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

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
by

1 Answer

Answer :

Partners and staff members
by

Related questions

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

Description : 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

Last Answer : Listings of the firm's clients

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 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 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)

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

Description : Firm includes the following except: a. A sole practicing professional accountant b. 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 accountants

Last Answer : A sole practitioner, partnership or corporation of professional accountants

A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than ___ years after becoming a sole proprietor. a. 1 b. 2 c. 3 d. 4

Description : A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than ___ years after becoming a sole proprietor. a. 1 b. 2 c. 3 d. 4

Last Answer : 2

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

Description : 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 ... not be informed of ethical requirements because they are not members of the Accountancy profession

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

The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by the President of the Philippines upon recommendation of PICPA. c. Majority of the board members shall as much as possible be in public practice. d. The Professional Regulation Commission may remove from the Board any member whose certificate to practice has been removed or suspended

Description : The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by ... Commission may remove from the Board any member whose certificate to practice has been removed or suspended

Last Answer : The Board consists of a Chairman and six members.

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

Description : 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 ... , were included. d. Payment and receipt of commissions were not permitted in the Philippines

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

Description : 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

Last Answer : Per diem basis

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.

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.

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

The following statements relate to the RA 9298. Which statement is true? a. The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for negligence, incompetence, or any other just cause. b. No person shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others. c. Insanity is not a ground for proceeding against a CPA. d. After three years, subject to certain conditions, the Board of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.

Description : The following statements relate to the RA 9298. Which statement is true? a. The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for ... of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.

Last Answer : No person shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others

To emphasize auditor independence from management, many corporations follow the practice of a. Appointing a partner of the CPA firm conducting the examination to the corporation's audit committee. b. Establishing a policy of discouraging social contact between employees of the corporation and the staff of the independent auditor. c. Requesting that a representative of the independent auditor be on hand at the annual stockholders' meeting. d. Having the independent auditor report to an audit committee of outside members of the board of directors

Description : To emphasize auditor independence from management, many corporations follow the practice of a. Appointing a partner of the CPA firm conducting the examination to the corporation's audit committee. b ... the independent auditor report to an audit committee of outside members of the board of directors

Last Answer : Having the independent auditor report to an audit committee of outside members of the board of directors

This bears the registration number, date of issuance with an expiry date, due for periodic renewal, duly signed by the Chairperson of the PRC and issued by the PRC to a registered CPA upon payment of the registration fees: a. Certificate of registration b. Certificate of accreditation c. Professional identification card d. Professional tax receipt

Description : This bears the registration number, date of issuance with an expiry date, due for periodic renewal, duly signed by the Chairperson of the PRC and issued by the PRC to a ... Certificate of registration b. Certificate of accreditation c. Professional identification card d. Professional tax receipt

Last Answer : Professional identification card

The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public accountants. c. The integration of the accounting profession. d. The supervision, control, and regulation of the practice of accountancy in the Philippines

Description : The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public ... d. The supervision, control, and regulation of the practice of accountancy in the Philippines

Last Answer : The integration of the accounting profession.

The 1986 Constitution provides that the Chairman and Commissioners of the Commission on Audit shall be a. All lawyers b. All Certified Public Accountants c. Two lawyers and one CPA d. One or two lawyers and one or two CPAs for a total of three

Description : The 1986 Constitution provides that the Chairman and Commissioners of the Commission on Audit shall be a. All lawyers b. All Certified Public Accountants c. Two lawyers and one CPA d. One or two lawyers and one or two CPAs for a total of three

Last Answer : One or two lawyers and one or two CPAs for a total of three

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

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

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

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.

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

Description : Professional accountants may encounter problems in identifying unethical behavior or in resolving an ethical conflict. When facedwith significant ethical issues, professional accountants should do the following ... body or regulatory body to obtain an understanding of possible courses of action

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.

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

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

Last Answer : 5 years

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

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

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.

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

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

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.

Description : 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.

Last Answer : Criteria.

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 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

Description : 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 engagement b. Place increased emphasis on the ... the audit team less closely and rely more upon judgment. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

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

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions.

Last Answer : Use less predictable audit procedures.

Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more uponjudgment.b. Use less predictable auditprocedures.c. Use only certified public accountants onthe engagement.d. Place increased emphasis on the audit ofobjective transactions rather thansubjective transactions

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the engagement. d. Place increased emphasis on the audit of objective transactions rather than subjective transactions

Last Answer : Use less predictable audit procedures.

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

Description : Which of the following is most likely to be an overall response to fraud risks identified in an audit? a. Supervise members of the audit team less closely and rely more upon ... the audit of objective transactions rather than subjective transactions. d. Use less predictable audit procedures.

Last Answer : Use less predictable audit procedures.

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.

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.

Which of the following has primary responsibility for the performance of an audit? a. The partner in charge of the engagement b. The senior assigned to the engagementc. The managing partner of the firmd. The manager assigned to theengagement

Description : Which of the following has primary responsibility for the performance of an audit? a. The partner in charge of the engagement b. The senior assigned to the engagement c. The managing partner of the firm d. The manager assigned to the engagement

Last Answer : The partner in charge of the engagement

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

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

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

The 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

In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of the audit senior holds a material financial interest in the client of which the senior is unaware. c. The spouse of a staff member on the audit has an immaterial common stock investment in the audit client. d. The partner in charge of the office's compensation is affected by office profitability, a portion of which arises from this audit

Description : In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of ... of the office's compensation is affected by office profitability, a portion of which arises from this audit

Last Answer : The spouse of a staff member on the audit has an immaterial common stock investment in the audit client

In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of the audit senior holds a material financial interest in the client of which the senior is unaware. c. The spouse of a staff member on the audit has an immaterial common stock investment in the audit client. d. The partner in charge of the office's compensation is affected by office profitability, a portion of which arises from this audit.

Description : In which circumstance is a CPA firm's independence most likely to be impaired? a. An individual on the audit has a close relative who is a receptionist for the client. b. The father of ... of the office's compensation is affected by office profitability, a portion of which arises from this audit.

Last Answer : The spouse of a staff member on the audit has an immaterial common stock investment in the audit client.

The adequacy of disclosures in the financial statements and footnotes is the primary responsibility of the: a. Client b. Auditor in charge of field work c. Partner assigned to engagement d. Staff member who drafted the statements

Description : The adequacy of disclosures in the financial statements and footnotes is the primary responsibility of the: a. Client b. Auditor in charge of field work c. Partner assigned to engagement d. Staff member who drafted the statements

Last Answer : Client