The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service. b. To comply with relevant laws and regulations and avoid any action that discredits the profession. c. Not to override or compromise his professional or business judgment because of bias, conflict of interest or undue influence of others. d. To be fair and truthful.

The principle professional competence and
due care imposes which of the following
obligations on professional accountants?
a. To maintain professional knowledge
and skill at the level required to
ensure that a client or employer
receives competent professional
service.
b. To comply with relevant laws and
regulations and avoid any action that
discredits the profession.
c. Not to override or compromise his
professional or business judgment
because of bias, conflict of interest or
undue influence of others.
d. To be fair and truthful.
by

1 Answer

Answer :

To maintain professional knowledge
and skill at the level required to
ensure that a client or employer
receives competent professional
service.
by

Related questions

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

Description : 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. ... of the profession and refrain from any conduct which might bring discredit to the profession

Last Answer : Act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession

The principle of Professional behavior requires a CPA to: a. Perform professional services with due care, competence and diligence. b. Be straightforward and honest in performing professional servicesc. Act in a manner consistent with thegood reputation of the professionand refrain from any conduct whichmight bring discredit to theprofession.d. Be fair and should not allow prejudice orbias, conflict of interest or influence ofothers to override objectivity or affecthis professional or business judgments.

Description : The principle of Professional behavior requires a CPA to: a. Perform professional services with due care, competence and diligence. b. Be straightforward and honest in performing professional ... or influence of others to override objectivity or affect his professional or business judgments.

Last Answer : Act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession

Which of the following is incorrect regarding integrity and objectivity? a. Integrity implies not merely honesty but fair dealing and truthfulness. b. The principle of objectivity imposes the obligation on all professional accountants to be fair, intellectually honest and free of conflicts of interest. c. Professional accountants serve in many different capacities and should demonstrate their objectivity in varying circumstances.d. Professional accountants should neither accept nor offer any gifts or entertainment.

Description : Which of the following is incorrect regarding integrity and objectivity? a. Integrity implies not merely honesty but fair dealing and truthfulness. b. The principle of objectivity imposes the ... circumstances. d. Professional accountants should neither accept nor offer any gifts or entertainment.

Last Answer : Professional accountants should neither accept nor offer any gifts or entertainment.

This fundamental ethical principle prohibits association of professional accountants with reports, returns, communications and other information that contains materially false or misleading information or statements. a. Integrity b. Objectivity c. Professional competence and due care d. Professional behavior

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Last Answer : Integrity

How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public consists of clients, credit grantors, governments, employers, employees, investors, the business and financial community, and others who rely on the objectivity and integrity of professional accountants. c. The collective well-being of the community of people and institutions the professional accountant serves. d. The standards of the accountancy profession are heavily determined by the public interest

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Last Answer : The collective well-being of the community of people and institutions the professional accountant serves.

Which of the following is incorrect regarding professional competence? a. Professional accountants may portray themselves as having expertise or experience they do not possess. b. Professional competence may be divided into two separate phases. c. The attainment of professional competence requires initially a high standard of general education. d. The maintenance of professional competence requires a continuing awareness of development in the accountancy profession

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Last Answer : Professional accountants may portray themselves as having expertise or experience they do not possess

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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Last Answer : The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession.

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

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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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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

Description : 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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A primary purpose for establishing a code of ethics within a professional organization is to: a. Demonstrate the acceptance of responsibility Jo the interest of those served by the profession. b. Reduce the likelihood that members of the profession will be sued for substandard work. c. Ensure that all members of the profession posses approximately the same level of competencyd. Require members of the profession toexhibit loyalty in all matters pertaining tothe affairs of the organization

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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.

Description : 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.

Last Answer : Independence.

No matter competent a CPA may be, his opinion on financial statements will be of little value to those who rely upon him unless he: a. Maintains his independence. b. Maintains professional competence. c. Maintains a program of continuing education. d. Serves his clients with professional concern.

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Last Answer : Maintains his independence

Attainment of professional competence requires the following, except: a. Initially, a high standard of education. b. Specific education, training, and examination in professionally relevant subjects. c. Whether prescribed or not, a period of work experience. d. A continuing awareness and an understanding of relevant technical professional and business developments.

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Last Answer : A continuing awareness and an understanding of relevant technical professional and business developments.

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

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Professional accountants may encounter problems in identifying unethical behavior or in resolving an ethical conflict. When facedwith significant ethical issues, professionalaccountants should do the following, excepta. Follow the established policies of theemploying organization to of such Review the conflict problem with superior if the do not resolve the ethicalconflict.c. If the problem is not resolved withthe immediate superior and theprofessional accountant determinesto go to the next higher manageriallevel, the immediate superior neednot be notified of the decision.d. Seek counseling and advice on aconfidential basis with an independentadvisor or the applicable professionalaccountancy body or regulatory body toobtain an understanding of possiblecourses of action

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Which of the following least likely create "self-interest threat"? a. Undue dependence on total fees from an assurance client. b. Concern about the possibility of losing the engagement. c. Having a close business relationship with an assurance client. d. Pressure to reduce inappropriately the extent of work performed in order to reduce fees

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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

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Last Answer : b

A CPA, while performing an audit, strives to achieve independence in appearance in order to a. Reduce risk and liability. b. Comply with the generally accepted standards of fieldwork. c. Become independent in fact. d. Maintain public confidence in the profession

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A CPA, while performing an audit, strives to achieve independence in appearance in order to: a. Reduce risk and liability. b. Become independent in fact. c. Comply with GAAS. d. Maintain public confidence in the profession.

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Last Answer : Maintain public confidence in the profession.

Advertising, as defined in the Code of Ethics, means a. The communication to the public of facts about a professional accountant which are not designed for the deliberate promotion of that professional accountant. b. The approach to a potential client for the purpose of offering professional services. c. The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business. d. Any of the given choices

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Last Answer : The communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business

How frequent can a professional accountants have press and other media releases commemorating their anniversaries in public practice by informing the public of their achievements or accomplishments in contributing toward nation building or enhancing the image or standards of the accounting profession? a. 2 years b. 3 years c. 5 years d. 6 years

Description : How frequent can a professional accountants have press and other media releases commemorating their anniversaries in public practice by informing the public of their achievements or accomplishments in contributing toward nation building ... profession? a. 2 years b. 3 years c. 5 years d. 6 years

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The exercise of due professional care requires that an auditor a. Use error-free judgment. b. Consider internal control, including tests of controls. c. Critically review the work done at every level of supervision. d. Examine all corroborating evidence available.

Description : The exercise of due professional care requires that an auditor a. Use error-free judgment. b. Consider internal control, including tests of controls. c. Critically review the work done at every level of supervision. d. Examine all corroborating evidence available.

Last Answer : Critically review the work done at every level of supervision

The exercise of due professional care requires that an auditor a. Critically review the judgment exercised at every level of supervision. b. Attain the proper balance of professional experience and formal education. c. Reduce control risk below the maximum. d. Examine all available corroborating evidence

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Last Answer : Critically review the judgment exercised at every level of supervision.

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

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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

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The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Examines all corroborating evidence available. d. Be responsible for fulfilling his or her duties diligently and carefull

Description : The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Examines all corroborating evidence available. d. Be responsible for fulfilling his or her duties diligently and carefull

Last Answer : Be responsible for fulfilling his or her duties diligently and carefull

The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Be responsible for fulfilling his or her duties diligently and carefully. d. Examines all corroborating evidence available.

Description : The exercise of due professional care requires that an auditor a. Uses error-free judgment. b. Considers internal control, including tests of controls. c. Be responsible for fulfilling his or her duties diligently and carefully. d. Examines all corroborating evidence available.

Last Answer : Be responsible for fulfilling his or her duties diligently and carefully.

Which of the following best describes due care? a. Reasonable infallibility b. Tact in avoiding legal liability c. Requisite skill and diligence d. Freedom from undue influence

Description : Which of the following best describes due care? a. Reasonable infallibility b. Tact in avoiding legal liability c. Requisite skill and diligence d. Freedom from undue influence

Last Answer : Requisite skill and diligence

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

Description : 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 ... public sector having managerial responsibilities. d. A firm of professional accountants in public practice

Last Answer : Professional accountants employed in the public sector having managerial responsibilities

The auditor is required to comply with all PSAs relevant to the audit of an entity's financial statements. A PSA is relevant to the audit when: I. The PSA is in effecII. The circumstances addressed by the PSA exist. a. I only b. II only c. Either I or II d. Both I and IIt

Description : The auditor is required to comply with all PSAs relevant to the audit of an entity's financial statements. A PSA is relevant to the audit when: I. The PSA is in effect II. The circumstances addressed by the PSA exist. a. I only b. II only c. Either I or II d. Both I and II

Last Answer : Both I and II

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.

Description : 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.

Last Answer : Independence

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.

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

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

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Last Answer : Engagement

The phrase in our opinion in the auditor’s report is intended to inform users that auditors a. Guarantee fair presentation of the financial statements. b. Act as insurers of the accuracy of the financial statements. c. Certify the material presented in the statements by management. d. Based their conclusions about the statements on professional judgment

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Last Answer : Based their conclusions about the statements on professional judgment

There are fundamental principles that the professional accountant has to observe when performing assurance engagements. The requirement of which principle is of particular importance in an assurance engagement in ensuring that the conclusion of the professional accountant has value to the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity

Description : There are fundamental principles that the professional accountant has to observe when performing assurance engagements. The requirement of which principle is of particular importance in an assurance ... the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity

Last Answer : Objectivity

Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of significant interests in the affairs of an audit client. c. Possessing the ability to act with integrity and objectivity. d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Description : Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of ... . d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Last Answer : Possessing the ability to act with integrity and objectivity.

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

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

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

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

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Only use certified public accountants on the engagemenb. Place increased emphasis on the audit of objective transactions rather than subjective transactions. c. Supervise members of the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.t

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Last Answer : Use less predictable audit procedures.