Which of the following is not one of the qualifications of the members of the Board of Accountancy? a. He/She must not be a director or officer of PICPA at the time of his appointment. b. He/She must be a natural-born citizen and a resident of the Philippines. c. He/She must be a duly Certified Public Accountant with at least ten years of experience in practice of public accountancy. d. He/She must not have any direct or indirect pecuniary interest in any school, college, university, or institution offeringa BS Accountancy course or institutionconducting review classes in preparationfor the licensure examination at the timeof his appointment to the Board.

Which of the following is not one of the
qualifications of the members of the Board
of Accountancy?
a. He/She must not be a director or officer
of PICPA at the time of his appointment.
b. He/She must be a natural-born citizen
and a resident of the Philippines.
c. He/She must be a duly Certified
Public Accountant with at least ten
years of experience in practice of
public accountancy.
d. He/She must not have any direct or
indirect pecuniary interest in any school,
college, university, or institution offering a BS Accountancy course or institution
conducting review classes in preparation
for the licensure examination at the time
of his appointment to the Board.
by

1 Answer

Answer :

He/She must be a duly Certified
Public Accountant with at least ten
years of experience in practice of
public accountancy
by

Related questions

A member of the BOA shall, at the time of his/her appointment, possess the following qualifications, excepta. Must be a natural-born citizen andresident of the Philippines.b. Must not be a director or officer of theAPO at the time of his/her appointment.c. Must be of good moral character andmust not have been convicted of crimesinvolving moral turpitude.d. Must be a duly registered CPA withmore than ten (10) years of workexperience in any scope of practiceof accountancy.

Description : A member of the BOA shall, at the time of his/her appointment, possess the following qualifications, except a. Must be a natural-born citizen and resident of the Philippines. b. Must not be a ... registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy.

Last Answer : Must be a duly registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy.

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.

Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law and the rules and regulations promulgated therewith. b. To look from time to time into the conditions affecting the practice of the accountancy profession. c. To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program. d. To determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination

Description : Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law ... determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination

Last Answer : To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program.

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.

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 Chairman and the members of the BOA shall be appointed by the: a. Commissioner of the SEC. b. President of the PICPA. c. President of the Republic of the Philippines. d. Retiring chairman of the Board of Accountancy.

Description : The Chairman and the members of the BOA shall be appointed by the: a. Commissioner of the SEC. b. President of the PICPA. c. President of the Republic of the Philippines. d. Retiring chairman of the Board of Accountancy.

Last Answer : President of the Republic of the Philippines.

Which of the following is not mentioned as a power of the Board? a. To monitor the conditions affecting the practice of accountancy. b. To supervise the registration, licensure and practice of accountancy. c. To sentence to imprisonment CPAs who have been found guilty of violations of the Accountancy Act. d. To issue, suspend, revoke, or reinstate the Certificate of Registration for the practice of the accountancy profession

Description : Which of the following is not mentioned as a power of the Board? a. To monitor the conditions affecting the practice of accountancy. b. To supervise the registration, licensure and ... , suspend, revoke, or reinstate the Certificate of Registration for the practice of the accountancy profession

Last Answer : To sentence to imprisonment CPAs who have been found guilty of violations of the Accountancy Act

This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.

Description : This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.

Last Answer : Professional accountant.

Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person to render professional services as a CPA to more than one clienb. A person representing his/her employer before government agencies on tax arid other accounting related matters. c. A person in educational institution teaching accounting, auditing, business law, taxation or other technically related subjects. d. A person is appointed as a marketing director of a government owned and controlled corporation.t

Description : Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person ... d. A person is appointed as a marketing director of a government owned and controlled corporation.

Last Answer : A person is appointed as a marketing director of a government owned and controlled corporation.

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

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

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

Which of the following 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

Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on erring CPAs in audit practice. c. To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines. d. To undertake continuing research on both auditing and financial accounting in order to make them responsive to the needs of the public

Description : Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on ... both auditing and financial accounting in order to make them responsive to the needs of the public

Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.

A CPA in public practice shall not disclose any confidential client information without the specific consent of the client. The confidentiality rule is violated if CPA disclosed information without client's consent as a result of a a. Subpoena or summons. b. Peer review. c. Request by client's largest stockholder. d. Complaint filed with the trial board of the Board of Accountancy

Description : A CPA in public practice shall not disclose any confidential client information without the specific consent of the client. The confidentiality rule is violated if CPA disclosed information without client' ... s largest stockholder. d. Complaint filed with the trial board of the Board of Accountancy

Last Answer : Request by client's largest stockholder.

.Its function is to conduct a quality review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. a. Quality Review Board b. Quality Review Group c. Board of Quality Reviewers d. Quality Review Committee

Description : .Its function is to conduct a quality review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. a. Quality Review Board b. Quality Review Group c. Board of Quality Reviewers d. Quality Review Committee

Last Answer : Quality Review Committee

.Which of the following is not a requirement for a person applying for the CPA Board Examinations? a. Good moral character b. Degree of BS Accountancy c. Natural-born Filipino citizen d. No conviction of any criminal offense involving moral turpitude.

Description : .Which of the following is not a requirement for a person applying for the CPA Board Examinations? a. Good moral character b. Degree of BS Accountancy c. Natural-born Filipino citizen d. No conviction of any criminal offense involving moral turpitude.

Last Answer : Natural-born Filipino citizen

Which of the following is a correct qualification of the Chairman and Two Commissioners of the Commission on Audit? a. A citizen of the Philippinesb. At least 40 years of age uponappointment.c. Must not have been candidates forany elective position precedingappointment.d. CPA’s with no less than 5 years ofauditing experience or members ofPhilippine bar who have been engaged inlaw practice for at least 5 years

Description : Which of the following is a correct qualification of the Chairman and Two Commissioners of the Commission on Audit? a. A citizen of the Philippines b. At least 40 years of age upon appointment. c ... experience or members of Philippine bar who have been engaged in law practice for at least 5 years

Last Answer : Must not have been candidates for any elective position preceding appointment.

In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is issue a summons enforceable by a court order which orders the CPA to present confidential information. b. A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information. c. Confidential client information is made available as part of a quality review of the CPA's practice by a peer review team authorized by the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information

Description : In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is ... the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information

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

The practice of accountancy includes the following except: a. Serving as audit examiner for the Commission on Audit. b. Working as a Dean of a College that grants a degree of BS Accountancy. c. Being appointed as the marketing manager of a business enterprise. d. Provision of assurance services to more than one client and on a fee basis.

Description : The practice of accountancy includes the following except: a. Serving as audit examiner for the Commission on Audit. b. Working as a Dean of a College that grants a degree of BS Accountancy. c. ... business enterprise. d. Provision of assurance services to more than one client and on a fee basis.

Last Answer : Being appointed as the marketing manager of a business enterprise.

A former officer, director or employee of the assurance client serves as a member of the assurance team. This situation will least likely createa. Self-interest threat.b. Self-review threat.c. Intimidation threat.d. Familiarity threa

Description : A former officer, director or employee of the assurance client serves as a member of the assurance team. This situation will least likely create a. Self-interest threat. b. Self-review threat. c. Intimidation threat. d. Familiarity threa

Last Answer : Intimidation threat

A former officer, director or employee of the assurance client serves as a member of the assurance team. This situation will least likely create a. Self-interest threat. b. Self-review threat. c. Familiarity threat. d. Intimidation threat.

Description : A former officer, director or employee of the assurance client serves as a member of the assurance team. This situation will least likely create a. Self-interest threat. b. Self-review threat. c. Familiarity threat. d. Intimidation threat.

Last Answer : Intimidation threat.

Family and personal relationships between a member of the assurance team and a director, an officer or certain employees, depending on their role, of the assurance client, least likely create a. Self-review threat. b. Self-interest threat. c. Intimidation threat. d. Familiarity threat

Description : Family and personal relationships between a member of the assurance team and a director, an officer or certain employees, depending on their role, of the assurance client, least likely create a. Self-review threat. b. Self-interest threat. c. Intimidation threat. d. Familiarity threat

Last Answer : Self-review threat.

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

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

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

Last Answer : Warranting the infallibility of the work performed

The CPA shall not concurrently engage in any business or occupation which impairs his objectivity in rendering professional services or which is inconsistent with his practice or employment. This provision of the code of ethics is applicable to: a. Only to CPAs engaged in public accountancy. b. CPAs engaged in public accountancy or employed in a private enterprise. c. CPAs engaged in public accountancy or employed in a private enterprise or government agency. d. All CPAs engaged in public accountancy, or employed in a private enterprise, a government agency or an educational institution

Description : The CPA shall not concurrently engage in any business or occupation which impairs his objectivity in rendering professional services or which is inconsistent with his practice or employment. This ... accountancy, or employed in a private enterprise, a government agency or an educational institution

Last Answer : All CPAs engaged in public accountancy, or employed in a private enterprise, a government agency or an educational institution

A director, an officer or an employee of the assurance client in a position to exert direct and significant influence over the subject matter of the assurance engagement has been a member of the assurance team or partner of the firm. This situation least likely create a. Self-interest threat. b. Advocacy threat. c. Intimidation threat. d. Familiarity threat

Description : A director, an officer or an employee of the assurance client in a position to exert direct and significant influence over the subject matter of the assurance engagement has been a member of the ... create a. Self-interest threat. b. Advocacy threat. c. Intimidation threat. d. Familiarity threat

Last Answer : Advocacy threat.

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.

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.

Foreign CPAs a. Are allowed to practice accountancy in the Philippines without restriction. b. Are never allowed to practice accountancy in the Philippines. c. May be allowed to practice accountancy in the Philippines, but only in areas outside public practice. d. May be allowed to practice accountancy in the Philippines, subject to the rules and regulations on reciprocity

Description : Foreign CPAs a. Are allowed to practice accountancy in the Philippines without restriction. b. Are never allowed to practice accountancy in the Philippines. c. May be allowed to practice ... be allowed to practice accountancy in the Philippines, subject to the rules and regulations on reciprocity

Last Answer : May be allowed to practice accountancy in the Philippines, subject to the rules and regulations on reciprocity

The term receiving accountant includes the following, except; a. A professional accountant in public practice to whom existing accountant has referred tax engagement. b. A professional accountant in public practice to whom the client of the existing accountant has referred audit engagement. c. A professional accountant in public practice who is consulted in order to meet the needs of the client. d. A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.

Description : The term receiving accountant includes the following, except; a. A professional accountant in public practice to whom existing accountant has referred tax engagement. b. A professional accountant ... or carrying out accounting, taxation, consulting or similar professional services for a client.

Last Answer : A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.

Which of the following is not a ground for suspension or removal of members of BOA? a. Negligence in the performance of duties, or lack of professional competence. b. Intolerance of violations of the Philippine Accountancy Act. c. Final judgment of crimes involving moral turpitude. d. Rigging of the CPA licensure examination results.

Description : Which of the following is not a ground for suspension or removal of members of BOA? a. Negligence in the performance of duties, or lack of professional competence. b. Intolerance of ... . Final judgment of crimes involving moral turpitude. d. Rigging of the CPA licensure examination results.

Last Answer : Intolerance of violations of the Philippine Accountancy Act.

Mark the correct option relating to district forum a) It should have two member , one of whom shall be a woman b) Members age shall not be less than 35 years old c) Possess a bachelors of degree from recognized university d) Ten year knowledge and experience in dealing with problems relating to economics, law, commerce, accountancy, industry& public affairs e) All the above

Description : Mark the correct option relating to district forum a) It should have two member , one of whom shall be a woman b) Members age shall not be less than 35 years old c) Possess a ... dealing with problems relating to  economics, law, commerce, accountancy, industry& public affairs e) All the above

Last Answer : e) All the above

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 BOA vice-chairman shall be a. Appointed by the PRC b. Elected by BOA members c. Appointed by the President of the Philippines d. Appointed by the PRC upon recommendation by the PICPA

Description : The BOA vice-chairman shall be a. Appointed by the PRC b. Elected by BOA members c. Appointed by the President of the Philippines d. Appointed by the PRC upon recommendation by the PICPA

Last Answer : Elected by BOA members

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

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

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

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

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

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

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements

Last Answer : Compile financial statements

The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

Description : The term "accountant" has been used by Auditing and Assurance Standards Council to refer to a CPA in public practice who is engaged to: a. Audit financial statements. b. Review financial statements. c. Apply agreed-upon procedures. d. Compile financial statements.

Last Answer : Compile financial statements.

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)

Which of the following is not a consideration in the development of audit programs? a. Internal control over the recording of plant asset additions and repairs and maintenance expenditures is found to be weak. b. The members of the board of directors are elected by the stockholders during the annual meeting. c. The client is a private university located in Southern Philippines. d. The client constructed a major addition to its central manufacturing facility during the year under audit

Description : Which of the following is not a consideration in the development of audit programs? a. Internal control over the recording of plant asset additions and repairs and maintenance expenditures is ... client constructed a major addition to its central manufacturing facility during the year under audit

Last Answer : The members of the board of directors are elected by the stockholders during the annual meeting.

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

Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)? a. The Chairman and members of the Board shall hold office for a term of three years. b. A person may serve the BOA for not more than twelve years. c. A member of the BOA may continuously serve office for more than nine years. d. No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year

Description : Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)? a. The Chairman and members of the Board shall hold office for a term ... two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year

Last Answer : A member of the BOA may continuously serve office for more than nine years.

Members of the Professional Regulatory Board of Accountancy shall serve for: a. Three years, subject to renewal. b. Seven years, not subject to renewal. c. Three years, subject to reappointmentd. Three years, not subject to reappointment.

Description : Members of the Professional Regulatory Board of Accountancy shall serve for: a. Three years, subject to renewal. b. Seven years, not subject to renewal. c. Three years, subject to reappointment. d. Three years, not subject to reappointment

Last Answer : Three years, subject to reappointment

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

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

Last Answer : Auditing and Assurance Standards Council

A CPA in public accounting is prohibited from performing which of the following actions? a. Permit the publication of his being the author of a book. b. Be a party to a stratagem which permits a non-CPA to practice accountancy. c. Allow his wife to acquire shares in a corporation's capital stockd. Act as a stock and transfer agent.

Description : A CPA in public accounting is prohibited from performing which of the following actions? a. Permit the publication of his being the author of a book. b. Be a party to a stratagem which permits a non ... his wife to acquire shares in a corporation's capital stock. d. Act as a stock and transfer agent

Last Answer : Be a party to a stratagem which permits a non-CPA to practice accountancy

This body is created to assist the BOA in the attainment of the objective to continually upgrade accounting education in the Philippines, thus making Filipino CPAs globally competitive. a. PICPA CPE Council b. Education Technical Council c. Accounting Teachers' Conference d. Association of CPAs in Education

Description : This body is created to assist the BOA in the attainment of the objective to continually upgrade accounting education in the Philippines, thus making Filipino CPAs globally competitive. a. PICPA ... b. Education Technical Council c. Accounting Teachers' Conference d. Association of CPAs in Education

Last Answer : Education Technical Council