Section 4
SEC. 4. The Board of Accountancy, the majority of which shall in all cases have the powers of the board, is vested with authority, conformably with the provisions of this Act, to issue and to suspend temporarily or revoke the validity of certificates of registration for Certified Public Accountants. The board shall study the conditions affecting the practice of public accounting in all parts of the Philippine Islands and shall exercise the powers herein conferred upon it with a view to the maintenance of efficient ethical and technical standards in the public accounting profession. Subject to the approval of the Secretary of Commerce and Communications, it shall determine the qualifications of persons applying for certificates under this Act, and shall make rules for the examination of same, which shall embody the following: ' (a) Examination shall be held by the board at least once in each year, at such times and places as may be determined by them. The time and place of holding such examinations shall be advertised for not less than three consecutive days, not less than thirty days prior to the date of such examination, in at least two daily newspapers printed and published in the Philippines. The examinations shall be "theory of accounts," "pratical accounting," "auditing," and "commercial law" as affecting accountancy. (b) Applicants for certificates, before taking the examination must produce evidence satisfactory to the board that they are over twenty-one years of age, of good moral character, a graduate of a high school with a four years course, or have an equivalent education, or pass an especial examination held by the board for that purpose and that they have had at least three years' practical experience as professional public accountants, or three years of study in accounting and commercial subjects in a college or university whose course of study has been approved by the Government.