Description : Which of the following is prohibited by the Code of Professional Ethics for CPAs? a. Use of a firm name which includes the name of a retired partner. b. Accepting an engagement or ... newspaper of the opening of a public accounting office. d. Engaging in civic activities during business hours
Last Answer : Accepting an engagement or employment which one cannot reasonably expect to complete or discharge with professional competence
Description : Which of the following is an element of "directing an audit assistant" objective? a. Identifying in advance the staffing requirements of a particular audit engagement. b. Resolving any ... . Informing assistants of their responsibilities and the objectives of the procedures they are to perform
Last Answer : Informing assistants of their responsibilities and the objectives of the procedures they are to perform
Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast
Last Answer : Tax returns preparation
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
Description : What will an auditor who has been proposed for an audit engagement usually do prior to accepting a new client? a. Draft the financial statements of the client as a measure of goodwill b ... review work papers. d. Perform a peer review on the potential client in accordance with professional standards
Last Answer : With the permission from the prospective client, contact the predecessor auditor to determine if there are any disagreements between the client and the audit firms
Description : Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is to a. Remind management of its primary responsibility over the financial ... a written record of the agreement with the client as to the services to be provided.
Last Answer : Provide a written record of the agreement with the client as to the services to be provided.
Description : As a resolution of the conflict in the application of fundamental principles, the auditor, after considering the ethical issues and relevant facts may do any of the following, ... from, the relevant professional body without breaching confidentiality if significant conflict cannot be resolved.
Last Answer : Must immediately resign from the engagement or the employing entity
Description : Which fundamental principle is seriously threatened by an engagement that is compensated based on the net proceeds on loans received by the client from a commercial bank? a. Integrity b. Objectivity c. Professional behavior d. Confidentiality
Last Answer : Objectivity
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.
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
Description : Which of the following statements is correct? a. The fair presentation of audited financial statements in accordance with applicable financial reporting framework is an implicit part of the auditor's ... those who provide audit and tax services, also provide consulting services to their clients.
Last Answer : Most CPAs, including those who provide audit and tax services, also provide consulting services to their clients.
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.
Description : Which of the following matters would an auditor least likely consider when setting the direction of the audit? a. The selection of the engagement team and the assignment of audit work to ... a questioning mind and to exercise professional skepticism in the gathering and evaluation of audit evidence.
Last Answer : The availability of client personnel and data
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
Description : There are fundamental principles that the professional accountant has to observe when performing assurance engagements. The requirement of which principle is of particular importance in an assurance ... the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity
Description : .Which of the following fee arrangements is in violation of the Code of Professional Conduct? a. A fee based on whether the CPA's report on the client's financial statements results in the approval of a ... actual time spent on the engagement. d. A fee based on the fee charged by the prior auditor.
Last Answer : A fee based on whether the CPA's report on the client's financial statements results in the approval of a bank loan
Description : In performing an audit, Jackson, CPA, discovers that the professional competence necessary for the engagement is lacking. Jackson informs management of the situation and recommends another local firm ... of competence should be construed to be a violation of generally accepted auditing standards.
Last Answer : Jackson may request compensation from the other firm for any professional services rendered to it in connection with the engagement.
Description : The CPA must not subordinate his or her professional judgment to that of others in every a. Engagement. b. Audit engagement. c. Engagement except tax services. d. Engagement except managementadvisory services
Last Answer : Engagement
Description : Which of the following is incorrect regarding the Philippine Standards on Assurance Engagements (PSAE)? a. It provides an overall framework for assurance engagements intended to provide either a high or ... level of assurance. d. If no specific standards exist for an assurance engagement, PSAE apply
Last Answer : It provides basic principles and essential procedures for engagements intended to provide a moderate level of assurance.
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
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.
Description : Engagement risk is influenced by the risks associated with the following except a. Nature and form of the subject matter b. Nature and form of the criteria applied to the subject matter. c. Unreasonably low professional fee. d. Nature and extent of the process used to collect and evaluate evidence.
Last Answer : Unreasonably low professional fee
Description : In performing an assurance engagement, a professional accountant typically a. Provides management consulting advice. b. Supplies litigation support services. c. Assesses control risk at a low level. d. Expresses a conclusion about an assertion
Last Answer : Expresses a conclusion about an assertion
Description : Professional judgment:a. Is not used in making decisions about materiality and audit risk. b. Is necessary in the evaluation of management's judgments in applying the entity's applicable financial ... made by the auditor that are not supported by the facts and circumstances of the engagement
Last Answer : Is necessary in the evaluation of management's judgments in applying the entity's applicable financial reporting framework
Description : Ramesh is a student of standard X. He organized many activities in his school to convey the students about the various advantages and disadvantages of using renewable and non-renewable sources of energy. Many ... of energy. (in) Which two values are reflected in Ramesh's thought and action? -Science
Last Answer : (i) Activities that Ramesh have had assigned for the students are: (a) Hands on projects related to renewable and non-renewable sources of energy. (b) Photograph exhibitions on the topic ... of renewable source of energy. Ramesh’s action: Concern for community advantage and good management.
Description : What are the advantages and disadvantages of using a silicon made bong instead of a standard glass bong?
Last Answer : So, glass is cheaper and more breakable than silicone, but it's also cleaner. While silicone is virtually indestructable and very flexible (and easy to hide in most places), sometimes the silicone ... would consider a bigger advantage or disadvantage based on what you are looking for in a bong.
Description : What are the advantages and disadvantages of employing the using directive?
Last Answer : The using-directive is often confused with a using-declaration. A using-declaration adds a given name to a local scope whereas a using-directive does not; it simply makes names accessible in the scope ... that can lead to some very obscure or subtle errors that would be difficult to track down.
Description : What are the advantages and disadvantages of sparse matrix using array?
Last Answer : Feel Free to Answer
Description : what are the advantages and disadvantages of using inbound call center services for big businesses?
Last Answer : Some of the advantages of using inbound call center services is that it saves valuable time and resourses and it also boosts sales. Some of the disadvantages are that sometimes you don't end up with the most skilled or business like conduct or services as you would like to have.
Description : What are the advantages and disadvantages of using contact lens?
Last Answer : Some of the adventages are wider field of view and better with asymmetrical prescriptions. Some of the disadvantages are high maintenance costs and long time required for fitting and adaptation.
Description : What are the advantages and disadvantages of using breast pumps?
Last Answer : There are many different advantages and disadvantages when it comes to have a breast pump. It could be good so that you can empty the milk in the bottle and take it on the go and it also could be very painful.
Description : What are the cloud computing advantages and disadvantages of using it?
Last Answer : An advantage of cloud computing is to be able to access this product from multiple locations. A disadvantage is that cloud computing is harder to secure.
Description : Briefly discuss the advantages and disadvantages of using typed DataSet objects.
Last Answer : Typed DataSet objects allow you to work with data that is represented as members of the .NET common type system. This allows your applications to be aware of the types of data returned in a DataSet and serves ... if you do not know the structure of your data, and can be used with any data source.
Description : Describe Briefly The Advantages And Disadvantages Of Using Plastic And Timber Fenders?
Last Answer : Answer : The advantages and disadvantages of using plastic fenders are as follows: Plastic fenders are low in strength with a relatively high resistance to abrasion. Plastic fenders are resistant ... of contact. Also since they are made from recycled material they are environmental friendly.
Description : What are the advantages and disadvantages of using gear pumps?
Last Answer : Gear pumps are a type of positive displacement pump that are appropriate for pumping relatively high pressures and low capacities. Advantages include the ability to handle a wide range of viscosities ... controlled via the motor speed. Throttling the discharge is not an acceptable means of control.
Description : Draw and explain temperature measurement using RTD. State its advantages and disadvantages.
Last Answer : https://youtu.be/rYcglFW4y0I
Description : Explain the advantages and disadvantages of using memory I/O and standard I/O.
Last Answer : Memory mapped I/O and standard I/O are the two methods for communicating microprocessor with peripherals. Processor talks to both memory and peripheral using the same bus.Two ways to talk to a peripheral. ... of standard I/O is no loss of memory addresses to the use as I/O addresses.
Description : Is it alright to invite some people to the wedding but not the engagement party?
Last Answer : I don’t always hold with what is considered “acceptable”, but in my opinion you can do this which ever way you choose, if someone is offended by the way you have chosen to handle your child wedding, they will just have to get over it.
Description : Who throws the engagement party and who pays?
Last Answer : Etiquette for engagement parties
Description : Am I required to give a speech at an engagement party?
Last Answer : Be prepared to offer one. What does she do for a living?
Description : I am going to an engagement party this weekend for a couple that I don't know too well, but would really like to get something for them..any suggestions?
Last Answer : If they drink I’ve always found glassware to be appropriate. Something nice (think crystal or cut glass) but not too nice, so they can use it daily.
Description : Where can I purchase custom engagement party invitations?
Last Answer : If you are looking for engagement invitations you can try the website Vista Print they offer many different styles of invitations from classic to modern.
Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.
Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party
Description : Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? a. The CPA's lack of understanding of the prospective client's internal auditor's ... . d. Management's refusal to permit the CPA to perform substantive tests before the year-end.
Last Answer : Management’s disregard of its responsibility to maintain an adequate internal control environment
Description : The following statements relate to the three parties involved in an assurance engagement. Which is correct? a. The responsible party and the intended users should always be from different entities. b. A ... , the responsible party is the engaging party, i.e., the party that engages the practitioner
Last Answer : A responsible party is the person who is responsible for the subject matter or the subject matter information
Description : Which of the following is not one of the requirements before accepting an assurance engagement? a. The practitioner should be competent and independent. b. The responsible party and the intended ... subject matter is identifiable and in the form that can be subjected to evidence gathering procedures
Last Answer : The responsible party and the intended user of assurance report should be from different organizations
Description : How do you do your Christmas/Chanukah/holiday shopping? Are you a planner and list maker or a spontaneous buyer?
Last Answer : I do not.
Description : What is the best "Daily Planner" app for iPhone?
Last Answer : This is a good question. My issues is that my phone is tied to my work Lotus notes, which sucks, but I don’t have a choice. My Google Calender also goes into the iphone.
Description : Do you still use a paper calendar/planner for your appointments, or do you use a computerized version?
Last Answer : Google Calendar synced with my smartphone and iPad.