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Practice and Regulation of the Accountancy Profess

The Philippine Accountancy Act of 2004 (RA 9298) regulates the accountancy profession in the Philippines, aiming to protect the public by ensuring only qualified individuals practice as Certified Public Accountants (CPAs). It establishes the Professional Regulatory Board of Accountancy (BOA) to set standards, conduct licensure examinations, and enforce compliance with ethical conduct. The Act mandates Continuing Professional Education for CPAs and outlines disciplinary actions for violations, ultimately enhancing the quality and credibility of the accountancy profession.

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24 views

Practice and Regulation of the Accountancy Profess

The Philippine Accountancy Act of 2004 (RA 9298) regulates the accountancy profession in the Philippines, aiming to protect the public by ensuring only qualified individuals practice as Certified Public Accountants (CPAs). It establishes the Professional Regulatory Board of Accountancy (BOA) to set standards, conduct licensure examinations, and enforce compliance with ethical conduct. The Act mandates Continuing Professional Education for CPAs and outlines disciplinary actions for violations, ultimately enhancing the quality and credibility of the accountancy profession.

Uploaded by

alyssa banta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Practice and Regulation of the Accountancy

Profession (RA 9298 or the Philippine


Accountancy Act of 2004)
The Philippine Accountancy Act of 2004, also known as Republic Act No. 9298, is a significant piece of
legislation that governs the practice and regulation of the accountancy profession in the Philippines. It
aims to enhance the quality of the accountancy profession by ensuring that practitioners adhere to
high standards of competence, integrity, and professionalism. Here are the key elements and
provisions of RA 9298:

Purpose and Scope

RA 9298 was enacted to regulate and improve the practice of accountancy in the Philippines. Its
primary goal is to protect the public by ensuring that only qualified individuals are allowed to practice
as Certified Public Accountants (CPAs). The Act also aims to promote the highest standards of
professional conduct and ethical behavior among CPAs.

Creation of the Professional Regulatory Board of Accountancy (BOA)

One of the key provisions of RA 9298 is the establishment of the Professional Regulatory Board of
Accountancy (BOA). The BOA is a regulatory body tasked with overseeing the practice of accountancy
in the Philippines. Its functions include:
- Setting standards and policies for the accountancy profession.
- Conducting the CPA licensure examination.
- Ensuring the quality of education and training for aspiring CPAs.
- Enforcing compliance with professional and ethical standards.
- Addressing complaints and disputes involving CPAs.

Qualifications and Licensing of CPAs

To become a CPA in the Philippines, candidates must meet the following qualifications:
- Hold a relevant bachelor's degree in accountancy.
- Complete a specified number of hours of practical experience.
- Pass the CPA licensure examination conducted by the BOA.

Successful candidates are issued certificates of registration and professional identification cards,
allowing them to practice as CPAs in the country.

Continuing Professional Education (CPE)

RA 9298 mandates that CPAs participate in Continuing Professional Education (CPE) programs to
maintain their licenses. CPE programs are designed to keep CPAs updated with the latest
developments in the field of accountancy, including new standards, practices, and technologies. The
BOA sets the guidelines for CPE programs, including the number of hours required and the topics to
be covered.

Practice Standards and Ethical Conduct

The Act emphasizes the importance of maintaining high ethical standards within the accountancy
profession. CPAs are expected to adhere to a Code of Ethics that outlines principles of integrity,
objectivity, professional competence, confidentiality, and professional behavior. CPAs must also
comply with technical standards and regulations set by the BOA, the Philippine Institute of Certified
Public Accountants (PICPA), and other relevant organizations.
Disciplinary Actions and Penalties

RA 9298 grants the BOA the authority to investigate and take disciplinary actions against CPAs who
violate professional and ethical standards. Penalties for violations may include suspension or
revocation of licenses, fines, and other sanctions. The BOA is also empowered to address complaints
and disputes involving CPAs, ensuring that due process is followed.

Specialized Fields of Accountancy

The Act recognizes the diverse areas within the accountancy profession, including public practice,
commerce and industry, government, and education. It sets specific standards and requirements for
CPAs working in these specialized fields to ensure that they meet the necessary qualifications and
adhere to professional standards.

Impact on the Profession

The implementation of RA 9298 has had a positive impact on the accountancy profession in the
Philippines. By establishing clear guidelines, standards, and ethical requirements, the Act has helped
elevate the quality of services provided by CPAs. It has also enhanced the credibility and
trustworthiness of the profession, benefiting both practitioners and the public.

Conclusion

RA 9298, or the Philippine Accountancy Act of 2004, serves as the cornerstone for the regulation and
practice of accountancy in the Philippines. It ensures that CPAs are well-qualified, adhere to high
ethical standards, and continuously improve their skills and knowledge. Through the efforts of the
BOA and other relevant organizations, the Act contributes to the growth and development of the
accountancy profession, fostering a culture of excellence and integrity.

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