Senate Bill 701

Senate Bill No. 701 was introduced by Senator Francis G. Escudero (Chiz Escudero). It seeks to amend Republic Act 9298 or the Philippine Accountancy Act of 2004.

The amendment is on Sec. 31 of the mentioned law. The amendment is as follows:

"SEC. 31. [Accreditation] REGISTRATION to THE Practice OF Public Accountancy - [Certified Public Accountants,] SINGLE PRACTITIONERS, firms and partnership [of certified public accountants,] engaged in the practice of public accountancy, including partners and staff members thereof, shall BE registered with the Commission and the Board, such registration to be renewed every three (3) years; Provided, That subject to the approval of the Commission, the Board shall promulgate rules and regulations for the implementation of registration requirements including the fees and penalties for violation thereof. PROVIDED, FURTHER, THAT THE SECURITIES AND EXCHANGE COMMISSION SHALL NOT REGISTER ANY CORPORATION ORGANIZED FOR THE PRACTICE OF PUBLIC ACCOUNTANCY.

Senate Bill No. 701 also repealed Sec. 28 of Republic Act 9298.

For the full text of RA 9298, click here.

For the full text of Senate Bill No. 701, click here.