A certificate under seal, bearing a registration number, issued to an individual, by the PRC, upon recommendation by the BOA, signifying that the individual has complied with all the legal and procedural requirements for such issuance: a. Certificate of accreditation b. Certificate of registration c. Certificate of quality review d. Certificate of identification

A certificate under seal, bearing a
registration number, issued to an individual,
by the PRC, upon recommendation by the
BOA, signifying that the individual has
complied with all the legal and procedural
requirements for such issuance:
a. Certificate of accreditation
b. Certificate of registration
c. Certificate of quality review
d. Certificate of identification
by

1 Answer

Answer :

Certificate of registration
by

Related questions

This bears the registration number, date of issuance with an expiry date, due for periodic renewal, duly signed by the Chairperson of the PRC and issued by the PRC to a registered CPA upon payment of the registration fees: a. Certificate of registration b. Certificate of accreditation c. Professional identification card d. Professional tax receipt

Description : This bears the registration number, date of issuance with an expiry date, due for periodic renewal, duly signed by the Chairperson of the PRC and issued by the PRC to a ... Certificate of registration b. Certificate of accreditation c. Professional identification card d. Professional tax receipt

Last Answer : Professional identification card

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.

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

Description : 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

Last Answer : 3 years

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

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

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 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)

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 primary duty to enforce the provisions of RA 9298 and its IRR rests with a. The PRC b. The BOA c. The AASC d. The PRC and BOA

Description : The primary duty to enforce the provisions of RA 9298 and its IRR rests with a. The PRC b. The BOA c. The AASC d. The PRC and BOA

Last Answer : The PRC and BOA

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 are modifications made to the IFAC Code to consider Philippine regulatory requirements and circumstances, except a. The period for rotation of the lead engagement partner was changed from five to seven years. b. Advertising and solicitation by individual professional accountants in public practice were not permitted in the Philippines. c. Additional examples relating to anniversaries and websites wherein publicity is acceptable, as provided in boa resolution 19, series of 2000, were included. d. Payment and receipt of commissions were not permitted in the Philippines

Description : The following are modifications made to the IFAC Code to consider Philippine regulatory requirements and circumstances, except a. The period for rotation of the lead engagement partner was changed from ... , were included. d. Payment and receipt of commissions were not permitted in the Philippines

Last Answer : The period for rotation of the lead engagement partner was changed from five to seven years.

The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above

Description : The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above

Last Answer : All of the above

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.

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

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.

A review of a company's financial statements by a CPA firm: a. Is similar in scope to an audit and adds similar credibility to the statements. b. Is significantly less in scope than an audit and results in a report which provides positive assurance, although not absolute assurance. c. Concludes with the issuance of a report expressing the CPA's opinion as to the fairness of the financial statements. d. Is designed to provide only moderate assurance

Description : A review of a company's financial statements by a CPA firm: a. Is similar in scope to an audit and adds similar credibility to the statements. b. Is significantly less in scope than an ... s opinion as to the fairness of the financial statements. d. Is designed to provide only moderate assurance

Last Answer : Is designed to provide only moderate assurance

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.

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.

.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

A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report is calleda. Inspectionb. Documentationc. Monitoringd. Engagement quality control review:

Description : A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report is called: a. Inspection b. Documentation c. Monitoring d. Engagement quality control review

Last Answer : Engagement quality control review

A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report. a. Peer review b. Inspection c. Engagement quality control review d. Monitoring

Description : A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report. a. Peer review b. Inspection c. Engagement quality control review d. Monitoring

Last Answer : Engagement quality control review

An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of financial statements of listed entitiesd. For all types of audits, regardless of the subject matter of the engagement..

Description : An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of ... listed entities. d. For all types of audits, regardless of the subject matter of the engagement.

Last Answer : For all audits of financial statements of listed entities

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

A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. b. To comply with technical standards and ethics requirements. c. To comply with the quality review of amember body or professional bodyd. To respond to an inquiry or investigationby a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.

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

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

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

Description : 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 ... , suspend, revoke, or reinstate the Certificate of Registration for the practice of the accountancy profession

Last Answer : To sentence to imprisonment CPAs who have been found guilty of violations of the Accountancy Act

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.

Independent auditing can best be described as a. A branch of accounting. b. A regulatory function that prevents the issuance of improper financial information. c. A professional activity that measures and communicates financial and business data. d. A discipline which attests to the results of accounting and other functional operations and data.

Description : Independent auditing can best be described as a. A branch of accounting. b. A regulatory function that prevents the issuance of improper financial information. c. A professional activity that ... . A discipline which attests to the results of accounting and other functional operations and data.

Last Answer : A discipline which attests to the results of accounting and other functional operations and data.

A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted accounting principles. c. Supported by the client’s audited financial statements. d. Not subject to change upon audit

Description : A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted ... principles. c. Supported by the client's audited financial statements. d. Not subject to change upon audit

Last Answer : The legal minimum

Unlike consulting services, assurance services: a. Make recommendation to management. b. Report on how to use information. c. Are two-party contracts. d. Report on the quality of information

Description : Unlike consulting services, assurance services: a. Make recommendation to management. b. Report on how to use information. c. Are two-party contracts. d. Report on the quality of information

Last Answer : Report on the quality of information

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

Quality control procedures are applicable to the individual audit engagement. The implementation of such quality control procedures is responsibility of the: a. CPA firm. b. Engagement team. c. Quality control reviewer. d. Manager assigned to the engagement

Description : Quality control procedures are applicable to the individual audit engagement. The implementation of such quality control procedures is responsibility of the: a. CPA firm. b. Engagement team. c. Quality control reviewer. d. Manager assigned to the engagement

Last Answer : Engagement team

The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Description : The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Last Answer : All services that fall under the AASC's engagement standards.

A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements

Description : A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements

Last Answer : The quantity and type of evidence obtained

.A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements.

Description : .A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements.

Last Answer : The quantity and type of evidence obtained.

complied with A. Certificate of Incorporation B. Certificate of commencement of Business C. Both D. None of the above

Description : complied with A. Certificate of Incorporation B. Certificate of commencement of Business C. Both D. None of the above

Last Answer : B. Certificate of commencement of Business

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.

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.

Description : A member of the BOA shall, at the time of his/her appointment, possess the following qualifications, except a. Must be a natural-born citizen and resident of the Philippines. b. Must not be a ... registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy.

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 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.

Which of the following does not have representations in the FRSC? a. PICPA b. BIR c. BOI d. BOA

Description : Which of the following does not have representations in the FRSC? a. PICPA b. BIR c. BOI d. BOA

Last Answer : BOI

This body is created to assist the BOA in the attainment of the objective to continually upgrade accounting education in the Philippines, thus making Filipino CPAs globally competitive. a. PICPA CPE Council b. Education Technical Council c. Accounting Teachers' Conference d. Association of CPAs in Education

Description : This body is created to assist the BOA in the attainment of the objective to continually upgrade accounting education in the Philippines, thus making Filipino CPAs globally competitive. a. PICPA ... b. Education Technical Council c. Accounting Teachers' Conference d. Association of CPAs in Education

Last Answer : Education Technical Council