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MUTUAL RECOGNITION

ARRANGEMENT
(MRA) ON ACCOUNTANCY
SERVICES

ASEAN MEMBER STATES


Brunei Darussalam
Kingdom of Cambodia
Republic of Indonesia
July batch: 289
Lao People's Democratic Republic
Malaysia
Republic of the Union of Myanmar
Republic of the Philippines
Republic of Singapore
Kingdom of Thailand
Socialist Republic of Viet Nam, batch:
258
NCR: 46.1%

Objectives
1. To facilitate mobility of accountancy
services professionals across ASEAN
July batch: 289
October batch: 258
Member States;

2. To enhance the current regime for


the provision of accountancy services
in the ASEAN Member States; and

3. To exchange information in order to


promote adoption of best practices on
standards and qualifications.

NCR: 46.1%

ACPA
A Professional Accountant who is a
national of an ASEAN Member
State and who possesses the
qualifications and experience to
comply with the requirements
specified
in
the
Assessment
Statement may apply to be
registered on the ASEAN Chartered
Professional Accountant Register
(ACPAR) and accorded the title

July batch: 289

NCR: 46.1%

October batch: 258

Requirements for Registration as


ASEAN Chartered Professional Accountant (ACPA)

A Professional Accountant who meets all of


the following qualifications and conditions
shall be eligible for registration as an ACPA.

1. Completed an accredited accountancy


program/degree from a higher educational
institution recognized by the CHED;

Cont.
2. Possesses a current and valid Certificate of
Registration and Professional Identification Card
to practice Accountancy in the Philippines issued
by the PRC;

3. Has acquired not less than three (3) years of


active practice cumulatively within a five (5) year
period after registration/licensure;

4. Has complied with the CPE/CPD policy of the


Philippines;

Cont.

5. Has not been convicted


or charged of
October batch: 258
any serious technical, professional or
ethical standards, local and international,
for the practice of Accountancy or of any
crime which involves moral turpitude; and

6. Is a member in good standing of the


accredited professional organization for
accountants in the Philippines.
NCR: 46.1%

AUDIT

1. An ACPA is required to renew his/her PRC


Professional Identification Card and ACPA
Certificate of Registration every
three
(3) years,
October batch:
258
subject to compliance with the prescribed rules
and regulations and payment of fees.

2. All ACPAs are bound to comply with the


provisions of Republic Act No.9298 (The
Accountancy Act of 2004) and its Implementing
Rules and Regulations.

3. All ACPAs are required to comply with the


prescribed units of CPE/CPD as set in the
Assessment Statement.

APPLICATION PROCESS

1. Applications for registration in the


ACPAR shall be submitted to the Board,
through the PRC International Affairs
October batch: 258
Division (lAD) .

2. The Board shall endorse all complete


and eligible applications to the AMCPASP
for evaluation and subsequent
endorsement to the PRC.

3. An ACPA Certificate of Registration shall


be issued to the successful applicant with
a validity of three (3) years from the date

RFPA

An ACPA of any other ASEAN


Member State who wishes to
provide professional accountancy
services in the Philippines shall
register with the PRC, through the
AMCPASP, to be eligible as a
Registered Foreign Professional
Accountant (RFPA).
October batch: 258

CONT.

An RFPA will be permitted to


work, not in independent
practice, but in collaboration
with one or more Filipino
Professional Accountant/s,
subject to the pertinent
provisions of Republic Act No.
8991 (PRC Modernization Act of
2000) and Republic Act No 9298
October batch: 258

SUPPLEMENTAL ASSESSMENT TO
DETERMINE IF RFPA :

1. Fully understands the general


principles behind applicable codes
of practice and laws in the
Philippines;

2. Has demonstrated a capacity to


apply such principles safely and
efficiently; and

3. Is familiar with other special


requirements implemented within
October batch: 258

PRIVILEGES AND OBLIGATIONS

An RFPA shall provide


accountancy services in the
Philippines only in the areas of
competence as may be
recognized and approved by the
PRC, through the Professional
Regulatory Board of Accountancy
(Board).
October batch: 258

CONT.

He/she shall also be bound by the:

1. Local and international codes of


professional conduct in accordance
with the policy on ethics and
conduct established and enforced in
the Philippines; and

2. Domestic regulations of the


Philippines.
October batch: 258