Regulations of the Accountancy Profession

RA9298

*Who has the primary duty to enforce RA9298?

SEC and BOA

*When a role be required to be occupied by a duly registered CPA?

Paid-up capital or equity is atleast Php5M

Annual revenue is atleast Php10M

*What is the BOA composition?

Chairman

6 members – a vice president is elected

4 sectors, as much as possible, shall be equitably presented

*What is the BOA Apointment process?

Memory Aid: 5-3-1

5 – nominated by PICPA to PRC

3 – chosen by PRC to President of PH

1 – President of PH appoints

*What are the qualifications of a member of BOA at the time of appointment?

Must be natural-born citizen/resident of PH.

Must be of good moral

Must be duly registred CPA with 10 years of experience at any industry.

No pecuniary interest in educ inst/review school

*What are the powers and functions of BOA?

*Who has the power to suspend or remove the member of BOA?

President of PH

*What are the grounds for suspension or removal of member of BOA?

Neglect of duty or incompetence

Violation or tolerance of any violation of RA9298 and its IRR

Crimes involving moral turpitude

Manipulation or rigging the CPALE results

*What are the qualifications of the applicants for the LECPA?

Filipino citizen; no need to be a resident.

Good moral character

BSA degree holder

Not convicted of any crimes involving moral turpitude

*What are the scope of the LECPA?
AUD

FAR

AFAR

MAS

RFBT

TAX

Changes hall not be more often that once every 3 years.

*What are the criteria for rating the LECPA result?

Passer: General Average is atleast 75%; ALL Grade per subject is atleast 65%

Conditional: General Average is atleast 75%; Atleast 4 of 6 subjects Grade is atleast 75%; Should take the Conditional subjects within 2 years from preceding exam date and achieve a General Average is atleast 75%; conditional Grade per subject is atleast 65%

Failed: Opposite of the above

*What are the documents given to a CPA?

Certificate of Registration – proof of acceptance to the accountancy profession; lifetime validity

Professional ID Card – proof of being a CPA; renewable every 3 years on the birthday

Special or Temporary permit – for a foreign CPA for a limited purpose only