The ETC shall be composed of a. 7 members. b. 8 members. c. 15 members d. 14 members

The ETC shall be composed of
a. 7 members.
b. 8 members.
c. 15 members
d. 14 members
by

1 Answer

Answer :

7 members.
by

Related questions

The chairman and the members of the AASC and FRSC shall have a term of a. 1 year. b. 3 years. c. 3 years with no renewal. d. 3 years renewable for another term

Description : The chairman and the members of the AASC and FRSC shall have a term of a. 1 year. b. 3 years. c. 3 years with no renewal. d. 3 years renewable for another term

Last Answer : 3 years renewable for another term

Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, 2008, the next renewal must be on or before: a. September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011

Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, ... . September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011

Last Answer : September 30, 2011

Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)? a. The Chairman and members of the Board shall hold office for a term of three years. b. A person may serve the BOA for not more than twelve years. c. A member of the BOA may continuously serve office for more than nine years. d. No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year

Description : Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)? a. The Chairman and members of the Board shall hold office for a term ... two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year

Last Answer : A member of the BOA may continuously serve office for more than nine years.

The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by the President of the Philippines upon recommendation of PICPA. c. Majority of the board members shall as much as possible be in public practice. d. The Professional Regulation Commission may remove from the Board any member whose certificate to practice has been removed or suspended

Description : The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by ... Commission may remove from the Board any member whose certificate to practice has been removed or suspended

Last Answer : The Board consists of a Chairman and six members.

Members of the Professional Regulatory Board of Accountancy shall serve for: a. Three years, subject to renewal. b. Seven years, not subject to renewal. c. Three years, subject to reappointmentd. Three years, not subject to reappointment.

Description : Members of the Professional Regulatory Board of Accountancy shall serve for: a. Three years, subject to renewal. b. Seven years, not subject to renewal. c. Three years, subject to reappointment. d. Three years, not subject to reappointment

Last Answer : Three years, subject to reappointment

The Chairman and the members of the BOA shall be appointed by the: a. Commissioner of the SEC. b. President of the PICPA. c. President of the Republic of the Philippines. d. Retiring chairman of the Board of Accountancy.

Description : The Chairman and the members of the BOA shall be appointed by the: a. Commissioner of the SEC. b. President of the PICPA. c. President of the Republic of the Philippines. d. Retiring chairman of the Board of Accountancy.

Last Answer : President of the Republic of the Philippines.

The BOA vice-chairman shall be a. Appointed by the PRC b. Elected by BOA members c. Appointed by the President of the Philippines d. Appointed by the PRC upon recommendation by the PICPA

Description : The BOA vice-chairman shall be a. Appointed by the PRC b. Elected by BOA members c. Appointed by the President of the Philippines d. Appointed by the PRC upon recommendation by the PICPA

Last Answer : Elected by BOA members

The BOA shall submit to the PRC the ratings obtained by each candidate within how many calendar days after the examination? a. 5 days b. 10 days c. 15 days d. 30 days

Description : The BOA shall submit to the PRC the ratings obtained by each candidate within how many calendar days after the examination? a. 5 days b. 10 days c. 15 days d. 30 days

Last Answer : 10 days

The following statements relate to CPE credit units. Which is incorrect? a. One credit hour of CPE program, activity or source shall be equivalent to one (1) credit unit. b. Any excess credit units in one year may be carried over to the succeeding years within the three-year period. c. The total CPE credit units for registered accounting professionals shall be sixty (60) credit units for three (3) years, provided that a minimum of fifteen (15) credit units shall be earned in each year. d. Excess credit units earned may be carried over to the next three-year period including credit units earned for doctoral and master's degrees.

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Last Answer : Excess credit units earned may be carried over to the next three-year period including credit units earned for doctoral and master's degrees.

The death, or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than ___ days from the date of such death, dissolution or liquidation. a. 15 b. 30 c. 60 d. 90

Description : The death, or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than ___ days from the date of such death, dissolution or liquidation. a. 15 b. 30 c. 60 d. 90

Last Answer : 30

The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified Public Accountants (PICPA) b. Auditing and Assurance Standards Council (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Description : The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified ... (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Last Answer : Philippine Institute of Certified Public Accountants (PICPA)

The Professional Regulatory Board of Accountancy consists of: a. 1 Chairman and 4 members. b. 1 Chairman and 5 members. c. 1 Chairman and 6 members. d. 1 Chairman and 7 members

Description : The Professional Regulatory Board of Accountancy consists of: a. 1 Chairman and 4 members. b. 1 Chairman and 5 members. c. 1 Chairman and 6 members. d. 1 Chairman and 7 members

Last Answer : 1 Chairman and 6 members

How many members of the AASC are needed to approved the exposed draft as PSA a. At least 8 b. At least 10 c. At least 12 d. Majority of the regular members

Description : How many members of the AASC are needed to approved the exposed draft as PSA a. At least 8 b. At least 10 c. At least 12 d. Majority of the regular members

Last Answer : At least 10

The following statements relate to the RA 9298. Which statement is true? a. The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for negligence, incompetence, or any other just cause. b. No person shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others. c. Insanity is not a ground for proceeding against a CPA. d. After three years, subject to certain conditions, the Board of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.

Description : The following statements relate to the RA 9298. Which statement is true? a. The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for ... of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.

Last Answer : No person shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others

The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out sentences of imprisonment to CPAs who fail to present a valid system of quality control. c. Revoke the certificate of registration and professional ID of an individual CPA, firm, or partnership of CPAs who have not observed quality control measures and who has not complied with the standards of quality prescribed for the practice of public accountancy. d. All of these

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Last Answer : Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review.

A candidate who fails in two (2) complete CPA examinations shall be: a. Reverted to undergraduate status. b. Forever banned from taking another set of c. Considered as having passed the examination, under the rule of efforts and professional mercy. d. Required to take a refresher course before making another attempt at the CPA Board exams.

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The APO shall renew its Certificate of Accreditation once every how many years after the date of the Resolution granting the petition for re-accreditation and the issuance of the said certificate upon submission of the requirements? a. 2 years b. 3 years c. 4 years d. 6 years

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Last Answer : 3 years

The Philippine Accountancy Act of 2004 provides that all Working papers made during an audit shall be the property of the auditor. These working papers shall include the following, except: a. Working papers prepared by the CPA and his staff. b. Analysis and schedule prepared and submitted to the auditor by his client's staff. c. Excerpts or copies of documents furnished to the auditor. d. Any report submitted by the auditor to his client.

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Last Answer : Any report submitted by the auditor to his client.

Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on erring CPAs in audit practice. c. To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines. d. To undertake continuing research on both auditing and financial accounting in order to make them responsive to the needs of the public

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Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.

Which of the following is expected of AASC to do? a. AASC should normally expose its opinion on specific queries from a practicing CPA. b. AASC should normally expose a proposed interpretation of statements. c. To make the statements on Philippine Standards on Auditing operative, the final statement shall be submitted to the Board of Accountancy for approval. d. When it is deemed necessary to expose a statement for a comment on proposed interpretations of statements, the exposure period is understandably shorter than those of the regular drafts of standards

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Last Answer : To make the statements on Philippine Standards on Auditing operative, the final statement shall be submitted to the Board of Accountancy for approval.

In determining whether the work of the internal auditors is likely to be adequate for purposes of the audit, the external auditor shall evaluate the internal auditor's a. Efficiency and experience b. Competence and objectivity c. Independence and review skills d. Training and supervisory skills

Description : In determining whether the work of the internal auditors is likely to be adequate for purposes of the audit, the external auditor shall evaluate the internal auditor's a. Efficiency and experience b. Competence and objectivity c. Independence and review skills d. Training and supervisory skills

Last Answer : Competence and objectivity

A CPA in public practice shall not disclose any confidential client information without the specific consent of the client. The confidentiality rule is violated if CPA disclosed information without client's consent as a result of a a. Subpoena or summons. b. Peer review. c. Request by client's largest stockholder. d. Complaint filed with the trial board of the Board of Accountancy

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Last Answer : Request by client's largest stockholder.

The 1986 Constitution provides that the Chairman and Commissioners of the Commission on Audit shall be a. All lawyers b. All Certified Public Accountants c. Two lawyers and one CPA d. One or two lawyers and one or two CPAs for a total of three

Description : The 1986 Constitution provides that the Chairman and Commissioners of the Commission on Audit shall be a. All lawyers b. All Certified Public Accountants c. Two lawyers and one CPA d. One or two lawyers and one or two CPAs for a total of three

Last Answer : One or two lawyers and one or two CPAs for a total of three

The CPA shall not concurrently engage in any business or occupation which impairs his objectivity in rendering professional services or which is inconsistent with his practice or employment. This provision of the code of ethics is applicable to: a. Only to CPAs engaged in public accountancy. b. CPAs engaged in public accountancy or employed in a private enterprise. c. CPAs engaged in public accountancy or employed in a private enterprise or government agency. d. All CPAs engaged in public accountancy, or employed in a private enterprise, a government agency or an educational institution

Description : The CPA shall not concurrently engage in any business or occupation which impairs his objectivity in rendering professional services or which is inconsistent with his practice or employment. This ... accountancy, or employed in a private enterprise, a government agency or an educational institution

Last Answer : All CPAs engaged in public accountancy, or employed in a private enterprise, a government agency or an educational institution

Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. b. To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. c. To adopt a Code of Ethics for the practice of accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Description : Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. ... accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Last Answer : To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration.

The PICPA shall renew its Certificate of Accreditation once every how many years after the date of the Resolution granting the petition for re-accreditation and the issuance of the said certificate upon submission of the requirements? a. 2 years b. 3 years c. 4 years d. 6 years

Description : The PICPA shall renew its Certificate of Accreditation once every how many years after the date of the Resolution granting the petition for re-accreditation and the issuance of the said certificate upon submission of the requirements? a. 2 years b. 3 years c. 4 years d. 6 years

Last Answer : 3 years

A member of the BOA shall, at the time of his/her appointment, possess the following qualifications, excepta. Must be a natural-born citizen andresident of the Philippines.b. Must not be a director or officer of theAPO at the time of his/her appointment.c. Must be of good moral character andmust not have been convicted of crimesinvolving moral turpitude.d. Must be a duly registered CPA withmore than ten (10) years of workexperience in any scope of practiceof accountancy.

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Last Answer : Must be a duly registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy.

The APO shall submit its nominations with complete documentation to the Commission not later than ______ prior to the expiry of the term of an incumbent chairman or member. a. 30 days b. 60 days c. 90 days d. 120 days

Description : The APO shall submit its nominations with complete documentation to the Commission not later than ______ prior to the expiry of the term of an incumbent chairman or member. a. 30 days b. 60 days c. 90 days d. 120 days

Last Answer : 60 days

.In the event a candidate obtains the rating of seventy-five percent (75%) and above in at least a majority of subjects as provided for in RA9298, and one subject has a rating of 64%, he shall be considered as: a. A failed candidate. b. A conditioned candidate. c. A successful passer of the CPA Board exams. d. Cannot be determined without additional information

Description : .In the event a candidate obtains the rating of seventy-five percent (75%) and above in at least a majority of subjects as provided for in RA9298, and one subject has a rating of 64%, ... candidate. c. A successful passer of the CPA Board exams. d. Cannot be determined without additional information

Last Answer : A conditioned candidate

The Chairpersons of the FRSC and the AASC shall be appointed by: a. The Philippine Institute of Certified Public Accountantsb. The President of the Republic of thePhilippines.c. The Professional Regulatory Board ofAccountancy.d. The Professional RegulationCommission

Description : The Chairpersons of the FRSC and the AASC shall be appointed by: a. The Philippine Institute of Certified Public Accountants b. The President of the Republic of the Philippines. c. The Professional Regulatory Board of Accountancy. d. The Professional Regulation Commission

Last Answer : The Professional Regulation Commission

.Its function is to conduct a quality review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. a. Quality Review Board b. Quality Review Group c. Board of Quality Reviewers d. Quality Review Committee

Description : .Its function is to conduct a quality review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. a. Quality Review Board b. Quality Review Group c. Board of Quality Reviewers d. Quality Review Committee

Last Answer : Quality Review Committee

The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their responsibilities c. Unearth the truth and provide evidence in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

Description : The overall objective of forensic auditing is to a. Attest to the efficiency with which resources are employed b. Assist members of the organization in the effective discharge of their ... in legal and financial disputes d. Provide assurance that financial data have been accurately recorded

Last Answer : Unearth the truth and provide evidence in legal and financial disputes

Professionals are expected to conduct themselves at a higher level than a. Anyone else. b. Their clients. c. Most other members of society. d. Most other members of their professio

Description : Professionals are expected to conduct themselves at a higher level than a. Anyone else. b. Their clients. c. Most other members of society. d. Most other members of their professio

Last Answer : Most other members of society

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagemenb. Place increased emphasis on the audit of objective transactions rather than subjective transactions. c. Supervise members of the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.t

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagement b. Place increased emphasis on the ... the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon judgment. b. Use less predictable audit procedures. c. Use only certified public accountants on the engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Last Answer : Use less predictable audit procedures.

A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

Last Answer : A compilation used only by management.

Who are required to apply for accreditation with the Professional Regulation Commission if the applicant is a partnership of Professional Accountants? a. Managing partner only b. All partners only c. Partners and staff members d. Partners, principals, and staff members

Description : Who are required to apply for accreditation with the Professional Regulation Commission if the applicant is a partnership of Professional Accountants? a. Managing partner only b. All partners only c. Partners and staff members d. Partners, principals, and staff members

Last Answer : Partners and staff members

A primary purpose for establishing a code of ethics within a professional organization is to: a. Demonstrate the acceptance of responsibility Jo the interest of those served by the profession. b. Reduce the likelihood that members of the profession will be sued for substandard work. c. Ensure that all members of the profession posses approximately the same level of competencyd. Require members of the profession toexhibit loyalty in all matters pertaining tothe affairs of the organization

Description : A primary purpose for establishing a code of ethics within a professional organization is to: a. Demonstrate the acceptance of responsibility Jo the interest of those served by the profession. b. ... of the profession to exhibit loyalty in all matters pertaining to the affairs of the organization

Last Answer : Demonstrate the acceptance of responsibility Jo the interest of those served by the profession

Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts who are not a professional accountant. b. The ultimate responsibility for the professional service is assumed by the expert who is not a professional accountant. c. The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession. d. Experts who are not professional accountants need not be informed of ethical requirements because they are not members of the Accountancy profession

Description : Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts ... not be informed of ethical requirements because they are not members of the Accountancy profession

Last Answer : The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession.

A draft of statement, studies or standards should be discussed by the Council en banc. How many members of the AASC are required to approve the draft for exposure? a. Eight b. Ten c. Twelve d. Majority

Description : A draft of statement, studies or standards should be discussed by the Council en banc. How many members of the AASC are required to approve the draft for exposure? a. Eight b. Ten c. Twelve d. Majority

Last Answer : Majority

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more uponjudgment.b. Use less predictable auditprocedures.c. Use only certified public accountants onthe engagement.d. Place increased emphasis on the audit ofobjective transactions rather thansubjective transactions

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions

Last Answer : Use less predictable audit procedures.

Which of the following conditions suggests auditor negligence? a. Failure to detect collusive fraud perpetrated by members of middle management. b. Failure to detect collusive fraud perpetrated by members of top management. c. Failure to detect errors occurring outside the internal control structure. d. Failure to detect material errors under conditions of weak internal control

Description : Which of the following conditions suggests auditor negligence? a. Failure to detect collusive fraud perpetrated by members of middle management. b. Failure to detect collusive fraud perpetrated by ... control structure. d. Failure to detect material errors under conditions of weak internal control

Last Answer : Failure to detect material errors under conditions of weak internal control

Which of the following is not a consideration in the development of audit programs? a. Internal control over the recording of plant asset additions and repairs and maintenance expenditures is found to be weak. b. The members of the board of directors are elected by the stockholders during the annual meeting. c. The client is a private university located in Southern Philippines. d. The client constructed a major addition to its central manufacturing facility during the year under audit

Description : Which of the following is not a consideration in the development of audit programs? a. Internal control over the recording of plant asset additions and repairs and maintenance expenditures is ... client constructed a major addition to its central manufacturing facility during the year under audit

Last Answer : The members of the board of directors are elected by the stockholders during the annual meeting.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon judgment. b. Only use certified public accountants on the engagement. c. Place increased emphasis on the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

To emphasize auditor independence from management, many corporations follow the practice of a. Appointing a partner of the CPA firm conducting the examination to the corporation's audit committee. b. Establishing a policy of discouraging social contact between employees of the corporation and the staff of the independent auditor. c. Requesting that a representative of the independent auditor be on hand at the annual stockholders' meeting. d. Having the independent auditor report to an audit committee of outside members of the board of directors

Description : To emphasize auditor independence from management, many corporations follow the practice of a. Appointing a partner of the CPA firm conducting the examination to the corporation's audit committee. b ... the independent auditor report to an audit committee of outside members of the board of directors

Last Answer : Having the independent auditor report to an audit committee of outside members of the board of directors

What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ascertain that financial statements present accurately the financial positionoperating results, and changes in cashand stockholders' equity.d. To help members of theorganization to effectivelydischarge their responsibilities.

Description : What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ... and stockholders' equity. d. To help members of the organization to effectively discharge their responsibilities.

Last Answer : To help members of the organization to effectively discharge their responsibilities.

The overall objective of internal auditing is to a. Attest to the efficiency with which resources are employed. b. Ascertain that controls are costs justified. c. Provide assurance that financial data have been accurately recorded. d. Assist members of the organization in the effective discharge of their responsibilities

Description : The overall objective of internal auditing is to a. Attest to the efficiency with which resources are employed. b. Ascertain that controls are costs justified. c. Provide assurance ... accurately recorded. d. Assist members of the organization in the effective discharge of their responsibilities

Last Answer : Assist members of the organization in the effective discharge of their responsibilities