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PIA Press Release
2005/01/13

CPAs welcome accountancy law

Davao City (13 January) -- Making audited financial statements the exclusive turf of accredited accountants will eliminate malpractices and will eventually minimize tax cheats.

Board member Froilan Ampil of the Board of Accountancy (BOA) during the Club 888 Forum at the Marco Polo Hotel on Wednesday, welcomed the passage of Republic Act 9298 or the National Accountancy Law, saying it would eliminate illegal practices in the profession.

He said the BOA, the Professional Regular Commission (PRC) and the Philippine Institute of Certified Public Accounts (PICPA) are reaching out to certified public accountants (CPAs) to register and be accredited.

“The approval of the law will professionalize accountancy practices which could boost business and the economy,” he said.

He said they have staged a massive campaign among CPAs in preparation for the filing of income taxes by April.

He said businesses are required to submit their audited financial statement (FS), duly signed by an accredited accountant.

He said concerned government agencies like the Bureau of Internal Revenue, Bangko Sentral ng Pilipinas, and the Securities and Exchange Commission will only honor FS duly signed by an accredited accountant, as required by the law.

He said the law was approved in 2004 and those who fail to abide by it will be meted corresponding sanctions.

He said businesses who fail to comply will suffer penalties imposed by the collecting agencies while the CPA will face cancellation of his PRC certification.

PRC-XI legal officer Effie Molina said there were 46 cases last year spotted for illegal practice.

She said they are just waiting for those involved to renew their documents with the PRC as they are closely coordinating their moves with the Criminal Investigation Division Group (CIDG).

Although she did not give a regional figure, Molina said the national statistics for accredited accounting firms in the Philippines only numbered about 773.

Ampil on the other hand emphasized that as far as accounting practices are concerned, there has to be honesty between management and the accountant.

With the accountancy law, accredited accountants have to abide with the code ethics that they pledge to – otherwise, they would be meted corresponding sanctions.

For a CPA to get accreditation, Ampil said he or she must undergo continuing accountancy education.

“The accountant has to undergo a series of trainings and be updated on the current accountancy methods and laws,” he said.

Part of the training is on International Accountancy Standards on which the preparation of FS is patterned, he said. (PIA/pdb) [top]

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