Extension of Accreditation of CPAs in Public Practice up to April 30, 2015

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Are you one of those who patiently wait for the renewal of your Board of Accountancy (BOA) accreditation and can’t wait to sign auditor’s report on financial statements because your accreditation has expired on December 31, 2014?

Well, it doesn’t matter if you are a solo practitioner or a partner of a firm because here’s a good news for you!

The Professional Regulation Commission (PRC) announces the extension of the period of Accreditation of Individual Certified Public Accountants (CPAs) and Partnerships/Firms. Resolution no. 41(D) series of 2015, issued by the Professional Regulatory Board of Accountancy on March 4, 2015, extends the period of accreditation of all individual CPAs and partnerships/firms engaged in public accountancy until April 30, 2015.

All individual CPAs and partnership/firms with pending applications for renewal of accreditation with the Commission and the Board must fully comply with all the requirements in order to be issued a Certification of Renewal of Accreditation.  All individual CPAs and partnership/firms which were granted provisional accreditation pursuant to Resolution no. 41(d) shall be allowed to sign and certify financial statements until April 30, 2015. Subsequent approvals for renewed accreditation shall be made effective starting May 1, 2015.

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This provisional extension shall be indicated in all documents to be signed by members of the Board of Accountancy and issued by the PRC.  This provisional extension shall be indicated in all documents to be signed as follows:

“BOA Certification No.________ valid until December 31, 2014, with extended validity until April 30, 2015 pursuant to PRC Resolution No. 41 (D).”

The Resolution shall take effect after fifteen (15) days following its complete publication in the Official Gazette or in any newspaper of general circulation in the Philippines.

The Securities and Exchange Commission (SEC), which also undertakes the accreditation of certain classes of CPAs and partnerships/firms engaged in public accountancy, issued Resolution No. 46, Series of 2015, also extended, until March 31, 2015, the effectivity of the SEC accreditation of auditing firms and external auditors that have already expired but with pending applications for renewal with the SEC.

 

The PRC BOA Resolution No. 41 (D), Extension of Period of Accreditation of Individual Certified Public Accountants (CPAs) and Partnerships/Firms Engaged in Public Accountancy can be downloaded here.

Let us know what you think! 🙂


Disclaimer: Opinions expressed in this article are that of the author and information provided are for general conceptual guidance for public information and are not substitute for expert advice. Contact support@philcpa.org for more information and if you want to avail professional services. Find us on Facebook!



Orlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

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