1. Give reasons why the accounting profession has adopted a code of ethics.

2. Who are required to follow the provisions of the Code?

3. What are the objectives of the accountancy profession?

4. The Code is divided into three parts. Enumerate the three parts.

5. Give the pertinent provisions for the following:

a. Integrity and objectivity

b. Resolution of ethical conflict

c. Professional competence

d. Confidentiality

e. Publicity, Advertising and Solicitation

f. Independence

g. Fees and Other Types of Remuneration

h. Gifts and Hospitality

6. When are fees considered contingent?

7. Are the payment and receipt of referral fees allowed in the Philippines?

8. Are the payment and receipt of commissions allowed in the Philippines?

9. What are the different threats to independence?

10. For of the following safeguards, give at least five examples:

a. Safeguards created by the profession, legislation or regulation;

b. Safeguards within the work environment

11. What is quality control?

12. Why is there a need for quality control standards?

13. Enumerate the different elements of a system of quality control. Explain each briefly.

14. What is an engagement quality control review?

15. What are the qualifications of engagement quality control reviewers?

16. What are the pertinent timetable rules for the following:

a. Completion of the audit file or documentation

b. Retention of audit file or documentation