RA 9298

Question 1

RA 9298 repealed what law?

Answer 1

PD 692 (Revised Accountancy Law)

Question 2

For business in the commerce and industry, they should have a CPA if

Answer 2

Paid-up Capital = 5M
Annual Revenue = 10M

Question 3

Dean and Department Chair

Answer 3

should be a CPA

Question 4

A corporation can practice public accountancy. True or False?

Answer 4

False

Question 5

Composition of FSRSC

Answer 5

1 each BBB FICS
- BIR, BSP, BOA
- FINEX, IC, COA, SEC

2 each sector

Question 6

Composition of AASC

Answer 6

1 each BB AICS
- BSP, BOA
- ACPAPP, IC, COA, SEC

9 from public practice
1 each (private and academe)

No BIR, FINEX, Government

Question 7

Composition of QRC

Answer 7

1 + 6
1 each (BOA and Sectors)
+ 1 from Public Practice

Question 8

Composition of ETC

Answer 8

1 + 6
1 each (BOA and Sectors)
+ 1 from Academe

Question 9

Composition of PRC CPE Council

Answer 9

1 + 2
Chairman - from BOA
1st Member - president / officer chosen by BOD of PICPA
2nd Member - president / officer of nACPAE

Question 10

Term of FSRSC, AASC, QRC, ETC

Answer 10

3 years renewable for another term (appointed by PRC chairman)

Question 11

Term of PRC CPE Council

Answer 11

co terminus with their incumbency in their org

Question 12

Composition of BOA

Answer 12

1 + 6

Question 13

Things to Remember in BOA

Term

Answer 13

2 successive terms then lapse of 1 year (MAX of 12 years)

Vice Chairman for 1 year among its members

3 years

Question 14

Qualifications for BOA
- pwede bang naturalized?
- ilang years yung experience?

Answer 14

NO (should be natural-born citizen AND resident)

• 10 years in any sector

Question 15

Paano yung process ng pag-elect sa BOA?

Answer 15

5-3-1
PICPA - 5 nominees per vacancy
PRC - 3 recommended (ranked)
President - 1 appointed

Question 16

Since under ng PRC yung BOA, pwede niya iremove or suspend a member of BOA. True or False?

Answer 16

False (Only President upon recommendation of PRC)

Question 17

Qualifications for LECPA
- pwede bang naturalized?

Answer 17

YES (filipino citizen, not required na resident - pwede yung mga nasa Dubai)

Question 18

Nagconditional ako. Ano yung subjects na dapat kong iretake?

Answer 18

Yung mga di umabot ng 75%

Question 19

Removal Exam for Conditional

ilang years?

Answer 19

• within 2 years
• must meet criteria for PASS
• Original + Removal = 1 Complete Exam ONLY

Question 20

Refresher Course

Ilang units?

Answer 20

• 2 Original + 2 Conditional (failed 2 complete exams)

24 units

Question 21

I passed the CPALE. Ano yung matatanggap kong documents?

Ano yung expiration nila?

Answer 21

1. Certificate of Registration - no expiration
2. Professional ID - 3 years before birthday

Question 22

I was suspended. Ilang years para mareinstate yung lisensya ko?

Answer 22

2 years from date of revocation

Question 23

Sino yung required na mag Certificate of Accreditation?

Ano yung expiration?

Answer 23

• for public practice (3 years meaningful experience)
• 3 years before September 30

Question 24

Penal Provision of RA 9298

Answer 24

• minimum 50K fine
• 2 years imprisonment
• both

Question 25

Accreditation
- ilang units
- specifics

First letter (TPP)

Answer 25

120 units
- Technical Competence (30)
- Professional Skills (5)
- Professional Values (5)
- Flexible (80)

Question 26

Exceptions in Accreditation
- Sino yung pwede sa permanent? sa Temporary?

Answer 26

Permanent - 65 years old
Temporary - out of country (for 2 years before date of renewal)