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Copy of Focus Note on RA 9298 Presentation

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Pete Jim

on 17 November 2013

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Transcript of Copy of Focus Note on RA 9298 Presentation

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RA 9298
The Philippine Accountancy
Act of 2004
Main Points Emphasized
The Professional Regulatory
Board of Accountancy
-the Body authorized by law to promulgate rules and regulations affecting the practice of accountancy profession in the Philippines.
-it is under the supervision and control of the Professional Regulation Commission.

-Shall be composed of a Chairman and 6 Members.
-The Chairman shall be the presider in all the meetings of the Board, In case of vacancy, the Vice-Chairperson shall do his duties.
-The Chairman and Members of the Board shall hold a term of 3 years.
-No person who has served 2 successive complete terms shall be eligible for reappointment until a lapse of one year.


-The Board shall exercise the following specific powers, functions and responsibilities, as stated in Art. 2 Sec. 9 of RA 9298
-The policies resolution, rules and regulations issued or promulgated by the Board shall be subject to review and approval of the Commission.


Composition and Terms of Office
Powers and Functions of the Board

-The Board shall, at the close of each calendar year, submit an annual report to the President of the Philippines.



Annual Report

Examination
Registration
Licensure
-the person who would be taking the exam should be: a Filipino Citizen, is of Good Moral Character, Has a Bachelor’s Degree in Accountancy, and has not committed any criminal offence involving Moral Turpitude.
-all applicants for registration for the practice of accountancy shall be required to Undergo and Pass the CPA Licensure Exam.

-the scope of the examination shall cover the following topics: Theory of Accounts, Business Law and Taxation, Management Services, Auditing Theory & Problems, Practical Accounting 1 & 2.
-a candidate must have a Gen. Ave. of 75% with no grade lower than 65% on subject, failure to reach the cut-off grade would mean a retake for the candidate, after failing twice the candidate is required to take a refresher course which would be a minimum of 24 units of the Board Exam Subjects.


Practice of Accountancy
-no person shall practice accountancy or have the title of CPA in the Philippines, unless such person has received his/ her Certificate of Registration or Professional License that is given by the Board.
-CPAs registered before and at the time this law is passed shall be automatically registered under the provision hereof.


-the practice of accountancy in the Philippines has also its limitations, which is elaborated on Art. 4 Sec. 28 of RA 9298.
-firms, partnerships of CPAs and CPAs shall register with the Commission and the Board, which is to be renewed every 3 years.
-all licensed CPAs shall obtain and use a seal of a design prescribed bearing the name, registration number and the title.


Penal and Final Provisions
-any person who shall violate the provisions in this act or the provisions implemented by the Board, shall upon conviction, be punished by a fine not less than P50,000 or be imprisoned for a period not greater than 2 years.
-nothing in this act shall be construed to effect or prevent the practice or any legally recognized profession.



-It shall be primary duty of the Commission and the Board to effectivity enforce the provisions of this Act.
-The chairperson of the Professional Regulation Commission shall immediately include the Commission's programs the implementation of this Act, the funding of which shall be included in the annual General Appropriations Act.
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