Appointment of the Chairman And Members of the Auditing and Assurance Standards Council (AASC)

September 14, 2009 PRC BOARD OF ACCOUNTANCY RESOLUTION NO. 095-09 APPOINTMENT OF THE CHAIRMAN AND MEMBERS OF THE AUDITING AND ASSURANCE STANDARDS COUNCIL (AASC) WHEREAS, Republic Act No. 9298 otherwise known as the Philippine Accountancy Act of 2004 and its Implementing Rules and Regulations were approved and made effective in June, 2004 and January 2005 respectively; WHEREAS, The Philippine Accountancy Act of 2004 provides in Article II Section 9 (g) that the Board of Accountancy (Board) of the Professional Regulation Commission (Commission) has the power 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 practice 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; WHEREAS, The Implementing Rules and Regulations of the Philippine Accountancy Act of 2004 provides in Rule II Section 9 (A) that the Commission upon the recommendation of the Board shall within ninety (90) days from the effectivity of this IRR, create an . . . auditing standard setting body to be known as the Auditing and Assurance Standards Council (AASC) to assist the Board in carrying out its powers and functions provided in Rule II, Section 9 (g) thereof; AaCEDS The AASC shall be composed of fifteen (15) members with a Chairman, who had been or presently a senior accounting practitioner in any of the scope of accounting practice and fourteen (14) representatives from the following: (a) Board of Accountancy (Board) 1 (b) Securities and Exchange Commission (SEC) 1 (c) Bangko Sentral ng Pilipinas (BSP) 1 (d) Commission on Audit (COA) 1 (e) An association or organization of CPAs 1 in active public practice of accountancy (f) Accredited National Professional 6 Organization of CPAs Public Practice Commerce and Industry 1 Academe Education 1 Government 1 9 Total 14 ==== WHEREAS, The Board in coordination with the Philippine Institute of Certified Public Accountants (PICPA), the accredited national professional organization for Accountancy had already identified a suitable chairman and eleven (11) members for appointment to the AASC on December 1, 2005 for a period of three years which term had already expired on December 31, 2008 and therefore there is a need to appoint another set of members of the council; WHEREAS, The Board determined that after three (3) years of operations of the AASC, the Board determines that there is a need for more representation of the PICPA-Public Practice sector and that there is no more need for representation of the PICPA-government sector because there is already adequate representation from the government regulators; WHEREFORE, THE BOARD RESOLVED AS IT IS HEREBY RESOLVED to revise the composition of the AASC as follows: Chairman 1 Members a. Board of Accountancy 1 b. Securities and Exchange Commission 1 c. Commission on Audit 1 d. Bangko Sentral ng Pilipinas 1 e. An association or organization of CPAs 1 in active public practice of accountancy f. Accredited National Professional 9 Organization of CPAs Public Practice Commerce and Industry 1 Academe/Education 1 12 Total 16 === RESOLVED FURTHER to appoint, in coordination with PICPA, the following chairman and members of the AASC for the ensuing term to expire on December 31, 2011. cIaHDA Chairman - Benjamin R. Punongbayan Members Board - Froilan G. Ampil SEC - Ma. Gracia F. Casals-Diaz COA - Jaime P. Naranjo BSP - (To be appointed later) Association of CPAs - Antonio P. Acyatan in Public Practice Philippine Institute of Certified Public Accountants Public Practice - Felicidad A. Abad - David P. Balangue - Eliseo A. Fernandez - Judith V. Lopez - Roberto G. Manabat - Ma. Cecilia F. Ortiz - Nestorio C. Roraldo - Ruby R. Seballe - Joaquin P. Tolentino Education/Academe - Jose M. Ireneo Commerce and Industry - Jaime E. Ysmael RESOLVED FURTHERMORE, that the AASC shall be an independent and private council, shall generate its working capital from generous sources and its chairman and members shall not be considered employees of the government with respect to their work in the AASC but the Board shall have administrative supervision over it. RESOLVED FINALLY, that this Resolution shall take effect after fifteen (15) days following its publication in the Official Gazette or in a newspaper of general circulation in the Philippines, whichever is earlier. DONE in the City of Manila, Philippines this 14th day of September 2009. (SGD.) EUGENE T. MATEO Chairman (SGD.) MA. ELENITA B. CABRERA Vice-Chairman (SGD.) FROILAN G. AMPIL Member (SGD.) LUCILA C. TARIELA Member (SGD.) RUFO R. MENDOZA Member Attested by: (SGD.) CARLOS G. ALMELOR Secretary Professional Regulation Commission Approved by: (SGD.) NICOLAS P. LAPEA, JR. Chairman (SGD.) RUTH RAA-PADILLA Commissioner (SGD.) NILO L. ROSAS Commissioner Published in the Official Gazette, Vol. 105, No. 45, p. 6630 on November 9, 2009.