The firm is to be staffed by personnel who have attained and maintained the technical standards and professional competence required to enable them to fulfill their responsibilities with due care is the objective of what quality control policy? a. Ethical requirements b. Leadership responsibilities c. Assignment d. Monitoring

The firm is to be staffed by personnel who
have attained and maintained the technical
standards and professional competence
required to enable them to fulfill their
responsibilities with due care is the objective
of what quality control policy?
a. Ethical requirements
b. Leadership responsibilities
c. Assignment
d. Monitoring
by

2 Answers

Answer :

Ethical requirements
by

Answer :

b
by

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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

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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.

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The generally accepted auditing standards of fieldwork pertain most directly to: a. Improving internal control as a result of the audit. b. Due professional care in the performance of the audit. c. The required training and proficiency of the auditors. d. The planning of the audit

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A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element? a. Engagement performance b. Independence, integrity, and objectivity c. Monitoring d. Personnel management

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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

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Which of the following is prohibited by the Code of Professional Ethics for CPAs? a. Use of a firm name which includes the name of a retired partner. b. Accepting an engagement or employment which one cannot reasonably expect to complete or discharge with professional competence. c. Announcement in a newspaper of the opening of a public accounting office. d. Engaging in civic activities during business hours

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

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Which of the following criteria is unique to the independent auditor's attest function? a. Independence. b. General competence. c. Due professional care. d. Familiarity with the particular industry of each client.

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A professional accountant is likened to a prudent father to his son. This relates to what fundamental principle? a. Professional competence and due care b. Confidentiality c. Integrity d. Objectivity

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The following are fundamental principles that are mostly applied when performing procedures on acceptance of new clients except: a. Confidentiality. b. Professional competence. c. Independence. d. Professional competence and due care.

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The principle of professional behavior requires a CPA to a. Be straightforward and honest in performing professional services. b. Perform professional services with due care, competence and diligence.c. Be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity. d. Act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession

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A CPA establishes quality control policies and procedures for deciding whether to accept a new client or continue to perform services for a current client. The primary purpose for establishing such policies and procedures is a. To enable the auditor to attest to the integrity or reliability of a client. b. To comply with the quality control standards established by regulatory bodies. c. To minimize the likelihood of association with clients whosemanagement lacks integrity.d. To lessen the exposure to litigationresulting from failure to detectirregularities in client financialstatements

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Competence as a certified public accountant includes all of the following except a. Consulting others if additional technical information is needed. b. Possessing the ability to supervise and evaluate the quality of staff work. c. Having the technical qualifications to perform an engagement. d. Warranting the infallibility of the work performed

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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

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Last Answer : Expert

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

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The term professional accountant in public practice includes the following, except: a. A sole proprietor providing professional services to a client. b. Each partner or person occupying a position similar to that of a partner staff in a practice providing professional services to a client. c. Professional accountants employed in the public sector having managerial responsibilities. d. A firm of professional accountants in public practice

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Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk. b. Eliminate the professional judgment in resolving audit issues. c. Have a measure of the quality of audit performance. d. To reduce the audit program to be prepared by the auditor.

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Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the nature and extent of the auditor's responsibilities. c. They provide guidance to the auditor with respect to planning the audit and writing the audit report. d. They set forth a measure a measure of the quality of the performance of audit procedures.

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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)

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