Question
1) Which of the following is the most likely response of the successor auditor when a client refused to grant permission or the predecessor auditor
1) Which of the following is the most likely response of the successor auditor when a client refused to grant permission or the predecessor auditor failed to respond fully to the communication?
A. Accept the engagement.
B. Decline the engagement.
C. Inquire the Board of Accountancy.
D. Evaluate the implication of such refusal or failure of communication.
2) In relation to revised Rules on Advertising adopted by BOA, which of the following statements is FALSE:
A. No firm or CPA practitioner shall identify the name of a client or items of a client's business in advertising, public relations or marketing material produced to promote his practice provided that the client gives its written consent.
B. The use of the name of an international accounting firm affiliation/correspondence other than a notation that it is a "member/correspondent firm of that foreign firm" shall not be allowed so as to imply that the foreign firm is practicing in the Philippines.
C. No firm or CPA practitioner shall use the term "Accredited" or any similar words or phrases calculated to convey the same meaning if the claimed accreditation (BOA,
D. All advertisements must have prior review and approval in writing by the Board of Accountancy.
3) The following statements relate to the Board of Accountancy. Which statement is INCORRECT?
A. The Board consists of a Chairman and six members
B. The Professional Regulation Commission may remove from the Board any member whose certificate to practice has been removed or suspended
C. No person shall be appointed a member of the Board unless he is a natural-born citizen of the Philippines, a duly registered CPA and has been in the practice of accountancy for at least ten years
D. The Chairman and members are appointed by the President of the Philippines upon recommendation of PRC
4. Which of the following requirements below shall not apply to those CPAs already engaged in teaching as of the date of the effectively of the rules regarding accreditation of accounting teachers?
I. Possession of relevant Master's degree. Any post-graduate degree program in business, accounting, taxation law, education and related fields eared from any graduate school duly recognized by the Commission on Higher Education (CHED) will qualify for this requirement.
II. Completion of 12 units of relevant education subjects from the CHED recognized schools.
III. A total of three years meaningful experience in actual accounting work either in the Public Practice, Commerce and Industry or Government sector
IV. Proof that the CPA has undergone Continuing Professional Education(CPE).
A.I and II only.
B. I, and IV only.
C. II, III and IV only
D. II and Ill only.
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