Which of the following is not allowed to be included in a website of a firm of professional accountants? a. Names of partners/principals with their educational attainment. b. Membership in any professional body. c. Awards received d. Listings of the firm's clients

Which of the following is not allowed to be
included in a website of a firm of
professional accountants?
a. Names of partners/principals with their
educational attainment.
b. Membership in any professional body.
c. Awards received
d. Listings of the firm's clients
by

1 Answer

Answer :

Listings of the firm's clients
by

Related questions

Who are required to apply for accreditation with the Professional Regulation Commission if the applicant is a partnership of Professional Accountants? a. Managing partner only b. All partners only c. Partners and staff members d. Partners, principals, and staff members

Description : Who are required to apply for accreditation with the Professional Regulation Commission if the applicant is a partnership of Professional Accountants? a. Managing partner only b. All partners only c. Partners and staff members d. Partners, principals, and staff members

Last Answer : Partners and staff members

In pursuing a CPA firm's quality control objectives, a CPA firm may maintain records indicating which partners or employees of the CPA firm were previously employed by the CPA firm's clients. Which quality control element would this be most likely to satisfy? a. Monitoring. b. Human resources. c. Ethical requirements. d. Engagement performance

Description : In pursuing a CPA firm's quality control objectives, a CPA firm may maintain records indicating which partners or employees of the CPA firm were previously employed by the CPA firm's clients. Which ... to satisfy? a. Monitoring. b. Human resources. c. Ethical requirements. d. Engagement performance

Last Answer : Ethical requirements.

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

Description : 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. ... maintenance of professional competence requires a continuing awareness of development in the accountancy profession

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

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

Description : 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 ... serves. d. The standards of the accountancy profession are heavily determined by the public interest

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

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

Firm includes the following except: a. A sole practicing professional accountanb. An entity that controls a partnership of professional accountants. c. An entity controlled by a partnership of professional accountants. d. A sole practitioner, partnership or corporation of professional accountantst

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The following are modifications made to the IFAC Code to consider Philippine regulatory requirements and circumstances, except a. The period for rotation of the lead engagement partner was changed from five to seven years. b. Advertising and solicitation by individual professional accountants in public practice were not permitted in the Philippines. c. Additional examples relating to anniversaries and websites wherein publicity is acceptable, as provided in boa resolution 19, series of 2000, were included. d. Payment and receipt of commissions were not permitted in the Philippines

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Last Answer : The period for rotation of the lead engagement partner was changed from five to seven years.

Under this method of billing a client, the external auditors charges on the basis of time spent by principals/partners, supervisors, seniors and juniors at predetermined rates agreed upon with the client a. Maximum fee basis b. Flat sum basis c. Retainer basis d. Per diem basis

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Last Answer : Per diem basis

Solicitation consists of the various means that CPA firms use to engage new clients. Which one-of the following would not be an example of solicitation? a. Advertisements in the yellow pages of a phone book. b. Accepting new clients that approach the firm. c. Taking prospective clients to lunch. d. Offering seminars on current tax law changes to potential clients.

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Last Answer : Accepting new clients that approach the firm

Solicitation consists of the various means that CPA firms use to engage new clients. Which one-of the following would not be an example of solicitation? a. Accepting new clients that approach the firm. b. Taking prospective clients to lunch. c. Offering seminars on current tax law changes to potential clients. d. Advertisements in the yellow pages of a phone book

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Last Answer : Accepting new clients that approach the firm

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

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A practicing CPA is allowed by the CPA Code of Ethics to do the following except: a. Announce the change in office location in a newspaper. b. List his firm name in the building lobby directory in good taste and modest size. c. Include his tax account number and membership in PICPA on his stationary. d. List his office telephones in the PLDT directory to box or bold type

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Last Answer : List his office telephones in the PLDT directory to box or bold type

The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above

Description : The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above

Last Answer : All of the above

Intimidation threat a. Is not a threat to independence. b. Occurs when a member of the assurance team may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, from the directors, officers or employees of an assurance clienc. Occurs when, by virtue of a close relationship with an assurance client, its directors, officers or employees, a firm or a member of the assurance team becomes too sympathetic to the client's interests. d. Occurs when a firm, or a member of the assurance team, promotes, or may be perceived to promote, an assurance client's position or opinion to the point that objectivity may, or may be perceived to be, compromised.t

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A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting firm made up of three non-CPA practitioners. c. Issued an unqualified opinion on the 2006 financial statements when fees for the 2005 audit were unpaid. d. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period

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A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting firm made up of three non-CPA practitioners. c. Issued an unqualified opinion on the 2010 financial statements when fees for the 2009 audit were unpaid. d. Purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period.

Description : A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an accounting ... firm's practice of monthly write-ups for a percentage of fees received over a three-year period.

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.Inherent risk is not a characteristic of the a. Major types of transactions. b. Client’s business. c. Substantive procedures. d. Effectiveness of the client’s accountants

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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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Last Answer : If the problem is not resolved with the immediate superior and the professional accountant determines to go to the next higher managerial level, the immediate superior need not be notified of the decision.

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.

Description : Attainment of professional competence requires the following, except: a. Initially, a high standard of education. b. Specific education, training, and examination in professionally relevant ... A continuing awareness and an understanding of relevant technical professional and business developments.

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

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.

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

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

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

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Last Answer : 5 years

Which of the following statements is true? a. Assurance engagements do not require independence. b. The term “auditor” is broader in scope compared to the term “practitioner.” c. Assurance engagements performed by professional accountants are intended to enhance the credibility of information. d. The degree or level of assurance that may be provided by the practitioner is inversely related to the scope of procedures performed and their results

Description : Which of the following statements is true? a. Assurance engagements do not require independence. b. The term auditor is broader in scope compared to the term practitioner. c. Assurance ... be provided by the practitioner is inversely related to the scope of procedures performed and their results

Last Answer : Assurance engagements performed by professional accountants are intended to enhance the credibility of information.

Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner. c. In some circumstances, the intended user may be established by law. d. The responsible party may also be one of the intended users

Description : Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. ... may be established by law. d. The responsible party may also be one of the intended users

Last Answer : The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner

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)

Description : The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified ... (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)

Last Answer : Philippine Institute of Certified Public Accountants (PICPA)

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

Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner. c. In some circumstances, the intended user may be established by law. d. The responsible party may also be one of the intended users.

Description : Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. ... be established by law. d. The responsible party may also be one of the intended users.

Last Answer : The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner

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

Description : 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 ... in public practice with a view to procuring professional business. d. Any of the given choices

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

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.

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.

Description : 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 ... , conflict of interest or undue influence of others. d. To be fair and truthful.

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

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

Description : 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 ... b. Objectivity c. Professional competence and due care d. Professional behavior

Last Answer : Integrity

Which part of the Code of Ethics applies to professional accountants in public practice? a. Part A b. Part B c. Part A and Part B d. Part C

Description : Which part of the Code of Ethics applies to professional accountants in public practice? a. Part A b. Part B c. Part A and Part B d. Part C

Last Answer : Part A and Part B

Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated by the Board of Accountancy b. Planning the engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure

Description : Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated ... engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure

Last Answer : Studying and evaluating internal control structure

Engagements frequently performed by professional accountants that are not assurance engagements include the following except a. Compilation b. Agreed-upon procedures. c. Compliance audit d. Management consulting

Description : Engagements frequently performed by professional accountants that are not assurance engagements include the following except a. Compilation b. Agreed-upon procedures. c. Compliance audit d. Management consulting

Last Answer : Compliance audit

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

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

When performing an assurance service, professional accountants use standards or benchmarks to evaluate or measure the subject matter of an assurance engagement. This is known as: a. PFRS. b. Assertion. c. Criteria. d. Conclusion.

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Last Answer : Criteria.

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.

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

Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, 2008, the next renewal must be on or before: a. September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011

Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, ... . September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011

Last Answer : September 30, 2011

The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, when the report is not expressly restricted for use by identified users. c. For assurance engagements provided to clients that are not audit clients, when the assurance report is expressly restricted for use by identified users. d. All of the above

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Last Answer : For assurance engagements provided to an audit client

The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, when the report is not expressly restricted for use by identified users. c. For assurance engagements provided to clients that are not audit clients, when the assurance report is expressly restricted for use by identified users. d. All of the above

Description : The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, ... the assurance report is expressly restricted for use by identified users. d. All of the above

Last Answer : For assurance engagements provided to an audit client

The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, when the report is not expressly restricted for use by identified users. c. For assurance engagements provided to clients that are not audit clients, whenthe assurance report is expresslyrestricted for use by identified users.d. All of the above

Description : The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, ... whenthe assurance report is expressly restricted for use by identified users. d. All of the above

Last Answer : For assurance engagements provided to an audit client.

Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Referral fees on audit jobs. b. Competitive bidding on audit jobs. c. Contingent fees on audit jobs. d. Commissions for obtaining client services on audit jobs

Description : Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Referral fees on audit jobs. b. Competitive bidding on audit jobs. c. Contingent fees on audit jobs. d. Commissions for obtaining client services on audit jobs

Last Answer : Competitive bidding on audit jobs

Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Competitive bidding on audit jobs. b. Contingent fees on audit jobs. c. Commissions for obtaining client services on audit jobs. d. Referral fees on audit jobs.

Description : Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Competitive bidding on audit jobs. b. Contingent fees on audit jobs. c. Commissions for obtaining client services on audit jobs. d. Referral fees on audit jobs.

Last Answer : Competitive bidding on audit jobs

The primary reason an engagement letter is obtained by audit firms prior to starting the work is that a. It provides an insurance policy for companies entering into the agreement. b. It clarifies the responsibilities of management and those of the auditor. c. It communicates the type of opinion that will be rendered on the engagement d. It defines the firm's policies and procedures regarding new clients

Description : The primary reason an engagement letter is obtained by audit firms prior to starting the work is that a. It provides an insurance policy for companies entering into the agreement. b. It clarifies ... be rendered on the engagement d. It defines the firm's policies and procedures regarding new clients

Last Answer : It clarifies the responsibilities of management and those of the auditor

Which of the following partners is least likely to be considered a "covered member" for purposes of rendering assurance service to of Company A, a nonaudit client, performed by the head office of a national CPA firm? a. The partner in charge of the Davao office. b. The partner in charge of the entire CPA firm. c. A partner in the Cebu office of the CPA firm who maintains a small, immaterial investment in Company A. d. A partner in the Davao office who worked on the Company A for a different assurance engagement in previous years, but currently has no responsibilities with respect to the engagement

Description : Which of the following partners is least likely to be considered a "covered member" for purposes of rendering assurance service to of Company A, a nonaudit client, performed by the ... assurance engagement in previous years, but currently has no responsibilities with respect to the engagement

Last Answer : A partner in the Cebu office of the CPA firm who maintains a small, immaterial investment in Company A.