Powers and Functions of the Board.
Section 9
SEC. 9. Powers and Functions of the Board.—The Board shall exercise the following specific powers, functions and responsibilities: To prescribe and adopt the rules and regulations necessary for carrying out the provisions of this Act; To supervise the registration, licensure practice of accountancy in the Philippines; To administer oaths in connection with the administration of this Act; To issue, suspend, revoke, or reinstate the Certificate of Registration for the practice of the accountancy profession; To adopt an official seal of the Board; To prescribe and/or adopt a Code of Ethics for the practice of accountancy; To monitor the conditions affecting the practice of accountancy and adopt such measures, including promulgation of accounting and auditing standards, rules and regulations and best practices as may be deemed proper for the enhancement and maintenance of high professional, ethical, accounting and auditing standards: Provided, That domestic accounting and auditing standards, rules and regulations shall include the international accounting and auditing standards, and generally accepted best practices; To conduct an oversight into the quality of audits of financial statements through a review of the quality control measures instituted by auditors in order to ensure compliance with the accounting and auditing standards and practices; To investigate violations of this act and the rules and regulations promulgated hereunder and for this purpose, to issue summons, subpoena and subpoena ad testificandum and subpoena duces tecum to violators or witness thereof and compel their attendance to such investigation or hearings and the production of documents in connection therewith: Provided, That the Board upon approval of the Commission may, subject to such rules and regulations that may be promulgated to implement this section, delegate the fact-finding aspect of such investigations to the accredited national professional organization of certified public accountants: Provided further, That the Board and/or the Commission may adopt their findings of fact as it may seems fit; The Board may, motu proprio in its discretion, make such investigations as it deems necessary to determine whether any person has violated any provisions of this law, any accounting or auditing standard or rules duly promulgated by the Board as part of the rules governing the practice of accountancy; To issue a cease or desist order to any person, association, partnership or corporation engaged in violation of any provision of this Act, any accounting or auditing standards or rules duly promulgated by the Board as part of the rules governing the practice of accountancy in the Philippines; To punish for contempt of the Board, both direct and indirect, in accordance with the pertinent provisions of and penalties prescribed by the Rules of Court; To prepare, adopt, issue or amend the syllabi of the subjects for examinations in consultation with the academe, determine and prepare questions for the licensure examination which shall strictly be within the scope of the syllabi of the subjects for examinations as well as administer, correct and release the results of the licensure examinations; To ensure, in coordination with the Commission on Higher Education (CHED) or other authorized government offices that all higher educational instruction and offering of accountancy comply with the policies, standards and requirements of the course prescribed by CHED or other authorized government offices in the areas of curriculum, faculty, library and facilities; and To exercise such other powers as maybe provided by law as well as those which may be implied from, or which are necessary or incidental to the carrying out of, the express powers granted to the Board to achieve the objectives and purposes of this Act. The policies, resolution, rules and regulations, issued or promulgated by the Board shall be subject to review and approval of the Commission. However, the Board's decisions, resolutions or orders rendered in administrative cases shall be subject to review only if on appeal.