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PRACTICE & REGULATION OF THE ACCO PROFESSION ACCOUNTANCY SCOPE OF PRACTICE (Sectors) Practice of Public Accountancy Practice in Commerce and Industry Practice in Education / Academe Practice in the Government OBJECTIVES OF “PH ACCO ACT OF 2004” (RA 9298) Standardization and regulation of accounting education Examination for registration of CPAs Supervision, control, and regulation of practice of accountancy in the PH COMPOSITION OF PR-BOA 1 Chairman Term of 3 years for 2 successive terms May be reappointed after lapse of 1 year Maximum term is 12 years 6 members Natural-born citizen and resident of the Philippines Registered CPA w/ 10 years of experience in any scope Must be of good moral character Must not have pecuniary interest in any school Not a director / officer of APO at the time of appointment Appointment APO (PICPA) nominates 5 candidates to PRC PRC recommends 3 candidates to the Pres The President appoints 1 A Vice Chairman is elected among its members The Vice chairman has a term of 1 year POWER AND FUNCTIONS OF THE BOARD Prescribe and adopt the rules and regulations (RR) of this act; syllabi is every 3 years Supervise the regulation, licensure, and practice of accountancy Administer oaths Issue, suspend, revoke, or reinstate COR for the practice of accountancy profession Adopt official seal of the Board Prescribe and/or adopt Code of Ethics Monitor conditions affecting practice of accountancy and adopt measures Conduct oversight into quality of audit of FS thru review of the quality control measures Investigate violations of this Act; issue summons, subpoenas (tetsificandum or duces tecum) Make investigations deemed necessary to determine whether any person violated rules Issue a cease or desist order for violations of provision, standards, or rules Punish for contempt of the Board, both direct and indirect Prepare, adopt, issue, or amend the syllabi of the subjects for examinations Ensure compliance of instruction / offering of accountancy (in accordance with CHED / authorities) Exercise such other powers may be provided by law FUNCTIONS OF THE PRC The Board shall be under the administrative supervision of the Commission Keep custody of all records of the Board Provide secretarial services ANNUAL REPORT Board shall submit annual report to the President through the commission Submitted at close of each calendar year GROUNDS FOR SUSPENSION / REMOVAL OF MEMBERS OF BOARD BY THE PRESIDENT Neglect of duty or incompetence Violation or tolerance of violations of the RR, Code of Ethics and Standards Final judgement of crimes involving moral turpitude Manipulation or rigging of the conduct of the LECPA QUALIFICATIONS OF APPLICANTS Filipino citizen (evidenced by the PSA) Good moral character (NBI Clearance) Holder of BSA degree Has not been convicted of criminal offense involving act of moral turpitude SCOPE OF EXAMINATION MS – Management Services AUD – Auditing TAX – Taxation RFBT – Regulatory Framework for Business Transactions FAR – Financial Accounting and Reporting AFAR – Advanced Financial Accounting and Reporting REPORT OF RATINGS Announced within 10 calendar days OATH Taken before any member of the Board or authorized government official RATINGS IN THE LECPA Passed Gen Ave = At least 75% Each subject = At least 65% Conditional Gen Ave = Less than 75%; or Has grade of less than 65%; BUT 4/6 subjects must be at least 75% Removal Examination Take within 2 years from preceding exams All subjects with grades less than 75% Failed After failing 2 complete examinations May retake after completing 24 units Valid for 2 years DOCUMENTS ISSUED Certificate of Registration (COR) Professional Identification Card (PRC ID) Special / Temporary Permit COR Issued to Passers of the LECPA Persons admitted under reciprocity Bears the following Full name and assigned registration no. Signature of PRC Chair and all members of BOA Official seal of PRC and BOA PRC ID Registration number Date of issuance Expiry date Signed by the PRC Chairperson Renewable every 3 years SPECIAL / TEMPORARY PERMIT Foreign CPA called for consultation or specific purpose Foreign CPA engaged as professor, lecturer, critic Foreign CPA who is an internationally recognized expert REFUSAL TO ISSUE Convicted of a criminal offense involving moral turpitude Guilty of immoral and dishonorable conduct Of unsound mind SUSPENSION / REVOCATION OF THE COR / PRC ID As mentioned in the grounds for refusal to issue Any unprofessional or unethical conduct Malpractice Violation of provisions of IRR, Code of Ethics, & Standards REINSTATMENT After 2 years from date of revocation REISSUANCE / REPLACEMENT Upon payment of the required fees PRACTICE OF ACCOUNTANCY PROHIBITION Use of the CPA title unless received COR / PRC ID / Permits PUBLIC PRACTICE LIMITATION Shall be registered CPAs in the Philippines PUBLIC PRACTICE ACCREDITATION Issue of certification after 3 years of meaningful experience Register with Board and the Commission, renew every 3 years Date of expiration (Individual): Birthday + 3 years Date of Expiration (Partnership): Month of registration + 3 years Date of Renewal (Individual and Partnership): On or before date of expiration Meaningful experience: 1 year Audit Assistant + 2 years Auditor In-Charge SEAL Name Registration No. Title AUDITOR’S REPORT Seal Professional Tax Receipt (PTR) Number Date / Place of Payment when filed or used professionally WORKING PAPERS Confidential, privileged, and property of the CPA FOREIGN RECIPROCITY Permit foreign CPA to practice accountancy in the Philippines As long as their country permits Filipino CPAs to practice the profession PENAL PROVISION Fine of at lease P50k, or imprisonment not exceeding 2 years, or both ENFORCEMENT OF THE ACT PRC and BOA CONTINUING PROFESSIONAL DEVELOPMENT ACT OF 2016 (RA 10192) Renewal of PRC ID 15 credit units XPN: Professional working overseas Newly licensed professionals for 1st renewal cycle Required CPD units Minimum of 20 units per year Initial / renewal of Accreditation (120 units) 30 Units - Technical Competence 5 units - Professional Skills 5 units - Professional Values, ethics, and attitudes 80 units – Flexible CPD units Source of CPD units Seminar/workshops (accredited CPD providers) Academic Track (applied within 5 years from completion) Self-directed and / or Lifelong Learning Other activities recommended by CPD council PICPA Composed of 15 national directors (25 in real life) Renewal of accreditation is every 3 years
PRC – CPE COUNCIL (CPD COUNCIL) Chairperson Member of the Board 1 st Member President / BOD of PICPA 2 nd Member President / Officer of Organization of Deans / Dept Heads (Usually NACPAE) Term Co-terminus with incumbency of BOA, PICPA, and Organizations ORGANIZATIONS AFFECTIONG THE ACCOUNTANCY PROFESSION REGULATORY GOVERNMENT AGENCIES PRC Regulate all professional organizations BOA Regulate field of accountancy COA Regulate government entities SEC Regulate private banks BSP Regulate banks, quasi-banks, pawnshops BIR Regulate taxpayers IC Regulate insurance companies PROFESSIONAL ORGANIZATIONS PICPA Sectoral Organizations ACPAPP (Public Practice) ACPAE (Education) ACPACI (Commerce and Industry) GACPA (Government) STANDARD-SETTING BODIES FSRSC AASC ORGANIZATIONS CREATED BY PRC UNDER RA 9298 FSRSC AASC QRC ETC Term (appointed by PRC chairman) 3 3 3 3 Chairman 1 (any scope) 1 (public practice) 1 (public practice) 1 (academe) BOA 1 1 1 1 COA 1 1 - - SEC 1 1 - - BSP 1 1 - - BIR 1 - - - IC 1 1 - - FINEX 1 - - - ACPAPP - 1 - - APO of CPAs (PICPA) - - - - Public Practice 2 9 2 1 Commerce and Industry 2 1 1 1 Academe / Education 2 1 1 2* Government 2 - 1 1 TOTAL 16 18 7 7 * equally distributed among public and private schools