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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. 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.

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. 

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 PRC 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 & 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 (or FRSC, formerly the Accounting Standards Council) and the Auditing and Assurance Standards Council (or 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.