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    Auditing Theory Notes RA 9298

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    Honeylyne Plaza
    The document summarizes key aspects of RA 9298 or the Philippine Accountancy Act of 2004. It outlines the objectives of the act to regulate education, examinations, and the practice of accountancy. It also describes the composition and powers of the Board of Accountancy (BOA) which oversees the regulation and licensure of CPAs. Requirements for the CPA examination are also summarized including qualifications, scope, ratings, and issuance of certificates upon passing.

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    Auditing Theory Notes RA 9298

    Uploaded by

    Honeylyne Plaza
    222 views5 pages
    The document summarizes key aspects of RA 9298 or the Philippine Accountancy Act of 2004. It outlines the objectives of the act to regulate education, examinations, and the practice of accountancy. It also describes the composition and powers of the Board of Accountancy (BOA) which oversees the regulation and licensure of CPAs. Requirements for the CPA examination are also summarized including qualifications, scope, ratings, and issuance of certificates upon passing.

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    Auditing theory notes

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    The document summarizes key aspects of RA 9298 or the Philippine Accountancy Act of 2004. It outlines the objectives of the act to regulate education, examinations, and the practice of accountancy. It also describes the composition and powers of the Board of Accountancy (BOA) which oversees the regulation and licensure of CPAs. Requirements for the CPA examination are also summarized including qualifications, scope, ratings, and issuance of certificates upon passing.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    222 views5 pages

    Auditing Theory Notes RA 9298

    Uploaded by

    Honeylyne Plaza
    The document summarizes key aspects of RA 9298 or the Philippine Accountancy Act of 2004. It outlines the objectives of the act to regulate education, examinations, and the practice of accountancy. It also describes the composition and powers of the Board of Accountancy (BOA) which oversees the regulation and licensure of CPAs. Requirements for the CPA examination are also summarized including qualifications, scope, ratings, and issuance of certificates upon passing.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 5

    Auditing Theory Notes

    RA 9298 - Philippine Accountancy Act of 2004


    Objectives: 1. Education (regulate)
    2. Examination (rules)
    3. Accountancy Practice (regulate)
    Scope of Practice:
    1. Public
    2. Commerce and Industry
    3. Education / Academe
    4. Government

    BOA
    1 Chairman and 6 Members
    Among themselves, elect V-Chairman (1 year term)
    Qualifications:
    1. Natural born citizen and resident
    2. With 10 years work experience
    3. Good moral, not CONVICTED of any moral turpitude
    4. No pecuniary interest (school or review centers)
    Term of Office:
    Chairman and members = 3-year term
    Allowed years of service = 12
    1 complete term + 1 complete term = 6 years
    1 year lapse before reappointment
    1 complete term + 1 complete term = 6 years
    * appointment to fill up unexpired term is not conisdered a complete term.
    Secretary- designated by PRC
    Compensation and Allowances:
    Provided for under GAA (General Appropriations Act)
    Powers and Functions:
    1. Rules (prescribe)
    2. Practice of Accountancy (supervise licensure)
    3. Administer Oaths
    4. Certificate of Registration (issue, suspend, revoke or reinstate)
    5. Seal (adopt)
    6. Code of Ethics (adopt)
    7. Accounting and Auditing standards (adopt)
    8. Review or Oversight of FS Audits
    9. Investigate Violations and issue subpoena
    10. Issue cease order to associations
    11. Punish for contempt of BOA
    12. Syllabi (adopt)
    13. CHED (coordination)
    14. other powers to achieve objectives
    * Policies, resolution etc. by BOA are subject to REVIEW and APPROVAL by PRC
    * EXCEPTION: decisions, resolutions etc. in administrative cases shall be subject
    to review ONLY if on APPEAL.
    ALL records of BOA shall be under administrative supervisions and custody of PRC
    Suspension and Removal of member
    Only the president can remove a member, BUT upon recommendation of PRC,
    ONLY after the the member defends himself in an investigation conducted by PRC.
    Grounds:
    1. Neglect of duty or incompetence
    2. Violation or tolerance of violation of this ACT
    3. FINAL judgment of moral turpitude crimes
    4. Manipulation, disclosure of confidential info of Exam before the exam
    and tampering of grades
    Annual Report
    Submit at the close of calendar year
    to the president, through PRC
    Details: accomplishments and recommendations
    Article III
    CPA Examinations= Requirement
    Qualifications:
    1. Filipino Citizen
    2. good moral
    3. BSA degree holder of an institution duly recognized by CHED
    4. not CONVICTED of any moral turpitude crimes
    Scope of Examination:
    a) Theory of Accounts
    b) Business Law and Taxation
    c) Management Services
    d) Auditing Theory
    e) Auditing Problems
    f) Practical Accounting Problems 1
    g) Practical Accounting Problems 2
    Ratings:
    Passed
    Weighted General Average - 75%
    No grades lower than - 65%
    Conditional *should take the remaning exam
    Majority (4) - ≥ 75% within 2 years from the previous exam
    Weighted General Average - ≤ 75%
    Each Subject - ≤ 65%
    Failed
    Weighted General Average - < 75%
    Each Subject - < 65%
    * If failed 2 complete exams cannot take another exam
    UNLESS enrolled and completed 24 units of subjects
    Report of Ratings
    Submit ratings to PRC within 10 calendar days from exam (unless extended)
    PRC will mail results to examinee.
    Oath
    Authorized:
    Any member of BOA
    Any authorized government official by PRC
    Any authorized person under the law
    COR and PIC
    Certificate of Registration
    Contents:
    Sign of Chairman of PRC
    Sign of Chairman and members of BOA
    Official seal of PRC and BOA
    Professional Identification Card
    Contents:
    Registration Number
    Date of Issuance
    Expiry Date
    Sign of Chairman of PRC
    *Renewable every 3 years
    Roster of CPA
    Contents:
    Name and place of business
    Prepared and updated by BOA
    When CPA issues or signs
    Should indicate:
    Registration Number
    Date of Issuance
    Validity
    PTR number ( Professional Tax Receipt)
    Revocation or suspension and Reinstatement
    Sec. 23 lays down the grounds for suspension and revocation
    Reinstatement may be done after 2 years from revocation upon application
    Article IV
    No one is allowed to use CPA if person is not licensed or accredited by BOA
    Limitation in Accountancy Practice
    Certificate of Accreditation for practice of public accountancy (sole or not)
    allowed only for those with 3 years of meaningful
    experience
    Woking Papers
    should be in custody of the CPA
    EXC: subpoena or agreed otherwise
    sdered a complete term.

    d APPROVAL by PRC

    on conducted by PRC.
    f Exam before the exam

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