
Philippines
Head of State :
President Rodrigo Roa Duterte
Capital :
Manila
Language(s) :
Filipino, English, Spanish
Currency :
Peso
Profile of the Country
- Practice of Public Accountancy - shall constitute in a person, be it his/her individual capacity, or as a staff member in an accounting or auditing firm, holding out himself/ herself as one skilled in the knowledge, science and practice of accounting, and as a qualified person to render professional services as a certified public accountant; or offering or rendering, or both or more than one client on a fee basis or otherwise, services as such as:
- the audit or verification of financial transaction and accounting records; or
- the preparation, signing, or certification for clients of reports of audit, balance sheet, and other financial, accounting and related schedules, exhibits, statements or reports which are to be used by stockholders or for publication or for credit purposes, or to be filed with a court or government agency, or to be used for any other purpose; or
- the design, installation, and revision of accounting systems and controls; or
- the preparation of income tax returns when related to accounting and auditing procedures; or
- when he/she represent clients before government agencies on tax and other matters relating to accounting or renders professional assistance in matters relating to accounting procedures and the recording and presentation of financial facts or data.
- Practice in Commerce and Industry - shall constitute in a person involved in decision making requiring professional knowledge in the science of accounting, as well as the accounting aspects of finance and taxation, or when such employment or position requires that the holder thereof must be a CPA.
- Practice in Education/Academe - shall constitute in a person in an educational institution which involve teaching of accounting, auditing, management advisory services, accounting aspect of finance, business law, taxation and other technically related subject: provided, that members of the Integrated Bar of the Philippines may be allowed to teach business law and taxation subjects. Provided, further, that the position of either the dean or the department chairman or its equivalent that supervises the Bachelor of Science in Accountancy program of an educational institution is deemed to be in practice of accountancy in the academe/education and therefore must be occupied only by a duly registered CPA.
- Practice in Government - shall constitute in a person who holds, or is appointed to, a position in an accounting professional group in government or in an government-owned and/or controlled corporation, including those performing proprietary functions, where decision making requires professional knowledge in the science of accounting, or where a civil service eligibility as a certified public accountant is a prerequisite.
- obtain a general average of seventy five percent (75%), with no grade 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 (2) years from 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 re-examined, he/she shall be considered as failed in the entire examination.
Individual (Foreigner)
- A foreign certified public accountant called for consultation or for specific purpose which, in the judgment of the Board, is essential for the development of the country: Provided, that his/her practice shall be limited only for the particular work that he/she is being engaged: Provided, further, That there is no Filipino certified public accountant qualified for such consultation or specific purposes;
- A foreign certified public accountant engaged as professor, lecturer or critic in fields essential to accountancy education in the Philippines and his/her engagement is confined to teaching only; and
- A foreign certified public accountant who is an internationally recognized expert or with specialization in any branch of accountancy and his/her service is essential for the advancement of accountancy in the Philippines.
Regulated Accounting Services
NAB Membership and/or PRA Registration
For those in public practice, registration, or membership is required
PRA Requirement :
Yes
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
PRA Requirement :
Must be A Certified Public Accountant (CPA) who passed the CPA licensure examination of the PRA and subsequently registered with and accredited by the PRA
In addition, CPAs doing tax practice services for clients with the Bureau of Internal Revenue need to be registered BIR.
Citizenship Requirement
Yes, only for Filipinos
Remarks
Subject to domestic regulations. Professional Regulations Commission Department of Labor and Employment rules, Bureau of Immigration, Bureau of Internal Revenue, Securities and Exchange Commission, Commission on Higher Education, Bangko Sentral ng Pilipinas, Insurance Commission, Cooperative Development Authority, Energy Regulatory Authority
Eligibility requirement, where applicable (ACPA/RFPA)
Applicable
Non-Regulated Accounting Services
- Bookkeeping services
- Business process outsourcing – finance and accounting processes
- Internal Auditing
- Risk Management
- Controllership
- Chief Financial Officer
- Budget officer
- Financial Analyst
- Forensic Auditor
- Management Accountant
- Representation of the company in the Bureau of Internal Revenue
- Due diligence
NAB Membership and/or PRA Registration
NAB Requirement:
No
PRA Requirement:
Yes
NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)
PRA Requirement:
For foreigners, Special Temporary Permits must be secured from the PRA pursuant to the Accountancy Law (Republic Act No. 9892) and its Implementing Regulations or Resolutions.
Other Requirements (from other regulator):
Please see “Remarks”
Citizenship Requirement
No.
Remarks
Subject to domestic regulations. Professional Regulations Commission Department of Labour and Employment rules, Bureau of Immigration, Bureau of Internal Revenue, Securities and Exchange Commission
Eligibility requirement, where applicable
1. Bookkeeping Services
ACPA / RFPA : n/a
2. Business process outsourcing – finance and accounting processes
ACPA : n/a
RFPA : a
3. Internal Auditing
ACPA / RFPA : n/a
4. Risk Management
ACPA / RFPA : n/a
5. Controllership
ACPA : n/a
RFPA : a
6. Chief Financial Officer
ACPA : n/a
RFPA : a
7. Budget Officer
ACPA / RFPA : n/a
8. Financial Analyst
ACPA / RFPA : n/a
9. Forensic Auditor
ACPA / RFPA : n/a
10. Management Accountant
ACPA / RFPA : a
11. Representation of the company in the Bureau of Internal Revenue
ACPA : n/a
RFPA : a
12. Due Dilligence
ACPA / RFPA : n/a
All About Registered Foreign Professional Accountant (RFPA)
