Republic Act No. 9298 - Philippine Accountancy Act of 2004

Vocabulary-style flashcards covering the key legal terms, requirements, and board functions of the Philippine Accountancy Act of 2004.

Republic Act No. 9298

The official law known as the Philippine Accountancy Act of 2004.

Scope of Practice: Public Accountancy

The performance or offer to perform professional accounting, auditing, tax, and related services to more than one client.

Scope of Practice: Commerce and Industry

Employment in business that requires professional accounting knowledge or the services of a Certified Public Accountant.

Scope of Practice: Education/Academe

Teaching accounting, auditing, management advisory services, finance, business law, taxation, and related subjects.

Scope of Practice: Government

Positions in the government where professional accounting knowledge is required or where CPA eligibility is a prerequisite.

Professional Regulatory Board of Accountancy Composition

A body under the Professional Regulation Commission (PRC) consisting of $1$ Chairman and $6$ Members.

Pecuniary Interest

Financial or monetary interest, which a Board member must not have in any accounting school or CPA review center.

Term of Office (Board Members)

The Chairman and members serve for $3$ years; those serving two successive complete terms must wait $1$ year before reappointment.

Cease and Desist Order

An order issued by the Board requiring a person or entity to stop a particular activity or practice.

CHED

Commission on Higher Education, the body the Board coordinates with regarding accounting education.

CPA Licensure Examination Requirements

Applicants must be Filipino citizens, possess good moral character, hold a Bachelor of Science in Accountancy (BSA) degree, and have no moral turpitude convictions.

Passing Rating

A general average of at least $75\%$ with no grade lower than $65\%$ in any given subject.

Conditional Credit

Granted to a candidate who obtains $75\%$ or higher in a majority of subjects; remaining subjects must be taken within $2$ years.

Report of Rating Timeline

The Board must submit examinee ratings to the Commission within $10$ calendar days after the examination.

Refresher Course

A requirement of $24$ units of subjects for candidates who have failed $2$ complete CPA Board Examinations.

Professional Identification Card (PIC)

A card issued to registered CPAs showing registration and expiry dates, renewable every $3$ years.

Roster of Certified Public Accountants

The official list or record of all registered CPAs and their places of business maintained by the Board.

Professional Tax Receipt (PTR)

A required identification number that CPAs must indicate on documents related to their professional practice.

Suspension

The temporary removal of a professional's right to practice accountancy.

Revocation

The complete withdrawal or cancellation of the professional authority to practice accountancy.

Reinstatement

The process of restoring a revoked certificate, which can only be applied for after $2$ years from the date of revocation.

Vested Rights

Rights already legally acquired by CPAs who were already registered before Republic Act No. 9298 took effect.

Accreditation for Public Practice

Requires a registered CPA to have at least $3$ years of meaningful experience in areas of public practice, including taxation.

Working Papers

Documents and records prepared or used by a CPA during an audit; these are confidential/privileged and the property of the CPA.

Continuing Professional Education (CPE)

The requirement for CPAs to engage in continuous professional learning and improvement throughout their careers.

Reciprocity

The mutual agreement where a foreign country allows Filipino CPAs to practice, enabling their citizens to practice in the Philippines.

Penal Provision Fine

A fine of not less than $₱50,000$ for violations of RA 9298 or its implementing rules.

Penal Provision Imprisonment

A period of imprisonment not exceeding $2$ years for violations of RA 9298.

Implementing Rules and Regulations (IRR) Deadline

The Board must issue these within $90$ days after the law becomes effective.

Separability Clause

A legal provision ensuring that if one part of the law is declared invalid, the remaining parts stay in effect.

Presidential Decree No. 692

The Revised Accountancy Law which was repealed by Republic Act No. 9298.