Description : State the importance of Secretarial Audit?
Last Answer : State the importance of Secretarial Audit?
Description : Which works are distributed to the Trusteeship Council and the Secretarial. -SST 10th
Last Answer : ' (i) The Trusteeship Council: It supervises administration of the trust territories placed under it. (ii) The Secretariat: It is the administrative wing with a staff of more than 1,400 and headed by the Secretary General.
Description : Match the pairs : Group ‘A’ (a) Sole Trading Concern
Last Answer : Match the pairs : Group A' Group B' (a) Sole Trading Concern (1) Hindu ... incorporated outside India (10) Company incorporated within India
Description : Match the pairs : Group ‘A’ (a) Secretarius
Last Answer : Match the pairs : Group A' Group B' (a) Secretarius (1) Amatya, Sachiva (b) Roman Empire ... (5) Latin word (6) Employer (7) Employee
Description : Match the pairs: Group ‘A’ - (a) Administration of Companies Act, 2013
Last Answer : Match the pairs: Group A' Group B' (a) Administration of Companies Act, 2013 (1) SEBI ... (8) Regional Director (9) Chennai (10) Liquidator
Description : Match the pairs: Group ‘A’ - (a) Lost cheque
Last Answer : Match the pairs: Group A' Group B' (a) Lost cheque (1) Board of ... Certain restrictions on withdrawals (14) Dealing in foreign exchange
Description : Match the pairs: Group ‘A’ - (a) Directors
Last Answer : Match the pairs: Group A' Group B' (a) Directors (1) At least 2 Directors (b) ... 9) At least 20 directors (10) At least 30 directors
Description : Match the pairs: Group ‘A’ - (a) Twitter
Last Answer : Match the pairs: Group A' Group B' (a) Twitter (1) Hearing and understanding (b) ... attitude (8) Empathy (9) SMS (10) Politeness
Description : Match the pairs: Group ‘A’ - (a) Board Meeting
Last Answer : Match the pairs: Group A' Group B' (a) Board Meeting (1) Once in the year (b) Auditor ... (9) Once in Six months (10) Meeting of creditors
Description : The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country's regulations governing ... audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards.
Last Answer : To improve the uniformity of auditing practices and related services throughout the world
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
Description : .In financial statement audits, the audit process should be conducted in accordance with a. The audit program b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards
Last Answer : Philippine Standards on Auditing
Description : The overriding objective of the International Auditing Standards that are issued by the International Auditing Practices Committee of the IFAC is a. To override a country's regulations ... specific audit procedures that are acceptable worldwide. d. To replace generally accepted auditing standards
Last Answer : To improve the uniformity of auditing practices and related services throughout the world.
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.
Description : If a CPA recklessly abandons standards of due care and diligence while performing an audit, he or she may be held liable to unknown third parties for: a. Gross negligence. b. Fraudulent misconduct. c. Gross misconduct. d. Contributory negligence.
Last Answer : Gross negligence
Description : It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ... standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review
Last Answer : Quality review
Description : Most accounting and auditing professionals agree that when an audit has failed to uncover material misstatements, and the wrong type of audit opinion is issued, the audit firm a. Has failed to ... lawsuit. d. Should not be held responsible for the financial loss suffered loss suffered by others
Last Answer : Should be asked to defend the quality of the audit
Description : When the auditor issues an erroneous opinion as a consequence of an underlying failure to comply with the requirements of generally accepted auditing standards, it results to a. Business failure. b. Audit failure. c. Audit risk. d. All of them
Last Answer : Audit failure.
Description : An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal ... relied upon to provide assurance that all noncompliance with laws and regulations will be detected
Last Answer : Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected
Description : According to Philippine Standards on Auditing, because there are inherent limitations in an audit that affect the auditor's ability to detect material misstatements, the auditor is: a. Neither a ... guarantor of the statements. d. Both a guarantor and an insurer of the financial statements.
Last Answer : Neither a guarantor nor an insurer of financial statements
Description : Generally accepted accounting principles (GAAP) are distinguished from generally accepted auditing standards (GAAS) in that: a. GAAP are the principles auditors follow when conducting an audit, while GAAS ... deficiencies. d. GAAP are promulgated by the SEC, while GAAS are promulgated by the PFRC
Last Answer : GAAP are the principles for presentation of financial statements and underlying transactions, while GAAS are the standards that the auditors should follow when conducting an audit.
Description : Every independent audit engagement involves both auditing standards and auditing procedures. The relationship between the two may be illustrated by how they apply from engagement to engagement. The ... procedures are optional. d. Both auditing standards and auditing procedures are applied uniformly
Last Answer : Auditing standards are applied uniformly but auditing procedures may vary
Description : Auditing standards differ from auditing procedures in that procedures relate to: a. Measures of performance b. Acts to be performed. c. Audit judgments d. Audit principles
Last Answer : Acts to be performed
Description : The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, ... for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors
Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.
Description : In financial statement audits, the audit process should be conducted in accordance with a. Philippine Financial Reporting Standards b. International Accounting Standards c. Philippine Standards on Auditing d. Philippine Accounting Standards
Description : The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Are interpretations of generally accepted auditing standards b. Are the equivalent of laws for ... optional guidelines which an auditor may choose to follow or not follow when conducting an audit
Last Answer : Are interpretations of generally accepted auditing standards
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.
Description : Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. ... excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.
Last Answer : Minimum standards of performance which must be achieved on each audit engagement.
Description : In determining the primary responsibility of the external auditor for an audit of a company's financial statements, the auditor owes primary allegiance to: a. The management of the ... The Auditing and Assurance Standards Council, because it determines auditing standards and auditor's responsibility
Last Answer : Stockholders, creditors, and the investing public
Description : The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing
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 risk that the audit will fail to uncover a material misstatement is eliminated a. When the auditor has complied with generally accepted auditing standards. b. If client has good internal control. c. If client follows generally accepted accounting principles. d. Under no circumstances
Last Answer : Under no circumstances
Description : An audit program provides proof that a. Sufficient appropriate evidence was obtained. b. The work was adequately planned. c. There was a proper study and evaluation of internal control. d. There was compliance with generally accepted standards of reporting
Last Answer : The work was adequately planned.
Description : Which of the following is not explicitly referred to in the Code of Ethics as source of technical standards? a. Commission on Audit (COA) b. Auditing and Assurance Standards Council (AASC) c. Securities and Exchange Commission (SEC) d. Relevant legislation
Last Answer : Commission on Audit (COA)
Description : The risk that the audit will fail to uncover a material misstatement is eliminated a. When the auditor has complied with generally accepted auditing standards. b. If a client has strong internal controls. c. If a client follows generally accepted accounting principles. d. Under no circumstances
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 : Philippine Standards on Auditing require auditors to assess the risk of material misstatements due to fraud a. For first-time audits. b. Sufficient to find any frauds which may exist. c. For every audit. d. Whenever it would be appropriate
Last Answer : For every audit
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 : Every independent audit engagement involves both auditing standards and auditing procedures. The relationship between the two may be illustrated by how they apply from engagement to engagement. The ... procedures may vary. d. Auditing standards may vary but auditing procedures are applied uniformly
Last Answer : Auditing standards are applied uniformly but auditing procedures may vary.
Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks
Last Answer : Confirmation of material accounts receivable balance at the end of the year.
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 : 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 : A CPA, while performing an audit, strives to achieve independence in appearance in order to a. Reduce risk and liability. b. Comply with the generally accepted standards of fieldwork. c. Become independent in fact. d. Maintain public confidence in the profession
Last Answer : Maintain public confidence in the profession
Description : A violation of the ethical standards would most likely have occurred when a CPA a. Made arrangement with a bank to collect notes issued by a client in payment of fees due. b. Joined an ... bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period
Last Answer : Issued an unqualified opinion on the 2006 financial statements when fees for the 2005 audit were unpaid
Description : The Philippine Standards on Review Engagements (PSREs) are to be applied in a. The audit of historical financial information. b. Assurance engagements dealing with subject matters other ... of both historical and prospective financial information. d. The review of historical financial information.
Last Answer : The review of historical financial information.
Description : Which of the following standards are to be applied, as appropriate, in the audit of historical financial information? a. PSAEs b. PSREs c. PSAs d. PSRSs
Last Answer : PSAs
Description : The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing ... Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue
Last Answer : Acceptable financial reporting framework
Description : A CPA's retention of records as a means of enforcing payment of an overdue audit fee is an act that is: a. A violation of generally accepted auditing standards. b. Considered acceptable ... would impair the CPA's independence with respect to the client. d. Considered discreditable to the profession
Last Answer : Considered discreditable to the profession