ra9298zz

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December

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 uly, two

thousand three!

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

"# "CT R+."T/# T0+ PR"CT/C+ 12 "CC1#T"#C3 /# T0+ P0/./PP/#+S,

R+P+"./# 21R T0+ PRP1S+ PR+S/D+#T/". D+CR++ #1! 4$%, 1T0+R5/S+

6#15# "S T0+ R+7/S+D "CC1#T"#C3 ."5, "PPR1PR/"T/# 2#DS

T0+R+21R "#D 21R 1T0+R PRP1S+S

Be it enacted by the Senate and 0ouse of Representati8es of the Philippines

in Congress assembled9

Section '! Shorts Title! - This act shall be :nown as the ;Philippine

"ccountancy "ct of %))*;

Section %! Declaration of Policy! - The State recogni<es the importance of

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accountants in nation building and de8elopment! 0ence, it shall de8elop and

nurture competent, 8irtuous, producti8e and well rounded professional

accountants whose standard of practice and ser8ice shall be e=cellent,

>ualitati8e, world class and globally competiti8e though in8iolable, honest,

e?ecti8e, and credible licensure e=aminations and though regulatory

measures, programs and acti8ities that foster their professional growth andde8elopment!

Section (! 1b@ecti8es! - This "ct shall pro8ide and go8ern9

The standardi<ation and regulation of accounting educationA

The e=amination 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 limited to, the following9

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

indi8idual capacity, or as a sta? member in an accounting or auditing rm,

holding out himselfEherself as one s:illed in the :nowledge, science and

practice of accounting, and as a >ualied person to render professional

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

more 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,statement of reports which are to be used for publication or for credit

purposes, or to be led with a court or go8ernment agency, or to be used for

any other purposesA or to design, installation, and re8ision of accounting

systemA or the preparation of income ta= returns when related to accounting

proceduresA or when heEshe represent clients before go8ernment agencies on

ta= and other matters relating to accounting or render professional assistance

in matters relating to accounting procedures and the recording and

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presentation of nancial facts or data!

b Practice in Commerce and /ndustry - shall constitute in a person in8ol8ed

in decision ma:ing re>uiring professional :nowledge in the science of

accounting, or when such employment or position re>uires that the holder

thereof must be a certied public accountant!

c Practice in +ducationE"cademe - shall constitute in a person in an

educational institution which in8ol8e teaching of accounting, auditing,

management ad8isory ser8ices, ancF, business law, ta=ation and other

technically related sub@ect9 Pro8ided, That members of the /ntegrated Bar of

the Philippines may be allowed to teach business law and ta=ation sub@ects!

d Practice in o8ernment - shall constitute in a person who holds, or is

appointed to, a position in an accounting professional group in go8ernment or

in an go8ernment-owned andEor controlled corporation, including those

performing proprietary functions, where decision ma:ing re>uires

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

eligibility as a certied public accountant is a prere>uisite!

"RT/C.+ //

PR12+SS/1#". R+."T1R3 B1"RD 12 "CC1#T"#C3

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

Composition! - The Professional Regulatory Board of "ccountancy, hereinafter

referred to as Board, under the super8ision and administrati8e control of the

Professional Regulation Commission, hereinafter referred to as the

Commission, shall be composed of a Chairman and si= 4 members to beappointed by the President of the Philippines from a list of three (

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

8e G nominees for each position submitted by the accredited national

professional organi<ation of certied public accountant! The Board shall elect

a 8ice-chairman from among each members for a term of one ' year! The

chairman shall preside in all meetings of the Boards and in the e8ent of a

8acancy in the oHce of the chairman, the 8ice-chairman shall assume such

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

Section 4! Iualications of a members of the Professional Regulatory Board! -

" member of the Board shall, at the time of hisEher appointment, posses the

following >ualications9

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 ')

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

Must be a good moral character and must not ha8e been con8icted of crimes

in8ol8ing moral turpitudeA and

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

college, uni8ersity or institution conferring an academic degree necessary for

admission to the practice of accountancy or where re8iew classes in

preparation for the licensure e=amination are being o?ered or conducted, nor

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

hisEher appointment to the Board!

Section J! Term of 1Hce! - The Chairman and Members of the Board shall

hold oHce for a term of three ( years! "ny 8acancy occurring within the

term of a member shall be lled up for the une=pired portion of the term only!

#o person who has ser8ed two % successi8e complete terms shall be eligible

for reappointment until the lapse of one ' year! "ppointment to ll up an

e=pired term is not to be considered as a complete term!

Section &! Compensation and "llowances of the Board! - The chairman and

the members of the Board shall recei8e compensation and allowances

comparable to that being recei8ed by the chairman and members of e=isting

regulatory boards under the Commission as pro8ided for in the eneral

"ppropriate "ct!

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Section $! Powers and 2unctions of the Board! - The Board shall e=ercise the

following specic powers, functions and responsibilities9

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 administer oaths in connection with the administration 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 monitor the conditions a?ecting the practice of accountancy and adopt

such measures, including promulgation of accounting and auditing standards,

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

enhancement and maintenance of high professional, ethical, accounting and

auditing standards9 That domestic 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 >uality of audits of nancial statements

though a re8iew of the >uality control measures instituted by auditors in

order to ensure compliance with the accounting and auditing standards and

practices,

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

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

ad testicandum and subpoena duces tecum to 8iolator or witness thereof

and compel their documents in connection therewith9 Pro8ided, That the

Board upon appro8al of the Commission may, sub@ect to such rules and

regulations that may be promulgated to implement this section, delegate thefact-nding aspect of such in8estigations to the accredited national

professional organi<ation of certied public accountant9 Pro8ided, further,

That the Board andEor the Commission may adopt their ndings of fact as

may be seems tAK

The Board may, muto propio in its discretion, may such in8estigations as it

deem necessary to determine whether any person has 8iolated any

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

promulgated by the Board as part of the rules go8erning the practice ofaccountancyA

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 promulgated by the Board as part of the

rules go8erning the practice of accountancy in the PhilippinesA

To punish for contempt of the Board, both direct and indirect, in accordancewith the pertinent pro8ision of and penalties prescribed by the Rules of CourtA

To prepare, adopt, issue or amend the syllabi of the sub@ects for e=aminations

in consultation with the academe, determine and prepare >uestions for the

licensure e=amination which shall strictly be within the scope of the syllabi of

the sub@ects for e=aminations as well as administer, correct and release the

result of the licensure e=aminationsA

To ensure the coordination with the Commission of the 0igher +ducation

C0+D or other authori<ed go8ernment oHces that all higher educational

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

and re>uirements of the course prescribed by the C0+D or other authori<ed

go8ernment oHces in the areas of curriculum, faculty, library and facilitiesA

and

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To e=ercise such other powers as may be pro8ided by law as well as those

which may be implied from, 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 promulgated by the

Board shall be sub@ect to re8iew and appro8al of the Commission! 0owe8er,

the BoardLs decisions, resolutions or orders rendered in the administrati8e

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

Section ')! "dministrati8e Super8isions of the Board, Custodian of its

Records, Secretariat and Support Ser8ices! - The Board shall be under theadministrati8e super8ision of the Commission! "ll records of the Board,

including applications for e=amination and administrati8e and other

in8estigati8e cases conduced by the Board shall be under the custody of the

Commission! The Commission shall designate the secretary of the Board and

shall pro8ide the secretariat and other support ser8ices to implement the

pro8isions of this "ct!

Section ''! rounds for Super8ision or Remo8al of Members of the Board! -

The President of the Philippines, upon the recommendation of theCommission, after the gi8ing the concerned member an opportunity to

defend himself in proper administrati8e in8estigation to be conducted by he

Commission, may suspend or remo8e any member of the following grounds9

#eglect of Duty or incompetenceA

7iolation or tolerance of any 8iolation of this "ct and itLs implementation rules

and regulations or the Certied Public "ccountantLs Code of +thics and thetechnical and professional standards of practice for certied public

accountantA

2inal @udgment of crimes in8ol8ing moral turpitudeA and

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Manipulation or rigging 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

tampering of grades!

Section '%! "nnual Report! - The Board shall, at the close of each calendar

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

Commission gi8ing the detailed account of its proceedings and

accomplishment during the year and ma:ing recommendations for the

adoption of measures that will upgrade and impro8e the conditions a?ecting

the practice of accountancy in the Philippines!

"RT/C.+ ///

+"M/#"T/1#, R+/STR"T/1# "#D ./C+#SR+

Section '(! The Certied Public "ccountant +=aminations! - "ll applicants for

registration for the practice of accountancy shall be re>uired to undergo a

licensure e=amination to be gi8en by the Board in such places and dates as

the Commission may be designate sub@ect to compliance with there>uirements prescribed by the Commission in accordance with Republic "ct

#o! &$&'!

Section '*! Iualications of "pplicant for +=aminations! - "ny person

applying for e=amination shall establish the following re>uisites to the

satisfaction of the Board that heEshe9

is a 2ilipino citi<enA

is of good moral characterA

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

the school, college, academy or institute duly recogni<ed andEor accredited

by the C0+D or other authori<ed go8ernment oHcesA and

has not been con8icted of any criminal o?ence in8ol8ing moral turpitude!

Section 'G! Scope of +=amination! - The licensure e=amination for certied

public accountants shall co8er, but are not limited to, the following sub@ects9

Theory of "ccounts

Business .aw and Ta=ation

Management Ser8ices

"uditing Theory

"uditing Problems

Practical "ccounting Problem /

Practical "ccounting Problem //

The Board, sub@ect to the appro8al of the Commission, may 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 +=amination! - To be >ualied as ha8ing

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

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

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si=ty-8e percent 4GN in any gi8en sub@ect! /n the e8ent a candidate

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

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

conditional credit for the sub@ects passed9 Pro8ided, That a candidate shall

ta:e an e=amination in the remaining sub@ects within two % years from

preceding e=amination9 Pro8ided, further, That if the candidate fails to obtainat least a general a8erage of se8enty-8e percent JGN and a rating of at

least si=ty-8e percent 4GN in each of the sub@ects ree=amined, heEshe

shall be considered as failed in the entire e=amination!

Section 'J! Report of Rating! - The Board shall submit to the Commission the

rating obtained by each candidate within ten ') calendar days after the

e=amination, unless e=tended for @ust cause! pon the release of the results

of the e=amination, the Commission shall send by mailing the rating recei8ed

by each e=aminee at hisEher gi8en address using the mailing en8elopsubmitted during the e=amination!

Section '&! 2ailing Candidates to Ta:e Refresher Course! - "ny candidate who

fails in two % complete Certied Public "ccountant Board +=aminations shall

be dis>ualied from ta:ing another set of e=aminations unless heEshe submit

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

completed at least twenty-four %* units of sub@ect gi8en in the licensure

e=amination!

2or purposes of this "ct, the e=amination in which the candidate was

conditioned together with the remo8al e=amination on the sub@ect in which

heEshe failed shall be counted as one compete e=amination!

Section '$! 1ath! - "ll successful candidates in the e=amination shall re>uired

to ta:e an oath of professional before any member of the Board or before any

go8ernment oHcial authori<ed of the Commission or any person authori<ed

by law to administer oaths upon presentation of proof of hisEher >ualication,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=aminees

who pass the licensure e=amination sub@ect to payment of fees prescribed by

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the Commission! The Certicate of Registration shall bear the signature of the

chairperson of the Commission and the chairman and members of the Board,

stamped with the oHcial seal of the Commission and of the Board, indicating

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

with all the pri8ileges appurtenant thereto! The said certicate shall remain in

full force and e?ect until withdrawn, suspended or re8o:ed in accordancewith this "ct!

" Professional /dentication Card bearing the registration number date of

issuance, e=piry date, duly signed by the chairperson of the Commission,

shall li:ewise be issued to e8ery registrant renewable e8ery three ( years!

Section %'! Roster of Certied Public "ccountant! - " roster showing the

names and place of business of all registered certied public accountantsshall be prepared and updated by the Board, and copies thereof shall be

made a8ailable to any party as may deemed necessary!

Section %%! /ndication of Certicate of Registration, /dentication Card and

Professional Ta= Receipt! - The certied public "ccountant shall be re>uired to

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

duration of 8alidity, including the Professional Ta= Receipt number on the

documents 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=aminee

con8icted by the court of competent @urisdiction of a criminal o?ence

in8ol8ing moral turpitude or guilty of immoral and dishonorable conduct to

any person or unsound mind! /n the e8ent of refusal to issue certicate for

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

forth the reasons for such action, which statement shall be incorporated inthe record of the Board!

Section %*! Suspension and Re8ocation of Certicate of Registration and

Professional /dentication Card and Cancellation of Special Permit! - The

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

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re8o:e the practitionerLs certicate of registration and professional

identication card or suspend hisEher from the practice of hisEher profession

or cancel hisEher special permit for any of the causes or ground mentioned

under Section %( of this "ct or any of the pro8isions of this "ct, and its

implementing rules and regulations, the certied Public "ccountantLs Code of

+thics and the technical and professional standards of practice for certiedpublic accountants!

Section %G! Reinstatement, Reissuance and Replacement of Re8o:ed or .ost

Certicates! - The Board may, after the e=piration of two % years from the

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

reasons deemed proper and suHcient, reinstate the 8alidity of a re8o:ed

certicate of registration and in so doing, may, in its discretion, e=empt the

applicant from ta:ing another e=amination!

" new certicate of registration to replace lost, destroyed, or mutilated

certicateElicense may be issued, sub@ect to the rules and promulgated by the

Board and the Commission, upon the payment of the re>uired fees!

"RT/C.+ /7

PR"CT/C+ 12 "CC1T"#C3

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

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

"ccountant;, or use the abbre8iated title ;CP"; or display or use any title,

sign, card, ad8ertisement or other de8ice to indicate such person practices or

o?ers to practice accountancy, or is a certied public accountant, unless such

person shall ha8e recei8ed from the Board a certicate of

registrationEProfessional license and be issued a professional identication

card or a 8alid temporaryEspecial permit duly issued to himEher by the Board

and the Commission!

Section %J! 7ested Rights! - Certied Public "ccountants Registered 5hen

This .aw is Passed! - "ll certied public accountants registered at the time

this law ta:es e?ect shall automatically be registered under the pro8isions

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hereof, sub@ect, howe8er, to the pro8isions herein set forth as to future

re>uirements! Certicate of RegistrationEProfessional license held by such

persons in good standing shall ha8e the same license force and e?ect as

though issued after the passage of this "ct!

Section %&! .imitation of the Practice of Public "ccountancy! - Single

practitioners and partnerships for the practice of public accountancy shall be

registered certied public accountants in the Philippines9 Pro8ided, That from

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 promulgated by the Board and

appro8ed by the Commission, that such registrant has ac>uired a minimum of

three ( years meaningful e=perience in any of the areas of public practice

including ta=ation9 Pro8ide, further, that this re>uirement shall not apply to

those already granted a certicate of accreditation prior to the e?ecti8ity ofthis "ct! The Security and +=change Commission shall not register any

corporation organi<ed for the practice of public accountancy!

Section %$! 1wnership of 5or:ing Papers! - "ll wor:ing papers, schedules and

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

of an e=amination, including 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 pri8ileged and remain the property ofsuch certied public accountant in the absence of a written agreement

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

such documents are re>uired to be produced though subpoena issued by any

court, tribunal, or go8ernment regulatory or administrati8e body!

Section ()! "ccredited Professional 1rgani<ation! - "ll registered certied

public accountants whose appear in the roster of certied public accountants

shall be united and integrated though their membership in a one and only

registered and accredited national professional organi<ation of registered andlicensed certied public accountants, which shall be registered with the

Securities and +=change Commission as a nonprot corporation and

recogni<ed by the Board sub@ect to the appro8al by the Commission! The

members of the said integrated and accredited national professional

organi<ation shall recei8es benets and pri8ileges appurtenant thereto upon

payment of re>uired fees and dues! Membership in the integrated

organi<ation shall not be a bar to membership in any other association of

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certied public accountants!

Section ('! "ccreditation to Practice Public "ccountancy! - Certied public

accountants, rms and partnerships of certied public accountants, engaged

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

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

registration to be renewed e8ery three ( years9 Pro8ided, That sub@ect to

the appro8al of the Commission, the Board shall promulgate rules and

regulations for the implementation of registration re>uirements including the

fees and penalties for 8iolation thereof!

Section (%! Continuing Professional +ducation CP+ Program! - "ll certied

public accountants shall abide by the re>uirements, rules and regulations on

continuing professional education to be promulgated by the Board, sub@ect tothe appro8al of the Commission, in coordination with the accredited national

professional organi<ation of certied public accountants or any duly

accredited educational institutional! 2or this purpose, a CP+ Council is hereby

created to implement the CP+ program!

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 name, registration number and title! The auditors reports shall be

stamped with the said seal, indicating therein hisEher current Professional Ta=Receipt PTR number, dateEplace of payment when led with go8ernment

authorities or when used professionally!

Section (*! 2oreign Reciprocity! - Sub@ect or citi<en of foreign countries may

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

pro8isions of e=isting laws, international treaty obligations including mutual

recognition agreement entered into by the Philippines go8ernment 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 themanner pro8ided by the Rules of Court that, specic pro8ision of law country

of which heEshe is a citi<en, sub@ect or national admits citi<ens of the

Philippines to the practice of the same profession without restriction!

Section (G! Co8erage of TemporaryESpecial Permits! - SpecialEtemporary

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permit may be issued by the Board sub@ect to the appro8al of the Commission

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

following persons9

" foreign certied public accountant called for consultation or for specic

purpose which, in the @udgment of the Board, is essential for the de8elopment

of the country9 Pro8ided, That hisEher practice shall be limited only for the

particular wor: that heEshe is being engaged9 Pro8ided, further, That there is

no 2ilipino certied public accountant >ualied 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

engagement is conned to teaching onlyA and

" foreign certied public accountant who is an internationally recogni<ed

e=pect or with speciali<ation in any branch of accountancy and hisEher

ser8ice is essential for the ad8ancement of accountancy in the Philippines!

"RT/C.+ 7

P+#". "#D 2//#". PR17/S/1#S

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

pro8isions of this "ct or any of its implementing rules and regulations as

promulgated by the Board sub@ect to the appro8al of the Commission, shall

upon con8iction, be punished by a ne of not less than 2ifty Thousand Pesos

G),)))!)) or by imprisonment for a period not e=ceeding two % years or

both!

Section (J! /mplementing Rules and Regulations! - 5ithin #inety $) days

after the e?ecti8ity of this "ct, the Board, sub@ect to the appro8al of the

Commission and in coordination with the accredited national professional

organi<ation of certied public accountants, shall adopt and promulgate such

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

e?ecti8e 2ifteen 'G days following their publication in the 1Hcial a<ette or

in any of the ma@or daily newspaper of general circulation!

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 ($! +nforcement of this "ct! - /t shall be primary duty of the

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

duly constituted law enforcement agencies and oHcers of national,

pro8incial, city or municipal go8ernment or of any political subdi8ision

thereof, shall upon the call or re>uest of the Commission or the Board, render

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

8iolating the pro8isions of the same! The Secretary of ustice or his dulydesignated representati8e shall act as legal ad8iser to the Commission and

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

out the pro8isions of this "ct!

"ny person may bring before the Commission, Board of the aforementioned

oHcers of the law, cases of illegal practice or 8iolations of this "ct committed

by any person or party!

The Board shall assist the Commission in ling the appropriate charges

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

Court!

Section *)! 2unding Pro8ision! - The chairperson of the Professional

Regulation Commission shall immediately include the CommissionLs programs

the implementation of this "ct, the funding of which shall be included in the

annual eneral "ppropriations "ct!

Section *'! Transitory Pro8ision! - The incumbent chairman and members of

the Board shall continue to ser8e in their respecti8e positions under the terms

for they ha8e been appointed under Presidential Decree #o! 4$%, without the

need of new appointments!

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"ll graduates with Bachelors Degree, Ma@or in "ccounting shall be allowed to

ta:e the CP" .icensure +=amination within two % years from the e?ecti8ity

of this "ct under the rules and regulations to be promulgated by the Board

sub@ect to the appro8al by the Commission!

Section *%! Separability Clause! - /f any clause, pro8isions, paragraph or parts

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

a?ect, in8alidate or impair any other part hereof, but shall be merely conned

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

contro8ersy in which such @udgment has been rendered!

Section *(! Repealing Clause! - Presidential Decree #o! 4$% is herebyrepealed and all other laws, orders, rules and regulations or resolutions or

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

or modied accordingly!

Section **! +?ecti8ity! - This "ct shall ta:e e?ect after 2ifteen 'G days

following its publication in the 1Hcial a<ette or in any ma@or daily

newspaper of general circulation!

"ppro8ed,

2R"#6./# DR/.1#

President of the Senate

1S+ D+ 7+#+C/" R!

Spea:er of the 0ouse of Representati8es

This "ct which is consolidation of Senate Bill #o! %J*& and 0ouse Bill #o!

7/23/2019 ra9298zz


44J& was nally passed by the Senate and the 0ouse of the Representati8es

on 2ebruary 4, %))* and 2ebruary J, %))*, respecti8ely!

1SC"R ! 3"B+S

Secretary of Senate

R1B+RT1 P! #"O"R+#1

Secretary eneral

0ouse of Represenati8es

"ppro8ed9 May '(, %))*

ra9298zz

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