CERTIFIED PUBLIC ACCOUNTANT LICENSURE EXAMINATION

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 “Philippine Accountancy Act of 2004”. 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

THE CERTIFIED PUBLIC ACCOUNTANT EXAMINATIONS

All applicants for registration for the practice of accountancy shall be required to undergo a licensure examination to be given by the Board in such places and dates as the Commission may designate subject to compliance with the requirements prescribed by the Commission in accordance with Republic Act No. 8981.

QUALIFICATIONS OF APPLICANTS FOR EXAMINATIONS

Any person applying for examination shall establish the following requisites to the satisfaction of the Board that he/she:

1. is a Filipino citizen;
2. is of good moral character;
3. 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
4. has not been convicted of any criminal offense involving moral turpitude.

SCOPE OF EXAMINATION

The licensure examination for certified public accountants shall cover, but are not limited to, the following subjects:

1. Theory of Accounts
2. Business Law and Taxation
3. Management Services
4. Auditing Theory
5. Auditing Problems
6. Practical Accounting Problems I
7. Practical Accounting Problems II

RATING IN THE LICENSURE EXAMINATION

To be qualified as having passed the licensure examination for accountants, a candidate must obtain a general average of seventy-five percent (75%), with no grades lower than sixty-five percent (65%) in any given subject. In the event a candidate obtains the rating of seventy-five percent (75%) and above in at least a majority of subjects as provided for in this Act, he/she shall receive a conditional credit for the subjects passed: Provided, That a candidate shall take an examination in the remaining subjects within two years from the preceding examination: Provided, further, That if the candidate fails to obtain at least a general average of seventy-five percent (75%) and a rating of at least sixty-five percent (65%) in each of the subjects reexamined, he/she shall be considered as failed in the entire examination.

FAILING CANDIDATES TO TAKE REFRESHER COURSE

Any candidate who fails in two (2) complete Certified Public Accountant Board Examinations shall be disqualified from taking another set of examinations unless he/she submits evidence to the satisfaction of the Board that he/she enrolled in and completed at least twenty-four (24) units of subject given in the licensure examination.