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Philippine Accountancy Profession

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Questions and Answers

What does RA 9298 govern?

Supervision, control and regulation of the practice of accountancy

Regulation of commerce and industry

Standardization and regulation of accounting education (correct)

Government policies on taxation

Who appoints the Chairman and members of the Professional Regulatory Board of Accountancy (BOA)?

The Senate

The Secretary of Finance

The President of the Philippines (correct)

The Supreme Court

What are the qualifications for members of the Professional Regulatory Board of Accountancy (BOA)?

Natural-born citizen and resident of the Philippines (correct)

Registered CPA with at least 5 years of work experience

Foreign national with extensive accounting knowledge

Elected official with financial background

What is the scope of practice of the accountancy profession according to the text?

<p>Public Accountancy, Commerce and Industry, Education/Academe, Government</p> Signup and view all the answers

What does RA 9298 provide for and govern?

<p>Examination for registration of Certified Public Accountants</p> Signup and view all the answers

Study Notes

Professional Regulatory Board of Accountancy (BOA)

RA 9298 governs the practice of accountancy in the Philippines

Appointment of BOA Members

The President of the Philippines appoints the Chairman and members of the Professional Regulatory Board of Accountancy (BOA)

Qualifications for BOA Members

Must be a natural-born citizen of the Philippines
Must be a registered accountant with at least 10 years of experience in accountancy
Must be of good moral character and reputation
Must not have been convicted of any criminal offense

Scope of Practice of Accountancy Profession

The practice of accountancy includes auditing, bookkeeping, financial planning, management consulting, and tax consultation
The practice of accountancy also includes the rendering of services in relation to the installation of accounting systems, and the preparation of income tax returns and other financial statements

Provisions of RA 9298

RA 9298 provides for the regulation of the practice of accountancy in the Philippines
RA 9298 governs the licensure of certified public accountants (CPAs) and the accreditation of accountancy programs

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Description

Test your knowledge of the practice and regulation of the accountancy profession with this quiz. Explore the scope of practice, including public accountancy, commerce and industry, education/academe, and government. Also, delve into the regulations outlined in RA 9298 "Philippine Accountancy Act of 2004" covering standardization and regulation of accounting education, examination for registration of Certified Public Accountants, and more.