29/05/2026
Philippine Accountancy Act of 2004
Republic Act No. 9298
The Philippine Accountancy Act of 2004 is the primary law regulating the practice of accountancy in the Philippines. Enacted on May 13, 2004, it repealed Presidential Decree No. 692 and strengthened the regulation, supervision, and professionalization of Certified Public Accountants (CPAs) in the country.
The Philippine Accountancy Act of 2004 safeguards the integrity of the accounting profession by ensuring that only qualified, ethical, and competent individuals are allowed to practice accountancy in the Philippines. It also aligns Philippine accountancy standards with global professional practices.
Regulation of the Accounting Profession. The law recognizes accountants as vital contributors to nation-building and aims to develop competent, ethical, globally competitive, and highly qualified CPAs. It standardizes accounting education, licensure examinations, and the regulation of accountancy practice.
Creation of the Professional Regulatory Board of Accountancy (BOA). The Act establishes the Professional Regulatory Board of Accountancy under the Professional Regulation Commission. The Board is tasked with: (a) Administering the CPA Licensure Examination; (b) Supervising and regulating the practice of accountancy; (c) Issuing, suspending, or revoking CPA licenses; (d) Prescribing accounting and auditing standards; and (e) Enforcing ethical and professional rules.
CPA Licensure Examination. To become a CPA, an applicant must: (a) Be a Filipino citizen; (b) Be of good moral character; (c) Hold a Bachelor of Science in Accountancy degree from a recognized institution; and (d) Pass the CPA Licensure Examination.
The law requires a general average of 75%, with no grade lower than 65% in any subject.
Scope of Practice. The practice of accountancy includes: (a) Public accountancy (audit, tax, consultancy); (b) Commerce and industry; (c) Government service; and (d) Education or academe.
Continuing Professional Development. CPAs are required to comply with Continuing Professional Education (now CPD) requirements to maintain competence and professionalism in practice.
Accreditation and Ethical Standards. All CPAs are integrated into one accredited national organization of CPAs, and practitioners must comply with professional ethics, auditing standards, and BOA regulations.
Penal Provisions. Unauthorized practice of accountancy or violations of the Act may result in fines, imprisonment, or both.
