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Name: EARL JUSTINE C.

FERRER CODE OF ETHICS DATE: OCTOBER 2017

ACCOUNTANCY LAW

Under Article III: Examination, Registration and Licensure

Philippine Accountancy Act of 2004 "Revised Philippine Accountancy Act of 2016"


Section 13.
The Certified Public Accountant Examinations. The Licensure Examinations. –
All applicants for registration for the
All applicants for registration for the practice of practice of accountancy shall be required to
accountancy shall be required to undergo a undergo the applicable licensure
licensure examination to be given by the Board in examination to be given by the Board in such
such places and dates as the Commission may be places and dates as the Commission may be
designate subject to compliance with the designate Provided, that the licensure
requirements prescribed by the Commission in examination shall be two (2) levels, namely the (1)
accordance with Republic Act No. 8981. first level Certified Accountant (“CA”) examination
and (2) the second level Certified Professional
Accountants (“CPA”) and Certified Public
Accountants (“CPA”) examination; Provided, that
the first level CA examination is mandatory for the
holders of the Accountancy course or program
referred to in Section 14 of this Act who shall
practice accountancy;
Provided further, that the second level CPA
examination shall be optional for those who (1)
have passed the CA examinations and (2) have
gained three years of meaningful work experience
as may be defined in rules and regulations that
shall be issued for this purpose; Provided finally,
that there shall be a specific CPA examination that
shall be given for each Accountancy course or
program accredited by the CHED or other
authorized government offices.
Section 14.
Qualifications of Applicant for Examinations. - Any Section 14. Qualifications of Applicant for the
person applying for examination shall establish Licensure Examinations. - Any
the following requisites to the satisfaction of the person applying for examination shall establish
Board that he/she: the following requisites to the
satisfaction of the Board that he/she:
is a Filipino citizen; a) is a Filipino citizen;
b) is of good moral character;
is of good moral character; c) is a holder of the degree of Bachelor of Science
Accountancy degree or program conferred by the
is a holder of the degree of Bachelor of school, college, academy or institute duly
Science in Accountancy conferred by the recognized and/or accredited by the CHED or
school, college, academy or institute duly other authorized government offices; and
recognized and/or accredited by the d) has not been convicted of any criminal offence
involving moral turpitude.
Name: EARL JUSTINE C. FERRER CODE OF ETHICS DATE: OCTOBER 2017

CHED or other authorized government


offices; and Provided that person who is not a citizen of the
Philippines may be allowed to take the Licensure
has not been convicted of any criminal Examination upon completion of the applicable
offence involving moral turpitude. requirements indicated above and after proving
in a manner provided by the Philippine Rules
of Court that, by specific provision of law, the
country of which he is a citizen, subject, or
national allows citizens of the Philippines to take
the licensure examination or any other similar
process, or to the practice of the profession on
terms of strict and absolute equality with citizens,
subjects, or nationals of the country concerned.
Section 15.
Scope of Examination. - The licensure examination Section 15. Scope of Examination. - The CA and
for certified public accountants shall cover, but CPA licensure examinations shall include such
are not limited to, the following subjects: subjects that may be prescribed by the Board,
subject to the approval of the Commission.
Theory of Accounts Furthermore, the Board, with the approval of the
Business Law and Taxation Commission, may be allowed to outsource the
Management Services preparation of some of the questions that shall
Auditing Theory be used in the licensure examinations.
Auditing Problems
Practical Accounting Problem I
Practical Accounting Problem II

The Board, subject to the approval of the


Commission, may revise or exclude any of the
subjects and their syllabi, and add new ones as
the need arises.
Section 16.
Rating in the Licensure Examination. - To be Section 16. Rating in the Licensure Examination. –
qualified as having passed the licensure (a) Rating in the Certified Accountant
examination for accountants, a candidate must examinations. To be qualified as having passed
obtain a general average of seventy five percent the licensure examination for Certified
(75%), with no grade lower than sixty-five percent Accountant and be considered as a licensed
(65%) in any given subject. In the event a accountant, a candidate must obtain a general
candidate obtains the rating of seventy-five average of seventy five percent (75%), with no
percent (75%) and above in at least a majority of grade lower than sixty-five percent (65%) in any
subjects as provided for in this Act, he/she shall given subject. In the event a candidate obtains the
receive a conditional credit for the subjects rating of seventy-five percent (75%) and above in
passed: Provided, That a candidate shall take an at least a majority of subjects as provided for in
examination in the remaining subjects within two this Act, he/she shall receive a conditional credit
(2) years from preceding examination: Provided, for the subjects passed: Provided, That a
further, That if the candidate fails to obtain at candidate shall take an examination in the
least a general average of seventy-five percent remaining subjects within two (2) years from
(75%) and a rating of at least sixty-five percent preceding examination: Provided, further, That if
Name: EARL JUSTINE C. FERRER CODE OF ETHICS DATE: OCTOBER 2017

(65%) in each of the subjects reexamined, he/she the candidate fails to obtain at least a general
shall be considered as failed in the entire average of seventy-five percent (75%) and a rating
examination. of at least sixty-five percent (65%) in each of the
subjects reexamined, he/she shall be considered
as having failed the entire examination.

(b) Rating in the Certified Professional or Certified


Public Accountant examinations - To be Certified
Professional Accountant and be considered as a
licensed accountant, a candidate must obtain a
general average of seventy five percent (75%),
Section 17
Report of Rating. - The Board shall submit to the Section 17. Report of Rating. - The Board shall
Commission the rating obtained by each submit to the Commission the rating obtained by
candidate within ten (10) calendar days after the each candidate within ten (10) calendar days after
examination, unless extended for just cause. Upon the examination, unless extended for just cause.
the release of the results of the examination, the Upon the release of the results of the
Commission shall send by mailing the rating Examination, the Commission shall send by
received by each examinee at his/her given mailing the rating received by each examinee at
address using the mailing envelop submitted his/her given address using the mailing envelop
during the examination. submitted during the examination or by other
means of transmittal that the Board may
recommend to the Commission.
Section 18
Failing Candidates to Take Refresher Course. - Any Section 18. Failing CA Examination Candidates to
candidate who fails in two (2) complete Certified Take Refresher Course. – Any candidate who fails
Public Accountant Board Examinations shall be in two (2) complete CA examinations shall be
disqualified from taking another set of disqualified from taking another set of
examinations unless he/she submit evidence to examinations unless he/she has submitted
the satisfaction of the Board that he/she enrolled evidence to the satisfaction of the Board that
in and completed at least twenty-four (24) units he/she enrolled in and completed at least twenty-
of subject given in the licensure examination. For four (24) units of subject given in the licensure
purposes of this Act, the examination in which the examination. For purposes of this Act, the CA
candidate was conditioned together with the examination in which the candidate was
removal examination on the subject in which conditioned together with the removal
he/she failed shall be counted as one compete examination on the subject in which he/she failed
examination. shall be counted as one complete examination.

Section 19.
Oath. - All successful candidates in the
examination shall required to take an oath of
professional before any member of the Board or
before any government official authorized of the
Commission or any person authorized by law to
administer oaths upon presentation of proof of
Name: EARL JUSTINE C. FERRER CODE OF ETHICS DATE: OCTOBER 2017

his/her qualification, prior to entering upon the


practice of the profession.

Section 20
Issuance of Certificate of Registration and
Professional Identification Card. - A certificate of
registration shall be issued to examinees who pass
the licensure examination subject to payment of
fees prescribed by the Commission. The
Certificate of Registration shall bear the signature
of the chairperson of the Commission and the
chairman and members of the Board, stamped
with the official seal of the Commission and of the
Board, indicating that the person named therein is
entitled to the practice of the profession with all
the privileges appurtenant thereto. The said
certificate shall remain in full force and effect until
withdrawn, suspended or revoked in accordance
with this Act.

A Professional Identification Card bearing the


registration number date of issuance, expiry date,
duly signed by the chairperson of the Commission,
shall likewise be issued to every registrant
renewable every three (3) years.
Section 21
Roster of Certified Public Accountant. - A roster Section 21. Roster of Licensed Accountants. - A
showing the names and place of business of all roster showing the names and place of business
registered certified public accountants shall be of all licensed accountants shall be prepared and
prepared and updated by the Board, and copies updated by the Board.
thereof shall be made available to any party as
may deemed necessary.