Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

7 EPRESE
fes* “te \

(s * RECEIVED @ a
ont 2.8 MAY 2014

Introduced by

OFW Family Party-List Representative ROY V. SENERES

SIXTEENTH CONGRESS
First Regular Session

House Brit no.4012_

EXPLANATORY NOTE

This bill seeks to give due recognition to the vital and significant
roles of Certified Public Accountants (CPAs) in the growth and
development of the Philippine economy. As such, any attempt to
undermine, limit, restrain, restrict, and/or degrade the Certified Public
Accountants (CPAs) in the practice and exercise of their legitimate
profession must and should not be allowed.

It is a known fact that the standards. for the admission to the
practice of public accountancy in the Philippines, just like the other fields
of discipline, cannot be understated. Indeed, the Licensure Examinations
for Certified Public Accountants by the Board of Accountancy and
approved by the Professional Regulation Commission (PRC) is admittedly
a grueling, if not an enormous difficult task, not to mention the rigid
preparations in the study and review of accountancy.

It is never too late to acknowledge and recognize the important
roles played: by Certified Public Accountants: (CPAs). in. the successful
operation of business enterprises both in the public and private sectors, as
well as, governmental functions in the National Treasury, Commission on
Audit, Department of Budget and Managemen
structure of the Government.

In view, of the foregoing, the Approval /f this bill is respectfully

and the entire financial

requested.

ROY/VIULAREAL SENERES



Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

SIXTEENTH CONGRESS
First Regular Session

House BILLNO. 4012

Introduced by
OFW Family Party-List Representative ROY V. SENERES

AN ACT
RECOGNIZING THE VITAL AND SIGNIFICANT ROLES OF
CERTIFIED PUBLIC ACCOUNTANTS (CPAs) IN THE GROWTH
AND DEVEPLOPMENT OF THE PHILIPPINE ECONOMY,
AMENDING FOR THE PURPOSE SECTIONS 28 AND 31 OF
REPUBLIC ACT NO. 9298, OTHERWISE KNOWN AS THE
PHILIPPINE ACCOUNTANCY ACT OF 2004

Be it enacted by the Senate and House of Representatives of the
Philippines in Congress assembled:

SECTION 1. Section 28 of Republic Act No. 9298, otherwise
known as The Philippine Accountancy Act of 2004, is hereby
completely amended to read as follows:

“SEC. 28. THE LEGAL INTENT OF THE ABBREVIATED WORD
‘CPA’ (CERTIFIED PUBLIC ACCOUNTANT). - ONLY CERTIFIED
PUBLIC ACCOUNTANTS SHALL BE ENTITLED AND SHALL BE
AUTHORIZED TO USE THE ABBREVIATED WORD ‘CPA’ (CERTIFIED
PUBLIC ACCOUNTANT) OR SIMPLY ACCOUNTANT AS PREFIX TO
THEIR NAMES JUST LIKE THE OTHER PROFESSIONALS IN THE

FIELDS OF THE LEGAL PROFESSION (ATTORNEY OR ATTY.);


MEDICINE (DOCTOR OR DR.); ENGINEERING (ENGINEERING OR
ENGR.); ARCHITECTURE (ARCHITECTURE OR ARCH.).”

SEC. 2. Section 31 of Republic Act No. 9298, otherwise known
‘as The Philippine Accountancy Act of 2004, is hereby amended to
read as follows:

“SEC. 31. REGISTRATION AND Accreditation to THE Practice
OF Public Accountancy. - SINGLE PRACTITIONERS, firms and
partnerships of certified public accountants, engaged in the practice
of public accountancy, including partners and ASSOCIATES thereof,
shall BE registered with the PROFESSIONAL REGULATION
Commission and the Board OF ACCOUNTANCY, such registration to
be renewed every three (3) years: Provided, That subject to the
approval of the Commission, the Board shall promulgate rules and
regulations for the implementation of registration requirements
including the fees and penalties for violation thereof: PROVIDED,
HOWEVER, THAT A CERTIFICATE OF ACCREDITATION SHALL BE
ISSUED TO CERTIFIED PUBLIC ACCOUNTANTS IN PUBLIC PRACTICE
BY THE BOARD AND APPROVED BY THE COMMISSION WITH NO
OTHER REQUIREMENT EXCEPT PASSING THE LICENSURE
EXAMINATIONS FOR CERTIFIED PUBLIC ACCOUNTANTS:
PROVIDED, FURTHER, THAT NO OTHER GOVERNMENT REGULATORY
AGENCIES, BUREAUS, COMMISSIONS, DEPARTMENTS, BOARDS,
BANGKO SENTRAL NG PILIPINAS, AND/OR INSTRUMENTALITIES
SHALL REQUIRE SEPARATE ACCREDITATION OF CERTIFIED PUBLIC

ACCOUNTANTS IN PUBLIC PRACTICE OTHER THAN THE ONE


REQUIRED AND/OR ISSUED BY THE BOARD AND APPROVED BY THE
COMMISSION: PROVIDED, FINALLY, THAT THE SECURITIES AND
EXCHANGE COMMISSION SHALL NOT REGISTER ANY
CORPORATION ORGANIZED FOR THE PRACTICE OF PUBLIC
ACCOUNTANCY.”

SEC. 3. Repealing Clause. - Republic Act No. 9298, otherwise
known as The Philippine Accountancy Act of 2004, rules and
regulations, circulars, memorandum of agreements, and all other
acts, laws, resolutions or any part thereof which are inconsistent
herewith are hereby deemed repealed or modified accordingly.

SEC. 4. Separability Clause. - If any provision of this Act is
held invalid or declared unconstitutional, the other provisions which
are not affected thereby shall remain valid and subsisting.

SEC. 5. &ffectivity. - This Act shall take effect fifteen (15)
days after its complete publication in the Official Gazette or in two
(2) newspapers of general circulation, whichever comes first.

Approved,