[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 REVISED ACCOUNTANCY LAW, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
TITLE, DECLARATION OF POLICY, OBJECTIVE AND SCOPE OF PRACTICE
SECTION 1. Short Title. – This Act shall be known as the “Philippine Accountancy Act of 2004”.
SEC. 2. Declaration of Policy. – The State recognizes the importance of accountants in nation building and development. Hence, it shall develop and nurture competent, virtuous, productive and well rounded professional accountants whose standards of practice and service shall be excellent, qualitative, world class and globally competitive through inviolable, honest, effective, and credible licensure examinations and through regulatory measures, programs and activities that foster their professional growth and development.
SEC. 3. Objectives. – 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.
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