The Professiona Practice of Accountancy
The Professiona Practice of Accountancy
The Professiona Practice of Accountancy
Practice of
Accounting
“ No man ever reached to
excellence in any one art or
profession without having
passed through slow and painful
process of study and
preparation”. Horace 65BC
Learning Objectives
Education
Practice Private
Governmen
t
Regulation of the Accounting
Profession
▰ RA. 9298
▰ Financial Reporting Standards and Engagement
Standards established by recognized standard setting
bodies
▰ Adoption of a Code of Ethics for CPAs
▰ Self regulation through a system of quality control
▰ Sanctions/penalties against violators
Organizations affecting
Accountancy
PRBOA
Terms of Office
The chairman and members of the PRBOA shall hold office for a term of 3 years. No
person who has served 2 successive complete terms shall be eligible for reappointment
until the lapse of 1 year. No person shall serve in the Board for more than 12 years.
Power and Functions
Section 9 of RA 9298 list the specific powers, functions and responsibilities.
PRBOA
The Commission on Audit is the Supreme Audit Institution in the Republic of the
Philippines. It’s jurisdiction and responsibility is defined by the Constitution.
PICPA – the accredited national professional organization for accountancy in the country.
Its mission is to enhance the integrity of the accountancy profession, serve the best
interest of its members and other stakeholders, and contribute to the attainment of the
country’s national objectives.
Sectoral Organizations
Public Practice – ACPAPP Education - nACPE
Commerce and Industry – ACPACI Government - GACPA
Requirement to Obtain a CPA
Certificate