BOA Latest Update for Accreditation and Other Compliance Deadlines as well as Charges

From the latest news update published through the official website of the Professional Regulation Commission (PRC), it already revealed the accreditation as well as other compliances deadlines and charges for the Board of Accountancy (BOA).

The PRC had provided the necessary information online concerning the accreditation deadlines and other important documents to submit. Check out the list below to determine the exact procedures and the amount of service fees, which the applicants need to pay:

  • For filing of initial application of accreditation of CPAs in Commerce and Industry (pursuant to Resolution 03-2016 as amended by 115-2016). Deadline is December 31, 2016 (HOWEVER, LATE FILING IS ACCEPTED AFTER SECURING APPROVAL BY EMAILING boa.secretariat@gmail.com)
  • For filling of application of accreditation of CPAs in Commerce and Industry who are newly hired (pursuant to Resolution 68-2016). Deadline is one month from the date of hiring.
  • For filling of application of accreditation of CPAs in Commerce and Industry whose organization becomes covered by the requirements of Resolution 03-2016. Deadline is one month from the date of the company/organization.
  • For filing of application of accreditation of Partners of Accounting Firm/Partnership (pursuant to Resolution 295-2015 as affirmed by RTC Court Decisions in Case 16-432 dated July 24, 2017 and November 2017), ongoing.
  • For filing of application of accreditation of CPA Professional Staff of Accounting Firm/Partnership (pursuant to Resolution 295-2015 as affirmed by RTC Court Decisions in Case 16-432 dated July 24,2017), ongoing.
  • For filing of application of accounting teachers who are newly hired by Accounting schools. Deadline is one month from date of hiring (pursuant to a forthcoming resolution and BoA Resolution No. 88-2008).
  • For filing of application of Partners who are newly accepted and/or CPA Professionals staff who are newly hired by Accounting Firm/Partnership. Deadline is one month from date of acceptance or hiring.
  • For filing of application of Partners and CPA Professional staff of newly formed Accounting Firm/Partnership. Deadline is one month from date of formation for Partners and same deadline for CPA Professional Staff.
  • For completing CPD requirements covered by an Affidavit of Undertaking by CPAs in Commerce and Industry and CPA Professional Staff. Deadline is December 31, 2016 (extended deadline to be prescribed in forthcoming resolution).
  • For submission of FS to external auditors for the conduct of their audit of said FS. Deadline shall be two (2) months after the close of the accounting period/year.
  • For attachment of Certificate of Compilation Services to the audited FS by accredited CPA compiler — at time of acceptance of management of enterprise/company of the audit opinion.
  • Submission of list of clients who did not comply with the provisions of Resolution 03-2016 — to be announced in a resolution that will be issued.

 

Accreditation fee for CPAs (for three year period), as prescribed in Resolution 92-2016:

For sole practitioner – P1, 500.00
For partnership and accounting firm – P2, 000.00
For each Partner of a Professional Partnership/Firm – P1, 500.00
For each CPA Professional Staff – P300.00
For accounting teacher – P1, 500. 00
For CPA in commerce and industry – P1, 500.00

 

Source of information: prc.gov.ph

Credit image: Twitter

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