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)
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 of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.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
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
Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. Assuming that the application for registration of Sisip and Co., CPAs was ... on Dec. 31, 2007 which is also the last day of renewal of certificate of registration.
Last Answer : The registration will expire on Dec. 31, 2007.
Description : Which of the following is not an objective of requiring registration of individual CPAs and Firms of partnership of CPAs engaged in public accounting practice? a. The required registration will ... will help PRC and BOA to identify and impose corresponding sanctions and penalties on individual CPAs
Last Answer : The required registration will give equal opportunities to CPAs in the practice of their profession.
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
Description : 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 ... accreditation b. Certificate of registration c. Certificate of quality review d. Certificate of identification
Last Answer : Certificate of registration
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
Description : Which of the following is the authoritative body designated to promulgate auditing standards? a. BOA b. PICPA c. FRSC d. AASC
Last Answer : AASC
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
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
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.
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
Description : The standard-setting body whose chairman had been or presently a senior accounting practitioner in any scope of accounting practice is a. AASC b. FRSC c. PICPA d. ACPAPP
Last Answer : FRSC
Description : The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, ... for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors
Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.
Description : The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Are interpretations of generally accepted auditing standards b. Are the equivalent of laws for ... optional guidelines which an auditor may choose to follow or not follow when conducting an audit
Last Answer : Are interpretations of generally accepted auditing standards
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.
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
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
Description : Which of the following is not explicitly referred to in the Code of Ethics as source of technical standards? a. Commission on Audit (COA) b. Auditing and Assurance Standards Council (AASC) c. Securities and Exchange Commission (SEC) d. Relevant legislation
Last Answer : Commission on Audit (COA)
Description : Which statement is incorrect regarding the pronouncements of AASC? a. The PSAs and Interpretations may also have application, as appropriate, to other related activities of auditors b. PSAs contain basic ... be applied to material matters. d. The Interpretations have the same authority as the PAPSs
Last Answer : The Interpretations have the same authority as the PAPSs
Description : Pronouncements of Auditing and Assurance Standards Council (AASC) do not cover a. Review engagement b. Compilation engagement c. Consultancy d. Agreed-upon procedures engagement
Last Answer : Consultancy
Description : PSRE 2400 (Engagements to Review Financial Statements), as amended by the AASC in February 2008, applies to a. Reviews of any historical financial information of an audit client. b. Reviews of ... d. Reviews of any historical financial information by a practitioner other than the entity's auditor.
Last Answer : Reviews of any historical financial information by a practitioner other than the entity's auditor.
Description : In assertion-based assurance engagements, the evaluation or measurement of the subject matter against criteria is performed by the a. Intended users b. Responsible party c. Practitioner d. AASC
Last Answer : Responsible party
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
Description : The auditor considers materiality from: a. AASC perspective b. Client perspective c. Independence perspective d. Reasonable user perspective
Last Answer : Reasonable user perspective
Description : The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Must be followed in all situations. b. Are interpretations of generally accepted auditing standards c. ... not follow when conducting an audit. d. Are the equivalent of laws for audit practitioners
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
Description : The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an ... though such a departure may result to more effective achievement of the objective of an audit
Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion
Description : These statements are issued by the AASC to provide interpretive guidance and practical assistance to auditors in the implementation of PSAs and to promote good practice. a. PREPSs b. PAEPs c. PAPSs d. PRSPSs
Last Answer : PAPSs
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.
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.
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.
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.
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
Description : Which of the following does not have representations in the FRSC? a. PICPA b. BIR c. BOI d. BOA
Last Answer : BOI
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
Description : The term of BOA vice-chairman is a. One year. b. Three years subject to renewal. c. At the discretion of BOA members. d. Same with the term of BOA chairman
Last Answer : One year
Description : A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an ... appropriate a system of quality control. d. Joining professional societies that enforce ethical standards
Last Answer : Having an appropriate a system of quality control.
Description : The best statement of the responsibility of the auditor with respect to audited financial statement is: a. The auditor's responsibility on fair presentation of financial statements is limited only up to ... auditor is responsible only to his qualified opinion but not for any other type of opinion.
Last Answer : The auditor's responsibility is confined to the expression of opinion on the financial statements audited
Description : The responsibility for the fairness of the financial assertions that are embodied in the financial statements and in the notes to the financial statements rests: a. With the audit committee. ... management. c. With Securities and Exchange Commission. d. Equally with management and the stockholders
Last Answer : With management
Description : The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent ... c. Equally with management and the auditor. d. With the internal audit department.
Last Answer : With the management
Description : The responsibility for the detection and prevention of noncompliance with laws and regulations rests with a. The auditor b. The client's legal counsel c. The auditor’s legal counsel d. The client management
Last Answer : The client management
Description : Which of the following statements about fraud or error is incorrect? a. The responsibility for the prevention and detection of fraud and error rests with management. b. The auditor should plan and perform ... . The auditor is not and can not be held responsible for the prevention of fraud and error
Last Answer : The likelihood of detecting fraud is ordinarily higher than that of detecting error.
Description : The responsibility for the detection and prevention of errors, fraud and noncompliance with laws and regulations rests with: a. Auditor b. Client's legal counsel c. Internal auditor d. Client management
Last Answer : Client management
Description : A CPA should not submit unaudited financial statements of a non-public entity to a client or others unless, as a minimum, the CPA complies with the provisions applicable to a. Audit engagements. b. Review engagements. c. Assurance engagements. d. Compilation engagements.
Last Answer : Compilation engagements.
Description : According to the Code of Ethics, thecharacteristics distinguishing the accountancy profession include the following except: a. To meet public interest requirement. b. Adherence by its members to a common ... a whole. d. Mastery of a particular intellectual skill, acquired by training and education
Last Answer : To meet public interest requirement
Description : A profession is distinguished by certain characteristics including: a. Mastery of a particular intellectual skill, acquired by training and education. b. Adherence by its members to a common code of values and conduct ... objective. c. Acceptance of a duty to society as a whole. d. All of these.
Last Answer : All of these.
Description : While performing services for their clientsprofessionals have always had a duty to provide a level of care which is a. Reasonable. b. Greater than average. c. Superior. d. Guaranteed to be free from error
Last Answer : Reasonable.
Description : While performing services for their clients professionals have always had a duty to provide a level of care which is a. Reasonable. b. Greater than average. c. Superior. d. Guaranteed to be free from error