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

Question

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

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 clientb. 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.

asked Nov 1, 2021 by shubhhw

1 Answer

Related questions

A CPA is in public accounting practice when he/she a. Holds, or is appointed to, in an accounting professional group in government or in a government-owned and/or controlled corporation where decision making requires professional knowledge in the science of accounting. b. Represents his/her employer before government agencies on tax and other matters related to accounting. c. Represents his/her clients before government agencies on tax and other matters related to accounting. d. Teaches accounting, auditing, management advisory services, accounting aspect of finance, business law, taxation, and other technically related subjects

Description : A CPA is in public accounting practice when he/she a. Holds, or is appointed to, in an accounting professional group in government or in a government-owned and/or controlled ... advisory services, accounting aspect of finance, business law, taxation, and other technically related subjects

Last Answer : Represents his/her clients before government agencies on tax and other matters related to accounting

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

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.

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 term receiving accountant includes the following, except; a. A professional accountant in public practice to whom existing accountant has referred tax engagement. b. A professional accountant in public practice to whom the client of the existing accountant has referred audit engagement. c. A professional accountant in public practice who is consulted in order to meet the needs of the client. d. A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.

Description : The term receiving accountant includes the following, except; a. A professional accountant in public practice to whom existing accountant has referred tax engagement. b. A professional accountant ... or carrying out accounting, taxation, consulting or similar professional services for a client.

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.

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 best describes why publicly-traded corporations follow the practice of having the outside auditor appointed by the board of directors or elected by the stockholders? a. To comply with the regulations of the Accounting Standards Council. b. To emphasize auditor independence from the management of the corporation. c. To encourage a policy of rotation of the independent auditors. d. To provide the corporate owners with an opportunity to voice their opinion concerning the quality of the auditing firm selected by the director

Description : Which of the following best describes why publicly-traded corporations follow the practice of having the outside auditor appointed by the board of directors or elected by the stockholders? a. ... opportunity to voice their opinion concerning the quality of the auditing firm selected by the director

Last Answer : To emphasize auditor independence from the management of the corporation

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 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

Special/temporary permit may be issued by the Board to the following persons except: a. A foreign CPA engaged as a professor or lecturer in the fields essential to accountancy education in the Philippines. b. A foreign CPA called for consultation or specific purpose which is essential for the development of the country and that there are no Filipino CPAs qualified for such consultation or specific purpose. c. A foreign CPA who can prove that the country of which he or she is a citizen admits citizens of the Philippines to the practice of the same profession without restriction. d. A foreign CPA with specialization in any branch of accountancy and his/her service is essential for the advancement of accountancy in the Philippines

Description : Special/temporary permit may be issued by the Board to the following persons except: a. A foreign CPA engaged as a professor or lecturer in the fields essential to accountancy education in ... of accountancy and his/her service is essential for the advancement of accountancy in the Philippines

Last Answer : A foreign CPA who can prove that the country of which he or she is a citizen admits citizens of the Philippines to the practice of the same profession without restriction

The CPA title was conceived and created, under the first accountancy law, for professional accountants engaged in which of the following? a. Accounting education b. Public accounting c. Management accounting d. Government accounting

Description : The CPA title was conceived and created, under the first accountancy law, for professional accountants engaged in which of the following? a. Accounting education b. Public accounting c. Management accounting d. Government accounting

Last Answer : Public accounting

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

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.

Which of the following is not one of the qualifications of the members of the Board of Accountancy? a. He/She must not be a director or officer of PICPA at the time of his appointment. b. He/She must be a natural-born citizen and a resident of the Philippines. c. He/She must be a duly Certified Public Accountant with at least ten years of experience in practice of public accountancy. d. He/She must not have any direct or indirect pecuniary interest in any school, college, university, or institution offeringa BS Accountancy course or institutionconducting review classes in preparationfor the licensure examination at the timeof his appointment to the Board.

Description : Which of the following is not one of the qualifications of the members of the Board of Accountancy? a. He/She must not be a director or officer of PICPA at the time of his ... conducting review classes in preparation for the licensure examination at the time of his appointment to the Board.

Last Answer : He/She must be a duly Certified Public Accountant with at least ten years of experience in practice of public accountancy

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

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.

Richard, CPA, performs accounting services for Norton Corporation. Norton wishes to offer shares to the public and asks Richard to audit the financial statements. Richard refers Norton to Cruz, CPA, who is more competent in the area of registration statements. Cruz performs the audit of Norton's financial statements and subsequently thanks Richard for the referral by giving Richard a portion of the audit fee. Richard accepts the fee. Who, if anyone, has violated professional ethics? a. Only Richard b. Both Richard and Cruz c. Only Cruz d. Neither Richard nor Cruz

Description : Richard, CPA, performs accounting services for Norton Corporation. Norton wishes to offer shares to the public and asks Richard to audit the financial statements. Richard refers Norton to Cruz, CPA, who is more ... a. Only Richard b. Both Richard and Cruz c. Only Cruz d. Neither Richard nor Cruz

Last Answer : Both Richard and Cruz

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently applied. b. Maintain an impartial attitude on all matters which come under his review. c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently ... . c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Last Answer : Maintain an impartial attitude on all matters which come under his review.

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit procedures. b. Determine the materiality of items. c. Determine accounting practices that were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit ... were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Last Answer : Maintain an impartial attitude on all matters which come under his 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 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.

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 give equal opportunities to CPAs in the practice of their profession. b. It will enable the Board of Accountancy to formulate and implement rules and regulations more effectively for the enhancement and maintenance of high professional, ethical, and technical standards of the accounting profession. c. To protect the public against fraud, deception, unethical practices and from the consequences of ignorance, incompetence and incapacity in the practice of public accounting. d. It will help PRC and BOA to identify and impose corresponding sanctions and penalties on individual CPAs

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.

Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines? a. Professional accountants refer to persons who are Certified Public Accountants (CPA) and who hold a valid certificate issued by the Board of Accountancy. b. Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails. c. The Code of Ethics for Professional Accountants in the Philippines is mandatory for all CPAs and is applicable to professional services performed in the Philippines on or after January 1, 2004. d. Professional accountants should consider the ethical requirements as the basic principles which they should follow in performing their work

Description : Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines? a. Professional accountants refer to persons who are Certified Public Accountants (CPA) ... the ethical requirements as the basic principles which they should follow in performing their work

Last Answer : Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails.

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

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.

A person or firm possessing special skill, knowledge and experience in a particular field excluding accounting and auditing. a. Quality control reviewer b. Multiskilled personnel c. Expert d. Taxation specialist

Description : A person or firm possessing special skill, knowledge and experience in a particular field excluding accounting and auditing. a. Quality control reviewer b. Multiskilled personnel c. Expert d. Taxation specialist

Last Answer : Expert

In determining the scope and nature of services to be performed in public practice, a CPA firm should a. Have in place internal control procedures b. Only perform accounting related services c. Require independence for all services performed d. Determine that the performance of all services is consistent with the firm's members' role as professionals

Description : In determining the scope and nature of services to be performed in public practice, a CPA firm should a. Have in place internal control procedures b. Only perform accounting related services c. ... that the performance of all services is consistent with the firm's members' role as professionals

Last Answer : Determine that the performance of all services is consistent with the firm's members' role as professionals

Which of the following is a violation of the code of professional ethics for certified public accountants? a. A CPA permits his/her name to be used in a client's advertising as having verified financial data and/or statistical facts with respect to the client's products. b. Based on information obtained in an audit, a CPA reports an illegal act of his client to government authorities. c. Three years after a partner has retired, the remaining partners continue to practice under a firm name that includes the name of the retired partner. The retired partner has severed all connections with the CPA firm. d. A CPA running for public office uses the professional designation "CPA" after his name on posters employed in connection with his election campaign

Description : Which of the following is a violation of the code of professional ethics for certified public accountants? a. A CPA permits his/her name to be used in a client's advertising as having ... the professional designation "CPA" after his name on posters employed in connection with his election campaign

Last Answer : Based on information obtained in an audit, a CPA reports an illegal act of his client to government authorities.

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.

The CPA must not subordinate his or her professional judgment to that of others in every a. Engagement. b. Audit engagement. c. Engagement except tax services. d. Engagement except managemenadvisory servicest

Description : The CPA must not subordinate his or her professional judgment to that of others in every a. Engagement. b. Audit engagement. c. Engagement except tax services. d. Engagement except managementadvisory services

Last Answer : Engagement

.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

In performing an audit, Jackson, CPA, discovers that the professional competence necessary for the engagement is lacking. Jackson informs management of the situation and recommends another local firm, and management engages this other firm. Under these circumstances, a. Jackson may request compensation from the other firm for any professional services rendered to it in connection with the engagement. b. Jackson may accept a referral fee from the other firm. c. Jackson has violated the AICPA Code of Professional Conduct because of nonfulfillment of the duty of performance. d. Jackson's lack of competence should be construed to be a violation of generally accepted auditing standards.

Description : In performing an audit, Jackson, CPA, discovers that the professional competence necessary for the engagement is lacking. Jackson informs management of the situation and recommends another local firm ... of competence should be construed to be a violation of generally accepted auditing standards.

Last Answer : Jackson may request compensation from the other firm for any professional services rendered to it in connection with the engagement.

In planning the audit engagement, the auditor should consider each of the following, except a. Matters relating to the entity's business and the industry in which it operates. b. Materiality level and audit risk. c. The kind of opinion (unmodified, qualified, or adverse) that is likely to be expressed. d. The entity's accounting policies and procedures.

Description : In planning the audit engagement, the auditor should consider each of the following, except a. Matters relating to the entity's business and the industry in which it operates. b. Materiality level and ... or adverse) that is likely to be expressed. d. The entity's accounting policies and procedures.

Last Answer : The kind of opinion (unmodified, qualified, or adverse) that is likely to be expressed

A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its engagements. b. Adherence to generally accepted auditing standards. c. Having an appropriate a system of quality control. d. Continuing professional education.

Description : A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its ... c. Having an appropriate a system of quality control. d. Continuing professional education.

Last Answer : Having an appropriate a system of quality contro

When a CPA who is not independent is associated with financial statements, he would be precluded from expressing an opinion becausea. The public would be aware of his lack ofindependence and would place little orno faith in his opinion.b. He would place himself in the position ofsuffering an adverse decision in apossible liability suit.c. He would be in the position of auditinghis own work.d. Any auditing procedures he mightperform would not be in accordancewith generally accepted auditingstandards

Description : When a CPA who is not independent is associated with financial statements, he would be precluded from expressing an opinion becausea. The public would be aware of his lack of ... Any auditing procedures he might perform would not be in accordance with generally accepted auditing standards

Last Answer : Any auditing procedures he might perform would not be in accordance with generally accepted auditing standards

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.

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

Before accepting an audit engagement, a successor auditor should make specific inquiries of the predecessor auditor regarding a. Disagreements the predecessor had with the client concerning auditing procedures and accounting principles. b. The predecessor’s evaluation of matters of continuing accounting significance. c. The degree of cooperation the predecessor received concerning the inquiry of the client’s lawyer. d. The predecessor’s assessments of inherent risk and judgments about materiality

Description : Before accepting an audit engagement, a successor auditor should make specific inquiries of the predecessor auditor regarding a. Disagreements the predecessor had with the client concerning auditing ... lawyer. d. The predecessor's assessments of inherent risk and judgments about materiality

Last Answer : Disagreements the predecessor had with the client concerning auditing procedures and accounting principles.

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

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.

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.

In their fiduciary role, the professional accountants owe their primary loyalty to: a. The accounting profession b. The general public c. The client d. Government regulatory agencies

Description : In their fiduciary role, the professional accountants owe their primary loyalty to: a. The accounting profession b. The general public c. The client d. Government regulatory agencies

Last Answer : The client

A CPA should maintain objectivity and be free of conflicts of interest when performing: a. All attestation services, but not other professional services. b. All attestation and tax services, but not other professional services. c. Audits, but not any other professional services. d. All professional services

Description : A CPA should maintain objectivity and be free of conflicts of interest when performing: a. All attestation services, but not other professional services. b. All attestation and tax services, ... professional services. c. Audits, but not any other professional services. d. All professional services

Last Answer : All professional services

Consultation is usually undertaken for: a. Difficult or contentious matters. b. Matters for which there is readily available support. c. Matters for which the judgment of the engagement leader is deemed sufficient. d. Straightforward matters involving accounting and auditing

Description : Consultation is usually undertaken for: a. Difficult or contentious matters. b. Matters for which there is readily available support. c. Matters for which the judgment of the engagement leader is deemed sufficient. d. Straightforward matters involving accounting and auditing

Last Answer : Difficult or contentious matters

For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of accounting principles or any auditing and reporting standards discussed with management. b. Confirmation of material accounts receivable balance at the end of the year. c. Planned audit procedure to obtain sufficient appropriate audit evidence regarding opening balances. d. Assignment of firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Last Answer : Confirmation of material accounts receivable balance at the end of the year.

Eman, a CPA, has a law practice. Eman has recommended one of his clients to Noel, a CPA. Noel has agreed to pay Eman 10% of the fee for services rendered by Noel to Eman's client. Who, if anyone, is in violation of the Code of Ethics? a. Both Eman and Noel b. Eman only c. Neither Eman and Noel d. Noel only

Description : Eman, a CPA, has a law practice. Eman has recommended one of his clients to Noel, a CPA. Noel has agreed to pay Eman 10% of the fee for services rendered by Noel to Eman's client. Who, if anyone, is in ... the Code of Ethics? a. Both Eman and Noel b. Eman only c. Neither Eman and Noel d. Noel only

Last Answer : Both Eman and Noe

A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? a. Serving as a member of the client’s board of directors. b. Accounting information system design and implementation. c. Tax return preparation as approved by the board of directors. d. Determining which accounting policies will be adopted by the client

Description : A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? a. Serving as a member of the client's board of directors. b. ... approved by the board of directors. d. Determining which accounting policies will be adopted by the client

Last Answer : Tax return preparation as approved by the board of directors.

A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? a. Serving as a member of the client’s board of directors. b. Accounting information system design and implementation. c. Tax return preparation as approved by the board of directors. d. Determining which accounting policies will be adopted by the client

Description : A CPA firm is considered independent when it performs which of the following services for a publicly traded audit client? a. Serving as a member of the client's board of directors. b. ... approved by the board of directors. d. Determining which accounting policies will be adopted by the client

Last Answer : Tax return preparation as approved by the board of directors.

A CPA firm is considered independent when it performs which of the following services for a publicly-traded audit client? a. Serving as a member of the client's board of directors. b. Determining which accounting policies will be adopted by the client. c. Accounting information system design and implementation. d. Tax return preparation as approved by the board of directors.

Description : A CPA firm is considered independent when it performs which of the following services for a publicly-traded audit client? a. Serving as a member of the client's board of directors. b. ... information system design and implementation. d. Tax return preparation as approved by the board of directors.

Last Answer : Tax return preparation as approved by the board of directors.

Which of the following services provides positive assurance through attestation? a. Tax services b. Review c. Auditing d. Accounting services

Description : Which of the following services provides positive assurance through attestation? a. Tax services b. Review c. Auditing d. Accounting services

Last Answer : Auditing

shubhhw · Answer 1 · 2021-11-01T06:55:08+0000

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

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