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

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
by

1 Answer

Answer :

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

Related questions

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 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.

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

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

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

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 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

Under the Code of Ethics, a CPA may not: a. Perform bookkeeping services for an audit client. b. Perform advisory services for an audit client. c. Have any direct financial interest in a client during the period covered by the financial statements. d. Having any joint, closely held investments with a principal stockholder of an audit client during the period of audit engagement which is not material in relation to his ne

Description : Under the Code of Ethics, a CPA may not: a. Perform bookkeeping services for an audit client. b. Perform advisory services for an audit client. c. Have any direct financial interest in a client ... of an audit client during the period of audit engagement which is not material in relation to his ne

Last Answer : Have any direct financial interest in a client during the period covered by the financial statements.

The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out sentences of imprisonment to CPAs who fail to present a valid system of quality control. c. Revoke the certificate of registration and professional ID of an individual CPA, firm, or partnership of CPAs who have not observed quality control measures and who has not complied with the standards of quality prescribed for the practice of public accountancy. d. All of these

Description : The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out ... with the standards of quality prescribed for the practice of public accountancy. d. All of these

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

Which of the following best describes the passing of confidential information from a client to its auditor? The information: a. Should in no circumstances be conveyed to third parties. b. Is not legally protected and can be subpoenaed by a competent court. c. Can only be released for peer reviews after receiving permission from the client. d. Should be conveyed to the public if it affects the "correctness" of the financial statement

Description : Which of the following best describes the passing of confidential information from a client to its auditor? The information: a. Should in no circumstances be conveyed to third parties. b. Is not ... d. Should be conveyed to the public if it affects the "correctness" of the financial statement

Last Answer : Is not legally protected and can be subpoenaed by a competent cour

Which of the following best describes the passing of confidential information from a client to its auditor? The information: a. Should in no circumstances be conveyed to third parties. b. Is not legally protected and can be subpoenaed by a competent court. c. Can only be released for peer reviews after receiving permission from the client. d. Should be conveyed to the public if it affects the "correctness" of the financial statements

Description : Which of the following best describes the passing of confidential information from a client to its auditor? The information: a. Should in no circumstances be conveyed to third parties. b. Is not ... d. Should be conveyed to the public if it affects the "correctness" of the financial statements

Last Answer : Is not legally protected and can be subpoenaed by a competent court.

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

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

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

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

Description : 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 ... newspaper of the opening of a public accounting office. d. Engaging in civic activities during business hours

Last Answer : Accepting an engagement or employment which one cannot reasonably expect to complete or discharge with professional competence

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

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

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

Though PSAs do not provide "hard and fast rules," they provide subjective guidance which allow the auditors to: a. Only apply those standards that are important to the audit. b. Use adequate professional judgment when applying the standards. c. Tailor their audit to procedures requested by management. d. Accurately interpret the Code of Ethics for CPAs

Description : Though PSAs do not provide "hard and fast rules," they provide subjective guidance which allow the auditors to: a. Only apply those standards that are important to the audit. b. Use ... Tailor their audit to procedures requested by management. d. Accurately interpret the Code of Ethics for CPAs

Last Answer : Use adequate professional judgment when applying the standards.

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

Which of the following statements concerning a CPA's disclosure of confidential client information is ordinarily correct? a. Disclosure should not be made even if such disclosure will protect the CPA's professional interests in legal proceedings. b. Disclosure should be made only if there is a legal, or professional duty to make the disclosure. c. Disclosure may be made to any party on consent of the client. d. Disclosure may be made to any government agency without subpoena.

Description : Which of the following statements concerning a CPA's disclosure of confidential client information is ordinarily correct? a. Disclosure should not be made even if such disclosure will protect the CPA's ... consent of the client. d. Disclosure may be made to any government agency without subpoena.

Last Answer : Disclosure may be made to any party on consent of the client.

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

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

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

Which of the following factors most likely would cause a CPA to decline a new audit engagement? a. The CPA does not understand the entity's operations and industry. b. The CPA is unable to review the predecessor auditor's working papers. c. Management is unwilling to permit inquiry of its legal counsel. d. Management acknowledges that the entity has had recurring operating losses

Description : Which of the following factors most likely would cause a CPA to decline a new audit engagement? a. The CPA does not understand the entity's operations and industry. b. The CPA is ... permit inquiry of its legal counsel. d. Management acknowledges that the entity has had recurring operating losses

Last Answer : Management is unwilling to permit inquiry of its legal counsel

The attest function: a. Is an essential part of every engagement performed by a CPA. b. Includes the preparation of a written report of the CPA's conclusion. c. Requires a complete review of all transactions during the period under examination. d. Requires a review of a sample of transactions during the period under examination.

Description : The attest function: a. Is an essential part of every engagement performed by a CPA. b. Includes the preparation of a written report of the CPA's conclusion. c. Requires a complete review ... under examination. d. Requires a review of a sample of transactions during the period under examination.

Last Answer : Includes the preparation of a written report of the CPA's conclusion

An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm. a. Attestation engagement b. Peer review engagement c. Quality control engagement d. Quality assurance engagemen

Description : An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm. a. Attestation engagement b. Peer review engagement c. Quality control engagement d. Quality assurance engagemen

Last Answer : Peer review engagement

What will an auditor who has been proposed for an audit engagement usually do prior to accepting a new client? a. Draft the financial statements of the client as a measure of goodwilb. With the permission from the prospective client, contact the predecessor auditor to determine if there are any disagreements between the client and the audit firms. c. Obtain the potential client's permission to talk to the former auditor and review work papers. d. Perform a peer review on the potential client in accordance with professional standardsl

Description : What will an auditor who has been proposed for an audit engagement usually do prior to accepting a new client? a. Draft the financial statements of the client as a measure of goodwill b ... review work papers. d. Perform a peer review on the potential client in accordance with professional standards

Last Answer : With the permission from the prospective client, contact the predecessor auditor to determine if there are any disagreements between the client and the audit firms

This fundamental principle requires a CPA not to use or disclose information acquired during the course of performing professional services without proper and specific authority. a. Objectivity. b. Professional Behavior. c. Professional Competence and Due care. d. Confidentiality

Description : This fundamental principle requires a CPA not to use or disclose information acquired during the course of performing professional services without proper and specific authority. a. Objectivity. b. Professional Behavior. c. Professional Competence and Due care. d. Confidentiality

Last Answer : Confidentiality

In connection with the element of professional development, a CPA firm's system of quality control should ordinarily provide that all personnel a. Possess judgment, motivation, and adequate experience. b. Seek assistance from persons having appropriate level of knowledge, judgment, and authority. c. Demonstrate compliance with peer review directives. d. Have the knowledge required to enable them to fulfill responsibilities assigned.

Description : In connection with the element of professional development, a CPA firm's system of quality control should ordinarily provide that all personnel a. Possess judgment, motivation, and adequate ... review directives. d. Have the knowledge required to enable them to fulfill responsibilities assigned.

Last Answer : Have the knowledge required to enable them to fulfill responsibilities assigned.

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

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.

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

Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from, being subpoenaed. b. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. c. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rule. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit.

The working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from being subpoenaed. b. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rulec. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : The working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit

Which of the following is a violation Confidentiality rule of the Code of Ethics? a. The CPA, in response to a court subpoena, submits auditor-prepared workpapers as evidence of possible illegal acts perpetrated by the client. b. The CPA discloses to the board of directors a scheme concocted by top management to intentionally inflate earningsc. The CPA warns Client B as to theinadvisability of acquiring Client A.The CPA bases this warning onknowledge of Client A's financialcondition and a belief that themanagement of Client A lacksintegrity. This knowledge wasobtained by the CPA as a result ofauditing Client A during the pastseveral year is.d. The CPA, when questioned in court,admits to knowledge of certain illegalacts perpetrated by the client.

Description : Which of the following is a violation Confidentiality rule of the Code of Ethics? a. The CPA, in response to a court subpoena, submits auditor-prepared workpapers as evidence of possible illegal ... CPA, when questioned in court, admits to knowledge of certain illegal acts perpetrated by the client.

Last Answer : The CPA warns Client B as to the inadvisability of acquiring Client A. The CPA bases this warning on knowledge of Client A's financial condition and a belief that the management of Client A lacks integrity ... was obtained by the CPA as a result of auditing Client A during the past several year is.

When management refuses to disclose in the financial statements noncompliance to laws and regulations which are identified by the independent auditor, the CPA may be charged with unethical conduct for a. Withdrawing from the engagement. b. Issuing a disclaimer of opinionc. Failure to uncover the noncompliance to laws and regulations during the prior audits. d. Reporting these activities to the audit committee..

Description : When management refuses to disclose in the financial statements noncompliance to laws and regulations which are identified by the independent auditor, the CPA may be charged with unethical conduct for ... and regulations during the prior audits. d. Reporting these activities to the audit committee.

Last Answer : Issuing a disclaimer of opinion

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 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

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

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

Last Answer : Auditing and Assurance Standards Council

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.

A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information

Last Answer : A compilation used only by management.

A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An auditb. A review. c. A compilation used only by management. d. An audit of prospective financial information..

Description : A member in public practice may perform for a contingent fee any professional services for a client for whom the member or member's firm performs a. An audit. b. A review. c. A compilation used only by management. d. An audit of prospective financial information.

Last Answer : A compilation used only by management.

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial and, therefore, may issue a review report. b. Not independent and, therefore, may not issue a review report. c. Not independent and, therefore, may not be associated with the financial statements. d. Not independent and, therefore, may issue a review report, but may not issue an auditor's opinion.

Description : If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial ... and, therefore, may issue a review report, but may not issue an auditor's opinion.

Last Answer : Not independent and, therefore, may not issue a review report.

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial and, therefore, mayissue a review report.b. Not independent and, therefore, may notbe associated with the financialstatements.c. Not independent and, therefore,may not issue a review report.d. Not independent and, therefore, mayissue a review report, but may not issuean auditor's opinion.

Description : If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial direct financial interest, the accountant is a. Independent because the financial interest is immaterial ... and, therefore, may issue a review report, but may not issue an auditor's opinion.

Last Answer : Not independent and, therefore, may not issue a review report.

Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. b. To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. c. To adopt a Code of Ethics for the practice of accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Description : Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. ... accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Last Answer : To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration.

Which of the following will impair the independence of a CPA in public practice? a. He has his name and address listed on a one-page section of the telephone book. b. He obtained a loan from a bank under the normal lending procedures, terms and requirements of that bank. c. He holds one share of the client's capital stock. d. He failed to disclose a client's departure from GAAP.

Description : Which of the following will impair the independence of a CPA in public practice? a. He has his name and address listed on a one-page section of the telephone book. b. He obtained a loan from a bank ... one share of the client's capital stock. d. He failed to disclose a client's departure from GAAP.

Last Answer : He holds one share of the client's capital stock.