Admission Requirements for Examinations. No person shall be admitted to the examination unless he is:
- a citizen of the Philippines;
- of good moral character;
- is a holder of the degree of Bachelor of Science in Accountancy conferred by a school, college, academy or institute duly recognized and/or accredited by the CHED or other authorized government offices; and
- has not been convicted of any criminal offense involving moral turpitude.
- B.S. in Accountancy or its equivalent
- BSC, BBA, BSBA graduates as of Dec. 1994 with certificate of units earned.
|Subjects||Weight in Units||Minimum Hours|
|Theory of Accounts||2||3|
|Business Law and Taxation||2||3|
|Practical Accounting Problems I||2||3|
|Practical Accounting Problems II||2||3|
The contents and coverage of these subjects shall be in accordance with the outline or syllabus prepared and issued by the Board of Accountancy containing the following:
Theory of Accounts - Accounting terminology, accounting principles and procedures, classification of accounts, valuation of assets and liabilities, income determination, developments in the science of accountancy, etc.
Business Law and Taxation - One-half on the subject of business law covering obligation and contracts, partnerships and corporations, negotiable instruments and other phases of the legal framework of business, and the other half on taxation dealing on income tax, business taxes, transfer taxes, and other taxes affecting accounting practice.
Management Services Ð Principles and procedures, methods, and techniques involved in management consulting services that may be rendered by Certified Public Accountants in areas such as managerial accounting, planning and control operations, design and appraisal of accounting systems, and financial -management related services.
Auditing Theory - Auditing concepts, auditing standards, internal control, auditing procedures and techniques, and the short-form audit report.
Auditing Problems - Problems on the application of auditing standards, techniques and procedures, preparation of working papers, completion of the audit, and preparation of audit report.
Practical Accounting I - Problems concerning financial statements and accounting for assets, liabilities and stockholder’s equity.
Practical Accounting II - Problems pertaining to partnership, joint ventures, fire insurance on the insured’s books, consignments, installment sales, agencies and branches, business combinations, cost accounting, financial analysis, and government accounting.
Examination Rating. - A candidate for the examination obtaining a general weighted average of seventy-five percent and above shall be entitled to registration as certified public accountant and as such shall receive a certificate of registration from the Board of Accountancy; Provided, That in no case should the rating on any subject be less than sixty-five percent. In the event a candidate obtains the rating of seventy-five percent and above in at least four (4) subjects having a combined weight of eight (8) units as provided for in this Act, he shall receive a conditional credit for the subjects passed; Provided, However, That such candidates shall take an examination in the remaining subjects within two years from the preceding examination; Provided further, That if the candidate fails to obtain at least a general weighted average of seventy-five percent and a rating of at least sixty-five percent in each of the subjects reexamined, he shall be considered as failed in the entire examination.
Failing candidates to take refresher course. Any candidate who fails in two complete Certified Public Accountant board examinations shall be disqualified from taking another set of examination unless he submits evidence to the satisfaction of the Board of Accountancy that he has enrolled in and completed at least twenty-four units of subjects given in Certified Public Accountant Examinations.
For purposes of this Law, the examinations in which the candidate was conditioned together with the removal examination on the subject in which he failed shall be counted as one complete examination.
Limitations on the Practice of Public Accountancy. Single practitioners and partnerships for the practice of public accountancy shall be registered certified public accountants in the Philippines: Provided, That from the effectivity of this Act, a certificate of accreditation shall be issued to certified public accountants in public practice only upon showing, in accordance with rules and regulations promulgated by the Board and approved by the Commission, that such registrant has acquired a minimum of three (3) years meaningful experience in any of the areas of public practice including taxation: Provided, further, That this requirement shall not apply to those already granted a certificate of accreditation prior to the effectivity of this Act. The Securities and Exchange Commission shall not register any corporation organized for the practice of public accountancy.