Which of the following is not mentioned as a power of the Board? a. To monitor the conditions affecting the practice of accountancy. b. To supervise the registration, licensure and practice of accountancy. c. To sentence to imprisonment CPAs who have been found guilty of violations of the Accountancy Act. d. To issue, suspend, revoke, or reinstate the Certificate of Registration for the practice of the accountancy profession

Which of the following is not mentioned as a
power of the Board?
a. To monitor the conditions affecting the
practice of accountancy.
b. To supervise the registration, licensure
and practice of accountancy.
c. To sentence to imprisonment CPAs
who have been found guilty of
violations of the Accountancy Act.
d. To issue, suspend, revoke, or reinstate
the Certificate of Registration for the
practice of the accountancy profession
by

1 Answer

Answer :

To sentence to imprisonment CPAs
who have been found guilty of
violations of the Accountancy Act
by

Related questions

Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law and the rules and regulations promulgated therewith. b. To look from time to time into the conditions affecting the practice of the accountancy profession. c. To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program. d. To determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination

Description : Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law ... determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination

Last Answer : To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program.

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

Description : 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 ... with the standards of quality prescribed for the practice of public accountancy. d. All of these

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

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

Description : 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 ... both auditing and financial accounting in order to make them responsive to the needs of the public

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

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

Regarding practice of accountancy, which of the following certificates is issued to a CPA first, a certificate of registration or a certificate of accreditation? a. Certificate of registration b. Certificate of accreditation c. Both are issued at the same timed. Neither are issued to CPAs

Description : Regarding practice of accountancy, which of the following certificates is issued to a CPA first, a certificate of registration or a certificate of accreditation? a. Certificate of registration b. Certificate of accreditation c. Both are issued at the same time d. Neither are issued to CPAs

Last Answer : Certificate of registration

The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public accountants. c. The integration of the accounting profession. d. The supervision, control, and regulation of the practice of accountancy in the Philippines

Description : The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public ... d. The supervision, control, and regulation of the practice of accountancy in the Philippines

Last Answer : The integration of the accounting profession.

The Code of Ethics contains both general ethical principles that are aspirational in character and also a: a. List of violations that would cause the automatic suspension of the CPA’s license. b. Description of the CPA’s procedures for responding to an inquiry from trial board. c. Set of specific, mandatory rules describing levels of conduct the CPA must observe. d. List of specific crimes that would be considered as acts discreditable to the profession.

Description : The Code of Ethics contains both general ethical principles that are aspirational in character and also a: a. List of violations that would cause the automatic suspension of the CPA's license. b ... observe. d. List of specific crimes that would be considered as acts discreditable to the profession.

Last Answer : Set of specific, mandatory rules describing levels of conduct the CPA must observe

Which of the following is not a ground for suspension or removal of members of BOA? a. Negligence in the performance of duties, or lack of professional competence. b. Intolerance of violations of the Philippine Accountancy Act. c. Final judgment of crimes involving moral turpitude. d. Rigging of the CPA licensure examination results.

Description : Which of the following is not a ground for suspension or removal of members of BOA? a. Negligence in the performance of duties, or lack of professional competence. b. Intolerance of ... . Final judgment of crimes involving moral turpitude. d. Rigging of the CPA licensure examination results.

Last Answer : Intolerance of violations of the Philippine Accountancy Act.

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.

.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

Existing accountant, as defined in the Code of Ethics, means a. A professional accountant employed in industry, commerce, the public sector or education. b. Those persons who hold a valid certificate issued by the Board of Accountancy. c. A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client. d. A sole proprietor, or each partner or person occupying a position similar to that of a partner and each staff in a practice providing professional services

Description : Existing accountant, as defined in the Code of Ethics, means a. A professional accountant employed in industry, commerce, the public sector or education. b. Those persons who hold a valid ... a position similar to that of a partner and each staff in a practice providing professional services

Last Answer : A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.

This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.

Description : This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.

Last Answer : Professional accountant.

To raise the standards of the profession, the Philippine Accountancy Act of 2004 requires that the CPA profession be integrated under the rules to be established by a. The PICPA. b. The Board of Accountancy. c. The Professional Regulation Commission. d. The Government Association of CPAs.

Description : To raise the standards of the profession, the Philippine Accountancy Act of 2004 requires that the CPA profession be integrated under the rules to be established by a. The PICPA. b. The Board of Accountancy. c. The Professional Regulation Commission. d. The Government Association of CPAs.

Last Answer : The Professional Regulation Commission

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

Foreign CPAs a. Are allowed to practice accountancy in the Philippines without restriction. b. Are never allowed to practice accountancy in the Philippines. c. May be allowed to practice accountancy in the Philippines, but only in areas outside public practice. d. May be allowed to practice accountancy in the Philippines, subject to the rules and regulations on reciprocity

Description : Foreign CPAs a. Are allowed to practice accountancy in the Philippines without restriction. b. Are never allowed to practice accountancy in the Philippines. c. May be allowed to practice ... be allowed to practice accountancy in the Philippines, subject to the rules and regulations on reciprocity

Last Answer : May be allowed to practice accountancy in the Philippines, subject to the rules and regulations on reciprocity

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.

Which of the following is a distinguishing mark of the accountancy profession? a. A drive to excellence b. Acceptance of the responsibility to act in the public interest c. Professional objectivity d. Professional skepticism

Description : Which of the following is a distinguishing mark of the accountancy profession? a. A drive to excellence b. Acceptance of the responsibility to act in the public interest c. Professional objectivity d. Professional skepticism

Last Answer : Acceptance of the responsibility to act in the public interest

Regulation of the accounting profession include: a. Public Regulation as provided for in the Philippine Accountancy Act of 2004. b. Regulation within the profession, through the implementation of the Code of Ethicsc. Regulation within the firm, through theimplementation of a system of qualitycontrol.d. All of these.

Description : Regulation of the accounting profession include: a. Public Regulation as provided for in the Philippine Accountancy Act of 2004. b. Regulation within the profession, through the implementation of the Code of ... the firm, through the implementation of a system of quality control. d. All of these.

Last Answer : All of these.

A CPA’s retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable by the Code of Ethics. c. Ill advised since it would impair the CPA’s independence with respect to the client. d. Considered discreditable to the profession

Description : A CPA's retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable ... would impair the CPA's independence with respect to the client. d. Considered discreditable to the profession

Last Answer : Considered discreditable to the profession

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

Description : 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 largest stockholder. d. Complaint filed with the trial board of the Board of Accountancy

Last Answer : Request by client's largest stockholder.

In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is issue a summons enforceable by a court order which orders the CPA to present confidential information. b. A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information. c. Confidential client information is made available as part of a quality review of the CPA's practice by a peer review team authorized by the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information

Description : In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is ... the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information

Last Answer : A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information

Without the consent of the client, a CPA should not disclose confidential information contained in working papers to a: a. Voluntary quality control review board. b. CPA firm that has purchased the CPA’s accounting practice. c. National court that has issued a valid subpoena. d. Disciplinary body created under statute.

Description : Without the consent of the client, a CPA should not disclose confidential information contained in working papers to a: a. Voluntary quality control review board. b. CPA firm that has purchased the ... . c. National court that has issued a valid subpoena. d. Disciplinary body created under statute.

Last Answer : CPA firm that has purchased the CPA’s accounting practice.

As used in Republic Act No. 9298, this term refers to the area of practice of accountancy a. Section b. Sector c. Segment d. Line

Description : As used in Republic Act No. 9298, this term refers to the area of practice of accountancy a. Section b. Sector c. Segment d. Line

Last Answer : Sector

A CPA in public accounting is prohibited from performing which of the following actions? a. Permit the publication of his being the author of a book. b. Be a party to a stratagem which permits a non-CPA to practice accountancy. c. Allow his wife to acquire shares in a corporation's capital stockd. Act as a stock and transfer agent.

Description : A CPA in public accounting is prohibited from performing which of the following actions? a. Permit the publication of his being the author of a book. b. Be a party to a stratagem which permits a non ... his wife to acquire shares in a corporation's capital stock. d. Act as a stock and transfer agent

Last Answer : Be a party to a stratagem which permits a non-CPA to practice accountancy

Which of the following is incorrect regarding professional competence? a. Professional accountants may portray themselves as having expertise or experience they do not possess. b. Professional competence may be divided into two separate phases. c. The attainment of professional competence requires initially a high standard of general education. d. The maintenance of professional competence requires a continuing awareness of development in the accountancy profession

Description : Which of the following is incorrect regarding professional competence? a. Professional accountants may portray themselves as having expertise or experience they do not possess. b. ... maintenance of professional competence requires a continuing awareness of development in the accountancy profession

Last Answer : Professional accountants may portray themselves as having expertise or experience they do not possess

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.

The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The limitation of financial statement audit scope. c. Job qualification specifications that include added emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Description : The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The ... emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.

Last Answer : Increased complexity and sophistication of business operations.

How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public consists of clients, credit grantors, governments, employers, employees, investors, the business and financial community, and others who rely on the objectivity and integrity of professional accountants. c. The collective well-being of the community of people and institutions the professional accountant serves. d. The standards of the accountancy profession are heavily determined by the public interest

Description : How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public ... serves. d. The standards of the accountancy profession are heavily determined by the public interest

Last Answer : The collective well-being of the community of people and institutions the professional accountant serves.

Which of the following is a correct qualification of the Chairman and Two Commissioners of the Commission on Audit? a. A citizen of the Philippinesb. At least 40 years of age uponappointment.c. Must not have been candidates forany elective position precedingappointment.d. CPA’s with no less than 5 years ofauditing experience or members ofPhilippine bar who have been engaged inlaw practice for at least 5 years

Description : Which of the following is a correct qualification of the Chairman and Two Commissioners of the Commission on Audit? a. A citizen of the Philippines b. At least 40 years of age upon appointment. c ... experience or members of Philippine bar who have been engaged in law practice for at least 5 years

Last Answer : Must not have been candidates for any elective position preceding appointment.

Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person to render professional services as a CPA to more than one clienb. A person representing his/her employer before government agencies on tax arid other accounting related matters. c. A person in educational institution teaching accounting, auditing, business law, taxation or other technically related subjects. d. A person is appointed as a marketing director of a government owned and controlled corporation.t

Description : Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person ... d. A person is appointed as a marketing director of a government owned and controlled corporation.

Last Answer : A person is appointed as a marketing director of a government owned and controlled corporation.

The practice of accountancy includes the following except: a. Serving as audit examiner for the Commission on Audit. b. Working as a Dean of a College that grants a degree of BS Accountancy. c. Being appointed as the marketing manager of a business enterprise. d. Provision of assurance services to more than one client and on a fee basis.

Description : The practice of accountancy includes the following except: a. Serving as audit examiner for the Commission on Audit. b. Working as a Dean of a College that grants a degree of BS Accountancy. c. ... business enterprise. d. Provision of assurance services to more than one client and on a fee basis.

Last Answer : Being appointed as the marketing manager of a business enterprise.

It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ensure compliance with accounting and auditing standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review

Description : It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ... standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review

Last Answer : Quality review

Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is toa. Remind management of its primaryresponsibility over the financialstatements.b. Satisfy the requirements of the Code ofProfessional Conduct for CPAs.c. Provide a starting point for the auditor'spreparation of the preliminary auditprogram.d. Provide a written record of theagreement with the client as to theservices to be provided.

Description : Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is to a. Remind management of its primary responsibility over the financial ... a written record of the agreement with the client as to the services to be provided.

Last Answer : Provide a written record of the agreement with the client as to the services to be provided.

Which of the following is the authoritative body designated to promulgate auditing standards? a. Financial Reporting Standards Council b. PICPA c. Association of CPAs in Public Practice and PICPA d. Auditing and Assurance Standards Council

Description : Which of the following is the authoritative body designated to promulgate auditing standards? a. Financial Reporting Standards Council b. PICPA c. Association of CPAs in Public Practice and PICPA d. Auditing and Assurance Standards Council

Last Answer : Auditing and Assurance Standards Council

The confidential relationship will be violated if, without client's permission, the CPA provides working papers about client to a. A court of law which subpoenas them. b. Another CPA firm as part of a peer review. c. Another CPA firm which has just purchased the CPA's entire practice. d. An investigative or disciplinary body which is conducting a review of the CPA's practice.

Description : The confidential relationship will be violated if, without client's permission, the CPA provides working papers about client to a. A court of law which subpoenas them. b. Another CPA firm as part ... . d. An investigative or disciplinary body which is conducting a review of the CPA's practice.

Last Answer : Another CPA firm which has just purchased the CPA's entire practice.

The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. Contains basic principles, essential procedures, and related guidance for the performance of assurance engagements. c. Establishes standards and provides procedural requirements for the performance of assurance engagements. d. Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Description : The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. ... of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Last Answer : Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for Professional Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Description : CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for ... Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Last Answer : AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Contingent fees charged by CPAs engaged in tax practice are permitted under the rules of professional conduct because: a. This practice establishes fees which are commensurate with the value of the services. b. Attorneys in tax practice customarily set contingent fees. c. Determination by taxing authorities are a matter of judicial proceedings which do not involve third parties. d. The consequences are based upon findings of judicial proceedings or the findings of tax authorities

Description : Contingent fees charged by CPAs engaged in tax practice are permitted under the rules of professional conduct because: a. This practice establishes fees which are commensurate with the value of ... . The consequences are based upon findings of judicial proceedings or the findings of tax authorities

Last Answer : The consequences are based upon findings of judicial proceedings or the findings of tax authorities

Which of the following is the sectoral organization for CPAs in Public Practice? a. ACPACI b. ACPAPP c. ACPAE d. GACPA

Description : Which of the following is the sectoral organization for CPAs in Public Practice? a. ACPACI b. ACPAPP c. ACPAE d. GACPA

Last Answer : ACPAPP

Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy

Description : Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy

Last Answer : Client's management

All of the following are represented to the Financial Reporting Standards Council, except: a. Securities and Exchange Commission b. Bureau of Internal Revenue c. Commission on Higher Education d. Board of Accountancy

Description : All of the following are represented to the Financial Reporting Standards Council, except: a. Securities and Exchange Commission b. Bureau of Internal Revenue c. Commission on Higher Education d. Board of Accountancy

Last Answer : Commission on Higher Education

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

Description : 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 ... of statements, the exposure period is understandably shorter than those of the regular drafts of standards

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.

Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated by the Board of Accountancy b. Planning the engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure

Description : Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated ... engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure

Last Answer : Studying and evaluating internal control structure

The following are represented both to the Financial Reporting Standards Council (FRSC) and Auditing and Assurance Standards Council (AASC), except: a. Bangko Sentral ng Pilipinas b. Securities and Exchange Commission c. Bureau of Internal Revenue d. Board of Accountancy

Description : The following are represented both to the Financial Reporting Standards Council (FRSC) and Auditing and Assurance Standards Council (AASC), except: a. Bangko Sentral ng Pilipinas b. Securities and Exchange Commission c. Bureau of Internal Revenue d. Board of Accountancy

Last Answer : Bureau of Internal Revenue

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.