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Jack Bass

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Republic Act No. 9298
The Philippine Accountancy Act of 2004

I. Objectives:

a. The standardization and regulation of accounting education; b. The examination for registration of certified public accountants; and, c. The supervision, control, and regulation of the practice of accountancy in the Philippines.

II. Scope of Practice a. Practice of Public Accountancy – b. Practice in Commerce and Industry – c. Practice in Education/Academe – d. Practice in Government –

The Professional Regulatory Board of Accountancy

III. The Professional Regulatory Board of Accountancy
– the Body authorized by law to promulgate rules and regulations affecting the practice of accountancy profession in the Philippines.
–it is under the supervision and control of the Professional Regulation Commission.
Compositions and Term of Office:
– Shall be composed of a Chairman and 6 Members.
– The Chairman shall be the presider in all the meetings of the Board, In case of vacancy, the Vice-Chairperson shall do his duties.
– The Chairman and Members of the Board shall hold a term of 3 years.
– No person who has served 2 successive complete terms shall be eligible for reappointment until a lapse of one year.
Powers and Functions of the Board
–The Board shall exercise the following specific powers, functions and responsibilities, as stated in Art. 2 Sec. 9 of RA 9298
– The policies resolution, rules and regulations issued or promulgated by the Board shall be subject to review and approval of the Commission.
Annual Report
-The Board shall, at the close of each calendar year, submit an annual report to the President of the Philippines. IV. Qualifications of Members of the Professional Regulatory Board a. Must be a natural-born citizen and a resident of the Philippines; b. Must be a duly registered Certified Public Accountant

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