lOMoARcPSD|9775874

RA 9298 concept map

Bachelor of Science and Accoutancy (University of San Carlos)

StuDocu is not sponsored or endorsed by any college or university

Downloaded by Noella Marie Baron ([email protected])
 lOMoARcPSD|9775874

REPUBLIC ACT NO 9298

TITLE I: TITLE, DECLARATION OF TITLE II: PROFESSIONAL REGULATORY BOARD OF ACCOUNTCANCY (PRBOA or the “Board”) TITLE III: EXAMINATION, TITLE IV: PRACTICE OF ACCCOUNTANCY TITLE V: PRACTICE OF
POLICY, OBJECTIVE AND SCOPE OF REGISTRATION AND LICENSURE ACCCOUNTANCY
PRACTICE PRBOA Powers and Functions of the Board Limitation of the Practice of Public Accountancy
The CPA Examination  Single practitioners Penal Provision
 Composed of a chairman and six a. To prescribe and adopt the rules and regulations
Philippine Accountancy Act of 2004  Partnerships
members necessary for carrying out the provisions of RA Qualifications of Applicants for Any person who shall violate any of
 Term of office – 3 years and 9298; Examinations the provisions of RA No. 9298 or
Objectives b. To supervise the registration, licensure and Meaningful Experience
renewable for another term, this IRR as promulgated by the
 The standardization and lapse of one year. practice of accountancy in the Philippines;  Is a Filipino citizen Board subject to the approval of
Commerce Significant involvement in
regulation of accounting  No person shall serve the Board c. To administer oaths in connection with the  Is of good moral character. and industry general accounting, budgeting, the Commission, shall, upon
education for more than 12 years. administration of this Act;  Is a holder of the degree of tax administration, internal conviction, be punished by:
 The examination for
d. To issue, suspend, revoke, or reinstate the Bachelor of Science in auditing, liaison with external  a fine of not less than
Certificate of Registration for the practice of the Accountancy conferred by auditors, representing his/her P50,000.00 or
registration of CPAs Qualifications of Members of the accountancy profession; a school, college, academy employer before gov’t agencies  by imprisonment for a
 The supervision, control and Board e. To adopt an official seal of the Board; or institute duly on tax and matters related to period not exceeding two
regulation of the practice of f. To prescribe and/or adopt a Code of Ethics for the
 Must be a natural-born citizen recognized and/or accounting or any other related years or
accountancy act in the practice of accountancy;
and a resident of the Phil accredited by the CHED or functions; or  both.
Philippines g. To monitor the conditions affecting the practice
 Must be a duly registered CPA authorized government Academe/ Teaching for at least three
of accountancy and adopt measures, including Education trimesters or two semesters
with at least 10 years work offices
promulgation of accounting and auditing standards, accounting related subjects. The
Scope of Practice experience in any scope of  Has not been convicted of
rules and regulations and best practices; accumulated teaching
a. Practice of Public Accountancy practice of accountancy h. To conduct an oversight into the quality of audits any criminal offense
experience on these subjects
 Must be of good moral character of financial statements; involving moral turpitude
shall not be less than three
b. Practice in Commerce and and must not have been i. To investigate violations of this act and the rules school years; or
Industry convicted of crimes involving and regulations; Scope of Examination: Government Significant involvement in
c. Practice in Education/ Academe moral turpitude. j. To make such investigations to determine general accounting, budgeting,
 Must not have any pecuniary whether any person has violated RA 9298;  FAR
tax administration, internal
d. Practice in the Government interest in any school, college, k. To issue a cease or desist order to any person,  AFAR auditing, liaison with the
university or institution offering association, partnership or corporation engaged in  MAS Commission on Audit or any
academic degree violation of any provision of RA No. 9298;  Auditing other related functions
 Must not be a director or officer l. To punish for contempt of the Board, both direct  Taxation Public At least one year as audit
of the APO (Accredited and indirect, in accordance with the pertinent  RFBT practice assistant and at least two years
provisions of and penalties prescribed by the Rules as auditor in charge of audit
Professional Organization) at the
of Court; engagement covering full audit
time of appointment Types of Candidates:
m. To prepare, adopt, issue or amend the syllabi of functions of significant clients.
o Passed
the subjects for examinations;
Grounds for Suspension or Removal o Failed
n. To ensure that schools and other educational
of Members of the Board o Conditioned Accredited Professional Organization
institutions comply with the policies, standards and
 Neglect of duty or requirements of the course prescribed by CHED;  Philippine Institute of Certified Public
incompetence; and Report of Rating: Accountants (PICPA)
 Violation or tolerance of any o. To exercise such other powers deemed The Board shall submit to the  Requirements:
violation or its IRR or the CPA’s necessary. Commission the ratings obtained  Establishment for the benefit and welfare of
Code of Ethics and the by each candidate within ten (10) CPAs
professional standards of Financial Reporting Standards Council (FRSC) days after the examination,  Open membership to all registered CPAs
practice for CPAs; unless extended for just cause. without discrimination
 Accounting standard setting body
 Final judgment of crimes  Sectorial membership in the public practice,
 Composed of 15 members with a Chairman
involving moral turpitude; and commerce & industry, academe/education,
 Manipulation or rigging of the and government.
CPA’s licensure examination Auditing and Assurance Standards Council (AASC)
questions prior to the conduct  Auditing standard setting body Accreditation in the Practice of Public
of the said examination or  Composed of 17 members with a Chairman Accountancy

 Registration – valid for three years from the

Educational Technical Council (ETC) date of accreditation is approved
 Renewal – on or before September 30 on the
 Created by PRC upon recommendation of
year of expiry upon compliance of
BOA
requirements.
 Assist The Board in the attainment of the
objective of continuously upgrading the
accountancy education in the Philippines to
make the Filipino CPAs globally competitive.
 Composed of seven members with a
Chairman

Downloaded by Noella Marie Baron ([email protected])