The Revised Accountancy Law
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The Revised Accountancy Law
Presidential Decree No. 692
May 5, 1975
Case Overview and Summary
Summary of the Revised Accountancy Law (Presidential Decree No. 692)Objectives and Definitions:
- Standardizes and regulates accounting education. (Section 2a)
- Governs the examination for registration of certified public accountants (CPAs). (Section 2b)
- Supervises, controls, and regulates the practice of accountancy in the Philippines. (Section 2c)
- Defines the "practice of accountancy" and when a CPA is considered in practice. (Section 3)
The Board of Accountancy:
- Composed of a chairman and six members appointed by the President. (Section 4)
- Functions include determining exam requirements, preparing exam contents, investigating violations, promulgating decisions on administrative cases, suspending or revoking CPA certificates, and other regulatory functions. (Section 5)
- Qualifications for Board members are specified. (Section 6)
- Tenure of office and compensation for Board members are specified. (Section 7)
- Provisions for suspension or removal of Board members. (Section 8)
CPA Examination:
- The Board determines and prepares the exam contents. (Section 9)
- Admission requirements include citizenship, age, moral character, degree, and refresher course for failing candidates. (Sections 10, 13)
- Exam subjects and weights are specified. (Section 11)
- Passing score is 75% general weighted average with at least 65% in each subject. Conditional credits are allowed. (Section 12)
- The Board issues CPA certificates to successful examinees. (Section 14)
- Fees are prescribed by the Professional Regulation Commission. (Section 15)
Administrative Proceedings, Penal and Other Provisions:
- Grounds for proceedings against a CPA are listed. (Section 17)
- Administrative investigation procedures are outlined. (Sections 18, 19)
- Appeal process and reinstatement provisions are specified. (Sections 20, 21)
- Criminal offenses related to exam fraud, false representation, and unauthorized practice are defined with penalties. (Section 22)
- Reciprocity provisions for foreign CPAs are outlined. (Section 23)
- Ownership of working papers is addressed. (Section 24)
- Limitations on the practice of public accountancy are specified. (Section 25)
- Integration of the accountancy profession is mandated. (Section 26)
- Accreditation and annual registration requirements for CPAs and firms are established. (Section 27)
- Repealing clause and effectivity provisions are included. (Sections 28, 29)
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accountancy law
certified public accountant
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accountancy profession
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accountancy practice
professional regulation
administrative proceedings
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Law
The Revised Accountancy Law
Presidential Decree No. 692
•May 5, 1975
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 692 May 5, 1975
THE REVISED ACCOUNTANCY LAW
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order the following as part of the law of the land:
Section 1. Short Title. This Decree shall be known and cited as "The Revised Accountancy Law".
ARTICLE IOBJECTIVES AND DEFINITIONS
Section 2. Objectives. This Decree provides for and shall govern:
(a) The standardization and regulations of accounting education;
(b) The examination for registration of certified public accountants; and
(c) The supervision, control, and regulation of the practice of accountancy in the Philippines.
Section 3. Practice of Accountancy, Defined. Practice of accountancy shall constitute in a person, be it in his individual capacity, or as a partner or staff member in an accounting or auditing firm, holding out himself as one skilled in the knowledge, science, and practice of accounting, and as qualified to render professional services as a certified public accountant; or offering or...
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