WorksheetsAccounting acts
Total questions: 47
Worksheet time: 45mins
what republic act and when it is published for accountants
(a)
Section 3 Objectives
The standardization and regulation of accounting education
The supervision, control, and regulation of the practice of accountancy in the Philippines
The examination of registration of certified public accountants
Must be a good moral character and must not have been convicted of crimes involving moral turpitude
Section 1
(a)
section 4
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Section 6: qualification of a member of the regulatory board
Must be a natural-born citizen and a resident of the Philippines
Must be a good moral character and must not have been convicted of crimes involving moral turpitude
Must not have any pecuniary interest, directly or indirectly, in any school, college, university or institution conferring an academic degree necessary for admission to the practice of accountancy or where review classes in preparation for the licensure examination are being offered or conducted, nor shall he/she be a member of the faculty or administration thereof at a time of his/her appointment to the Board.
Must be a duly registered Certified Public Accountant with at least ten (10) years of work experience in any scope of practice of accountancy
Neglect of Duty or incompetence
shall be composed of a Chairman and six (6) members to be appointed by the President of the Philippines from a list of three (3) recommendees for each position and ranked by the Commission from a list of five (5) nominees for each position submitted by the accredited national professional organization of certified public accountant. The Board shall elect a vice-chairman from among each members for a term of one (1) year
(a)
what is section 5?
(a)
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.
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The chairman and the members of the Board shall receive compensation and allowances comparable to that being received by the chairman and members of existing regulatory boards under the Commission as provided for in the General Appropriate Act.
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how many does Section 9. Power and fucntions of the Board needs to exercise
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The Chairman and Members of the Board shall hold office for a term of three (3) years. Any vacancy occurring within the term of a member shall be filled up for the unexpired portion of the term only. No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year. Appointment to fill up an expired term is not to be considered as a complete term
(a)
Section 11. Grounds for Supervision or Removal of Members of the Board. - The President of the Philippines, upon the recommendation of the Commission, after the giving the concerned member an opportunity to defend himself in proper administrative investigation to be conducted by he Commission, may suspend or remove any member of the following grounds
1. Neglect of Duty or incompetence;
1. Violation or tolerance of any violation of this Act and it's implementation rules and regulations or the Certified Public Accountant's Code of Ethics and the technical and professional standards of practice for certified public accountant;
Final judgment of crimes involving moral turpitude
Manipulation or rigging of the certified public accountant's licensure examination results, disclosure of secret and confidential information in the examination questions prior to the conduct of the said examination or tampering of grades
is a Filipino citizen
Administrative Supervisions of the board, custodian of its records, Secretariat and support services
(a)
The Board shall, at the close of each calendar year, submit an annual report to the President of the Philippines though the Commission giving the detailed account of its proceedings and accomplishment during the year and making recommendations for the adoption of measures that will upgrade and improve the conditions affecting the practice of accountancy in the Philippines.
(a)
Section 14. Qualifications of Applicant for Examinations
is a Filipino citizen
is of good moral character
is a holder of the degree of Bachelor of Science in Accountancy conferred by the school, college, academy or institute duly recognized and/or accredited by the CHED or other authorized government offices
has not been convicted of any criminal offence involving moral turpitude
The Certified Public Accountant Examinations. - All applicants for registration for the practice of accountancy shall be required to undergo a licensure examination to be given by the Board in such places and dates as the Commission may be designate subject to compliance with the requirements prescribed by the Commission in accordance with Republic Act No. 8981
(a)
Section 15. Scope of Examination.
FAR
AFAR
AUDITING
MANAGEMENT ADVISORY SERVICES
TAXATION
RFBT
FAR
AFAR
MANAGEMENT ACCOUNTING
TAXATION
RFTB
COST ACCOUNTING
FAR
AFAR
BABE 2
TAXATION
ACCOUNTING LAW
HOW MANY QUESTIONS ARE THERE IN THE CPAEL
(a)
a. To be qualified as having passed the licensure examination for accountants, a candidate must obtain a general average of seventy five percent (75%), with no grade lower than sixty-five percent (65%) in any given subject.
b. In the event a candidate obtains the rating of seventy-five percent (75%) and above in at least a majority of subjects as provided for in this Act, he/she shall receive a conditional credit for the subjects passed: Provided, That a candidate shall take an examination in the remaining subjects within two (2) years from preceding examination:
Provided, further, That if the candidate fails to obtain at least a general average of seventy-five percent (75%) and a rating of at least sixty-five percent (65%) in each of the subjects reexamined, he/she shall be considered as failed in the entire examination
(a)
Any candidate who fails in two (2) complete Certified Public Accountant Board Examinations shall be disqualified from taking another set of examinations unless he/she submit evidence to the satisfaction of the Board that he/she enrolled in and completed at least twenty-four (24) units of subject given in the licensure examination
(a)
The Board shall submit to the Commission the rating obtained by each candidate within ten (10) calendar days after the examination, unless extended for just cause. Upon the release of the results of the examination, the Commission shall send by mailing the rating received by each examinee at his/her given address using the mailing envelop submitted during the examination.
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Issuance of Certificate of Registration and Professional Identification Card
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Roster of Certified Public Accountant
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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 his/her qualification, prior to entering upon the practice of the profession
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Refusal to Issue Certificate of Registration and Professional Identification Card
(a)
Indication of Certificate of Registration, Identification Card and Professional Tax Receipt
(a)
Reinstatement, Reissuance and Replacement of Revoked or Lost Certificates.
(a)
Suspension and Revocation of Certificate of Registration and Professional Identification Card and Cancellation of Special Permit.
(a)
Prohibition in the Practice of Accountancy
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Limitation of the Practice of Public Accountancy
(a)
Ownership of Working Papers
(a)
Vested Rights
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Continuing Professional Education (CPE) Program
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Accredited Professional Organization
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Seal and Use of Seal
(a)
Accreditation to Practice Public Accountancy
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Section 35 Coverage/Temporary/Special Permit
A foreign certified public accountant called for consultation or for specific purpose which, in the judgment of the Board, is essential for the development of the country: Provided, That his/her practice shall be limited only for the particular work that he/she is being engaged: Provided, further, That there is no Filipino certified public accountant qualified for such consultation or specific purposes
Foreign are allowed to demonstrate accoutancy in the country
A foreign certified public accountant engaged as professor, lecturer or critic in fields essential to accountancy education in the Philippines and his/her engagement is confined to teaching only
A foreign certified public accountant who is an internationally recognized expect or with specialization in any branch of accountancy and his/her service is essential for the advancement of accountancy in the Philippines
Foreign Reciprocity
(a)
Interpretation of this Act. - Nothing in this Act shall be construed to effect or prevent the practice or any other legally recognized profession.
(a)
Implementing Rules and Regulations. - Within Ninety (90) days after the effectivity of this Act, the Board, subject to the approval of the Commission and in coordination with the accredited national professional organization of certified public accountants, shall adopt and promulgate such rules and regulations to carry out the provisions of this Act and which shall be effective Fifteen (15) days following their publication in the Official Gazette or in any of the major daily newspaper of general circulation
(a)
Penal Provision. - Any person who shall violate any of the provisions of this Act or any of its implementing rules and regulations as promulgated by the Board subject to the approval of the Commission, shall upon conviction, be punished by a fine of not less than Fifty Thousand Pesos (50,000.00) or by imprisonment for a period not exceeding two (2) years or both.
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Effectivity. - This Act shall take effect after Fifteen (15) days following its publication in the Official Gazette or in any major daily newspaper of general circulation.
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Separability Clause. - If any clause, provisions, paragraph or parts thereof shall be declared unconstitutional or invalid, such judgment shall not affect, invalidate or impair any other part hereof, but shall be merely confined to the clause, provisions, paragraph or part directly involved in the controversy in which such judgment has been rendered.
(a)
Transitory Provision. - The incumbent chairman and members of the Board shall continue to serve in their respective positions under the terms for they have been appointed under Presidential Decree No. 692, without the need of new appointments.
All graduates with Bachelors Degree, Major in Accounting shall be allowed to take the CPA Licensure Examination within two (2) years from the effectivity of this Act under the rules and regulations to be promulgated by the Board subject to the approval by the Commission.
(a)
Enforcement of this Act. - It shall be primary duty of the Commission and the Board to effectivity enforce the provisions of this Act. All duly constituted law enforcement agencies and officers of national, provincial, city or municipal government or of any political subdivision thereof, shall upon the call or request of the Commission or the Board, render assistance in enforcing the provisions of this Act and to prosecute any person violating the provisions of the same. The Secretary of Justice or his duly designated representative shall act as legal adviser to the Commission and the Board and shall render legal assistance as may be necessary in carrying out the provisions of this Act.
(a)
Repealing Clause. - Presidential Decree No. 692 is hereby repealed and all other laws, orders, rules and regulations or resolutions or part/s thereof inconsistent with the provisions of this Act are hereby repealed or modified accordingly.
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Funding Provision. - The chairperson of the Professional Regulation Commission shall immediately include the Commission's programs the implementation of this Act, the funding of which shall be included in the annual General Appropriations Act
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