06 Regulation of The Public Accounting Practice

 

Regulation of the Public Accounting Practice Module 06

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CP CPA A Licensure Exams: Qualifica Qualifications tions •

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Filipino citizen good moral character 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

has not been convicted of any criminal offense involving moral turpitude.

 

CP CPA A Licensure Exams: Application Application  Certfcae

o Live Birh in Natonal Satstcss Oce (NSO) Securiy Satstc Paper;

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Marriage Conrac in NSO Securiy Paper or married emale applicans; College diploma wih indicaton herein o dae o graduaton and Special Order Number unless i is no required;

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Baccalaureae Transcrip o Records wih indicaton o dae o graduaton and Special Order

Number unless i is no required;  Natonal Bureau o Investgaton (NBI) Clearance;  Oher

documens ha he Board may require.

 

CPA Licensure Exams: Scope •

Practical Financial Accounting Accounting Accounting Problems and I Reporting Advanced Financial Practical Accounting Accounting and Reporting Accounting Problems II •

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Auditing Theory Theory Auditing of Accounts Auditing Problems Management Management Advi Advisory Services sory Services Regulatory Framework for Taxation Business Transactions Business Law and •

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Taxation

PRBOA Resoluton # 262, Series o 2015

 

Rating in the Licensur Licensuree Examination 90 Subj 89 80 88 68 Subj 75 Subj01 01==90 90Subj Subj02 02==64 6472 Subj03 03==74 90 Hopeful 02 = 74.67% Hopeful 01 = 82.67% Hopeful 03 = 74.83% 77 Subj 04 95 90 93 90 Subj 04==76 95Subj Subj05 05==78 90Subj Subj06 06==72 73 85

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Hopeful Hopeful04 05 05==75.67% 87.00% 83.67%

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Conditional…

 

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Failed

 

CPA Licensure Exams: Ratings Board shall submi o he Commission wihin en (10) calendar days aer he examinaton

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he Commission shall send by mailing he ratng received by each examinee a his/her given address using he mailing envelope submied during he examina examinaton. ton.

How do you know your ratings?

 

CP CPA A Exams : Failing Failing Candidate Candidatess ONE FAILED = ONE Aemp CONDITIONAL + REMOV REMOVAL AL = ONE Aemp •

What Take to do?it again? •

WAIT! Any candidae who ails in wo (2) complee Certfed Public Accounan Board Examinatons shall be disqualifed rom aking anoher se o examinatons unless he/she submis evidence o he satsacton o he Board ha he/she enrolled in and compleed a leas weny-our weny-our (24) unis o subjec given in he licensure examinaton.

 

End of Part ONE !

 

Regulation of the Public Accounting Practice Module 06

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Part TWO!

 

SRC Rule 68: What is it? •

REVISED Securities Regulation Code (SRC) Rule 68 General Guidelines o Financial Saemens Preparaton

Qualifcatons and Repors o Independen Audiors

 

Qualifications of Independent Auditors Accreditation of Independent Auditors of SEC Regulated Entities and Other Entities Group A

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Issuers o regisered securites which have sold a class o securites pursuan o a regisraton under Secton 12 o he SRC excep hose issuers issu ers o regisered tmeshares, proprieary and non- proprieary membership certfcaes which are covered in Group B. This caegory shall also cover corporatons applying or he regisraton o heir securites; Issuers wih a class o securites lised or rading in an Exchange; Public companies or hose which have oal asses o a leas Fiy Million Pesos (P50 Million) or such oher amoun as he Commission shall prescribe, and having wo hundred (200) or more holders each holding a leas one hundred (100) shares o a class o is equiy securites; Clearing agency and clearing agency as deposiory; and Sock and securites exchange/s and oher Sel- Regulaory Organizatons.

 

Qualifications of Independent Auditors Accreditation of Independent Auditors of SEC Regulated Entities and Other Entities Group B

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Issuers o regisered regisered tmeshares, proprieary and non-proprieary membership certfcaes, and corporatons applying or he regisraton o such securites;(Previously, corporatons applying or he regisraton o such securites is no included.) Invesmen Inves men houses; Brokerss and dealers o securites; Broker Invesmen Inves men companies ha are no in he process o regisering securites or have no regisered securites ye; Governmen securites eligible dealers; Universal banks regisered as underwriers o securites;  Invesmen company advisers; Special purpose corporatons regisered regisered under he Securitzaton Securitzaton Ac o 2004 and is implementng rules; and Such oher corporatons which may be required by law o be supervised by he Commission

 

Qualifications of Independent Auditors Accreditation of Independent Auditors of SEC Regulated Entities and Other Entities Group C •

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Transer agens;  Financing companies whose asses in he preceding year are above T Ten en Million Pesos (P10 Million);  Lending companies whose asses in he preceding year are above Five Million Pesos (P5 Million);  Non-sock, non-prof corporatons including oundatons which solici or receive annual donatons or conributons and/or und balance amountng more han Tweny-Fiv Tweny-Five Million Pesos (P2S Million) and Onewih Hundred Million Pesos (P100o Million), respectvely, respectvely , e over he preceding hree (3) years, or such higher amoun ha he Commission may se hrough order or guidelines; and  Such oher corporatons corporatons ha he Commission may consider as imbued wih public ineres regardless regar dless o he lack o a requiremen o obain obain a secondary license rom he Commission.

 

Qualifications of Independent Auditors Significant Notes: Firm + Signing parners engaged in A, B, and C Audi mus be accredied

Sole Practtoners may be accredied or Group C audi, bu are expeced o conver o parnership by June 30,

Accrediaton is valid or 3 years, renewal mus be placed a leas 30 days beore expiry. Audi key parner, involved in seven years, mus have a 2-year cooling o period.

2022 in order o be re-accredied. Group A accrediaton is valid or B and C, Group B valid also or C.