber of the faculty or ad;inistration thereof at a ti;e of 

hisEher appoint;ent to the Board"

Section J" Ter; of 2Hce" The Chair;an and Me;bers of the Board shallhold oHce for a ter; of three )D years" #ny :acancy occurring within the

ter; of a ;e;ber shall be lled up for the une?pired portion of the ter; only"

$o person who has ser:ed two &D successi:e co;plete ter;s shall be eligible

for reappoint;ent until the lapse of one (D year" #ppoint;ent to ll up an

e?pired ter; is not to be considered as a co;plete ter;"

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Section '" Co;pensation and #llowances of the Board" The chair;an and

the ;e;bers of the Board shall recei:e co;pensation and allowances

co;parable to that being recei:ed by the chair;an and ;e;bers of e?isting

regulatory boards under the Co;;ission as pro:ided for in the -eneral

#ppropriate #ct"

Section %" Powers and 3unctions of the Board" The Board shall e?ercise the

following specic powers, functions and responsibilities<

 To prescribed and adopt the rules and regulations necessary for carrying out

the pro:isions of this #ctA

 To super:ise the registration, licensure and practice of accountancy in the

PhilippinesA

 To ad;inister oaths in connection with the ad;inistration of this #ctA

 To issue, suspend, re:o=e, reinstate the Certicate of Registration for the

practice of the accountancy professionA

 To adopt an oHcial seal of the BoardA

 To prescribe andEor adopt a Code of thics for the practice of accountancyA

 To ;onitor the conditions aecting the practice of accountancy and adopt

such ;easures, including pro;ulgation of accounting and auditing standards,rules and regulations and best practices as ;ay be dee;ed proper for the

enhance;ent and ;aintenance of high professional, ethical, accounting and

auditing standards< That do;estic accounting and auditing standards rules

and regulations shall include the international accounting and auditing

standards, and generally accepted best practicesA

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 To conduct an o:ersight into the quality of audits of nancial state;ents

though a re:iew of the quality control ;easures instituted by auditors in

order to ensure co;pliance with the accounting and auditing standards and

practices,

 To in:estigate :iolations of this act and the rules and regulations pro;ulgated

hereunder and for the purpose, to issue su;;ons, subpoena and subpoena

ad testicandu; and subpoena duces tecu; to :iolator or witness thereof

and co;pel their docu;ents in connection therewith< Pro:ided, That the

Board upon appro:al of the Co;;ission ;ay, sub@ect to such rules and

regulations that ;ay be pro;ulgated to i;ple;ent this section, delegate the

factnding aspect of such in:estigations to the accredited national

professional organization of certied public accountant< Pro:ided, further,

 That the Board andEor the Co;;ission ;ay adopt their ndings of fact as

;ay be see;s tAK

 The Board ;ay, ;uto propio in its discretion, ;ay such in:estigations as it

dee; necessary to deter;ine whether any person has :iolated any

pro:isions of this law, any accounting or auditing standard or rules duly

pro;ulgated by the Board as part of the rules go:erning the practice of

accountancyA

 To issue a cease or desist order to any person, associations, partnership orcorporation engaged in :iolation of any pro:ision of this #ct, any accounting

or auditing standards or rules of duly pro;ulgated by the Board as part of the

rules go:erning the practice of accountancy in the PhilippinesA

 To punish for conte;pt of the Board, both direct and indirect, in accordance

with the pertinent pro:ision of and penalties prescribed by the Rules of CourtA

 To prepare, adopt, issue or a;end the syllabi of the sub@ects for e?a;inations

in consultation with the acade;e, deter;ine and prepare questions for the

licensure e?a;ination which shall strictly be within the scope of the syllabi of

the sub@ects for e?a;inations as well as ad;inister, correct and release the

result of the licensure e?a;inationsA

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technical and professional standards of practice for certied public

accountantA

3inal @udg;ent of cri;es in:ol:ing ;oral turpitudeA and

Manipulation or rigging of the certied public accountantLs licensure

e?a;ination results, disclosure of secret and condential infor;ation in the

e?a;ination questions prior to the conduct of the said e?a;ination or

ta;pering of grades"

Section (&" #nnual Report" The Board shall, at the close of each calendar

year, sub;it an annual report to the President of the Philippines though theCo;;ission gi:ing the detailed account of its proceedings and

acco;plish;ent during the year and ;a=ing reco;;endations for the

adoption of ;easures that will upgrade and i;pro:e the conditions aecting

the practice of accountancy in the Philippines"

#RT0C/ 000

#M0$#T02$, R-0STR#T02$ #$5 /0C$S.R

Section ()" The Certied Public #ccountant ?a;inations" #ll applicants for

registration for the practice of accountancy shall be required to undergo a

licensure e?a;ination to be gi:en by the Board in such places and dates as

the Co;;ission ;ay be designate sub@ect to co;pliance with the

require;ents prescribed by the Co;;ission in accordance with Republic #ct

$o" '%'("

Section (+" Iualications of #pplicant for ?a;inations" #ny person

applying for e?a;ination shall establish the following requisites to the

satisfaction of the Board that heEshe<

is a 3ilipino citizenA

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is of good ;oral characterA

is a holder of the degree of Bachelor of Science in #ccountancy conferred bythe school, college, acade;y or institute duly recognized andEor accredited

by the C15 or other authorized go:ern;ent oHcesA and

has not been con:icted of any cri;inal oence in:ol:ing ;oral turpitude"

Section (G" Scope of ?a;ination" The licensure e?a;ination for certied

public accountants shall co:er, but are not li;ited to, the following sub@ects<

 Theory of #ccounts

Business /aw and Ta?ation

Manage;ent Ser:ices

#uditing Theory

#uditing Proble;s

Practical #ccounting Proble; 0

Practical #ccounting Proble; 00

 The Board, sub@ect to the appro:al of the Co;;ission, ;ay re:ise or e?clude

any of the sub@ects and their syllabi, and add new ones as the need arises"

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Section (6" Rating in the /icensure ?a;ination" To be qualied as ha:ing

passed the licensure e?a;ination for accountants, a candidate ;ust obtain a

general a:erage of se:enty :e percent JGND, with no grade lower than

si?ty:e percent 6GND in any gi:en sub@ect" 0n the e:ent a candidateobtains the rating of se:enty:e percent JGND and abo:e in at least a

;a@ority of sub@ects as pro:ided for in this #ct, heEshe shall recei:e a

conditional credit for the sub@ects passed< Pro:ided, That a candidate shall

ta=e an e?a;ination in the re;aining sub@ects within two &D years fro;

preceding e?a;ination< Pro:ided, further, That if the candidate fails to obtain

at least a general a:erage of se:enty:e percent JGND and a rating of at

least si?ty:e percent 6GND in each of the sub@ects ree?a;ined, heEshe

shall be considered as failed in the entire e?a;ination"

Section (J" Report of Rating" The Board shall sub;it to the Co;;ission the

rating obtained by each candidate within ten (*D calendar days after the

e?a;ination, unless e?tended for @ust cause" .pon the release of the results

of the e?a;ination, the Co;;ission shall send by ;ailing the rating recei:ed

by each e?a;inee at hisEher gi:en address using the ;ailing en:elop

sub;itted during the e?a;ination"

Section ('" 3ailing Candidates to Ta=e Refresher Course" #ny candidate who

fails in two &D co;plete Certied Public #ccountant Board ?a;inations shall

be disqualied fro; ta=ing another set of e?a;inations unless heEshe sub;it

e:idence to the satisfaction of the Board that heEshe enrolled in and

co;pleted at least twentyfour &+D units of sub@ect gi:en in the licensure

e?a;ination"

3or purposes of this #ct, the e?a;ination in which the candidate was

conditioned together with the re;o:al e?a;ination on the sub@ect in which

heEshe failed shall be counted as one co;pete e?a;ination"

Section (%" 2ath" #ll successful candidates in the e?a;ination shall required

to ta=e an oath of professional before any ;e;ber of the Board or before any

go:ern;ent oHcial authorized of the Co;;ission or any person authorized

by law to ad;inister oaths upon presentation of proof of hisEher qualication,

prior to entering upon the practice of the profession"

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Section &*" 0ssuance of Certicate of Registration and Professional

0dentication Card" # certicate of registration shall be issued to e?a;inees

who pass the licensure e?a;ination sub@ect to pay;ent of fees prescribed by

the Co;;ission" The Certicate of Registration shall bear the signature of thechairperson of the Co;;ission and the chair;an and ;e;bers of the Board,

sta;ped with the oHcial seal of the Co;;ission and of the Board, indicating

that the person na;ed therein is entitled to the practice of the profession

with all the pri:ileges appurtenant thereto" The said certicate shall re;ain in

full force and eect until withdrawn, suspended or re:o=ed in accordance

with this #ct"

# Professional 0dentication Card bearing the registration nu;ber date of

issuance, e?piry date, duly signed by the chairperson of the Co;;ission,

shall li=ewise be issued to e:ery registrant renewable e:ery three )D years"

Section &(" Roster of Certied Public #ccountant" # roster showing the

na;es and place of business of all registered certied public accountants

shall be prepared and updated by the Board, and copies thereof shall be

;ade a:ailable to any party as ;ay dee;ed necessary"

Section &&" 0ndication of Certicate of Registration, 0dentication Card andProfessional Ta? Receipt" The certied public #ccountant shall be required to

indicate hisEher certicate of registration nu;ber and date of issuance, the

duration of :alidity, including the Professional Ta? Receipt nu;ber on the

docu;ents heEshe signs, uses or issues in connection with the practice of

hisEher profession"

Section &)" Refusal to 0ssue Certicate of Registration and Professional

0dentication Card" The Board shall not register and issue a certicate of

registration and professional identication Card to any successful e?a;ineecon:icted by the court of co;petent @urisdiction of a cri;inal oence

in:ol:ing ;oral turpitude or guilty of i;;oral and dishonorable conduct to

any person or unsound ;ind" 0n the e:ent of refusal to issue certicate for

any reason, the Board shall gi:e the applicant a written state;ent setting

forth the reasons for such action, which state;ent shall be incorporated in

the record of the Board"

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Section &+" Suspension and Re:ocation of Certicate of Registration and

Professional 0dentication Card and Cancellation of Special Per;it" The

Board shall ha:e the power, upon the notice and hearing, to suspend or

re:o=e the practitionerLs certicate of registration and professionalidentication card or suspend hisEher fro; the practice of hisEher profession

or cancel hisEher special per;it for any of the causes or ground ;entioned

under Section &) of this #ct or any of the pro:isions of this #ct, and its

i;ple;enting rules and regulations, the certied Public #ccountantLs Code of

thics and the technical and professional standards of practice for certied

public accountants"

Section &G" Reinstate;ent, Reissuance and Replace;ent of Re:o=ed or /ost

Certicates" The Board ;ay, after the e?piration of two &D years fro; the

date of re:ocation of a certicate of registration and upon application and for

reasons dee;ed proper and suHcient, reinstate the :alidity of a re:o=ed

certicate of registration and in so doing, ;ay, in its discretion, e?e;pt the

applicant fro; ta=ing another e?a;ination"

# new certicate of registration to replace lost, destroyed, or ;utilated

certicateElicense ;ay be issued, sub@ect to the rules and pro;ulgated by the

Board and the Co;;ission, upon the pay;ent of the required fees"

#RT0C/ 09

PR#CT0C 23 #CC2.T#$C4

Section &6" Prohibition in the Practice of #ccountancy" $o person shall

practice accountancy in this country, or use the title >Certied Public

#ccountant>, or use the abbre:iated title >CP#> or display or use any title,sign, card, ad:ertise;ent or other de:ice to indicate such person practices or

oers to practice accountancy, or is a certied public accountant, unless such

person shall ha:e recei:ed fro; the Board a certicate of

registrationEProfessional license and be issued a professional identication

card or a :alid te;poraryEspecial per;it duly issued to hi;Eher by the Board

and the Co;;ission"

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Section &J" 9ested Rights" Certied Public #ccountants Registered 7hen

 This /aw is Passed" #ll certied public accountants registered at the ti;e

this law ta=es eect shall auto;atically be registered under the pro:isions

hereof, sub@ect, howe:er, to the pro:isions herein set forth as to futurerequire;ents" Certicate of RegistrationEProfessional license held by such

persons in good standing shall ha:e the sa;e license force and eect as

though issued after the passage of this #ct"

Section &'" /i;itation of the Practice of Public #ccountancy" Single

practitioners and partnerships for the practice of public accountancy shall be

registered certied public accountants in the Philippines< Pro:ided, That fro;

the eecti:ity of this #ct, a certicate of accreditation shall be issued to

certied public accountant in public practice only upon showing, in

accordance with rules and regulations pro;ulgated by the Board and

appro:ed by the Co;;ission, that such registrant has acquired a ;ini;u; of 

three )D years ;eaningful e?perience in any of the areas of public practice

including ta?ation< Pro:ide, further, that this require;ent shall not apply to

those already granted a certicate of accreditation prior to the eecti:ity of

this #ct" The Security and ?change Co;;ission shall not register any

corporation organized for the practice of public accountancy"

Section &%" 2wnership of 7or=ing Papers" #ll wor=ing papers, schedules and

;e;oranda ;ade by a certied public accountant and his sta in the course

of an e?a;ination, including those prepared and sub;itted by the client,

incident to or in the course of an e?a;ination, by such certied public

accountant, e?cept reports sub;itted by a certied public accountant to a

client shall be treated condential and pri:ileged and re;ain the property of

such certied public accountant in the absence of a written agree;ent

between the certied public accountant and the client, to the contrary, unless

such docu;ents are required to be produced though subpoena issued by any

court, tribunal, or go:ern;ent regulatory or ad;inistrati:e body"

Section )*" #ccredited Professional 2rganization" #ll registered certied

public accountants whose appear in the roster of certied public accountants

shall be united and integrated though their ;e;bership in a one and only

registered and accredited national professional organization of registered and

licensed certied public accountants, which shall be registered with the

Securities and ?change Co;;ission as a nonprot corporation and

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recognized by the Board sub@ect to the appro:al by the Co;;ission" The

;e;bers of the said integrated and accredited national professional

organization shall recei:es benets and pri:ileges appurtenant thereto upon

pay;ent of required fees and dues" Me;bership in the integrated

organization shall not be a bar to ;e;bership in any other association of

certied public accountants"

Section )(" #ccreditation to Practice Public #ccountancy" Certied public

accountants, r;s and partnerships of certied public accountants, engaged

in the practice of public accountancy, including partners and sta ;e;bers

thereof, shall registered with the Co;;ission and the Board, such

registration to be renewed e:ery three )D years< Pro:ided, That sub@ect to

the appro:al of the Co;;ission, the Board shall pro;ulgate rules and

regulations for the i;ple;entation of registration require;ents including the

fees and penalties for :iolation thereof"

Section )&" Continuing Professional ducation CPD Progra;" #ll certied

public accountants shall abide by the require;ents, rules and regulations on

continuing professional education to be pro;ulgated by the Board, sub@ect to

the appro:al of the Co;;ission, in coordination with the accredited national

professional organization of certied public accountants or any duly

accredited educational institutional" 3or this purpose, a CP Council is hereby

created to i;ple;ent the CP progra;"

Section ))" Seal and .se of Seal" #ll license certied public accountants

shall obtain and use a seal of a design prescribed by the Board bearing the

registrantLs na;e, registration nu;ber and title" The auditors reports shall be

sta;ped with the said seal, indicating therein hisEher current Professional Ta?

Receipt PTRD nu;ber, dateEplace of pay;ent when led with go:ern;ent

authorities or when used professionally"

Section )+" 3oreign Reciprocity" Sub@ect or citizen of foreign countries ;aybe allowed to practice accountancy in the Philippines in accordance with the

pro:isions of e?isting laws, international treaty obligations including ;utual

recognition agree;ent entered into by the Philippines go:ern;ent with other

countries" # person who is not a citizen of the Philippines shall not be allowed

to practice accountancy in the Philippines unless heEshe can pro:e, in the

;anner pro:ided by the Rules of Court that, specic pro:ision of law country

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of which heEshe is a citizen, sub@ect or national ad;its citizens of the

Philippines to the practice of the sa;e profession without restriction"

Section )G" Co:erage of Te;poraryESpecial Per;its" SpecialEte;porary

per;it ;ay be issued by the Board sub@ect to the appro:al of the Co;;ission

and pay;ent of the fees the latter has prescribed and charged thereof to the

following persons<

# foreign certied public accountant called for consultation or for specic

purpose which, in the @udg;ent of the Board, is essential for the de:elop;ent

of the country< Pro:ided, That hisEher practice shall be li;ited only for the

particular wor= that heEshe is being engaged< Pro:ided, further, That there is

no 3ilipino certied public accountant qualied for such consultation or

specic purposesA

# foreign certied public accountant engaged as professor, lecturer or critic in

elds essential to accountancy education in the Philippines and hisEher

engage;ent is conned to teaching onlyA and

# foreign certied public accountant who is an internationally recognized

e?pect or with specialization in any branch of accountancy and hisEherser:ice is essential for the ad:ance;ent of accountancy in the Philippines"

#RT0C/ 9

P$#/ #$5 300$#/ PR290S02$S

Section )6" Penal Pro:ision" #ny person who shall :iolate any of thepro:isions of this #ct or any of its i;ple;enting rules and regulations as

pro;ulgated by the Board sub@ect to the appro:al of the Co;;ission, shall

upon con:iction, be punished by a ne of not less than 3ifty Thousand Pesos

G*,***"**D or by i;prison;ent for a period not e?ceeding two &D years or

both"

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Section )J" 0;ple;enting Rules and Regulations" 7ithin $inety %*D days

after the eecti:ity of this #ct, the Board, sub@ect to the appro:al of the

Co;;ission and in coordination with the accredited national professional

organization of certied public accountants, shall adopt and pro;ulgate such

rules and regulations to carry out the pro:isions of this #ct and which shall be

eecti:e 3ifteen (GD days following their publication in the 2Hcial -azette orin any of the ;a@or daily newspaper of general circulation"

Section )'" 0nterpretation of this #ct" $othing in this #ct shall be construed

to eect or pre:ent the practice or any other legally recognized profession"

Section )%" nforce;ent of this #ct" 0t shall be pri;ary duty of the

Co;;ission and the Board to eecti:ity enforce the pro:isions of this #ct" #ll

duly constituted law enforce;ent agencies and oHcers of national,pro:incial, city or ;unicipal go:ern;ent or of any political subdi:ision

thereof, shall upon the call or request of the Co;;ission or the Board, render

assistance in enforcing the pro:isions of this #ct and to prosecute any person

:iolating the pro:isions of the sa;e" The Secretary of !ustice or his duly

designated representati:e shall act as legal ad:iser to the Co;;ission and

the Board and shall render legal assistance as ;ay be necessary in carrying

out the pro:isions of this #ct"

#ny person ;ay bring before the Co;;ission, Board of the afore;entionedoHcers of the law, cases of illegal practice or :iolations of this #ct co;;itted

by any person or party"

 The Board shall assist the Co;;ission in ling the appropriate charges

though the concerned prosecution oHce in accordance with law and Rules of

Court"

Section +*" 3unding Pro:ision" The chairperson of the Professional

Regulation Co;;ission shall i;;ediately include the Co;;issionLs progra;s

the i;ple;entation of this #ct, the funding of which shall be included in the

annual -eneral #ppropriations #ct"

Section +(" Transitory Pro:ision" The incu;bent chair;an and ;e;bers of

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the Board shall continue to ser:e in their respecti:e positions under the ter;s

for they ha:e been appointed under Presidential 5ecree $o" 6%&, without the

need of new appoint;ents"

#ll graduates with Bachelors 5egree, Ma@or in #ccounting shall be allowed to

ta=e the CP# /icensure ?a;ination within two &D years fro; the eecti:ity

of this #ct under the rules and regulations to be pro;ulgated by the Board

sub@ect to the appro:al by the Co;;ission"

Section +&" Separability Clause" 0f any clause, pro:isions, paragraph or parts

thereof shall be declared unconstitutional or in:alid, such @udg;ent shall not

aect, in:alidate or i;pair any other part hereof, but shall be ;erely conned

to the clause, pro:isions, paragraph or part directly in:ol:ed in the

contro:ersy in which such @udg;ent has been rendered"

Section +)" Repealing Clause" Presidential 5ecree $o" 6%& is hereby

repealed and all other laws, orders, rules and regulations or resolutions or

partEs thereof inconsistent with the pro:isions of this #ct are hereby repealed

or ;odied accordingly"

Section ++" ecti:ity" This #ct shall ta=e eect after 3ifteen (GD daysfollowing its publication in the 2Hcial -azette or in any ;a@or daily

newspaper of general circulation"

#ppro:ed,

3R#$8/0$ 5R0/2$President of the Senate

 !2S 5 9$C0# !R"

Spea=er of the 1ouse of Representati:es

8/20/2019 ra9298000

18/18