Description : A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its ... c. Having an appropriate a system of quality control. d. Continuing professional education.
Last Answer : Having an appropriate a system of quality contro
Description : A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an ... appropriate a system of quality control. d. Joining professional societies that enforce ethical standards
Last Answer : Having an appropriate a system of quality control.
Description : As a PMP, you will be required to comply with the PMP Code of Professional Conduct. This code refers to all of the following except which one? A. Reporting conflicts of interest ... C. Complying with the stakeholder requirements D. Complying with the rules and standards of foreign countries
Last Answer : C. Complying with the stakeholder requirements
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.
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 : Auditing standards require a successor auditor to communicate with the predecessor auditor. The Code of Professional Conduct requires confidentiality; therefore, the client's permission must be obtained ... since this is one of the exceptions to confidentiality in the Code of Professional Conduc
Last Answer : The successor auditor
Description : Do teachers teach proper English or just teach common language skills to conform to modern standards?
Last Answer : answer:It depends on what you consider proper English. I think they are teaching proper English.
Description : Does it bother you that the textbooks used across the country need to conform to the standards of the Texas State School Board?
Last Answer : How does it make me feel? Disgusted.
Description : How do you conduct any necessary checks to ensure that the completed modification or rewiring complies with all appropriate standards?
Last Answer : Physically check the modified wiring against actual modifieddrawing. Check the terminals for correct numbers. Check it againstthe standard you have followed.
Description : When rewiring or modifying a circuit How do you conduct any necessary checks to ensure that the completed modification or rewiring complies with all appropriate standards?
Last Answer : If a circuit is being changed, first make a modified drawing tofulfill the requirement. Once you have the correct modifieddrawing, get the wiring changed. test the circuit for safety ... ensure what you have done is correct. Compare themodified drawing against the standards you followed.
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.
Description : Choose one of the following which would describe best the phrase "generally accepted auditing standards": a. They identify the policies and procedures for the conduct of the audit. b. They define the ... d. They set forth a measure a measure of the quality of the performance of audit procedures.
Last Answer : They set forth a measure a measure of the quality of the performance of audit procedures.
Description : Which of the following criteria is a responsibility of DesignatedConsumer? a) designate or appoint an accredited Energy Auditor b) adhere to stipulated energy consumption norms and standards ... information every three years d) conduct energy audit through a certified energy auditor periodically
Last Answer : b) adhere to stipulated energy consumption norms and standards as notified
Description : -------- are formalised rules and standards that describe what the company expects of its employees in terms of ethical behaviour. A)Job descriptions B)Ethics clauses C)Codes of ethics D)Codes of conduct
Last Answer : C)Codes of ethics
Description : . Integrity in the project management field is accomplished through all of the following except which one? A. Training to learn how to manage relationships with others from different ... C. Applying established project management processes D. Following the PMP Code of Professional Conduct
Last Answer : A. Training to learn how to manage relationships with others from different cultures
Description : The Code of Professional Conduct would be violated if a member accepted a fee for services and the fee was a. Fixed by a public authority. b. Based on a price quotation submitted in competitive bidding. c. Based on the result of judicial proceedings. d. Payable after a specified finding was attained
Last Answer : Payable after a specified finding was attained
Description : Which of the following is not one of the general principles governing the audit of financial statements? a. The auditor should conduct the audit in accordance with PSA. b. The ... appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions.
Last Answer : The auditor should obtain sufficient appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions
Description : The underlying reason for a code of professional conduct for any profession is a. That it is required by congress. b. The need for public confidence in the quality of service of the ... out. d. That it allows Professional Regulation Commission to have a yardstick to measure deficient performance
Last Answer : The need for public confidence in the quality of service of the profession
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 : Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material ... professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito
Last Answer : Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito
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 : The IFAC Code of Professional Conduct will ordinarily be considered to have been violated when the member represents that specific consulting services will be performed for a stated fee and it is apparent ... for comparable services. c. Fee was a competitive bid. d. Member would not be independent
Last Answer : Actual fee would be substantially higher
Description : The principle of Professional behavior requires a CPA to: a. Perform professional services with due care, competence and diligence. b. Be straightforward and honest in performing professional ... or influence of others to override objectivity or affect his professional or business judgments.
Last Answer : Act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession
Description : Contingent fees charged by CPAs engaged in tax practice are permitted under the rules of professional conduct because: a. This practice establishes fees which are commensurate with the value of ... . The consequences are based upon findings of judicial proceedings or the findings of tax authorities
Last Answer : The consequences are based upon findings of judicial proceedings or the findings of tax authorities
Description : The underlying reason for a code of professional conduct for any profession is a. That it is required by Congress b. That it provides a safeguard to keep unscrupulous people out. c. ... . d. That it allows Professional Regulation Commission to have a yardstick to measure deficient performance.
Description : The principle of professional behavior requires a CPA to a. Be straightforward and honest in performing professional services. b. Perform professional services with due care, competence and diligence. ... of the profession and refrain from any conduct which might bring discredit to the profession
Description : The auditor would ordinarily expect to find evidence to support management representations and not assume that they are necessarily correct". This is an example of: a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. A rule in the code of Professional Conduct.
Last Answer : An attitude of professional skepticism.
Description : The following procedures relate to Skills and Competence, except a. Identify criteria which will be considered in evaluating individual performance and expected proficiency. b. Provide procedures for ... to fill the firm's needs for personnel with expertise in specialized and industries.
Last Answer : Provide procedures for maintaining the firm's standards of quality for the work performed.
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 : 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)
Description : A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax
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
Description : Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk ... of audit performance. d. To reduce the audit program to be prepared by the auditor.
Last Answer : Have a measure of the quality of audit performance.
Description : Though PSAs do not provide "hard and fast rules," they provide subjective guidance which allow the auditors to: a. Only apply those standards that are important to the audit. b. Use ... Tailor their audit to procedures requested by management. d. Accurately interpret the Code of Ethics for CPAs
Last Answer : Use adequate professional judgment when applying the standards.
Description : The decision as to how much evidence to be accumulated for a given set of circumstances is: a. Provided in the Philippines Standards on Auditing. b. Provided by following GAAP c. One requiring professional judgment d. Determined by statistical analysis
Last Answer : One requiring professional judgment
Description : Which of the following concepts of materiality is incorrect? a. Materiality is based on quantitative and non-quantitative factors. b. Materiality is a matter of professional audit judgment. c ... . Materiality is more closely related to the fieldwork and reporting standards than to general standards
Last Answer : Materiality does not apply if internal control is highly effective
Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax
Description : The generally accepted auditing standards of fieldwork pertain most directly to: a. Improving internal control as a result of the audit. b. Due professional care in the performance of the audit. c. The required training and proficiency of the auditors. d. The planning of the audit
Last Answer : The planning of the audit
Description : Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conduct the audit with an ... . Professional responsiveness. b. Conservative advocacy. c. Professional skepticism. d. Objective judgment
Last Answer : Professional skepticism.
Description : Which of the following statements is true? a. Professional standards prohibit CPAs from performing non-assurance engagements. b. Absolute assurance is attainable owing to the fact that much of ... to whether the subject matter conforms, in all material respects, with the identified suitable criteria
Last Answer : The CPA’s conclusion provides a level of assurance about the subject matter.
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.
Description : The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the a. Results are consistent with the conclusions to be presented in the ... as auditors. d. Auditor's system of quality control has been maintained at a high leve
Last Answer : Results are consistent with the conclusions to be presented in the auditor's report.
Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.
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 : The firm is to be staffed by personnel who have attained and maintained the technical standards and professional competence required to enable them to fulfill their responsibilities with due care ... control policy? a. Ethical requirements b. Leadership responsibilities c. Assignment d. Monitoring
Last Answer : b
Description : Which of the following is not an objective of requiring registration of individual CPAs and Firms of partnership of CPAs engaged in public accounting practice? a. The required registration will ... will help PRC and BOA to identify and impose corresponding sanctions and penalties on individual CPAs
Last Answer : The required registration will give equal opportunities to CPAs in the practice of their profession.
Description : To raise the standards of the profession, the Philippine Accountancy Act of 2004 requires that the CPA profession be integrated under the rules to be established by a. The PICPA. b. The Board of Accountancy. c. The Professional Regulation Commission. d. The Government Association of CPAs.
Last Answer : The Professional Regulation Commission