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Saturday, May 23, 2015

The Philippine Accountancy Act of 2004 and its Accompanying IRRs

Logo owned by the Philippine
Institute of Certified Public
Accountants (PICPA
The Republic Act 9298 (RA9298) otherwise known as the "Philippine Accountancy Act of 2004" serves as the regulating law for the certified public accountants (CPAs) in the Philippines. The act was officially promulgated on July 28, 2003 by the Congress of the Philippines. Topics and its accompanying details are included in the CPA Board Examinations as part of the Auditing Theory subject.

The act discusses the following topics:

1. The scope of the profession's practice, which classifies the CPA profession into three categories namely, Practice of Public Accountancy, Practice in Commerce and Industry, and Practice in Education/Academe.
2. The creation of the Regulatory Body for CPAs known as the Professional Regulatory Board of Accountancy (BOA).
3. The admittance and licensure of qualified candidates for the CPA profession.
4. The guiding rules and law in the practice of accountancy which includes prohibitions, limitations, accreditations and the continuing professional education (CPE).
5. The Penal and Final provisions.


The Republic Act also includes the implementing rules and regulations for the practice of accountancy, which covers the following important topics:
1. For Annex A
    a. Accreditation of an Accredited National Professional Organization of CPAs
    b. Renewal of Certificate of Accreditation and its Suspension/Cancellation

2. For Annex B
    a. Accreditation of Individual CPAs, Firms and Partnerships of CPAs engaged in the practice of public accountancy

3. For Annex C
    a. Continuing Professional Education Programs for CPAs in the practice of Accountancy

You can download a PDF copy of the RA9298 and its accompanying IRRs through PICPA and by clicking the below link:


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