Philippines – Many CPAs are searching for the PRC BOA documentary requirements for the CPA accreditation. This article shall provide you at least the minimum requirements of the Board of Accountancy in order for you to complete your documents. This article shall be updated incases where new amendments are implemented. Below is the checklist.
FOR ALL NEW BOA REGISTRANTS:
- Three (3) copies of duly accomplished and notarized (with the required documentary stamp) BACC Form No. 02. (same as previous checklist)
- Official receipt to show payment of the registration fee. (A photocopy, authenticated by the PRC cashier who received such payment, must accompany BACC Form No. 02). (same as previous checklist)
- One (1) short brown envelope for the Certificate of Registration. (same as previous checklist)
- Documentary stamp worth Twenty Pesos (P20.00) to be affixed to the Certificate of Registration. (same as previous checklist)
- Certification from the Accredited Professional Organization that the applicant/s is/are a member/s in good standing. (new)
- Photo copy/ies of the respective updated PRC professional ID/s of the single practitioner and all partners of the professional partnerships must be attached to the application for accreditation. (No. 5 in previous checklist)
- Certified copy of the Code of Good Governance surrounding the practice of the single practitioner and the professional partnership. (You may use the Code of Good Governance prepared by the PRC for Filipino professionals. Pro-forma copies are available at the PRC for a token fee.) (No. 6 in previous checklist)
- Sworn statement by the single practitioner or the Chairman / managing partner of the partnership stating, among others, that he and the members of the firm (other CPAs and non-CPAs), as the case maybe: (Pro-forma copies are available at the PRC for a token fee.)
- Certified photo copy/ies of updated NBI clearance/s for the single practitioner and all the partners for the professional partnership.
a. had at least three (3) years of meaningful experience in the scope of work covered in the practice of accountancy (detailed description of such work experience to be attached to the sworn statement); (No. 8a & 8b in previous checklist)
b. had a meaningful participation of their respective internal quality review process; (No. 7a in previous checklist)
c. had undergone adequate and effective training (from organization/s duly accredited by the PRC/BOA) on accounting and auditing standards in effect during the time of their application for registration, related laws and their respective implementing rules and regulations, their own code of good governance and other related documents that are required in the practice of public accountancy to ensure professional, ethical and technical standards, preferably supported with certified copies of certificate/s of attendance or any proof of meaningful participation and proof of adequacy and effectiveness of such training; (No. 7b in previous checklist)
d. are all of good moral character; and, (No, 9a in previous checklist)
e. they have not been found guilty by a competent court and/or administrative body of any case involving moral turpitude and/or unethical practices and that neither any of them is a defendant in any case of similar nature pending before any competent court and/or administrative agencies; (No. 9b in previous statement)
ADDITIONAL REQUIREMENTS FOR FIRMS WITH CORRESPONDENT RELATIONSHIP WITH FOREIGN CPA FIRM/S
1. Certified copy of the documents showing the correspondent relationship, membership or business dealings with foreign CPA firm/s including the complete address and postal address, e- mail address and website and telephone and facsimile number/s. (No. 11A4a in previous checklist)
2. A sworn statement stating among others that no foreign CPA is directly or indirectly (through the Filipino CPAs) engaged in the practice of public accountancy in the Philippines, except the authorized foreign CPAs under the foreign reciprocity provision of Section 23, Article III of PD No. 692 and amended by RA 9298 and the rights and obligation of the parties in specific terms. (No. 11A4b in previous checklist)
3. If during the effectivity of the accreditation, the firm enters into a correspondent relationship with a foreign CPA firm/s, it must submit the above (Nos. 1 and 2) requirements at least 60 days from the effectivity of the relationship. (New requirement)
ADDITIONAL REQUIREMENTS FOR PROFESSIONAL PARTNERHSIPS
1. Certified copy of the Certificate of Registration issued by the SEC and the current Articles of Partnership, including the information sheet filed with the SEC. (No. 11A1a and b in previous checklist; Note: unregistered professional partnership will no longer be allowed to practice)
1. Same as No. 1 above
2. Same as No. 2 above
3. Same as No. 3 above
4. Same as No. 4 above
5. Only the updated PRC professional ID/s of the single practitioner and all partners of the firm must be submitted. However, for any admittance or withdrawal of
partner/s, the PRC/BOA must be informed accordingly within 60 days upon admittance or withdrawal of the partner/s and the new Articles of Partnership must
be submitted upon renewal of the accreditation.
6. Updated correspondent relationship documents of CPA firms with foreign correspondent relationship, if any, must be submitted upon renewal.
1. ALL NOTARIZED DOCUMENTS SHOULD HAVE METERED DOCUMENTARY STAMPS WORTH TWENTY PESOS (P20.00) EACH
2. APPLICATION WITH INCOMPLETE DOCUMENTS WILL NOT BE ACCEPTED
3. ALL CERTIFICATE OF ACCREDITATION MUST BE RENEWED EVERY THREE (3) CALENDAR YEARS.
a. For the initial accreditation, the effectively will be up to December 31 of the third year after its issue. That is, if the initial accreditation is granted on any date during the year 2004, the same is valid up to December 31, 2006.
b. Subsequent renewal of the accreditation must be made on or before September 30 of the third year after its issue. In (3a) above, the request for renewal must be submitted/received by September 30, 2006 so as to give the BOA/PRC ample time to review and issue the Certificate of Accreditation by December 31, 2006.
c. There is no guarantee that the requests for renewal received after September 30 will be completed and the Certificate of Accreditations released before December 31. In (3a) above, the CPA/s will no longer be accredited for the following year until the Certificate/s of Accreditation is/are granted. However, the date of expiration of the Certificate of Accreditation issued for requests received after September 30, 2006 and issued in 2007 will be December 31, 2009.