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Republic o the Philippines

Congress o the Philippines

Metro Manila

Twel th Congress

Third Regular Session

Begun and held in Metro Manila, on Monday, the twenty eight day o !uly, twothousand three"

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

#$ #CT R -./#T0$- T1 PR#CT0C 23 #CC2.$T#$C4 0$ T1 P10/0PP0$ S,R P #/0$- 32R T1 P.RP2S PR S05 $T0#/ 5 CR $2" 6%&, 2T1 R70S8$27$ #S T1 R 90S 5 #CC2.$T#$C4 /#7, #PPR2PR0#T0$- 3.$5S

T1 R 32R #$5 32R 2T1 R P.RP2S S

Be it enacted by the Senate and 1ouse o Representati:es o the Philippinesin Congress asse;bled


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Section (" Shorts Title" This act shall be =nown as the >Philippine#ccountancy #ct o &**+>

Section &" 5eclaration o Policy" The State recognizes the i;portance oaccountants in nation building and de:elop;ent" 1ence, it shall de:elop andnurture co;petent, :irtuous, producti:e and well rounded pro essionalaccountants whose standard o practice and ser:ice shall be e?cellent,qualitati:e, world class and globally co;petiti:e though in:iolable, honest,efecti:e, and credible licensure e?a;inations and though regulatory;easures, progra;s and acti:ities that oster their pro essional growth andde:elop;ent"

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

The standardization and regulation o accounting educationA

The e?a;ination o registration o certi ed public accountantsA and

The super:ision, control, and regulation o the practice o accountancy in thePhilippines"

Section +" Scope o Practice" The practice o accountancy shall include, butnot li;ited to, the ollowing<

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

indi:idual capacity, or as a staf ;e;ber in an accounting or auditing r;,holding out hi;sel Ehersel as one s=illed in the =nowledge, science andpractice o accounting, and as a quali ed person to render pro essionalser:ices as a certi ed public accountantA or ofering or rendering, or both or;ore than one client on a ee basis or otherwise, ser:ices as such as theaudit or :eri cation o nancial transaction and accounting recordsA or thepreparation, signing, or certi cation or clients o reports o audit, balancesheet, and other nancial, accounting and related schedules, e?hibits,


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state;ent o reports which are to be used or publication or or creditpurposes, or to be led with a court or go:ern;ent agency, or to be used orany other purposesA or to design, installation, and re:ision o accountingsyste;A or the preparation o inco;e ta? returns when related to accountingproceduresA or when heEshe represent clients be ore go:ern;ent agencies on

ta? and other ;atters relating to accounting or render pro essional assistancein ;atters relating to accounting procedures and the recording andpresentation o nancial acts or data"

bD Practice in Co;;erce and 0ndustry shall constitute in a person in:ol:edin decision ;a=ing requiring pro essional =nowledge in the science oaccounting, or when such e;ploy;ent or position requires that the holderthereo ;ust be a certi ed public accountant"

cD Practice in ducationE#cade;e shall constitute in a person in aneducational institution which in:ol:e teaching o accounting, auditing,;anage;ent ad:isory ser:ices, ancF, business law, ta?ation and othertechnically related sub@ect< Pro:ided, That ;e;bers o the 0ntegrated Bar othe 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 isappointed to, a position in an accounting pro essional group in go:ern;ent orin an go:ern;ent owned andEor controlled corporation, including thoseper or;ing proprietary unctions, where decision ;a=ing requirespro essional =nowledge in the science o accounting, or where a ci:il ser:iceeligibility as a certi ed public accountant is a prerequisite"

#RT0C/ 00

PR23 SS02$#/ R -./#T2R4 B2#R5 23 #CC2.$T#$C4

Section G" The Pro essional Regulatory Board o #ccountancy and itsCo;position" The Pro essional Regulatory Board o #ccountancy, hereina terre erred to as Board, under the super:ision and ad;inistrati:e control o thePro essional Regulation Co;;ission, hereina ter re erred to as theCo;;ission, shall be co;posed o a Chair;an and si? 6D ;e;bers to be


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appointed by the President o the Philippines ro; a list o three )Dreco;;endees or each position and ran=ed by the Co;;ission ro; a list o

:e GD no;inees or each position sub;itted by the accredited nationalpro essional organization o certi ed public accountant" The Board shall electa :ice chair;an ro; a;ong each ;e;bers or a ter; o one (D year" The

chair;an shall preside in all ;eetings o the Boards and in the e:ent o a:acancy in the oHce o the chair;an, the :ice chair;an shall assu;e suchduties and responsibilities until such ti;e as a chair;an is appointed"

Section 6" Iuali cations o a ;e;bers o the Pro essional Regulatory Board" # ;e;ber o the Board shall, at the ti;e o hisEher appoint;ent, posses the

ollowing quali cations<

Must be a natural born citizen and a resident o the PhilippinesA

Must be a duly registered Certi ed Public #ccountant with at least ten (*Dyears o wor= e?perience in any scope o practice o accountancyA

Must be a good ;oral character and ;ust not ha:e been con:icted o cri;esin:ol:ing ;oral turpitudeA and

Must not ha:e any pecuniary interest, directly or indirectly, in any school,college, uni:ersity or institution con erring an acade;ic degree necessary orad;ission to the practice o accountancy or where re:iew classes inpreparation or the licensure e?a;ination are being ofered or conducted, norshall heEshe be a ;e;ber o the aculty or ad;inistration thereo at a ti;e o hisEher appoint;ent to the Board"

Section J" Ter; o 2Hce" The Chair;an and Me;bers o the Board shallhold oHce or a ter; o three )D years" #ny :acancy occurring within theter; o a ;e;ber shall be lled up or the une?pired portion o the ter; only"$o person who has ser:ed two &D successi:e co;plete ter;s shall be eligible

or reappoint;ent until the lapse o one (D year" #ppoint;ent to ll up ane?pired ter; is not to be considered as a co;plete ter;"


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Section '" Co;pensation and #llowances o the Board" The chair;an andthe ;e;bers o the Board shall recei:e co;pensation and allowancesco;parable to that being recei:ed by the chair;an and ;e;bers o e?istingregulatory boards under the Co;;ission as pro:ided or in the -eneral#ppropriate #ct"

Section %" Powers and 3unctions o the Board" The Board shall e?ercise theollowing speci c powers, unctions and responsibilities<

To prescribed and adopt the rules and regulations necessary or carrying outthe pro:isions o this #ctA

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

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

To issue, suspend, re:o=e, reinstate the Certi cate o Registration or thepractice o the accountancy pro essionA

To adopt an oHcial seal o the BoardA

To prescribe andEor adopt a Code o thics or the practice o accountancyA

To ;onitor the conditions afecting the practice o accountancy and adopt

such ;easures, including pro;ulgation o accounting and auditing standards,rules and regulations and best practices as ;ay be dee;ed proper or theenhance;ent and ;aintenance o high pro essional, ethical, accounting andauditing standards< That do;estic accounting and auditing standards rulesand regulations shall include the international accounting and auditingstandards, and generally accepted best practicesA


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To conduct an o:ersight into the quality o audits o nancial state;entsthough a re:iew o the quality control ;easures instituted by auditors inorder to ensure co;pliance with the accounting and auditing standards andpractices,

To in:estigate :iolations o this act and the rules and regulations pro;ulgatedhereunder and or the purpose, to issue su;;ons, subpoena and subpoenaad testi candu; and subpoena duces tecu; to :iolator or witness thereoand co;pel their docu;ents in connection therewith< Pro:ided, That theBoard upon appro:al o the Co;;ission ;ay, sub@ect to such rules andregulations that ;ay be pro;ulgated to i;ple;ent this section, delegate the

act nding aspect o such in:estigations to the accredited nationalpro essional organization o certi ed public accountant< Pro:ided, urther,

That the Board andEor the Co;;ission ;ay adopt their ndings o act as

;ay be see;s tAK

The Board ;ay, ;uto propio in its discretion, ;ay such in:estigations as itdee; necessary to deter;ine whether any person has :iolated anypro:isions o this law, any accounting or auditing standard or rules dulypro;ulgated by the Board as part o the rules go:erning the practice oaccountancyA

To issue a cease or desist order to any person, associations, partnership orcorporation engaged in :iolation o any pro:ision o this #ct, any accountingor auditing standards or rules o duly pro;ulgated by the Board as part o therules go:erning the practice o accountancy in the PhilippinesA

To punish or conte;pt o the Board, both direct and indirect, in accordancewith the pertinent pro:ision o and penalties prescribed by the Rules o CourtA

To prepare, adopt, issue or a;end the syllabi o the sub@ects or e?a;inationsin consultation with the acade;e, deter;ine and prepare questions or thelicensure e?a;ination which shall strictly be within the scope o the syllabi othe sub@ects or e?a;inations as well as ad;inister, correct and release theresult o the licensure e?a;inationsA


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To ensure the coordination with the Co;;ission o the 1igher ducationC1 5D or other authorized go:ern;ent oHces that all higher educational

instruction and ofering o accountancy co;ply with the policies, standardsand require;ents o the course prescribed by the C1 5 or other authorizedgo:ern;ent oHces in the areas o curriculu;, aculty, library and acilitiesA

and

To e?ercise such other powers as ;ay be pro:ided by law as well as thosewhich ;ay be i;plied ro;, or which are necessary or incidental to thecarrying out o , the e?press powers granted to the Board to achie:e theob@ecti:es and purposes o this #ct"

The policies resolution, rules and regulations issued or pro;ulgated by theBoard shall be sub@ect to re:iew and appro:al o the Co;;ission" 1owe:er,the BoardLs decisions, resolutions or orders rendered in the ad;inistrati:ecases shall be sub@ect to re:iew only i on appeal"

Section (*" #d;inistrati:e Super:isions o the Board, Custodian o itsRecords, Secretariat and Support Ser:ices" The Board shall be under thead;inistrati:e super:ision o the Co;;ission" #ll records o the Board,including applications or e?a;ination and ad;inistrati:e and otherin:estigati:e cases conduced by the Board shall be under the custody o theCo;;ission" The Co;;ission shall designate the secretary o the Board andshall pro:ide the secretariat and other support ser:ices to i;ple;ent thepro:isions o this #ct"

Section ((" -rounds or Super:ision or Re;o:al o Me;bers o the Board" The President o the Philippines, upon the reco;;endation o theCo;;ission, a ter the gi:ing the concerned ;e;ber an opportunity tode end hi;sel in proper ad;inistrati:e in:estigation to be conducted by heCo;;ission, ;ay suspend or re;o:e any ;e;ber o the ollowing grounds<

$eglect o 5uty or inco;petenceA

9iolation or tolerance o any :iolation o this #ct and itLs i;ple;entation rulesand regulations or the Certi ed Public #ccountantLs Code o thics and the


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technical and pro essional standards o practice or certi ed publicaccountantA

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

Manipulation or rigging o the certi ed public accountantLs licensuree?a;ination results, disclosure o secret and con dential in or;ation in thee?a;ination questions prior to the conduct o the said e?a;ination orta;pering o grades"

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

year, sub;it an annual report to the President o the Philippines though theCo;;ission gi:ing the detailed account o its proceedings andacco;plish;ent during the year and ;a=ing reco;;endations or theadoption o ;easures that will upgrade and i;pro:e the conditions afectingthe practice o accountancy in the Philippines"

#RT0C/ 000

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

Section ()" The Certi ed Public #ccountant ?a;inations" #ll applicants orregistration or the practice o accountancy shall be required to undergo alicensure e?a;ination to be gi:en by the Board in such places and dates asthe Co;;ission ;ay be designate sub@ect to co;pliance with therequire;ents prescribed by the Co;;ission in accordance with Republic #ct$o" '%'("

Section (+" Iuali cations o #pplicant or ?a;inations" #ny personapplying or e?a;ination shall establish the ollowing requisites to thesatis action o the Board that heEshe<

is a 3ilipino citizenA


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is o good ;oral characterA

is a holder o the degree o Bachelor o Science in #ccountancy con erred bythe school, college, acade;y or institute duly recognized andEor accreditedby the C1 5 or other authorized go:ern;ent oHcesA and

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

Section (G" Scope o ?a;ination" The licensure e?a;ination or certi edpublic accountants shall co:er, but are not li;ited to, the ollowing sub@ects<

Theory o #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 o the Co;;ission, ;ay re:ise or e?cludeany o 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 quali ed as ha:ingpassed the licensure e?a;ination or accountants, a candidate ;ust obtain ageneral a:erage o 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 o se:enty :e percent JGND and abo:e in at least a;a@ority o sub@ects as pro:ided or in this #ct, heEshe shall recei:e aconditional credit or the sub@ects passed< Pro:ided, That a candidate shallta=e an e?a;ination in the re;aining sub@ects within two &D years ro;preceding e?a;ination< Pro:ided, urther, That i the candidate ails to obtainat least a general a:erage o se:enty :e percent JGND and a rating o atleast si?ty :e percent 6GND in each o the sub@ects ree?a;ined, heEsheshall be considered as ailed in the entire e?a;ination"

Section (J" Report o Rating" The Board shall sub;it to the Co;;ission therating obtained by each candidate within ten (*D calendar days a ter thee?a;ination, unless e?tended or @ust cause" .pon the release o the resultso the e?a;ination, the Co;;ission shall send by ;ailing the rating recei:edby each e?a;inee at hisEher gi:en address using the ;ailing en:elopsub;itted during the e?a;ination"

Section ('" 3ailing Candidates to Ta=e Re resher Course" #ny candidate whoails in two &D co;plete Certi ed Public #ccountant Board ?a;inations shall

be disquali ed ro; ta=ing another set o e?a;inations unless heEshe sub;ite:idence to the satis action o the Board that heEshe enrolled in andco;pleted at least twenty our &+D units o sub@ect gi:en in the licensuree?a;ination"

3or purposes o this #ct, the e?a;ination in which the candidate wasconditioned together with the re;o:al e?a;ination on the sub@ect in whichheEshe ailed shall be counted as one co;pete e?a;ination"

Section (%" 2ath" #ll success ul candidates in the e?a;ination shall requiredto ta=e an oath o pro essional be ore any ;e;ber o the Board or be ore anygo:ern;ent oHcial authorized o the Co;;ission or any person authorizedby law to ad;inister oaths upon presentation o proo o hisEher quali cation,prior to entering upon the practice o the pro ession"


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Section &*" 0ssuance o Certi cate o Registration and Pro essional0denti cation Card" # certi cate o registration shall be issued to e?a;ineeswho pass the licensure e?a;ination sub@ect to pay;ent o ees prescribed by

the Co;;ission" The Certi cate o Registration shall bear the signature o thechairperson o the Co;;ission and the chair;an and ;e;bers o the Board,sta;ped with the oHcial seal o the Co;;ission and o the Board, indicatingthat the person na;ed therein is entitled to the practice o the pro essionwith all the pri:ileges appurtenant thereto" The said certi cate shall re;ain in

ull orce and efect until withdrawn, suspended or re:o=ed in accordancewith this #ct"

# Pro essional 0denti cation Card bearing the registration nu;ber date oissuance, e?piry date, duly signed by the chairperson o the Co;;ission,shall li=ewise be issued to e:ery registrant renewable e:ery three )D years"

Section &(" Roster o Certi ed Public #ccountant" # roster showing thena;es and place o business o all registered certi ed public accountantsshall be prepared and updated by the Board, and copies thereo shall be;ade a:ailable to any party as ;ay dee;ed necessary"

Section &&" 0ndication o Certi cate o Registration, 0denti cation Card andPro essional Ta? Receipt" The certi ed public #ccountant shall be required toindicate hisEher certi cate o registration nu;ber and date o issuance, theduration o :alidity, including the Pro essional Ta? Receipt nu;ber on thedocu;ents heEshe signs, uses or issues in connection with the practice ohisEher pro ession"

Section &)" Re usal to 0ssue Certi cate o Registration and Pro essional0denti cation Card" The Board shall not register and issue a certi cate o

registration and pro essional identi cation Card to any success ul e?a;ineecon:icted by the court o co;petent @urisdiction o a cri;inal ofencein:ol:ing ;oral turpitude or guilty o i;;oral and dishonorable conduct toany person or unsound ;ind" 0n the e:ent o re usal to issue certi cate orany reason, the Board shall gi:e the applicant a written state;ent setting

orth the reasons or such action, which state;ent shall be incorporated inthe record o the Board"


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Section &+" Suspension and Re:ocation o Certi cate o Registration andPro essional 0denti cation Card and Cancellation o Special Per;it" TheBoard shall ha:e the power, upon the notice and hearing, to suspend or

re:o=e the practitionerLs certi cate o registration and pro essionalidenti cation card or suspend hisEher ro; the practice o hisEher pro essionor cancel hisEher special per;it or any o the causes or ground ;entionedunder Section &) o this #ct or any o the pro:isions o this #ct, and itsi;ple;enting rules and regulations, the certi ed Public #ccountantLs Code o

thics and the technical and pro essional standards o practice or certi edpublic accountants"

Section &G" Reinstate;ent, Reissuance and Replace;ent o Re:o=ed or /ostCerti cates" The Board ;ay, a ter the e?piration o two &D years ro; thedate o re:ocation o a certi cate o registration and upon application and orreasons dee;ed proper and suHcient, reinstate the :alidity o a re:o=edcerti cate o registration and in so doing, ;ay, in its discretion, e?e;pt theapplicant ro; ta=ing another e?a;ination"

# new certi cate o registration to replace lost, destroyed, or ;utilatedcerti cateElicense ;ay be issued, sub@ect to the rules and pro;ulgated by theBoard and the Co;;ission, upon the pay;ent o the required ees"

#RT0C/ 09

PR#CT0C 23 #CC2.T#$C4

Section &6" Prohibition in the Practice o #ccountancy" $o person shallpractice accountancy in this country, or use the title >Certi ed 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 orofers to practice accountancy, or is a certi ed public accountant, unless suchperson shall ha:e recei:ed ro; the Board a certi cate oregistrationEPro essional license and be issued a pro essional identi cationcard or a :alid te;poraryEspecial per;it duly issued to hi;Eher by the Boardand the Co;;ission"


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Section &J" 9ested Rights" Certi ed Public #ccountants Registered 7hen This /aw is Passed" #ll certi ed public accountants registered at the ti;ethis law ta=es efect shall auto;atically be registered under the pro:isions

hereo , sub@ect, howe:er, to the pro:isions herein set orth as to uturerequire;ents" Certi cate o RegistrationEPro essional license held by suchpersons in good standing shall ha:e the sa;e license orce and efect asthough issued a ter the passage o this #ct"

Section &'" /i;itation o the Practice o Public #ccountancy" Singlepractitioners and partnerships or the practice o public accountancy shall beregistered certi ed public accountants in the Philippines< Pro:ided, That ro;the efecti:ity o this #ct, a certi cate o accreditation shall be issued tocerti ed public accountant in public practice only upon showing, inaccordance with rules and regulations pro;ulgated by the Board andappro:ed by the Co;;ission, that such registrant has acquired a ;ini;u; o three )D years ;eaning ul e?perience in any o the areas o public practiceincluding ta?ation< Pro:ide, urther, that this require;ent shall not apply tothose already granted a certi cate o accreditation prior to the efecti:ity othis #ct" The Security and ?change Co;;ission shall not register anycorporation organized or the practice o public accountancy"

Section &%" 2wnership o 7or=ing Papers" #ll wor=ing papers, schedules and;e;oranda ;ade by a certi ed public accountant and his staf in the courseo an e?a;ination, including those prepared and sub;itted by the client,incident to or in the course o an e?a;ination, by such certi ed publicaccountant, e?cept reports sub;itted by a certi ed public accountant to aclient shall be treated con dential and pri:ileged and re;ain the property osuch certi ed public accountant in the absence o a written agree;entbetween the certi ed public accountant and the client, to the contrary, unlesssuch docu;ents are required to be produced though subpoena issued by anycourt, tribunal, or go:ern;ent regulatory or ad;inistrati:e body"

Section )*" #ccredited Pro essional 2rganization" #ll registered certi edpublic accountants whose appear in the roster o certi ed public accountantsshall be united and integrated though their ;e;bership in a one and onlyregistered and accredited national pro essional organization o registered andlicensed certi ed public accountants, which shall be registered with theSecurities and ?change Co;;ission as a nonpro t corporation and


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recognized by the Board sub@ect to the appro:al by the Co;;ission" The;e;bers o the said integrated and accredited national pro essionalorganization shall recei:es bene ts and pri:ileges appurtenant thereto uponpay;ent o required ees and dues" Me;bership in the integratedorganization shall not be a bar to ;e;bership in any other association o

certi ed public accountants"

Section )(" #ccreditation to Practice Public #ccountancy" Certi ed publicaccountants, r;s and partnerships o certi ed public accountants, engagedin the practice o public accountancy, including partners and staf ;e;bersthereo , shall registered with the Co;;ission and the Board, suchregistration to be renewed e:ery three )D years< Pro:ided, That sub@ect tothe appro:al o the Co;;ission, the Board shall pro;ulgate rules andregulations or the i;ple;entation o registration require;ents including the

ees and penalties or :iolation thereo "

Section )&" Continuing Pro essional ducation CP D Progra;" #ll certi edpublic accountants shall abide by the require;ents, rules and regulations oncontinuing pro essional education to be pro;ulgated by the Board, sub@ect tothe appro:al o the Co;;ission, in coordination with the accredited nationalpro essional organization o certi ed public accountants or any dulyaccredited educational institutional" 3or this purpose, a CP Council is herebycreated to i;ple;ent the CP progra;"

Section ))" Seal and .se o Seal" #ll license certi ed public accountantsshall obtain and use a seal o a design prescribed by the Board bearing theregistrantLs na;e, registration nu;ber and title" The auditors reports shall besta;ped with the said seal, indicating therein hisEher current Pro essional Ta?Receipt PTRD nu;ber, dateEplace o pay;ent when led with go:ern;entauthorities or when used pro essionally"

Section )+" 3oreign Reciprocity" Sub@ect or citizen o oreign countries ;aybe allowed to practice accountancy in the Philippines in accordance with thepro:isions o e?isting laws, international treaty obligations including ;utualrecognition agree;ent entered into by the Philippines go:ern;ent with othercountries" # person who is not a citizen o the Philippines shall not be allowedto practice accountancy in the Philippines unless heEshe can pro:e, in the;anner pro:ided by the Rules o Court that, speci c pro:ision o law country


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o which heEshe is a citizen, sub@ect or national ad;its citizens o thePhilippines to the practice o the sa;e pro ession without restriction"

Section )G" Co:erage o Te;poraryESpecial Per;its" SpecialEte;poraryper;it ;ay be issued by the Board sub@ect to the appro:al o the Co;;issionand pay;ent o the ees the latter has prescribed and charged thereo to the

ollowing persons<

# oreign certi ed public accountant called or consultation or or speci cpurpose which, in the @udg;ent o the Board, is essential or the de:elop;ento the country< Pro:ided, That hisEher practice shall be li;ited only or theparticular wor= that heEshe is being engaged< Pro:ided, urther, That there isno 3ilipino certi ed public accountant quali ed or such consultation orspeci c purposesA

# oreign certi ed public accountant engaged as pro essor, lecturer or critic inelds essential to accountancy education in the Philippines and hisEher

engage;ent is con ned to teaching onlyA and

# oreign certi ed public accountant who is an internationally recognized

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

#RT0C/ 9

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

Section )6" Penal Pro:ision" #ny person who shall :iolate any o thepro:isions o this #ct or any o its i;ple;enting rules and regulations aspro;ulgated by the Board sub@ect to the appro:al o the Co;;ission, shallupon con:iction, be punished by a ne o not less than 3i ty Thousand Pesos

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


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Section )J" 0;ple;enting Rules and Regulations" 7ithin $inety %*D daysa ter the efecti:ity o this #ct, the Board, sub@ect to the appro:al o theCo;;ission and in coordination with the accredited national pro essionalorganization o certi ed public accountants, shall adopt and pro;ulgate suchrules and regulations to carry out the pro:isions o this #ct and which shall be

efecti:e 3i teen (GD days ollowing their publication in the 2Hcial -azette orin any o the ;a@or daily newspaper o general circulation"

Section )'" 0nterpretation o this #ct" $othing in this #ct shall be construedto efect or pre:ent the practice or any other legally recognized pro ession"

Section )%" n orce;ent o this #ct" 0t shall be pri;ary duty o theCo;;ission and the Board to efecti:ity en orce the pro:isions o this #ct" #llduly constituted law en orce;ent agencies and oHcers o national,pro:incial, city or ;unicipal go:ern;ent or o any political subdi:isionthereo , shall upon the call or request o the Co;;ission or the Board, renderassistance in en orcing the pro:isions o this #ct and to prosecute any person:iolating the pro:isions o the sa;e" The Secretary o !ustice or his dulydesignated representati:e shall act as legal ad:iser to the Co;;ission andthe Board and shall render legal assistance as ;ay be necessary in carryingout the pro:isions o this #ct"

#ny person ;ay bring be ore the Co;;ission, Board o the a ore;entionedoHcers o the law, cases o illegal practice or :iolations o this #ct co;;ittedby any person or party"

The Board shall assist the Co;;ission in ling the appropriate chargesthough the concerned prosecution oHce in accordance with law and Rules oCourt"

Section +*" 3unding Pro:ision" The chairperson o the Pro essionalRegulation Co;;ission shall i;;ediately include the Co;;issionLs progra;sthe i;ple;entation o this #ct, the unding o which shall be included in theannual -eneral #ppropriations #ct"

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


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the Board shall continue to ser:e in their respecti:e positions under the ter;sor they ha:e been appointed under Presidential 5ecree $o" 6%&, without the

need o new appoint;ents"

#ll graduates with Bachelors 5egree, Ma@or in #ccounting shall be allowed tota=e the CP# /icensure ?a;ination within two &D years ro; the efecti:ityo this #ct under the rules and regulations to be pro;ulgated by the Boardsub@ect to the appro:al by the Co;;ission"

Section +&" Separability Clause" 0 any clause, pro:isions, paragraph or partsthereo shall be declared unconstitutional or in:alid, such @udg;ent shall notafect, in:alidate or i;pair any other part hereo , but shall be ;erely con nedto the clause, pro:isions, paragraph or part directly in:ol:ed in thecontro:ersy in which such @udg;ent has been rendered"

Section +)" Repealing Clause" Presidential 5ecree $o" 6%& is herebyrepealed and all other laws, orders, rules and regulations or resolutions orpartEs thereo inconsistent with the pro:isions o this #ct are hereby repealedor ;odi ed accordingly"

Section ++" fecti:ity" This #ct shall ta=e efect a ter 3i teen (GD daysollowing its publication in the 2Hcial -azette or in any ;a@or dailynewspaper o general circulation"

#ppro:ed,

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

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Spea=er o the 1ouse o Representati:es


18/18

This #ct which is consolidation o Senate Bill $o" &J+' and 1ouse Bill $o"66J' was nally passed by the Senate and the 1ouse o the Representati:eson 3ebruary 6, &**+ and 3ebruary J, &**+, respecti:ely"

2SC#R -" 4#B S

Secretary o Senate

R2B RT2 P" $#O#R $2

Secretary -eneral

1ouse o Represenati:es

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