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Republic o the Philippines

Congress o the Philippines

Metro Manila

Twelth Congress

Third Regular Session

Begun and held in Metro Manila, on Monday, the twentyeight day o !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

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

in Congress asse;bled


2/18

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

#ccountancy #ct o &**+>

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

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

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

accountants 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 proessional growth and

de: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 certied public accountantsA and

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

Philippines"

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

not 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;selEhersel as one s=illed in the =nowledge, science and

practice o accounting, and as a qualied person to render proessional

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

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

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

preparation, signing, or certication or clients o reports o audit, balance

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


3/18

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

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

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

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

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

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

presentation o nancial acts or data"

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

in decision ;a=ing requiring proessional =nowledge in the science o

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

thereo ;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 o accounting, auditing,

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

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

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 proessional group in go:ern;ent or

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

proessional =nowledge in the science o 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 Proessional Regulatory Board o #ccountancy and its

Co;position" The Proessional Regulatory Board o #ccountancy, hereinater

reerred to as Board, under the super:ision and ad;inistrati:e control o the

Proessional Regulation Co;;ission, hereinater reerred to as the

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


4/18

appointed by the President o the Philippines ro; a list o three )D

reco;;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 national

proessional organization o certied public accountant" The Board shall elect

a :icechair;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 :icechair;an shall assu;e such

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

Section 6" Iualications o a ;e;bers o the Proessional Regulatory Board"

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

ollowing qualications<

Must be a naturalborn citizen and a resident o the PhilippinesA

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

years 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;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 conerring an acade;ic degree necessary or

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

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

shall 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 the

ter; 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 an

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


5/18

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

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

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

regulatory 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 the

ollowing specic powers, unctions and responsibilities<

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

the pro:isions o this #ctA

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

PhilippinesA

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

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

practice o the accountancy proessionA

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 the

enhance;ent and ;aintenance o high proessional, 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


6/18

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

though a re:iew o 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 o this act and the rules and regulations pro;ulgated

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

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

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

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

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

actnding aspect o such in:estigations to the accredited national

proessional organization o certied 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 it

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

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

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

accountancyA

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

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

rules go:erning the practice o accountancy in the PhilippinesA

To punish or conte;pt o the Board, both direct and indirect, in accordance

with 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;inations

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

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

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

result o the licensure e?a;inationsA


7/18

To ensure the coordination with the Co;;ission o the 1igher ducation

C15D or other authorized go:ern;ent oHces that all higher educational

instruction and ofering o accountancy co;ply with the policies, standards

and require;ents o the course prescribed by the C15 or other authorized

go: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 those

which ;ay be i;plied ro;, or which are necessary or incidental to the

carrying out o, the e?press powers granted to the Board to achie:e the

ob@ecti:es and purposes o this #ct"

The policies resolution, rules and regulations issued or pro;ulgated by the

Board 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:e

cases shall be sub@ect to re:iew only i on appeal"

Section (*" #d;inistrati:e Super:isions o the Board, Custodian o its

Records, Secretariat and Support Ser:ices" The Board shall be under the

ad;inistrati:e super:ision o the Co;;ission" #ll records o the Board,

including applications or e?a;ination and ad;inistrati:e and other

in:estigati:e cases conduced by the Board shall be under the custody o the

Co;;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 the

pro: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 the

Co;;ission, ater the gi:ing the concerned ;e;ber an opportunity to

deend hi;sel in proper ad;inistrati:e in:estigation to be conducted by he

Co;;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 rules

and regulations or the Certied Public #ccountantLs Code o thics and the


8/18

technical and proessional standards o practice or certied public

accountantA

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

Manipulation or rigging o the certied public accountantLs licensure

e?a;ination results, disclosure o secret and condential inor;ation in the

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

ta;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 and

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

adoption o ;easures that will upgrade and i;pro:e the conditions afecting

the practice o accountancy in the Philippines"

#RT0C/ 000

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

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

registration or the practice o 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 o #pplicant or ?a;inations" #ny person

applying or e?a;ination shall establish the ollowing requisites to the

satisaction o the Board that heEshe<

is a 3ilipino citizenA


9/18

is o good ;oral characterA

is a holder o the degree o Bachelor o Science in #ccountancy conerred 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 o any cri;inal ofence in:ol:ing ;oral turpitude"

Section (G" Scope o ?a;ination" The licensure e?a;ination or certied

public 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?clude

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


10/18

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

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

general 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 a

conditional credit or 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 ro;

preceding e?a;ination< Pro:ided, urther, That i the candidate ails to obtain

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

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

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

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

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

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

o 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 Reresher Course" #ny candidate who

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

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

e:idence to the satisaction o the Board that heEshe enrolled in and

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

e?a;ination"

3or purposes o 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 ailed shall be counted as one co;pete e?a;ination"

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

to ta=e an oath o proessional beore any ;e;ber o the Board or beore any

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

by law to ad;inister oaths upon presentation o proo o hisEher qualication,

prior to entering upon the practice o the proession"


11/18

Section &*" 0ssuance o Certicate o Registration and Proessional

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

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

the Co;;ission" The Certicate 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, indicating

that the person na;ed therein is entitled to the practice o the proession

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

ull orce and efect until withdrawn, suspended or re:o=ed in accordance

with this #ct"

# Proessional 0dentication Card bearing the registration nu;ber date o

issuance, 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 Certied Public #ccountant" # roster showing the

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

shall 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 Certicate o Registration, 0dentication Card andProessional Ta? Receipt" The certied public #ccountant shall be required to

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

duration o :alidity, including the Proessional Ta? Receipt nu;ber on the

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

hisEher proession"

Section &)" Reusal to 0ssue Certicate o Registration and Proessional

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

registration and proessional identication Card to any successul e?a;ineecon:icted by the court o co;petent @urisdiction o a cri;inal ofence

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

any person or unsound ;ind" 0n the e:ent o reusal to issue certicate or

any 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 in

the record o the Board"


12/18

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

Proessional 0dentication Card and Cancellation o Special Per;it" The

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

re:o=e the practitionerLs certicate o registration and proessionalidentication card or suspend hisEher ro; the practice o hisEher proession

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

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

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

thics and the technical and proessional standards o practice or certied

public accountants"

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

Certicates" The Board ;ay, ater the e?piration o two &D years ro; the

date o re:ocation o a certicate o registration and upon application and or

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

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

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

# new certicate o 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 o the required ees"

#RT0C/ 09

PR#CT0C 23 #CC2.T#$C4

Section &6" Prohibition in the Practice o #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

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

person shall ha:e recei:ed ro; the Board a certicate o

registrationEProessional license and be issued a proessional identication

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

and the Co;;ission"


13/18

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 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" Certicate o RegistrationEProessional license held by such

persons in good standing shall ha:e the sa;e license orce and efect as

though issued ater the passage o this #ct"

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

practitioners and partnerships or the practice o public accountancy shall be

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

the efecti:ity o this #ct, a certicate o 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; o

three )D years ;eaningul e?perience in any o the areas o public practice

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

those already granted a certicate o accreditation prior to the efecti:ity o

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

corporation organized or the practice o public accountancy"

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

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

o 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 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 o

such certied public accountant in the absence o 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 Proessional 2rganization" #ll registered certied

public accountants whose appear in the roster o certied public accountants

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

registered and accredited national proessional organization o registered and

licensed certied public accountants, which shall be registered with the

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


14/18

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

;e;bers o the said integrated and accredited national proessional

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

pay;ent o required ees and dues" Me;bership in the integrated

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

certied public accountants"

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

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

in the practice o public accountancy, including partners and staf ;e;bers

thereo, 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 o the Co;;ission, the Board shall pro;ulgate rules and

regulations or the i;ple;entation o registration require;ents including the

ees and penalties or :iolation thereo"

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

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

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

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

proessional organization o 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 o Seal" #ll license certied public accountants

shall obtain and use a seal o 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 Proessional Ta?

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

authorities or when used proessionally"

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

pro:isions o 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 o 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 o Court that, specic pro:ision o law country


15/18

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

Philippines to the practice o the sa;e proession without restriction"

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

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

and pay;ent o the ees the latter has prescribed and charged thereo to the

ollowing persons<

# oreign certied public accountant called or consultation or or specic

purpose which, in the @udg;ent o the Board, is essential or the de:elop;ent

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

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

no 3ilipino certied public accountant qualied or such consultation or

specic purposesA

# oreign certied public accountant engaged as proessor, lecturer or critic in

elds essential to accountancy education in the Philippines and hisEher

engage;ent is conned to teaching onlyA and

# oreign certied 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 as

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

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

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

both"


16/18

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

ater the efecti:ity o this #ct, the Board, sub@ect to the appro:al o the

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

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

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

efecti:e 3iteen (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 construed

to efect or pre:ent the practice or any other legally recognized proession"

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

Co;;ission and the Board to efecti:ity enorce the pro:isions o this #ct" #ll

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

thereo, shall upon the call or request o the Co;;ission or the Board, render

assistance in enorcing 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 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 o this #ct"

#ny person ;ay bring beore the Co;;ission, Board o the aore;entionedoHcers o the law, cases o illegal practice or :iolations o 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 o

Court"

Section +*" 3unding Pro:ision" The chairperson o the Proessional

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

the i;ple;entation o this #ct, the unding o which shall be included in the

annual -eneral #ppropriations #ct"

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


17/18

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

or 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 to

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

o 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" 0 any clause, pro:isions, paragraph or parts

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

afect, in:alidate or i;pair any other part hereo, 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 thereo inconsistent with the pro:isions o this #ct are hereby repealed

or ;odied accordingly"

Section ++" fecti:ity" This #ct shall ta=e efect ater 3iteen (GD daysollowing its publication in the 2Hcial -azette or in any ;a@or daily

newspaper o general circulation"

#ppro:ed,

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

!2S 5 9$C0# !R"

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:es

on 3ebruary 6, &**+ and 3ebruary J, &**+, respecti:ely"

2SC#R -" 4#BS

Secretary o Senate

R2BRT2 P" $#O#R$2

Secretary -eneral

1ouse o Represenati:es

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