1.Which of the following professionals has primary responsibility for the performance of an audit?

Group of answer choices

The partner in charge of the engagement

The senior assigned to the engagement

The managing partner of the firm

The manager assigned to the engagement

2.The broad range of assurance engagements includes all, but which of the following? 1)Engagements intended to provide high or moderate levels of assurance. 2)Preparation of tax returns, though no conclusion is expressed. 3)Attest and direct reporting engagements. 4)Engagement to report externally, but not internally. 5)Engagements in the private and public sector. 6)Agreed-upon procedure engagement. Group of answer choices

2, 4, 5

2, 4, 6

4, 6

2, 5, 6

3.Which of the following best describes an operational audit?

Group of answer choices

It requires a constant review of the administrative controls by internal auditors as they relate to operations of the company.

It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls.

It attempts of verifying the fair presentation of a company's results of operations.

It concentrates on implementing financial and accounting control in a newly organized company.

4.An audit involves ascertaining the degree of correspondence between assertions and established criteria. In the case of financial statement audit, which of the following is not a valid criterion?

Group of answer choices

Authoritative financial reporting framework.

Accounting standards generally accepted in the Philippines.

Philippine Standards on Auditing.

International Accounting Standards.

5.It provides a threshold or cutoff point rather than being a primary qualitative characteristic which information must have if it is to be useful.

Group of answer choices

Relevance

Misstatement

Materiality

Reliability

6.Thematic Areas of CPD activities shall be changed to Competence Areas - Thematic Areas of CPD activities shall be changed to Competence Areas in order to align with the International Education Standards. It shall be divided into three (3) major categories, viz (choose the incorrect one):

Group of answer choices

Technical Competence

Information Technology

Professional Skills

Professional Values, Ethics & Attitudes

7.Pursuant to BOA Resolution No. 274, series of 2015, Issuance and Promulgation of the new syllabi of the subjects in the Board Licensure Examination for Certified Public Accountants (BLECPA), the following topics are added to the coverage of the BLECPA effective starting October 2017 examinations, except one:

Group of answer choices

Preferential Taxation

Taxation under the Local Government Code

Economics

General Banking Law

8.In the revised requirements for CPD units adopted by BOA, how much CPD credit units is earned if the professional accountant acts as resource speaker in a training offered by accredited CPD providers?

Group of answer choices

1

6

2

3

9.A CPA whose certificate of registration has been revoked:

Group of answer choices

May be reinstated by the Professional Regulation Commission after two years if he has acted in an exemplary manner.

Is automatically reinstated as a CPA by the PRC after two years if he has acted in an exemplary manner.

May be reinstated as a CPA by the Board of Accountancy after two year if he has acted in an exemplary manner.

Can no longer be reinstated.

10.A government agency whose primary objective is to maintain price stability conducive to a balanced and sustainable growth of the economy. It shall also promote and maintain monetary stability and the convertibility of the peso.

Group of answer choices

Insurance Commission (IC)

Anti-Money Laundering Council (AMLC)

Bangko Sentral ng Pilipinas (BSP)

Congress