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accountants in nation buildin and de9elopment' 3ence, it shall de9elop and

nurture competent, 9irtuous, producti9e and "ell rounded professional

accountants "hose standard of practice and ser9ice shall be e>cellent,

?ualitati9e, "orld class and lobally competiti9e thouh in9iolable, honest,

e@ecti9e, and credible licensure e>aminations and thouh reulatory

measures, prorams and acti9ities that foster their professional ro"th andde9elopment'

#ection ' 4bAecti9es' % This (ct shall pro9ide and o9ern:

 The standardi=ation and reulation of accountin educationB

 The e>amination of reistration of certied public accountantsB and

 The super9ision, control, and reulation of the practice of accountancy in the

Philippines'

#ection -' #cope of Practice' % The practice of accountancy shall include, but

not limited to, the follo"in:

aE Practice of Public (ccountancy % shall constitute a person, be it hisFher

indi9idual capacity, or as a sta@ member in an accountin or auditin rm,

holdin out himselfFherself as one s;illed in the ;no"lede, science and

practice of accountin, and as a ?ualied person to render professional

ser9ices as a certied public accountantB or o@erin or renderin, or both or

more than one client on a fee basis or other"ise, ser9ices as such as the

audit or 9erication of nancial transaction and accountin recordsB or the

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

sheet, and other nancial, accountin and related schedules, e>hibits,statement of reports "hich are to be used for publication or for credit

purposes, or to be led "ith a court or o9ernment aency, or to be used for

any other purposesB or to desin, installation, and re9ision of accountin

systemB or the preparation of income ta> returns "hen related to accountin

proceduresB or "hen heFshe represent clients before o9ernment aencies on

ta> and other matters relatin to accountin or render professional assistance

in matters relatin to accountin procedures and the recordin and

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presentation of nancial facts or data'

bE Practice in Commerce and ndustry % shall constitute in a person in9ol9ed

in decision ma;in re?uirin professional ;no"lede in the science of

accountin, or "hen such employment or position re?uires that the holder

thereof must be a certied public accountant'

cE Practice in .ducationF(cademe % shall constitute in a person in an

educational institution "hich in9ol9e teachin of accountin, auditin,

manaement ad9isory ser9ices, ancG, business la", ta>ation and other

technically related subAect: Pro9ided, That members of the nterated $ar of

the Philippines may be allo"ed to teach business la" and ta>ation subAects'

dE Practice in /o9ernment % shall constitute in a person "ho holds, or is

appointed to, a position in an accountin professional roup in o9ernment or

in an o9ernment%o"ned andFor controlled corporation, includin those

performin proprietary functions, "here decision ma;in re?uires

professional ;no"lede in the science of accountin, or "here a ci9il ser9ice

eliibility as a certied public accountant is a prere?uisite'

(RTC.

PR4.##4)( R./(T4R $4(RD 4 (CC4)T()C

#ection 5' The Professional Reulatory $oard of (ccountancy and its

Composition' % The Professional Reulatory $oard of (ccountancy, hereinafter

referred to as $oard, under the super9ision and administrati9e control of the

Professional Reulation Commission, hereinafter referred to as the

Commission, shall be composed of a Chairman and si> 6E members to beappointed by the President of the Philippines from a list of three E

recommendees for each position and ran;ed by the Commission from a list of 

9e 5E nominees for each position submitted by the accredited national

professional orani=ation of certied public accountant' The $oard shall elect

a 9ice%chairman from amon each members for a term of one 1E year' The

chairman shall preside in all meetins of the $oards and in the e9ent of a

9acancy in the oHce of the chairman, the 9ice%chairman shall assume such

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duties and responsibilities until such time as a chairman is appointed'

#ection 6' Iualications of a members of the Professional Reulatory $oard' %

( member of the $oard shall, at the time of hisFher appointment, posses the

follo"in ?ualications:

!ust be a natural%born citi=en and a resident of the PhilippinesB

!ust be a duly reistered Certied Public (ccountant "ith at least ten 10E

years of "or; e>perience in any scope of practice of accountancyB

!ust be a ood moral character and must not ha9e been con9icted of crimes

in9ol9in moral turpitudeB and

!ust not ha9e any pecuniary interest, directly or indirectly, in any school,

collee, uni9ersity or institution conferrin an academic deree necessary for

admission to the practice of accountancy or "here re9ie" classes in

preparation for the licensure e>amination are bein o@ered or conducted, nor

shall heFshe be a member of the faculty or administration thereof at a time of 

hisFher appointment to the $oard'

#ection J' Term of 4Hce' % The Chairman and !embers of the $oard shall

hold oHce for a term of three E years' (ny 9acancy occurrin "ithin the

term of a member shall be lled up for the une>pired portion of the term only'

)o person "ho has ser9ed t"o 2E successi9e complete terms shall be eliible

for reappointment until the lapse of one 1E year' (ppointment to ll up an

e>pired term is not to be considered as a complete term'

#ection +' Compensation and (llo"ances of the $oard' % The chairman and

the members of the $oard shall recei9e compensation and allo"ances

comparable to that bein recei9ed by the chairman and members of e>istin

reulatory boards under the Commission as pro9ided for in the /eneral

(ppropriate (ct'

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#ection *' Po"ers and unctions of the $oard' % The $oard shall e>ercise the

follo"in specic po"ers, functions and responsibilities:

 To prescribed and adopt the rules and reulations necessary for carryin out

the pro9isions of this (ctB

 To super9ise the reistration, licensure and practice of accountancy in the

PhilippinesB

 To administer oaths in connection "ith the administration of this (ctB

 To issue, suspend, re9o;e, reinstate the Certicate of Reistration for the

practice of the accountancy professionB

 To adopt an oHcial seal of the $oardB

 To prescribe andFor adopt a Code of .thics for the practice of accountancyB

 To monitor the conditions a@ectin the practice of accountancy and adopt

such measures, includin promulation of accountin and auditin standards,

rules and reulations and best practices as may be deemed proper for the

enhancement and maintenance of hih professional, ethical, accountin and

auditin standards: That domestic accountin and auditin standards rules

and reulations shall include the international accountin and auditin

standards, and enerally accepted best practicesB

 To conduct an o9ersiht into the ?uality of audits of nancial statements

thouh a re9ie" of the ?uality control measures instituted by auditors in

order to ensure compliance "ith the accountin and auditin standards and

practices,

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 To in9estiate 9iolations of this act and the rules and reulations promulated

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

ad testicandum and subpoena duces tecum to 9iolator or "itness thereof

and compel their documents in connection there"ith: Pro9ided, That the

$oard upon appro9al of the Commission may, subAect to such rules and

reulations that may be promulated to implement this section, deleate thefact%ndin aspect of such in9estiations to the accredited national

professional orani=ation of certied public accountant: Pro9ided, further,

 That the $oard andFor the Commission may adopt their ndins of fact as

may be seems tBK

 The $oard may, muto propio in its discretion, may such in9estiations as it

deem necessary to determine "hether any person has 9iolated any

pro9isions of this la", any accountin or auditin standard or rules duly

promulated by the $oard as part of the rules o9ernin the practice ofaccountancyB

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

corporation enaed in 9iolation of any pro9ision of this (ct, any accountin

or auditin standards or rules of duly promulated by the $oard as part of the

rules o9ernin the practice of accountancy in the PhilippinesB

 To punish for contempt of the $oard, both direct and indirect, in accordance"ith the pertinent pro9ision of and penalties prescribed by the Rules of CourtB

 To prepare, adopt, issue or amend the syllabi of the subAects for e>aminations

in consultation "ith the academe, determine and prepare ?uestions for the

licensure e>amination "hich shall strictly be "ithin the scope of the syllabi of

the subAects for e>aminations as "ell as administer, correct and release the

result of the licensure e>aminationsB

 To ensure the coordination "ith the Commission of the 3iher .ducation

C3.DE or other authori=ed o9ernment oHces that all hiher educational

instruction and o@erin of accountancy comply "ith the policies, standards

and re?uirements of the course prescribed by the C3.D or other authori=ed

o9ernment oHces in the areas of curriculum, faculty, library and facilitiesB

and

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 To e>ercise such other po"ers as may be pro9ided by la" as "ell as those

"hich may be implied from, or "hich are necessary or incidental to the

carryin out of, the e>press po"ers ranted to the $oard to achie9e the

obAecti9es and purposes of this (ct'

 The policies resolution, rules and reulations issued or promulated by the

$oard shall be subAect to re9ie" and appro9al of the Commission' 3o"e9er,

the $oardLs decisions, resolutions or orders rendered in the administrati9e

cases shall be subAect to re9ie" only if on appeal'

#ection 10' (dministrati9e #uper9isions of the $oard, Custodian of its

Records, #ecretariat and #upport #er9ices' % The $oard shall be under theadministrati9e super9ision of the Commission' (ll records of the $oard,

includin applications for e>amination and administrati9e and other

in9estiati9e cases conduced by the $oard shall be under the custody of the

Commission' The Commission shall desinate the secretary of the $oard and

shall pro9ide the secretariat and other support ser9ices to implement the

pro9isions of this (ct'

#ection 11' /rounds for #uper9ision or Remo9al of !embers of the $oard' %

 The President of the Philippines, upon the recommendation of theCommission, after the i9in the concerned member an opportunity to

defend himself in proper administrati9e in9estiation to be conducted by he

Commission, may suspend or remo9e any member of the follo"in rounds:

)elect of Duty or incompetenceB

8iolation or tolerance of any 9iolation of this (ct and itLs implementation rules

and reulations or the Certied Public (ccountantLs Code of .thics and thetechnical and professional standards of practice for certied public

accountantB

inal Audment of crimes in9ol9in moral turpitudeB and

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!anipulation or riin of the certied public accountantLs licensure

e>amination results, disclosure of secret and condential information in the

e>amination ?uestions prior to the conduct of the said e>amination or

tamperin of rades'

#ection 12' (nnual Report' % The $oard shall, at the close of each calendar

year, submit an annual report to the President of the Philippines thouh the

Commission i9in the detailed account of its proceedins and

accomplishment durin the year and ma;in recommendations for the

adoption of measures that "ill uprade and impro9e the conditions a@ectin

the practice of accountancy in the Philippines'

(RTC.

.M(!)(T4), R./#TR(T4) ()D C.)#R.

#ection 1' The Certied Public (ccountant .>aminations' % (ll applicants for

reistration for the practice of accountancy shall be re?uired to undero a

licensure e>amination to be i9en by the $oard in such places and dates as

the Commission may be desinate subAect to compliance "ith there?uirements prescribed by the Commission in accordance "ith Republic (ct

)o' +*+1'

#ection 1-' Iualications of (pplicant for .>aminations' % (ny person

applyin for e>amination shall establish the follo"in re?uisites to the

satisfaction of the $oard that heFshe:

is a ilipino citi=enB

is of ood moral characterB

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is a holder of the deree of $achelor of #cience in (ccountancy conferred by

the school, collee, academy or institute duly reconi=ed andFor accredited

by the C3.D or other authori=ed o9ernment oHcesB and

has not been con9icted of any criminal o@ence in9ol9in moral turpitude'

#ection 15' #cope of .>amination' % The licensure e>amination for certied

public accountants shall co9er, but are not limited to, the follo"in subAects:

 Theory of (ccounts

$usiness a" and Ta>ation

!anaement #er9ices

(uditin Theory

(uditin Problems

Practical (ccountin Problem

Practical (ccountin Problem

 The $oard, subAect to the appro9al of the Commission, may re9ise or e>clude

any of the subAects and their syllabi, and add ne" ones as the need arises'

#ection 16' Ratin in the icensure .>amination' % To be ?ualied as ha9in

passed the licensure e>amination for accountants, a candidate must obtain a

eneral a9erae of se9enty 9e percent J5NE, "ith no rade lo"er than

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si>ty%9e percent 65NE in any i9en subAect' n the e9ent a candidate

obtains the ratin of se9enty%9e percent J5NE and abo9e in at least a

maAority of subAects as pro9ided for in this (ct, heFshe shall recei9e a

conditional credit for the subAects passed: Pro9ided, That a candidate shall

ta;e an e>amination in the remainin subAects "ithin t"o 2E years from

precedin e>amination: Pro9ided, further, That if the candidate fails to obtainat least a eneral a9erae of se9enty%9e percent J5NE and a ratin of at

least si>ty%9e percent 65NE in each of the subAects ree>amined, heFshe

shall be considered as failed in the entire e>amination'

#ection 1J' Report of Ratin' % The $oard shall submit to the Commission the

ratin obtained by each candidate "ithin ten 10E calendar days after the

e>amination, unless e>tended for Aust cause' pon the release of the results

of the e>amination, the Commission shall send by mailin the ratin recei9ed

by each e>aminee at hisFher i9en address usin the mailin en9elopsubmitted durin the e>amination'

#ection 1+' ailin Candidates to Ta;e Refresher Course' % (ny candidate "ho

fails in t"o 2E complete Certied Public (ccountant $oard .>aminations shall

be dis?ualied from ta;in another set of e>aminations unless heFshe submit

e9idence to the satisfaction of the $oard that heFshe enrolled in and

completed at least t"enty%four 2-E units of subAect i9en in the licensure

e>amination'

or purposes of this (ct, the e>amination in "hich the candidate "as

conditioned toether "ith the remo9al e>amination on the subAect in "hich

heFshe failed shall be counted as one compete e>amination'

#ection 1*' 4ath' % (ll successful candidates in the e>amination shall re?uired

to ta;e an oath of professional before any member of the $oard or before any

o9ernment oHcial authori=ed of the Commission or any person authori=ed

by la" to administer oaths upon presentation of proof of hisFher ?ualication,prior to enterin upon the practice of the profession'

#ection 20' ssuance of Certicate of Reistration and Professional

dentication Card' % ( certicate of reistration shall be issued to e>aminees

"ho pass the licensure e>amination subAect to payment of fees prescribed by

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the Commission' The Certicate of Reistration shall bear the sinature of the

chairperson of the Commission and the chairman and members of the $oard,

stamped "ith the oHcial seal of the Commission and of the $oard, indicatin

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

"ith all the pri9ilees appurtenant thereto' The said certicate shall remain in

full force and e@ect until "ithdra"n, suspended or re9o;ed in accordance"ith this (ct'

( Professional dentication Card bearin the reistration number date of

issuance, e>piry date, duly sined by the chairperson of the Commission,

shall li;e"ise be issued to e9ery reistrant rene"able e9ery three E years'

#ection 21' Roster of Certied Public (ccountant' % ( roster sho"in the

names and place of business of all reistered certied public accountantsshall be prepared and updated by the $oard, and copies thereof shall be

made a9ailable to any party as may deemed necessary'

#ection 22' ndication of Certicate of Reistration, dentication Card and

Professional Ta> Receipt' % The certied public (ccountant shall be re?uired to

indicate hisFher certicate of reistration number and date of issuance, the

duration of 9alidity, includin the Professional Ta> Receipt number on the

documents heFshe sins, uses or issues in connection "ith the practice of

hisFher profession'

#ection 2' Refusal to ssue Certicate of Reistration and Professional

dentication Card' % The $oard shall not reister and issue a certicate of

reistration and professional identication Card to any successful e>aminee

con9icted by the court of competent Aurisdiction of a criminal o@ence

in9ol9in moral turpitude or uilty of immoral and dishonorable conduct to

any person or unsound mind' n the e9ent of refusal to issue certicate for

any reason, the $oard shall i9e the applicant a "ritten statement settin

forth the reasons for such action, "hich statement shall be incorporated inthe record of the $oard'

#ection 2-' #uspension and Re9ocation of Certicate of Reistration and

Professional dentication Card and Cancellation of #pecial Permit' % The

$oard shall ha9e the po"er, upon the notice and hearin, to suspend or

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re9o;e the practitionerLs certicate of reistration and professional

identication card or suspend hisFher from the practice of hisFher profession

or cancel hisFher special permit for any of the causes or round mentioned

under #ection 2 of this (ct or any of the pro9isions of this (ct, and its

implementin rules and reulations, the certied Public (ccountantLs Code of

.thics and the technical and professional standards of practice for certiedpublic accountants'

#ection 25' Reinstatement, Reissuance and Replacement of Re9o;ed or ost

Certicates' % The $oard may, after the e>piration of t"o 2E years from the

date of re9ocation of a certicate of reistration and upon application and for

reasons deemed proper and suHcient, reinstate the 9alidity of a re9o;ed

certicate of reistration and in so doin, may, in its discretion, e>empt the

applicant from ta;in another e>amination'

( ne" certicate of reistration to replace lost, destroyed, or mutilated

certicateFlicense may be issued, subAect to the rules and promulated by the

$oard and the Commission, upon the payment of the re?uired fees'

(RTC. 8

PR(CTC. 4 (CC4T()C

#ection 26' Prohibition in the Practice of (ccountancy' % )o person shall

practice accountancy in this country, or use the title

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hereof, subAect, ho"e9er, to the pro9isions herein set forth as to future

re?uirements' Certicate of ReistrationFProfessional license held by such

persons in ood standin shall ha9e the same license force and e@ect as

thouh issued after the passae of this (ct'

#ection 2+' imitation of the Practice of Public (ccountancy' % #inle

practitioners and partnerships for the practice of public accountancy shall be

reistered certied public accountants in the Philippines: Pro9ided, That from

the e@ecti9ity of this (ct, a certicate of accreditation shall be issued to

certied public accountant in public practice only upon sho"in, in

accordance "ith rules and reulations promulated by the $oard and

appro9ed by the Commission, that such reistrant has ac?uired a minimum of 

three E years meaninful e>perience in any of the areas of public practice

includin ta>ation: Pro9ide, further, that this re?uirement shall not apply to

those already ranted a certicate of accreditation prior to the e@ecti9ity ofthis (ct' The #ecurity and .>chane Commission shall not reister any

corporation orani=ed for the practice of public accountancy'

#ection 2*' 4"nership of Wor;in Papers' % (ll "or;in papers, schedules and

memoranda made by a certied public accountant and his sta@ in the course

of an e>amination, includin those prepared and submitted by the client,

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

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

client shall be treated condential and pri9ileed and remain the property ofsuch certied public accountant in the absence of a "ritten areement

bet"een the certied public accountant and the client, to the contrary, unless

such documents are re?uired to be produced thouh subpoena issued by any

court, tribunal, or o9ernment reulatory or administrati9e body'

#ection 0' (ccredited Professional 4rani=ation' % (ll reistered certied

public accountants "hose appear in the roster of certied public accountants

shall be united and interated thouh their membership in a one and only

reistered and accredited national professional orani=ation of reistered andlicensed certied public accountants, "hich shall be reistered "ith the

#ecurities and .>chane Commission as a nonprot corporation and

reconi=ed by the $oard subAect to the appro9al by the Commission' The

members of the said interated and accredited national professional

orani=ation shall recei9es benets and pri9ilees appurtenant thereto upon

payment of re?uired fees and dues' !embership in the interated

orani=ation shall not be a bar to membership in any other association of

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permit may be issued by the $oard subAect to the appro9al of the Commission

and payment of the fees the latter has prescribed and chared thereof to the

follo"in persons:

( forein certied public accountant called for consultation or for specic

purpose "hich, in the Audment of the $oard, is essential for the de9elopment

of the country: Pro9ided, That hisFher practice shall be limited only for the

particular "or; that heFshe is bein enaed: Pro9ided, further, That there is

no ilipino certied public accountant ?ualied for such consultation or

specic purposesB

( forein certied public accountant enaed as professor, lecturer or critic in

elds essential to accountancy education in the Philippines and hisFher

enaement is conned to teachin onlyB and

( forein certied public accountant "ho is an internationally reconi=ed

e>pect or "ith speciali=ation in any branch of accountancy and hisFher

ser9ice is essential for the ad9ancement of accountancy in the Philippines'

(RTC. 8

P.)( ()D )( PR48#4)#

#ection 6' Penal Pro9ision' % (ny person "ho shall 9iolate any of the

pro9isions of this (ct or any of its implementin rules and reulations as

promulated by the $oard subAect to the appro9al of the Commission, shall

upon con9iction, be punished by a ne of not less than ifty Thousand Pesos

50,000'00E or by imprisonment for a period not e>ceedin t"o 2E years or

both'

#ection J' mplementin Rules and Reulations' % Within )inety *0E days

after the e@ecti9ity of this (ct, the $oard, subAect to the appro9al of the

Commission and in coordination "ith the accredited national professional

orani=ation of certied public accountants, shall adopt and promulate such

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rules and reulations to carry out the pro9isions of this (ct and "hich shall be

e@ecti9e ifteen 15E days follo"in their publication in the 4Hcial /a=ette or

in any of the maAor daily ne"spaper of eneral circulation'

#ection +' nterpretation of this (ct' % )othin in this (ct shall be construed

to e@ect or pre9ent the practice or any other leally reconi=ed profession'

#ection *' .nforcement of this (ct' % t shall be primary duty of the

Commission and the $oard to e@ecti9ity enforce the pro9isions of this (ct' (ll

duly constituted la" enforcement aencies and oHcers of national,

pro9incial, city or municipal o9ernment or of any political subdi9ision

thereof, shall upon the call or re?uest of the Commission or the $oard, render

assistance in enforcin the pro9isions of this (ct and to prosecute any person

9iolatin the pro9isions of the same' The #ecretary of &ustice or his dulydesinated representati9e shall act as leal ad9iser to the Commission and

the $oard and shall render leal assistance as may be necessary in carryin

out the pro9isions of this (ct'

(ny person may brin before the Commission, $oard of the aforementioned

oHcers of the la", cases of illeal practice or 9iolations of this (ct committed

by any person or party'

 The $oard shall assist the Commission in lin the appropriate chares

thouh the concerned prosecution oHce in accordance "ith la" and Rules of

Court'

#ection -0' undin Pro9ision' % The chairperson of the Professional

Reulation Commission shall immediately include the CommissionLs prorams

the implementation of this (ct, the fundin of "hich shall be included in the

annual /eneral (ppropriations (ct'

#ection -1' Transitory Pro9ision' % The incumbent chairman and members of

the $oard shall continue to ser9e in their respecti9e positions under the terms

for they ha9e been appointed under Presidential Decree )o' 6*2, "ithout the

need of ne" appointments'

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(ll raduates "ith $achelors Deree, !aAor in (ccountin shall be allo"ed to

ta;e the CP( icensure .>amination "ithin t"o 2E years from the e@ecti9ity

of this (ct under the rules and reulations to be promulated by the $oard

subAect to the appro9al by the Commission'

#ection -2' #eparability Clause' % f any clause, pro9isions, pararaph or parts

thereof shall be declared unconstitutional or in9alid, such Audment shall not

a@ect, in9alidate or impair any other part hereof, but shall be merely conned

to the clause, pro9isions, pararaph or part directly in9ol9ed in the

contro9ersy in "hich such Audment has been rendered'

#ection -' Repealin Clause' % Presidential Decree )o' 6*2 is herebyrepealed and all other la"s, orders, rules and reulations or resolutions or

partFs thereof inconsistent "ith the pro9isions of this (ct are hereby repealed

or modied accordinly'

#ection --' .@ecti9ity' % This (ct shall ta;e e@ect after ifteen 15E days

follo"in its publication in the 4Hcial /a=ette or in any maAor daily

ne"spaper of eneral circulation'

(ppro9ed,

R()7) DR4)

President of the #enate

 &4#. D. 8.).C( &R'

#pea;er of the 3ouse of Representati9es

 This (ct "hich is consolidation of #enate $ill )o' 2J-+ and 3ouse $ill )o'

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66J+ "as nally passed by the #enate and the 3ouse of the Representati9es

on ebruary 6, 200- and ebruary J, 200-, respecti9ely'

4#C(R /' ($.#

#ecretary of #enate

R4$.RT4 P' )(O(R.)4

#ecretary /eneral

3ouse of Represenati9es

(ppro9ed: !ay 1, 200-