Be it  enacted by  the Senate and House of Representatives of the Philippines in Legislature assembled  and by the authority of  the same:

SECTION 1. Sections two, four, five, eight, eleven, twelve, and sixteen of Act Numbered Thirty-one hundred and five are hereby amended to read as follows:

   "SEC. 2. The Secretary of Commerce and Communications shall, within thirty days after the taking effect of this Act, appoint three persons who are citizens of the Philippine Islands or of the United States, who shall constitute the  Board of Accountancy.  At least two members of the Board shall have been engaged in the reputable practice as public accountants for a continuous period of three  years immediately preceding the passage of this Act, in the Philippine Islands.   The  persons  first appointed  shall  hold office for one, two, and three years, respectively; thereafter appointees shall  be  certified public  accountants who hold certificates  issued  under the provisions of this Act  and shall serve for three years.  Interim vacancies shall be filled by appointment for the unexpired term only."

"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, or for 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,' 'practical 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-year course, or  have  an equivalent  education,  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 as certified by a college or university  recognized by the  Government."

"SEC.  5. All candidates for examination provided for in this Act obtaining a rating of seventy-five per cent or over on each  subject shall be entitled to registration as  certified public accountants  and as such receive a certificate of registration from  the Board."

"SEC.  8.  Each member of the Board shall receive from the  Insular funds  as compensation the sum of ten  pesos for  each application for  examination or renunciation accepted  by  the Board.   The secretary-treasurer  shall receive from  Insular funds in  addition to his allowance as member of  the Board a  compensation at the rate of  two hundred forty pesos per year,  one-half of  which amount shall be paid on the thirtieth of June and one-half on the thirty-first  of December  of each year.   If any Government employee shall be  appointed  a  member of  the  Board, or elected secretary-treasurer, he may receive  the compensation herein provided for  in addition to  his  salary."

"SEC.  11. The Board may, in its discretion, waive the examination of any person  of competent  age, of  good moral character, and who is the lawful holder of a  certified public accountant's certificate issued under the law of any State or territory of the United States or the District of Columbia,  which  extends similar  privileges to  certified public  accountants of  the  Philippine Islands:  Provided, That the applicant has  resided in the Philippine Islands, one year immediately prior to his application."

"SEC. 12. All public accountants who have  not qualified as certified public accountants and who have  been in continuous  practice  in  the Philippines  for  their account as individuals or as senior accountants for any firm of public accountants for a period of one year immediately preceding the passage of this Act and  who shall satisfy the Board as to their good moral character  and professional experience, shall be  allowed to practice as public accountants and to be styled as such, but  not to be allowed the title of certified public accountants, or the  use of the  abbreviation "C. P. A." provided that application for their registration shall be filed with the Board within sixty days after the passage of  this Act."

"SEC. 16. Any person who represents himself to the public as having received a certificate as provided in this Act, or shall assume to practice as certified public accountant, or use the abbreviated title 'C. P. A.,' or any similar words or letters, to indicate that the person using the same is  a  certified public accountant,  without  having received such certified public accountant's certificate, or shall assume to practice as a public accountant, without having received such  public accountant's certificate,  or  having received such  certificate was thereafter deprived of the use of the same by temporary suspension or revocation,  shall be punished by a fine in a sum not exceeding five thousand pesos, or  by imprisonment for a period  not exceeding two years, or both, at the discretion of the court, for each such offense, and each day  that such person shall so  practice or  held himself out as a certified public accountant, or public accountant, shall be deemed a separate offense.

"A certified  public accountant, or  person employed by a certified public accountant, shall  not be  required to,  and shall  not voluntarily,  disclose or divulge the  contents of any communication made to  him or  her by  any person employing him or her to examine, audit, or report.on any books, records,  or  accounts, nor  divulge  any  information deriving from such books, records,  or accounts in rendering a  professional service, except by express permission of the person employing him or her or of the heirs, personal representatives, or successors of  such person.  Any  person violating this provision  shall be subject  to  the same penalty as in the first preceding paragraph provided.

"Any person  practicing in  the Philippine Islands as a certified public accountant, or public accountant under  this  Act, who  willfully falsify any  report or statement bearing on  any  examination, investigation, or audit made by  him or her,  or under his or her direction, shall be subject to the same  penalty as in the first preceding paragraph provided.

"This section shall also apply to all partnerships, or  corporations all the members of which  have not received such' certificates to practice as  certified public accountants, and ' the penalties provided shall apply to all members of such partnership or corporations."

SEC. 2.  Nothing in this Act shall be construed as invalidating any certificate heretofore issued  by the Board.

SEC. 3.  This Act shall take effect on its approval.

Approved, December 7, 1925.