7/24/2019 ra9298111

1/18

qqqqqqqqwwwwwwwwwwwbhghghdddddddddddddddd

Republic of the Philippines

Congress of the Philippines

Metro Manila

Twelfth Congress

Third Regular Session

Begun and held in Metro Manila, on Monday, the twenty-eight day of July, two

thousand three

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

!" !CT R*+!T."+ T/* PR!CT.C* 01 !CC0"T!"C2 ." T/* P/..PP."*S,

R*P*!."+ 10R T/* PRP0S* PR*S.3*"T.! 3*CR** "0 4#$, 0T/*R5.S*6"05" !S T/* R*7.S*3 !CC0"T!"C2 !5, !PPR0PR.!T."+ 1"3S

T/*R*10R !"3 10R 0T/*R PRP0S*S

Be it enacted by the Senate and /ouse of Representati8es of the Philippines

in Congress asse9bled:

Section & Shorts Title - This act shall be ;nown as the cellent,

7/24/2019 ra9298111

2/18

qualitati8e, world class and globally co9petiti8e though in8iolable, honest,

e?ecti8e, and credible licensure e>a9inations and though regulatory

9easures, progra9s and acti8ities that foster their professional growth and

de8elop9ent

Section ' 0b@ecti8es - This !ct shall pro8ide and go8ern:

The standardi=ation and regulation of accounting educationA

The e>a9ination of registration of certied public accountantsA and

The super8ision, control, and regulation of the practice of accountancy in the

Philippines

Section ) Scope of Practice - The practice of accountancy shall include, but

not li9ited to, the following:

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

indi8idual capacity, or as a sta? 9e9ber in an accounting or auditing r9,

holding out hi9selfEherself as one s;illed in the ;nowledge, science and

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

ser8ices as a certied public accountantA or o?ering or rendering, or both or

9ore than one client on a fee basis or otherwise, ser8ices as such as the

audit or 8erication 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,

state9ent of reports which are to be used for publication or for credit

purposes, or to be led with a court or go8ern9ent agency, or to be used for

any other purposesA or to design, installation, and re8ision of accountingsyste9A or the preparation of inco9e ta> returns when related to accounting

proceduresA or when heEshe represent clients before go8ern9ent agencies on

ta> and other 9atters relating to accounting or render professional assistance

in 9atters relating to accounting procedures and the recording and

presentation of nancial facts or data

7/24/2019 ra9298111

3/18

bD Practice in Co99erce and .ndustry - shall constitute in a person in8ol8ed

in decision 9a;ing requiring professional ;nowledge in the science of

accounting, or when such e9ploy9ent or position requires that the holder

thereof 9ust be a certied public accountant

cD Practice in *ducationE!cade9e - shall constitute in a person in an

educational institution which in8ol8e teaching of accounting, auditing,

9anage9ent ad8isory ser8ices, ancF, business law, ta>ation and other

technically related sub@ect: Pro8ided, That 9e9bers of the .ntegrated Bar of

the Philippines 9ay be allowed to teach business law and ta>ation sub@ects

dD Practice in +o8ern9ent - shall constitute in a person who holds, or is

appointed to, a position in an accounting professional group in go8ern9ent or

in an go8ern9ent-owned andEor controlled corporation, including thoseperfor9ing proprietary functions, where decision 9a;ing requires

professional ;nowledge in the science of accounting, or where a ci8il ser8ice

eligibility as a certied public accountant is a prerequisite

!RT.C* ..

PR01*SS.0"! R*+!T0R2 B0!R3 01 !CC0"T!"C2

Section G The Professional Regulatory Board of !ccountancy and its

Co9position - The Professional Regulatory Board of !ccountancy, hereinafter

referred to as Board, under the super8ision and ad9inistrati8e control of the

Professional Regulation Co99ission, hereinafter referred to as the

Co99ission, shall be co9posed of a Chair9an and si> 4D 9e9bers to be

appointed by the President of the Philippines fro9 a list of three 'D

reco99endees for each position and ran;ed by the Co99ission fro9 a list of

8e GD no9inees for each position sub9itted by the accredited national

professional organi=ation of certied public accountant The Board shall elect

a 8ice-chair9an fro9 a9ong each 9e9bers for a ter9 of one &D year The

chair9an shall preside in all 9eetings of the Boards and in the e8ent of a

8acancy in the oHce of the chair9an, the 8ice-chair9an shall assu9e such

duties and responsibilities until such ti9e as a chair9an is appointed

7/24/2019 ra9298111

4/18

Section 4 Iualications of a 9e9bers of the Professional Regulatory Board -

! 9e9ber of the Board shall, at the ti9e of hisEher appoint9ent, posses the

following qualications:

Must be a natural-born citi=en 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 9oral character and 9ust not ha8e been con8icted of cri9es

in8ol8ing 9oral turpitudeA and

Must not ha8e any pecuniary interest, directly or indirectly, in any school,

college, uni8ersity or institution conferring an acade9ic degree necessary for

ad9ission to the practice of accountancy or where re8iew classes in

preparation for the licensure e>a9ination are being o?ered or conducted, nor

shall heEshe be a 9e9ber of the faculty or ad9inistration thereof at a ti9e of

hisEher appoint9ent to the Board

Section Ter9 of 0Hce - The Chair9an and Me9bers of the Board shallhold oHce for a ter9 of three 'D years !ny 8acancy occurring within the

ter9 of a 9e9ber shall be lled up for the une>pired portion of the ter9 only

"o person who has ser8ed two $D successi8e co9plete ter9s shall be eligible

for reappoint9ent until the lapse of one &D year !ppoint9ent to ll up an

e>pired ter9 is not to be considered as a co9plete ter9

Section % Co9pensation and !llowances of the Board - The chair9an and

the 9e9bers of the Board shall recei8e co9pensation and allowances

co9parable to that being recei8ed by the chair9an and 9e9bers of e>istingregulatory boards under the Co99ission as pro8ided for in the +eneral

!ppropriate !ct

Section # Powers and 1unctions of the Board - The Board shall e>ercise the

following specic powers, functions and responsibilities:

7/24/2019 ra9298111

5/18

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

the pro8isions of this !ctA

To super8ise the registration, licensure and practice of accountancy in the

PhilippinesA

To ad9inister oaths in connection with the ad9inistration of this !ctA

To issue, suspend, re8o;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 9onitor the conditions a?ecting the practice of accountancy and adopt

such 9easures, including pro9ulgation of accounting and auditing standards,rules and regulations and best practices as 9ay be dee9ed proper for the

enhance9ent and 9aintenance of high professional, ethical, accounting and

auditing standards: That do9estic accounting and auditing standards rules

and regulations shall include the international accounting and auditing

standards, and generally accepted best practicesA

To conduct an o8ersight into the quality of audits of nancial state9ents

though a re8iew of the quality control 9easures instituted by auditors in

order to ensure co9pliance with the accounting and auditing standards andpractices,

To in8estigate 8iolations of this act and the rules and regulations pro9ulgated

hereunder and for the purpose, to issue su99ons, subpoena and subpoena

ad testicandu9 and subpoena duces tecu9 to 8iolator or witness thereof

7/24/2019 ra9298111

6/18

and co9pel their docu9ents in connection therewith: Pro8ided, That the

Board upon appro8al of the Co99ission 9ay, sub@ect to such rules and

regulations that 9ay be pro9ulgated to i9ple9ent this section, delegate the

fact-nding aspect of such in8estigations to the accredited national

professional organi=ation of certied public accountant: Pro8ided, further,

That the Board andEor the Co99ission 9ay adopt their ndings of fact as9ay be see9s tAK

The Board 9ay, 9uto propio in its discretion, 9ay such in8estigations as it

dee9 necessary to deter9ine whether any person has 8iolated any

pro8isions of this law, any accounting or auditing standard or rules duly

pro9ulgated by the Board as part of the rules go8erning the practice of

accountancyA

To issue a cease or desist order to any person, associations, partnership or

corporation engaged in 8iolation of any pro8ision of this !ct, any accounting

or auditing standards or rules of duly pro9ulgated by the Board as part of the

rules go8erning the practice of accountancy in the PhilippinesA

To punish for conte9pt of the Board, both direct and indirect, in accordance

with the pertinent pro8ision of and penalties prescribed by the Rules of CourtA

To prepare, adopt, issue or a9end the syllabi of the sub@ects for e>a9inations

in consultation with the acade9e, deter9ine and prepare questions for the

licensure e>a9ination which shall strictly be within the scope of the syllabi of

the sub@ects for e>a9inations as well as ad9inister, correct and release the

result of the licensure e>a9inationsA

To ensure the coordination with the Co99ission of the /igher *ducation

C/*3D or other authori=ed go8ern9ent oHces that all higher educational

instruction and o?ering of accountancy co9ply with the policies, standards

and require9ents of the course prescribed by the C/*3 or other authori=ed

go8ern9ent oHces in the areas of curriculu9, faculty, library and facilitiesA

and

To e>ercise such other powers as 9ay be pro8ided by law as well as those

7/24/2019 ra9298111

7/18

which 9ay be i9plied fro9, or which are necessary or incidental to the

carrying out of, the e>press powers granted to the Board to achie8e the

ob@ecti8es and purposes of this !ct

The policies resolution, rules and regulations issued or pro9ulgated by the

Board shall be sub@ect to re8iew and appro8al of the Co99ission /owe8er,

the BoardLs decisions, resolutions or orders rendered in the ad9inistrati8e

cases shall be sub@ect to re8iew only if on appeal

Section &( !d9inistrati8e Super8isions of the Board, Custodian of its

Records, Secretariat and Support Ser8ices - The Board shall be under the

ad9inistrati8e super8ision of the Co99ission !ll records of the Board,

including applications for e>a9ination and ad9inistrati8e and other

in8estigati8e cases conduced by the Board shall be under the custody of theCo99ission The Co99ission shall designate the secretary of the Board and

shall pro8ide the secretariat and other support ser8ices to i9ple9ent the

pro8isions of this !ct

Section && +rounds for Super8ision or Re9o8al of Me9bers of the Board -

The President of the Philippines, upon the reco99endation of the

Co99ission, after the gi8ing the concerned 9e9ber an opportunity to

defend hi9self in proper ad9inistrati8e in8estigation to be conducted by he

Co99ission, 9ay suspend or re9o8e any 9e9ber of the following grounds:

"eglect of 3uty or inco9petenceA

7iolation or tolerance of any 8iolation of this !ct and itLs i9ple9entation rules

and regulations or the Certied Public !ccountantLs Code of *thics and the

technical and professional standards of practice for certied public

accountantA

1inal @udg9ent of cri9es in8ol8ing 9oral turpitudeA and

Manipulation or rigging of the certied public accountantLs licensure

7/24/2019 ra9298111

8/18

e>a9ination results, disclosure of secret and condential infor9ation in the

e>a9ination questions prior to the conduct of the said e>a9ination or

ta9pering of grades

Section &$ !nnual Report - The Board shall, at the close of each calendar

year, sub9it an annual report to the President of the Philippines though the

Co99ission gi8ing the detailed account of its proceedings and

acco9plish9ent during the year and 9a;ing reco99endations for the

adoption of 9easures that will upgrade and i9pro8e the conditions a?ecting

the practice of accountancy in the Philippines

!RT.C* ...

*!M."!T.0", R*+.STR!T.0" !"3 .C*"SR*

Section &' The Certied Public !ccountant *>a9inations - !ll applicants for

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

licensure e>a9ination to be gi8en by the Board in such places and dates as

the Co99ission 9ay be designate sub@ect to co9pliance with the

require9ents prescribed by the Co99ission in accordance with Republic !ct

"o %#%&

Section &) Iualications of !pplicant for *>a9inations - !ny person

applying for e>a9ination shall establish the following requisites to the

satisfaction of the Board that heEshe:

is a 1ilipino citi=enA

is of good 9oral characterA

is a holder of the degree of Bachelor of Science in !ccountancy conferred by

the school, college, acade9y or institute duly recogni=ed andEor accredited

by the C/*3 or other authori=ed go8ern9ent oHcesA and

7/24/2019 ra9298111

9/18

has not been con8icted of any cri9inal o?ence in8ol8ing 9oral turpitude

Section &G Scope of *>a9ination - The licensure e>a9ination for certiedpublic accountants shall co8er, but are not li9ited to, the following sub@ects:

Theory of !ccounts

Business aw and Ta>ation

Manage9ent Ser8ices

!uditing Theory

!uditing Proble9s

Practical !ccounting Proble9 .

Practical !ccounting Proble9 ..

The Board, sub@ect to the appro8al of the Co99ission, 9ay re8ise or e>clude

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

Section &4 Rating in the icensure *>a9ination - To be qualied as ha8ing

passed the licensure e>a9ination for accountants, a candidate 9ust obtain a

general a8erage of se8enty 8e percent GND, with no grade lower than

si>ty-8e percent 4GND in any gi8en sub@ect .n the e8ent a candidate

obtains the rating of se8enty-8e percent GND and abo8e in at least a

9a@ority of sub@ects as pro8ided for in this !ct, heEshe shall recei8e a

7/24/2019 ra9298111

10/18

conditional credit for the sub@ects passed: Pro8ided, That a candidate shall

ta;e an e>a9ination in the re9aining sub@ects within two $D years fro9

preceding e>a9ination: Pro8ided, further, That if the candidate fails to obtain

at least a general a8erage of se8enty-8e percent GND and a rating of at

least si>ty-8e percent 4GND in each of the sub@ects ree>a9ined, heEshe

shall be considered as failed in the entire e>a9ination

Section & Report of Rating - The Board shall sub9it to the Co99ission the

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

e>a9ination, unless e>tended for @ust cause pon the release of the results

of the e>a9ination, the Co99ission shall send by 9ailing the rating recei8ed

by each e>a9inee at hisEher gi8en address using the 9ailing en8elop

sub9itted during the e>a9ination

Section &% 1ailing Candidates to Ta;e Refresher Course - !ny candidate who

fails in two $D co9plete Certied Public !ccountant Board *>a9inations shall

be disqualied fro9 ta;ing another set of e>a9inations unless heEshe sub9it

e8idence to the satisfaction of the Board that heEshe enrolled in and

co9pleted at least twenty-four $)D units of sub@ect gi8en in the licensure

e>a9ination

1or purposes of this !ct, the e>a9ination in which the candidate was

conditioned together with the re9o8al e>a9ination on the sub@ect in whichheEshe failed shall be counted as one co9pete e>a9ination

Section 0ath - !ll successful candidates in the e>a9ination shall required

to ta;e an oath of professional before any 9e9ber of the Board or before any

go8ern9ent oHcial authori=ed of the Co99ission or any person authori=ed

by law to ad9inister oaths upon presentation of proof of hisEher qualication,

prior to entering upon the practice of the profession

Section $( .ssuance of Certicate of Registration and Professional

.dentication Card - ! certicate of registration shall be issued to e>a9inees

who pass the licensure e>a9ination sub@ect to pay9ent of fees prescribed by

the Co99ission The Certicate of Registration shall bear the signature of the

chairperson of the Co99ission and the chair9an and 9e9bers of the Board,

sta9ped with the oHcial seal of the Co99ission and of the Board, indicating

7/24/2019 ra9298111

11/18

that the person na9ed therein is entitled to the practice of the profession

with all the pri8ileges appurtenant thereto The said certicate shall re9ain in

full force and e?ect until withdrawn, suspended or re8o;ed in accordance

with this !ct

! Professional .dentication Card bearing the registration nu9ber date of

issuance, e>piry date, duly signed by the chairperson of the Co99ission,

shall li;ewise be issued to e8ery registrant renewable e8ery three 'D years

Section $& Roster of Certied Public !ccountant - ! roster showing the

na9es and place of business of all registered certied public accountants

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

9ade a8ailable to any party as 9ay dee9ed necessary

Section $$ .ndication of Certicate of Registration, .dentication Card and

Professional Ta> Receipt - The certied public !ccountant shall be required to

indicate hisEher certicate of registration nu9ber and date of issuance, the

duration of 8alidity, including the Professional Ta> Receipt nu9ber on the

docu9ents heEshe signs, uses or issues in connection with the practice of

hisEher profession

Section $' Refusal to .ssue Certicate of Registration and Professional

.dentication Card - The Board shall not register and issue a certicate of

registration and professional identication Card to any successful e>a9inee

con8icted by the court of co9petent @urisdiction of a cri9inal o?ence

in8ol8ing 9oral turpitude or guilty of i99oral and dishonorable conduct to

any person or unsound 9ind .n the e8ent of refusal to issue certicate for

any reason, the Board shall gi8e the applicant a written state9ent setting

forth the reasons for such action, which state9ent shall be incorporated in

the record of the Board

Section $) Suspension and Re8ocation of Certicate of Registration and

Professional .dentication Card and Cancellation of Special Per9it - The

Board shall ha8e the power, upon the notice and hearing, to suspend or

re8o;e the practitionerLs certicate of registration and professional

identication card or suspend hisEher fro9 the practice of hisEher profession

or cancel hisEher special per9it for any of the causes or ground 9entioned

7/24/2019 ra9298111

12/18

under Section $' of this !ct or any of the pro8isions of this !ct, and its

i9ple9enting rules and regulations, the certied Public !ccountantLs Code of

*thics and the technical and professional standards of practice for certied

public accountants

Section $G Reinstate9ent, Reissuance and Replace9ent of Re8o;ed or ost

Certicates - The Board 9ay, after the e>piration of two $D years fro9 the

date of re8ocation of a certicate of registration and upon application and for

reasons dee9ed proper and suHcient, reinstate the 8alidity of a re8o;ed

certicate of registration and in so doing, 9ay, in its discretion, e>e9pt the

applicant fro9 ta;ing another e>a9ination

! new certicate of registration to replace lost, destroyed, or 9utilated

certicateElicense 9ay be issued, sub@ect to the rules and pro9ulgated by theBoard and the Co99ission, upon the pay9ent of the required fees

!RT.C* .7

PR!CT.C* 01 !CC0T!"C2

Section $4 Prohibition in the Practice of !ccountancy - "o person shall

practice accountancy in this country, or use the title

7/24/2019 ra9298111

13/18

though issued after the passage of this !ct

Section $% i9itation 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: Pro8ided, That fro9

the e?ecti8ity 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 pro9ulgated by the Board and

appro8ed by the Co99ission, that such registrant has acquired a 9ini9u9 of

three 'D years 9eaningful e>perience in any of the areas of public practice

including ta>ation: Pro8ide, further, that this require9ent shall not apply to

those already granted a certicate of accreditation prior to the e?ecti8ity of

this !ct The Security and *>change Co99ission shall not register any

corporation organi=ed for the practice of public accountancy

Section $# 0wnership of 5or;ing Papers - !ll wor;ing papers, schedules and

9e9oranda 9ade by a certied public accountant and his sta? in the course

of an e>a9ination, including those prepared and sub9itted by the client,

incident to or in the course of an e>a9ination, by such certied public

accountant, e>cept reports sub9itted by a certied public accountant to a

client shall be treated condential and pri8ileged and re9ain the property of

such certied public accountant in the absence of a written agree9ent

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

such docu9ents are required to be produced though subpoena issued by anycourt, tribunal, or go8ern9ent regulatory or ad9inistrati8e body

Section '( !ccredited Professional 0rgani=ation - !ll registered certied

public accountants whose appear in the roster of certied public accountants

shall be united and integrated though their 9e9bership in a one and only

registered and accredited national professional organi=ation of registered and

licensed certied public accountants, which shall be registered with the

Securities and *>change Co99ission as a nonprot corporation and

recogni=ed by the Board sub@ect to the appro8al by the Co99ission The9e9bers of the said integrated and accredited national professional

organi=ation shall recei8es benets and pri8ileges appurtenant thereto upon

pay9ent of required fees and dues Me9bership in the integrated

organi=ation shall not be a bar to 9e9bership in any other association of

certied public accountants

7/24/2019 ra9298111

14/18

Section '& !ccreditation to Practice Public !ccountancy - Certied public

accountants, r9s and partnerships of certied public accountants, engaged

in the practice of public accountancy, including partners and sta? 9e9bers

thereof, shall registered with the Co99ission and the Board, such

registration to be renewed e8ery three 'D years: Pro8ided, That sub@ect to

the appro8al of the Co99ission, the Board shall pro9ulgate rules andregulations for the i9ple9entation of registration require9ents including the

fees and penalties for 8iolation thereof

Section '$ Continuing Professional *ducation CP*D Progra9 - !ll certied

public accountants shall abide by the require9ents, rules and regulations on

continuing professional education to be pro9ulgated by the Board, sub@ect to

the appro8al of the Co99ission, in coordination with the accredited national

professional organi=ation of certied public accountants or any duly

accredited educational institutional 1or this purpose, a CP* Council is herebycreated to i9ple9ent the CP* progra9

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 na9e, registration nu9ber and title The auditors reports shall be

sta9ped with the said seal, indicating therein hisEher current Professional Ta>

Receipt PTRD nu9ber, dateEplace of pay9ent when led with go8ern9ent

authorities or when used professionally

Section ') 1oreign Reciprocity - Sub@ect or citi=en of foreign countries 9ay

be allowed to practice accountancy in the Philippines in accordance with the

pro8isions of e>isting laws, international treaty obligations including 9utual

recognition agree9ent entered into by the Philippines go8ern9ent with other

countries ! person who is not a citi=en of the Philippines shall not be allowed

to practice accountancy in the Philippines unless heEshe can pro8e, in the

9anner pro8ided by the Rules of Court that, specic pro8ision of law country

of which heEshe is a citi=en, sub@ect or national ad9its citi=ens of the

Philippines to the practice of the sa9e profession without restriction

Section 'G Co8erage of Te9poraryESpecial Per9its - SpecialEte9porary

per9it 9ay be issued by the Board sub@ect to the appro8al of the Co99ission

and pay9ent of the fees the latter has prescribed and charged thereof to the

following persons:

7/24/2019 ra9298111

15/18

! foreign certied public accountant called for consultation or for specic

purpose which, in the @udg9ent of the Board, is essential for the de8elop9ent

of the country: Pro8ided, That hisEher practice shall be li9ited only for the

particular wor; that heEshe is being engaged: Pro8ided, further, That there isno 1ilipino 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

engage9ent is conned to teaching onlyA and

! foreign certied public accountant who is an internationally recogni=ede>pect or with speciali=ation in any branch of accountancy and hisEher

ser8ice is essential for the ad8ance9ent of accountancy in the Philippines

!RT.C* 7

P*"! !"3 1.."! PR07.S.0"S

Section '4 Penal Pro8ision - !ny person who shall 8iolate any of the

pro8isions of this !ct or any of its i9ple9enting rules and regulations as

pro9ulgated by the Board sub@ect to the appro8al of the Co99ission, shall

upon con8iction, be punished by a ne of not less than 1ifty Thousand Pesos

G(,(((((D or by i9prison9ent for a period not e>ceeding two $D years or

both

Section ' .9ple9enting Rules and Regulations - 5ithin "inety #(D daysafter the e?ecti8ity of this !ct, the Board, sub@ect to the appro8al of the

Co99ission and in coordination with the accredited national professional

organi=ation of certied public accountants, shall adopt and pro9ulgate such

rules and regulations to carry out the pro8isions of this !ct and which shall be

e?ecti8e 1ifteen &GD days following their publication in the 0Hcial +a=ette or

in any of the 9a@or daily newspaper of general circulation

7/24/2019 ra9298111

16/18

Section '% .nterpretation of this !ct - "othing in this !ct shall be construed

to e?ect or pre8ent the practice or any other legally recogni=ed profession

Section '# *nforce9ent of this !ct - .t shall be pri9ary duty of the

Co99ission and the Board to e?ecti8ity enforce the pro8isions of this !ct !ll

duly constituted law enforce9ent agencies and oHcers of national,

pro8incial, city or 9unicipal go8ern9ent or of any political subdi8ision

thereof, shall upon the call or request of the Co99ission or the Board, render

assistance in enforcing the pro8isions of this !ct and to prosecute any person

8iolating the pro8isions of the sa9e The Secretary of Justice or his duly

designated representati8e shall act as legal ad8iser to the Co99ission and

the Board and shall render legal assistance as 9ay be necessary in carrying

out the pro8isions of this !ct

!ny person 9ay bring before the Co99ission, Board of the afore9entioned

oHcers of the law, cases of illegal practice or 8iolations of this !ct co99itted

by any person or party

The Board shall assist the Co99ission in ling the appropriate charges

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

Court

Section )( 1unding Pro8ision - The chairperson of the Professional

Regulation Co99ission shall i99ediately include the Co99issionLs progra9s

the i9ple9entation of this !ct, the funding of which shall be included in the

annual +eneral !ppropriations !ct

Section )& Transitory Pro8ision - The incu9bent chair9an and 9e9bers of

the Board shall continue to ser8e in their respecti8e positions under the ter9sfor they ha8e been appointed under Presidential 3ecree "o 4#$, without the

need of new appoint9ents

!ll graduates with Bachelors 3egree, Ma@or in !ccounting shall be allowed to

ta;e the CP! icensure *>a9ination within two $D years fro9 the e?ecti8ity

7/24/2019 ra9298111

17/18

of this !ct under the rules and regulations to be pro9ulgated by the Board

sub@ect to the appro8al by the Co99ission

Section )$ Separability Clause - .f any clause, pro8isions, paragraph or parts

thereof shall be declared unconstitutional or in8alid, such @udg9ent shall not

a?ect, in8alidate or i9pair any other part hereof, but shall be 9erely conned

to the clause, pro8isions, paragraph or part directly in8ol8ed in the

contro8ersy in which such @udg9ent has been rendered

Section )' Repealing Clause - Presidential 3ecree "o 4#$ is hereby

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

partEs thereof inconsistent with the pro8isions of this !ct are hereby repealed

or 9odied accordingly

Section )) *?ecti8ity - This !ct shall ta;e e?ect after 1ifteen &GD days

following its publication in the 0Hcial +a=ette or in any 9a@or daily

newspaper of general circulation

!ppro8ed,

1R!"6." 3R.0"

President of the Senate

J0S* 3* 7*"*C.! JR

Spea;er of the /ouse of Representati8es

This !ct which is consolidation of Senate Bill "o $)% and /ouse Bill "o

44% was nally passed by the Senate and the /ouse of the Representati8es

on 1ebruary 4, $(() and 1ebruary , $((), respecti8ely

7/24/2019 ra9298111

18/18

0SC!R + 2!B*S

Secretary of Senate

R0B*RT0 P "!O!R*"0

Secretary +eneral

/ouse of Represenati8es