Philippine Institute of Certified Public Accountants (PICPA)

- The Philippine Institute of Certified Accountants or PICPA is the accredited professional

organization (APO) of CPAs by the Professional Regulation Commission (PRC) and has been awarded
twice as PRC most outstanding APO from among other professional organizations.

History

 PICPA was founded in November 1929 by a group of illustrious pioneers in the accounting
profession: Enrique Caguiat, Santiago de la Cruz, Francisco Dalupan, Jaime Hernandez, Felipe
Ollada, Ramon del Rosario, Antonio Sanchez, Jose Torres, Artemio Tulio, Clemente Uson and
Jesus Zulueta. W. W. Larkin, holder of CPA Certificate No. 1, was its first president.

 Over the years, PICPA has been sustaining its accreditation with PRC. The accreditation started
on October 2, 1973, when PICPA was awarded Certificate of Accreditation No. 6 , by then PRC
Chairman Eric Nubla, after having complied with the requirements for accreditation under
Presidential Decree No. 223. This distinction, which recognized the Institute as the bonafide
professional organization of CPAs, likewise gave PICPA the responsibility of setting into motion a
scheme for the integration of all CPAs in the country.

 Integration of the Accountancy Profession was carried out under Resolution No. 106 dated July
12, 1984 as amended by Resolution No. 142 dated March 4, 1987. In compliance with the said
Resolution, PICPA revised its By laws, and thereafter elected its new set of Board of Directors
and Officers on December 2, 1988. With this event, then PRC Commissioner Julio B. Francia
subsequently declared that all the conditions for integration had been fulfilled and thus,
integration was already accomplished.

 A further step was taken when the Accountancy Act of 2004 or Republic Act No. 9298 and its
Implementing Rules and Regulations came into form. The law formally recognized the four
sectors of the accountancy profession, namely Commerce and Industry, Public Practice,
Government and Education / Academe and the four geographical groupings, namely, Luzon,
Visayas, Mindanao and National Capital Region. Also implemented was the requirement with
respect to Continuing Professional Education. In compliance with the new Law, PICPA amended
its By-laws and changed its structure to give strength to the sectors and geographical areas.

 Given recognition likewise are the Financial Reporting Standards Council (FRSC), formerly the
Accounting Standards Council) and the Auditing and Assurance Standards Council (AASC,
formerly the Auditing Standards Practices Council.) as the official standard setting bodies of the
 profession. The Philippines adopts and follows the International Financial Reporting Standards /
the International Accounting Standards, the International Standards of Auditing and the
International Code of Ethics for Professional Accountants.

Objectives

The group set forth the following objectives:

• To promote and maintain high professional and ethical standards among accountants;

• To advance the science of accounting;

• To develop and improve accountancy education;

• To encourage cordial relations among accountants, and

• To protect the Certificate of Certified Public Accountant granted by the Republic of the
Philippines.

Mision

To serve the best interest of the members and the stakeholders while promoting, upholding,
and maintaining high standards in the accountancy profession and protecting public interest.

Vision

A responsive and globally relevant professional organization committed to service excellence

towards its member and stakeholders.

Membership (By-Laws)

 Qualification- All CPA whose name appear in the Registry of Professionals of the PRC are
automatically members of PICPA
 Registration- every member admitted by the PRC as CPA shall register with the PICPA at
the National Office or at the nearest chapter of his office or residence
 Certificate of Membership- it is the duty of every CPA to submit his curriculum vitae
which shall include his permanent residence and place of office, as the basis of the
issuance of a Certificate of Membership in a form prescribed by the National Board of
Directors
 Granting of Certificate of Membership- Every member of PICPA shall be entitled to a
Certificate of Membership upon verification of his qualifications by the National Board
of Directors and upon payment of the required dues
 Membership pledge- Every CPA entitled to a certificate, shall take the PICPA
Membership pledge before any national, geographical, regional or chapter officer at any
 monthly meeting of members, or in any national, geographical, regional or chapter
office. The Certificate of Membership shall thereupon be issued to him.
 Duties and Responsibilities of members:
o To pay PICPA dues and other PICPA assessments
o To abide by the Articles of Incorporation and BY- Laws and other issuance of
PICPA
o To continually develop himself/herself professionally through compliance with
prescribed CPE requirements
o Actively participate in the activites of PICPA
 Chapter and Sector members- Every member of PICPA shall be both member of a
Chapter and a member of a Sector

Benefits of PICPA in Good Standing

1. Discounted fees in attending seminars conducted by PICPA Member in Good Standing – P1,680
(inclusive of 12% VAT Member not in good standing/Non-Member – P2,240 (inclusive of 12% VAT)

2. Assistance in the processing of application of PRC ID renewal and other related services that we can
offer to help our members with PRC.

3. Assistance in the processing of BOA accreditation including a free preliminary

assessment/consultation with our secretariat in-charge of BOA accreditation.

4. Updates from various accounting and regulatory bodies local and international like BOA, SEC, BIR, IC,
BSP, IFAC, ACCA, AFA.

5. Free access to PICPA Library

6. Eligibility to vote and to be nominated in the annual election of PICPA Chapter Directors.

7. Death benefit in the amount of P10,000.