101. Which of the following is always present in an attestation engagement?
a) Subject matter
b) Assertion about the subject matter
c) Generally accepted assurance principles
d) An examination report
a) Subject matter
102. Which of the following is least likely to be a test of a control?
a) Inquiries of appropriate personnel.
b) Inspection of management's engagement letter.
c) Observation of the application of a policy.
d) Reperformance of the application of a policy.
b) Inspection of management's engagement letter.
103. When one auditor succeeds another, the successor auditor should request the
a) Client to instruct its attorney to send a letter of audit inquiry concerning the status of the prior year's litigation, claims, and assessments.
b) Predecessor auditor to submit a list of internal control weaknesses that have not been corrected.
c) Client to authorize the predecessor auditor to respond to inquiries.
d) Predecessor auditor to update the prior year's report to the date of the change of auditors.
c) Client to authorize the predecessor auditor to respond to inquiries.
104. A difference of opinion concerning accounting and auditing matters relative to a particular phase of the audit arises between an assistant auditor and the auditor responsible for the engagement. After appropriate consultation, the assistant auditor asks to be disassociated from the resolution of the matter. The working papers would probably be
a) Silent on the matter since it is an internal matter of the auditing firm
b) Expanded to note that the assistant auditor is completely disassociated from responsibility for the auditor's opinion
c) Expanded to document the additional work required, since all disagreements of this type will require expanded substantive testing
d) Expanded to document the assistant auditor's position, and how the difference of opinion was resolved
d) Expanded to document the assistant auditor's position, and how the difference of opinion was resolved
105. On the audit of a nonissuer (nonpublic) company, the purpose of performing risk assessment procedures is to
a) Obtain an understanding of the entity and its environment
b) Reduce detection risk
c) Evaluate management ability
d) Determine the operating effectiveness of controls
a) Obtain an understanding of the entity and its environment
106. Under the ethical standards of the profession, which of the following situations involving independent members of an auditor's family is most likely to impair the auditor's independence?
a) A parent's immaterial investment in a client
b) A first cousin's loan from a client
c) A spouse's employment as CEO of a client
d) A sibling's loan to a director of a client
c) A spouse's employment as CEO of a client
107. Which of the following is a control weakness for a company whose inventory of supplies consists of a large number of individual items?
a) Supplies of relatively little value are expensed when purchased.
b) The cycle basis is used for physical counts.
c) The storekeeper is responsible for maintenance of perpetual inventory records.
d) Perpetual inventory records are maintained only for items of significant value.
c) The storekeeper is responsible for maintenance of perpetual inventory records.
108. The accounts payable department receives the purchase order form to accomplish all of the following except
a) Compare invoice price to purchase order price.
b) Ensure the goods had been received by the party requesting the goods.
c) Ensure the purchase had been properly authorized.
d) Compare quantity ordered to quantity purchased.
b) Ensure the goods had been received by the party requesting the goods.
109. Before applying substantive tests to the details of asset and liability accounts at an interim date, the auditor should
a) Assess the difficulty in controlling incremental audit risk.
b) Investigate significant fluctuations that have occurred in the asset and liability accounts since the previous balance sheet date.
c) Select only those accounts that can effectively be sampled during year-end audit work.
d) Consider the tests of controls that must be applied at the balance-sheet date to extend the audit conclusions reached at the interim date.
a) Assess the difficulty in controlling incremental audit risk.
110. If the objective of a test of details is to detect overstatements of sales, the auditor should trace transactions from the
a) Cash receipts journal to the sales journal
b) Sales journal to the cash receipts journal
c) Source documents to the accounting records
d) Accounting records to the source documents
111. The auditor's program for the examination of long-term debt should include steps that require the
a) Verification of the existence of the bondholders.
b) Examination of any bond trust indenture.
c) Inspection of the accounts payable subsidiary ledger.
d) Investigation of credits to the bond interest income account.
b) Examination of any bond trust indenture.
112. An corporate capital stock transactions should ultimately be traced to the
a) Minutes of the Board of Directors.
b) Cash receipts journal.
c) Cash disbursements journal.
d) Numbered stock certificates.
a) Minutes of the Board of Directors.
113. When the audited financial statements of the prior year are presented together with those of the current year, the continuing auditor's report should cover
a) Both years.
b) Only the current year.
c) Only the current year, but the prior year's report should be presented.
d) Only the current year, but the prior year's report should be referred to.
a) Both years.
114. Information accompanying the basic financial statements should not include
a) An analysis of inventory by location.
b) A statement that the allowance for doubtful accounts is adequate.
c) A statement that the depreciable life of a new asset is twenty years.
d) An analysis of revenue by product line.
b) A statement that the allowance for doubtful accounts is adequate.
115. An accountant has been asked to issue a review report on the balance sheet of a nonissuer (nonpublic) company but not to report on the other basic financial statements. The accountant may not do so
a) Because compliance with this request would result in an incomplete review.
b) Because compliance with this request would result in a violation of the ethical standards of the profession.
c) If the scope of the inquiry and analytical procedures has been restricted.
d) If the review of the balance sheet discloses material departures from generally accepted accounting principles.
c) If the scope of the inquiry and analytical procedures has been restricted.
Ito ang listahan ng mga natagpuan kong typographical errors. Wala kasing edit button kaya hindi ko mapalitan.
Originally Posted by AccIdPEx
45. After issuing a report an auditor includes that an auditing procedure considered necessary at the time of the examination was omitted from the examination. The auditor should first
*concludes
Originally Posted by AccIdPEx
80. An auditor who uses the work of a specialist may refer to and identify the specialist ill the auditor's report if the
*in
Originally Posted by AccIdPEx
95. A company has changed its method of inventory valuation from an unacceptable one toone in conformity with generally accepted accounting principles. The auditor's report on the financial statements of the year of the change should include
*to one
----
Kung may napansin pa kayong ibang mali, maaari niyong ipagbigay alam sa nakararami sa pamamagitan ng ginawa ko.
Originally Posted by poorme
thanks! ang effort!
Thanks for the appreciation, medyo sinisipag kasi ako ngayon kaya naisipan kong gawin ito. Sa Ms Word ko muna tina-type bago ko ilipat dito. Ang bagal ko nga, kung pwede lang i-copy paste itong mga nasa reviewers at libro.
116. According to the standards of the profession, which of the following events would require a CPA performing a consulting services engagement for a nonaudit client to withdraw from the engagement?
I. The CPA has a conflict of interest that is disclosed to the client and the client consents to the CPA continuing the engagement.
II. The CPA fails to obtain a written understanding from the client concerning the scope of the engagement.
a) I only
b) II only
c) Both I and II
d) Neither I nor II
d) Neither I nor II
117. Which of the following services may a CPA perform in carrying out a consulting service for a client?
I. Analysis of the client's accounting system.
II. Review of the client's prepared business plan.
III. Preparation of information for obtaining financing.
a) I and II only
b) I and III only
c) II and Ill only
d) I, II, and III
d) I, II, and III
118. Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards?
a) The attestation standards do not apply to audits of historical financial statements, while the generally accepted auditing standards do.
b) The requirement that the practitioner be independent in mental attitude is omitted from the attestation standards.
c) The attestation standards do not permit an attest engagement to be part of a business acquisition study or a feasibility study.
d) None of the standards of fieldwork in generally accepted auditing standards are included in the attestation standards.
a) The attestation standards do not apply to audits of historical financial statements, while the generally accepted auditing standards do.
119. As the acceptable level of detection risk decreases, an auditor may
a) Reduce substantive testing by relying on the assessments of inherent risk and control risk.
b) Postpone the planned timing of substantive tests from interim dates to the year-end.
c) Eliminate the assessed level of inherent risk from consideration as a planning factor.
d) Lower the assessed level of control risk from the maximum level to below the maximum.
b) Postpone the planned timing of substantive tests from interim dates to the year-end.
120. An auditor was unable to obtain audited financial statements or other evidence supporting an entity's investment in a foreign subsidiary. Between which of the following opinions should the entity's auditor choose?
a) Adverse and unqualified with an explanatory paragraph added
b) Disclaimer and unqualified with an explanatory paragraph added
c) Qualified and adverse
d) Qualified and disclaimer
121. Which of the following factors is generally not considered in determining the sample size for a test of controls?
a) Risk of incorrect acceptance
b) Tolerable rate
c) Risk of assessing control risk too low
d) Expected population deviation rate
a) Risk of incorrect acceptance
122. Which of the following is least likely to be considered when assessing inherent risk?
a) Nonroutine transactions
b) Estimation transactions
c) Susceptibility to theft
d) Expected effectiveness of controls
d) Expected effectiveness of controls
123. A report on the compilation of the financial statements of a nonissuer entity must be modified for
a) A material uncertainty.
b) A lack of independence on the part of the CPA.
c) A change in accounting principles.
d) Concern about the entity's existence as a going concern.
b) A lack of independence on the part of the CPA.
124. Which of the following is most likely to result in modification of a compilation report?
a) A departure from generally accepted accounting principles
b) A lack of consistency in application of generally accepted accounting principles
c) A question concerning an entity's ability to continue as a going concern
d) A major uncertainty facing the financial statements
a) A departure from generally accepted accounting principles
125. Which of the following is an accurate statement of the nature of the modification of report on a compilation of financial statements of nonissuer company when the accountant is not independent?
a) The report need not be modified
b) The report must include a statement that the accountant is not independent but cannot indicate the reason for the lack of independence
c) The report must include a statement that the accountant is not independent and may indicate the reason for the lack of independence
d) A report may not be issued when the accountant is not independent
c) The report must include a statement that the accountant is not independent and may indicate the reason for the lack of independence
126. Which of the following is used to obtain evidence that the client's equipment accounts are not understated?
a) Analyzing repairs and maintenance expense accounts
b) Vouching purchases of plant and equipment
c) Recomputing depreciation expense
d) Analyzing the miscellaneous revenue account
a) Analyzing repairs and maintenance expense accounts
127. The risk that an auditor's procedures will lead to the conclusion that a material misstatement does not exist in an account balance when, in fact such misstatement does exist is referred to as
a) Audit risk
b) Inherent risk
c) Control risk
d) Detection risk
d) Detection risk
128. Which of the following is an audit least likely to detect?
a) Theft of cash received from collection of accounts receivable.
b) Intentional omission of transactions relating to equipment purchases.
c) Intentional violations of occupational safety and health laws.
d) Misapplication of accounting principles relating to inventory.
c) Intentional violations of occupational safety and health laws.
129. Prior to beginning the fieldwork on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates the CPA should
a) Reduce audit risk by lowering the preliminary levels of materiality.
b) Design special substantive tests to compensate for the lack of industry expertise.
c) Engage financial experts familiar with the nature of the industry.
d) Obtain a knowledge of matters that relate to the nature of the entity's business.
d) Obtain knowledge of matters that relate to the nature of the entity's business.
130. Audit evidence on the proper segregation of duties ordinarily is best obtained by
a. Preparation of a flowchart of duties performed by available personnel.
b. Inquiring whether control activities operated consistently throughout the period.
c. Reviewing job descriptions prepared by the personnel department.
d. Direct personal observation of the employees who apply control activities.
d. Direct personal observation of the employees who apply control activities.
131. Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal controls in the revenue cycle?
a) Fictitious transactions may be recorded that cause an understatement of revenues and an overstatement of receivables.
b) Claims received from customers for goods returned may be intentionally recorded in other customers' accounts.
c) Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash.
d) The failure to prepare shipping documents may cause an overstatement of inventory balances.
c) Authorization of credit memos by personnel who receive cash may permit the misappropriation of cash.
132. In planning an audit, the auditor's knowledge about the design of relevant controls should be used to
a) Identify the types of potential misstatements that could occur.
b) Assess the operational efficiency of internal control.
c) Determine whether controls have been circumvented by collusion.
d) Document the assessed level of control risk.
a) Identify the types of potential misstatements that could occur.
133. Which of the following information discovered during an audit most likely would raise a question concerning possible illegal acts?
a) Related-party transactions, although properly disclosed, were pervasive during the year.
b) The entity prepared several large checks payable to cash during the year.
c) Material internal control weaknesses previously reported to management were not corrected.
d) The entity was a campaign contributor to several local political candidates during the year.
b) The entity prepared several large checks payable to cash during the year.
134. After considering management's plans, an auditor concludes that there is substantial doubt about a client's ability to continue as a going concern for a reasonable period of time. The auditor's responsibility includes
a) Disclaiming an opinion on the financial statements due to the indications of possible financial difficulties.
b) Indicating to the client's audit committee whether management's plans for dealing with the adverse effects of the financial difficulties can be effectively implemented.
c) Considering the adequacy of disclosure about the client's possible inability to continue as a going concern.
d) Issuing a qualified or adverse opinion, depending upon materiality, due to the possible effects on the financial statements.
c) Considering the adequacy of disclosure about the client's possible inability to continue as a going concern.
135. To exercise due professional care an auditor should
a) Critically review the judgment exercised by those assisting in the audit.
b) Examine all available corroborating evidence supporting management’s assertions.
c) Design the audit to detect all instances of Illegal acts.
d) Attain the proper balance of professional experience and formal education.
a) Critically review the judgment exercised by those assisting in the audit.
136. A primary objective of analytical procedures used in the final review stage of all audit is to
a) Identify account balances that represent specific risks relevant to the audit.
b) Gather evidence from tests of details to corroborate financial statement assertions.
c) Detect fraud that may cause the financial statements to be misstated.
d) Assist the auditor in evaluating the overall financial statement presentation.
d) Assist the auditor in evaluating the overall financial statement presentation.
137. Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern?
a) Significant related-party transactions are pervasive
b) Usual trade credit from suppliers is denied
c) Arrearages in preferred stock dividends are paid
d) Restrictions on the disposal of principal assets are present
b) Usual trade credit from suppliers is denied
138. Accepting an engagement to compile a financial projection most likely would be inappropriate if the projection is to be distributed to
a) The entity's principal stockholder, to the exclusion of the other stockholders.
b) Potential stockholders in an offering statement.
c) A financial institution in a loan application.
d) A state or federal regulatory agency.
b) Potential stockholders in an offering statement.
139. Which of the following statements extracted from a client's lawyer's letter concerning litigation, claims, and assessments most likely would cause the auditor to request clarification?
a) "We believe that the possible liability to the company is nominal in amount."
b) "We believe that the action can be settled for less than the damages claimed."
c) "We believe that the plaintiff’s case against the company is without merit."
d) "We believe that the company will be able to defend this action successfully."
b) "We believe that the action can be settled for less than the damages claimed."
140. Which of the following characteristics most likely would heighten an auditor's concern about the risk of material misstatements in an entity's financial statements?
a) The entity's industry is experiencing declining customer demand.
b) Employees 'who handle cash receipts are not bonded.
c) Bank reconciliations usually include in-transit deposits.
d) Equipment is often sold at a loss before being fully depreciated.
a) The entity's industry is experiencing declining customer demand.
141. In considering internal control, the auditor is basically concerned that it provides reasonable assurance that
a) Operational efficiency has been achieved in accordance with management plans.
b) Material misstatements due to errors and fraud have been prevented or detected.
c) Controls have not been circumvented by collusion.
d) Management cannot override the system.
b) Material misstatements due to errors and fraud have been prevented or detected.
142. In properly designed internal control, the same employee should not be permitted to
a) Sign checks and cancel supporting documents.
b) Receive merchandise and prepare a receiving report.
c) Prepare disbursement vouchers and sign checks.
d) Initiate a request to order merchandise and approve merchandise received.
c) Prepare disbursement vouchers and sign checks.
143. Which of the following is an effective control over cash payments?
a) Signed checks should be mailed under the supervision of the check signer.
b) Spoiled checks that have been voided should be disposed of immediately.
c) Checks should be prepared only by persons responsible for cash receipts and cash disbursements.
d) A check-signing machine with two signatures should be utilized.
a) Signed checks should be mailed under the supervision of the check signer.
144. Inquiries of warehouse personnel concerning possible obsolete or slow-moving inventory items provide assurance about management's assertion of
a) Completeness
b) Existence
c) Presentation
d) Valuation
d) Valuation
145. The primary reason an auditor requests letters of inquiry be sent to a client's attorney is to provide the auditor with
a) A description and evaluation of litigation, claims, and assessments that existed at the date of the balance sheet.
b) An expert opinion as to whether a loss is possible, probable, or remote.
c) The opportunity to examine the documentation concerning litigation, claims, and assessments.
d) Corroboration of the information furnished by management concerning litigation, claims, and assessments.
d) Corroboration of the information furnished by management concerning litigation, claims, and assessments.
145. When providing limited assurance that the financial statements of a nonissuer (nonpublic) entity require no material modifications to be in accordance with generally accepted accounting principles, the accountant should
a) Understand internal control.
b) Test the accounting records that identify inconsistencies with the prior year's financial statements.
c) Understand the accounting principles of the industry in which the entity operates.
d) Develop audit programs to determine whether the entity's financial statements are fairly presented.
c) Understand the accounting principles of the industry in which the entity operates.
146. Which of the following procedures is not included in a review engagement of a nonissuer (nonpublic) entity?
a) Inquiries of management
b) Inquiries regarding events subsequent to the balance sheet date
c) Any procedures designed to identify relationships among data that appear to be unusual
d) Tests of internal control
d) Tests of internal control
147. In estimation sampling for attributes, which one of the following must be known in order to appraise the results of the auditor's sample?
a) Estimated dollar value of the population
b) Standard deviation of the values in the population
c) Actual occurrence rate of the attribute in the population
d) Sample size
d) Sample size
148. Processing data through the use of simulated files provides an auditor with information about the reliability of controls. One of the techniques involved in this approach makes use of
a) Controlled reprocessing
b) Integrated test facility
c) Input validation
d) Program code checking
b) Integrated test facility
149. After the audit documentation completion date, the auditor
a) May not delete any audit documentation.
b) May not make changes in audit documentation.
c) May not add new information to audit documentation.
d) May make changes or deletions to audit documentation providing that the fact that alterations were made is documented.
d) May make changes or deletions to audit documentation providing that the fact that alterations were made is documented.
150. Prior to or in conjunction with obtaining information to identify risks of fraud, which of the following is required?
a) A brainstorming session among team members about where financial statements may be susceptible to fraud.
b) A discussion with the client’s legal counsel as to contingent liabilities likely to affect the financial statements.
c) Indirect verification of significant financial statement assertions.
d) Professional skepticism concerning indirect effect illegal acts.
a) A brainstorming session among team members about where financial statements may be susceptible to fraud.
151. Which of the following is not ordinarily performed in response to the risk of management override?
a) Evaluating the rationale for significant unusual transactions.
b) Observe counts of inventory at all locations.
c) Review accounting estimates for bias.
d) Test appropriateness of journal entries and adjustments.
b) Observe counts of inventory at all locations.
152. When an auditor has a question concerning a client's ability to continue as a going concern, the auditor considers management's plans for dealing with the situation. That consideration is most likely to include consideration of management's plans to
a) Decrease ownership equity
b) Dispose of assets
c) Increase expenditures on key products
d) Invest in derivative securities
b) Dispose of assets
153. According to the ethical standards for the profession, which of the following is not acceptable advertising content?
a) The fees for services
b) The qualifications of professional staff
c) Implications regarding the ability to influence regulatory bodies
d) Implications regarding the value of the services
c) Implications regarding the ability to influence regulatory bodies
154. A CPA has been engaged to review the financial statements of a nonissuer company. The management of that company has refused to sign a representation letter for the engagement. What should be the CPA’s response?
a) Not issue a review report
b) Issue a standard review report providing all other review procedures were performed
c) Issue a review report modified for a scope restriction
d) Issue a review report modified for a possible departure from generally accepted accounting principles
a) Not issue a review report
155. An auditor's special report on financial statements prepared in conformity with the cash basis of accounting should include a separate explanatory paragraph before the opinion paragraph that
a) Justifies the reasons for departing from generally accepted accounting principles.
b) States whether the financial statements are fairly presented in conformity with another comprehensive basis of accounting.
c) Refers to the note to the financial statements that describes the basis of accounting.
d) Explains how the results of operations differ from financial statements prepared in conformity with generally accepted accounting principles.
c) Refers to the note to the financial statements that describes the basis of accounting.
156. Which of the following is not an assertion relating to classes of transactions?
a) Accuracy
b) Consistency
c) Cutoff
d) Occurrence
b) Consistency
157. Which of the following is a general principle relating to the reliability of audit evidence?
a) Audit evidence obtained from indirect sources rather than directly is more reliable than evidence obtained directly by the auditor.
b) Audit evidence provided by copies is more reliable than that provided by facsimiles.
c) Audit evidence obtained from knowledgeable independent sources outside the client company is more reliable than audit evidence obtained from nonindependent sources.
d) Audit evidence provided by original documents is more reliable than audit evidence generated through a system of effective controls.
c) Audit evidence obtained from knowledgeable independent sources outside the client company is more reliable than audit evidence obtained from nonindependent sources.
158. Which of the following types of audit evidence is the most persuasive?
a) Prenumbered client purchase order forms.
b) Client work sheets supporting cost allocations.
c) Bank statements obtained from the client.
d) Client representation letter.
c) Bank statements obtained from the client.
159. Which of the following strategies would a CPA most likely consider in auditing an entity that processes most of its financial data only in electronic form such as a paperless system?
a. Continuous monitoring and analysis of transaction processing with an embedded audit module
b. Increased reliance on internal control activities that emphasize the segregation of duties
c. Verification of encrypted digital certificates used to monitor the authorization of transactions
d. Extensive testing of firewall boundaries that restrict the recording of outside network traffic
a. Continuous monitoring and analysis of transaction processing with an embedded audit module
160. Which of the following is not a major reason for maintaining an audit trail for a computer system?
a. Deterrent to fraud
b. Monitoring purposes
c. Analytical procedures
d. Query answering
161) An auditor would least likely use computer software to
a. Access client data files
b. Assess computer control risk
c. Prepare spreadsheets
d. Construct parallel simulations
b. Assess computer control risk
162) An auditor most likely would test for the presence of unauthorized computer program changes by running a
a. Program with test data
b. Check digit verification program
c. Source code comparison program
d. Program that computes control totals
c. Source code comparison program
163) An auditor most likely would introduce test data into a computerized payroll system to test controls related to the
a. Existence of unclaimed payroll checks held by supervisors.
b. Early cashing of payroll checks by employees.
c. Discovery of invalid employee ID numbers.
d. Proper approval of overtime by supervisors.
c. Discovery of invalid employee ID numbers.
164) An advantage of using statistical over nonstatistical sampling methods in tests of controls is that the statistical methods
a. Can more easily convert the sample into a dual purpose test useful for substantive testing.
b. Eliminate the need to use judgment in determining appropriate sample sizes.
c. Afford greater assurance than a nonstatistical sample of equal size.
d. Provide an objective basis for quantitatively evaluating sample risk.
d. Provide an objective basis for quantitatively evaluating sample risk.
165) An advantage of statistical sampling over nonstatistical sampling is that statistical sampling helps an auditor to
a. Eliminate the risk of nonsampling errors.
b. Reduce the level of audit risk and materiality to a relatively low amount.
c. Measure the sufficiency of the evidential matter obtained.
d. Minimize the failure to detect errors and fraud.
c. Measure the sufficiency of the evidential matter obtained.
166) A CPA is in public practice when he/she
a. Represents his/her employer before government agencies on tax and other matters related to accounting.
b. Represents his/her clients before government agencies on tax and other matters related to accounting.
c. Teaches accounting, auditing, management advisory services, accounting aspect of finance, business law, taxation, and other technical related subjects.
d. Holds, or is appointed to, in an accounting professional group in government or in a government-owned and/or controlled corporation where the decision making requires professional knowledge in the science of accounting.
b. Represents his/her clients before government agencies on tax and other matters related to accounting.
167) The following statements relate to the term of Office of the Chairman and members of the Board of Accountancy (BOA). Which is false?
a. The Chairman and members of the BOA shall hold office for a term of three years.
b. Any vacancy occurring within the term of a member shall be filled up for the unexpired portion of the term only.
c. No person who has served two successive complete terms as chairman or member shall be eligible for reappointment until the lapse of two years.
d. Appointment to fill up an unexpired term is not to be considered as a complete term.
c. No person who has served two successive complete terms as chairman or member shall be eligible for reappointment until the lapse of two years.
168) Which of the following is not represented in the Auditing and Assurance Standards Council (AASC)?
a. Bureau of Internal Revenue
b. Board of Accountancy
c. Bangko Sentral ng Pilipinas
d. Commission on Audit
a. Bureau of Internal Revenue
169) A registered professional shall be permanently exempted from CPE requirement upon reaching the age of
a. 55
b. 60
c. 65
d. 70
c. 65
170) Special/temporary permit may be issued by the Board to the following persons except
a. A foreign CPA who can prove that the country of which he or she is a citizen admits citizens of the Philippines to the practice of the same profession without restriction.
b. A foreign CPA called for consultation or specific purpose which is essential for the development of the country and there are no Filipino CPAs qualified for such consultation or specific purpose.
c. A foreign CPA engaged as a professor or lecturer in the fields essential to accountancy education in the Philippines.
d. A foreign CPA with specialization
a. A foreign CPA who can prove that the country of which he or she is a citizen admits citizens of the Philippines to the practice of the same profession without restriction.
170) Special/temporary permit may be issued by the Board to the following persons except
a. A foreign CPA who can prove that the country of which he or she is a citizen admits citizens of the Philippines to the practice of the same profession without restriction.
b. A foreign CPA called for consultation or specific purpose which is essential for the development of the country and there are no Filipino CPAs qualified for such consultation or specific purpose.
c. A foreign CPA engaged as a professor or lecturer in the fields essential to accountancy education in the Philippines. d. A foreign CPA with specialization
d. A foreign CPA with specialization in any branch of accountancy and his/her service is essential for the advancement of accountancy in the Philippines.
171) The Board of Accountancy may issue a certificate of registration and professional identification card to any successful examinee
a. Of unsound mind
b. Convicted by a court of political offense
c. Guilty of immoral or dishonorable conduct
d. Who has falsely represented himself/herself in his/her application for examination
b. Convicted by a court of political offense
172) Who is not permitted by RA9298 to practice public accountancy?
a. A corporation, whose stockholders are all CPAs
b. A general partnership
c. A limited liability partnership
d. A sole proprietorship
a. A corporation, whose stockholders are all CPAs
173) The sector that is most represented in the AASC is the
a. Commerce and Industry
b. Academe
c. Government
d. Public Practice
d. Public Practice
174) Which of the following is not one of the basic elements of the auditor’s report?
a. Title
b. Date of the report
c. Client’s address
d. Auditor’s signature
c. Client’s address
175) The criteria for evaluating quantitative information vary, for example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the
a. Philippine Standards on Auditing
b. Philippine Financial Reporting Standards
c. National Internal Revenue Code
d. Regulations of the Securities and Exchange Commission
Reply With Quote
ang effort!
Originally Posted by AccIdPEx
