PRACTICE OF ACCOUNTANCY
Prohibition in the Practice of Accountancy

No person shall practice accountancy in this country, or use the title “Certified Public Accountant”, or use the abbreviated title “CPA” or display or use any title, sign, card, advertisement, or other device to indicate such person practices or offers to practice accountancy, or is a certified public accountant, unless such person shall have received from the Board a certificate of registration/ professional license and be issued a professional identification card or a valid temporary/special permit duly issued to him/her by the Board and the Commission.

Limitation of the Practice of Public Accountancy
Single practitioners and partnerships for the practice of public accountancy shall be registered certified public accountants in the Philippines.

Accreditation to Practice Public Accountancy
A certificate of accreditation shall be issued to CPA in public practice only upon showing that such registrant has acquired a minimum of three (3) years meaningful experience in any of the areas of public practice including taxation.

Individual certified public accountants, firms and partnerships of certified public accountants, engaged in the practice of public accountancy, including partners and staff members thereof, shall register with the Commission and the Board, such registration shall be renewed every three (3) years

Seal and Use of Seal
All licensed certified public accountants shall obtain and use a seal of a design prescribed by the Board bearing the registrant‟s name, registration number and title. The auditor‟s reports shall be stamped with said seal, indicating therein his/her current Professional Tax Receipt (PTR) number, date/place of payment when filed with government authorities or when used professionally.

Ownership of Working Papers
As a rule, working papers are confidential, privileged and property of the CPA.

Foreign Reciprocity
Subjects or citizens of foreign countries may be allowed to practice Accountancy in the Philippines in accordance with the provisions of existing laws, international treaty obligations including mutual recognition agreements entered into by the Philippine government with other countries. A person who is not a citizen of the Philippines shall not be allowed to practice accountancy in the Philippines unless he/she can prove, in the manner provided by the rules of court that, by specific provision of law, the country of which he/she is a citizen, subject or national admits citizens of the Philippines to the practice of the same profession without restriction.

 

Accredited Professional Organization (Philippine Institute of Certified Public Accountants)
All registered certified public accountants whose names appear in the roster of certified public accountants shall be united and integrated through their membership in a one and only registered and accredited national professional organization of registered and licensed certified public accountants, which shall be registered with the Securities and Exchange Commission as a nonprofit corporation and recognized by the Board, subject to the approval by the Commission. The members in the said integrated and accredited national professional organization shall receive benefits and privileges appurtenant thereto upon payment of required fees and dues. Membership in the integrated organization shall not be a bar to membership in any other association of certified public accountants.

PENAL AND FINAL PROVISIONS
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 (P 50,000.00) or by imprisonment for a period not exceeding two (2) years or both.

Enforcement of the Act
It shall be the primary duty of the Commission and the Board to effectively 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.

Accreditation of Individual CPAs, Firms and Partnerships of CPAs engaged in the Public Practice of Accountancy The registration shall be valid for a period of three (3) years and may be renewed every three (3) years on or before September 30 on the year of expiry upon compliance of the requirements.