May 13, 2004
"Philippine Accountancy Act of 2004"
An Act Regulating the Practice of Accountancy in the Philippines, Repealing for the purpose Presidential Decree No. 692, Otherwise known as The Revised Accountancy Law, appropriating funds therefor and for other purposes. Republic of the Philippines
Congress of the Philippines
Third Regular Session
Begun and held in Metro Manila, on Monday, the twenty-eight day of July, two thousand three. Republic Act No. 9298 May 13, 2004
AN ACT REGULATING THE PRACTICE OF ACCOUNTANCY IN THE PHILIPPINES, REPEALING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 692, OTHERWISE KNOWN AS THE REVISED ACCOUNTANCY LAW, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: Section 1. Shorts Title. - This act shall be known as the "Philippine Accountancy Act of 2004" Section 2. Declaration of Policy. - The State recognizes the importance of accountants in nation building and development. Hence, it shall develop and nurture competent, virtuous, productive and well rounded professional accountants whose standard of practice and service shall be excellent, qualitative, world class and globally competitive though inviolable, honest, effective, and credible licensure examinations and though regulatory measures, programs and activities that foster their professional growth and development. Section 3. Objectives. - This Act shall provide and govern:
The standardization and regulation of accounting education; The examination of registration of certified public accountants; and The supervision, control, and regulation of the practice of accountancy in the Philippines. Section 4. Scope of Practice. - The practice of accountancy shall include, but not limited to, the following: (a) Practice of Public Accountancy - shall constitute a person, be it his/her individual capacity, or as a staff member in an accounting or auditing firm, holding out himself/herself as one skilled in the knowledge, science and practice of accounting, and as a qualified person to render professional services as a certified public accountant; or offering or rendering, or both or more than one client on a fee basis or otherwise, services as such as the audit or verification of financial transaction and accounting records; or the preparation, signing, or certification for clients of reports of audit, balance sheet, and other financial, accounting and related schedules, exhibits, statement of reports which are to be used for publication or for credit purposes, or to be filed with a court or government agency, or to be used for any other purposes; or to design, installation, and revision of accounting system; or the preparation of income tax returns when related to accounting procedures; or when he/she represent clients before government agencies on tax and other matters relating to accounting or render professional assistance in matters relating to accounting procedures and the recording and presentation of financial facts or data. (b) Practice in Commerce and Industry - shall constitute in a person involved in decision making requiring professional knowledge in the science of accounting, or when such employment or position requires that the holder thereof must be a certified public accountant. (c) Practice in Education/Academe - shall constitute in a person in an educational institution which involve teaching of accounting, auditing, management advisory services, fiancé, business law, taxation and other technically related subject: Provided, That members of the Integrated Bar of the Philippines may be allowed to teach business law and taxation subjects. (d) Practice in Government - shall constitute in a person who holds, or is appointed to, a position in an accounting professional group in government or in an government-owned and/or...