Philippine Accountancy Act of 2004 - Republic Act No. 9298 - Regulating the Practice of Accountancy

Sep 4, 2026

Uploaded by Mia

Republic Act No. 9298, the Philippine Accountancy Act of 2004, regulates the practice of accountancy in the Philippines. The Act sets policy and objectives to strengthen nation-building through the development of competent, virtuous, and globally competitive certified public accountants. It provides for standardization of accounting education, licensure examinations for registration as certified public accountants, and supervision and control of accountancy practice. It also defines the scope of practice across public accountancy, commerce and industry, education, and government roles, and establishes the Professional Regulatory Board of Accountancy.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages52

Reading Time2 h 11 min

AccessFree to download

ARTICLE I - TITLE, DECLARATION OF POLICY, OBJECTIVE AND SCOPE OF PRACTICE

SECTION 1. Short Title

SEC. 2. Declaration of Policy

SEC. 3. Objectives

SEC. 4. Scope of Practice

ARTICLE II - PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY

SEC. 5. The Professional Regulatory Board of Accountancy and its Composition

SEC. 6. Qualifications of Members of the Professional Regulatory Board

SEC. 7. Term

S. No. 2748 H. No. 6678 Republic of the Philippines Congress of the Philippines Metro Manila Twelfth Congress Third Regular Session Begun and held in Metro Manila, on Monday, the twenty-eight day of July, two thousand three. [REPUBLIC ACT NO 9298] AN ACT REGULATING THE PRACTICE OF ACCOUNTANCY IN THE PHILIPPINES, REPEALING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 692, OTHERWISE KNOWN AS THE REVISED ACCOUNTANCY LAW, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: ARTICLE I TITLE, DECLARATION OF POLICY, OBJECTIVE AND SCOPE OF PRACTICE SECTION 1. Short Title.– This Act shall be known as the “Philippine Accountancy Act of 2004”. SEC. 2. Declaration of Policy.– The State recognizes the importance of accountants in nation building and development. Hence, it shall develop and nurture competent, virtuous, productive and well rounded professional accountants whose standards of practice and serviceshall be excellent, qualitative, world class and globally competitive through inviolable, honest, effective, and credible licensure examinations and through regulatory measures, programs and activities that foster their professional growth and development. SEC. 3. Objectives.– This Act shall provide for and govern: (a) The standardization and regulation 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. SEC. 4. Scope of Practice.– The practice of accountancy shall include, but not limited to, the following: (a) Practice of Public Accountancy - shall constitute in a person, be it his/her individual capacity, or as a partner or as a staff member in an accounting or auditing firm, holding out himself/herself as one skilled in the knowledge, science and practice of accounting, and as a qualified person to render professional services as a certified public accountant; or offering or rendering, or both, to more than one client on a fee basis or otherwise, services such as the audit or verification of financial transaction and accounting records; or the preparation, signing, or certification for clients of reports of audit, balance sheet, and other financial, accounting and related schedules, exhibits, statements or reports which are to be used for publication or for credit purposes, or to be filed with a court or government agency, or to be used for any other purpose; or the design, installation, and revision of accounting system; or the preparation of income tax returns when related to accounting procedures; or when he/she represents clients before government agencies on tax and other matters related to accounting or renders professional assistance in matters relating to accounting procedures and the recording and presentation of financial facts or data. (b) Practice in Commerce and Industry-shall constitute in a person involved in decision making requiring professional knowledge in the science of accounting, or when such employment or position requires that the holder thereof must be a certified public accountant. (c) Practice in Education/Academe-shall constitute in a person in an educational institution which involve teaching of accounting, auditing, management advisory services, finance, business law, taxation, and other technically related subjects: Provided, That members of the Integrated Bar of the Philippines may be allowed to teach business law and taxation subjects. (d) Practice in the Government-shall constitute in a person who holds, or is appointed to, a position in an accounting professional group in government or in a government–owned and/or controlled corporation, including those performing proprietary functions, where decision making requires professional knowledge in the science of accounting, or where a civil service eligibility as a certifie

FAQs

What is the short title of this Act?

The Act is known as the “Philippine Accountancy Act of 2004.”

What are the main objectives of the Philippine Accountancy Act of 2004?

It standardizes and regulates accounting education, provides for examinations for registration of certified public accountants, and governs supervision, control, and regulation of accountancy practice in the Philippines.

What does the Act include in the scope of practice of accountancy?

It includes public accountancy, practice in commerce and industry, practice in education/academe, and practice in government roles where decision-making requires professional accounting knowledge or civil service eligibility as a certified public accountant.

Sep 4, 2026

Uploaded by Mia