Beneath are the needs
necessary to get a individual to become in a position to take the Philippine
CPA Licensure Exam.
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.
- Educational Qualification / Training / Experience:
- B.S. in Accountancy or its equivalent
- BSC, BBA, BSBA graduates as of Dec. 1994 with certificate of units earned.
The Scope of your
examination plus the Subjects with corresponding weight in units plus the
minimal hours necessary every single topic is offered below.
Scope of Examination.
The examinations shall be in writing and shall cover the following subjects
with the corresponding weight in units unless otherwise modified by the Board
upon approval of the
Professional Regulation
Commission.
As of the moment all board
subjects are given 2 units with a minimum exam hours of 3 hours each subject.
Since their are 7 board exam subjects all in all a total of 14 units and 21
hours. 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 -
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.
How the examination is
rated is also provided in this article.
Examination Rating. - A
candidate for the examination getting a common weighted common of seventy-five
percent and above shall be entitled to registration as certified public
accountant and as such shall get a certificate of registration from the Board
of Accountancy; Offered, That in no situation will need to the rating on any
topic be much less than sixty-five percent. Inside the occasion a candidate
obtains the rating of seventy-five percent and above in at the least 4 (four)
subjects possessing a combined weight of eight (8) units as offered for within
this Act, he shall get a conditional credit for the subjects passed; Offered,
Yet, That such candidates shall take an examination inside the remaining
subjects inside two years from the preceding examination; Offered additional,
That if the candidate fails to get at the least a common weighted common of
seventy-five percent and also a rating of at the least sixty-five percent in
every single of your subjects reexamined, he shall be deemed as failed inside
the complete examination.
Failing candidates to
take refresher system. Any candidate who fails in two complete Certified Public
Accountant board examinations shall be disqualified from taking a additional
set of examination unless he submits evidence for the satisfaction of the Board
of Accountancy that he has enrolled in and completed in the 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
with each other together with the removal examination on the topic in which he
failed shall be counted as one particular full examination.
An accountant ought to
know his/her limitations. Know the limitations on the practice of Accountancy.
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.
