Please help. Incorrect answers will be disliked

Professional Standards

1. The following sectors represented by the PICPA to the membership of AASC have one representative, except

a. Government

b. Public Practice

c. Commerce and Industry

d. Academe

2. Which of the following is not represented in the Auditing and Assurance Standards Council?

a. BOA

b. PICPA

c. FINEX

d. SEC

3. Which statement is incorrect regarding AASC?

a. The AASC shall be composed of 14 members plus a chairman

b. The chairman and members of the AASC shall be appointed by PRC upon the recommendation of BOA

c. The chairman and members of the AASC shall have a non-renewable term of 3 years

d. The chairman should have been or presently a senior practitioner in public accountancy

4. This document defines the elements and objectives not, by itself, establish standards or provide procedural requirements for the performance of assurance engagements.

a. Philippine Framework for Assurance Engagements

b. Philippine Standards on Auditing

c. Philippine Standards on Review Engagements

d. Philippine Auditing Practice Statements

5. The standards of the Auditing and Assurance Standards Council include Philippine Standards and Practice Statements on:

I. Quality control.

II. Tax Engagements.

III. Review Engagements.

IV. Other Assurance Engagements.

V. Consulting Engagements

VI. Audit Engagements

VII. Related Services

a. I, II, III and VI only.

b. I, II, IV and VI only.

c. I, III IV, VI and VII only.

d. I, II, III, IV and V only.

6. Which of the following best describes what is meant by generally accepted auditing standards?

a. Acts to be performed by the auditor.

b. Measures of the quality of an auditor's performance.

c. Procedures used to gather evidence to support financial statements.

d. Audit objectives generally determined on audit engagements.

7. PSAs are the ________ standards to use in performing an audit of financial statements

a. Minimum

b. Maximum

c. Ideal

d. All of the above

8. Which statement is correct regarding the pronouncements of AASC?

a. The exposure period allowed for each exposure draft of auditing and other pronouncements to be considered by the organizations and persons to whom it is sent for comment is generally 60 days.

b. Each final standard and statement shall be submitted to the PRC through the BOA for approval after which the pronouncements become operative 6 months from publication in the official gazette.

c. Practice Statements will have the same authority as the Engagement Standards.

d. PSAs issued by AASC are not the only authoritative source of engagement standards for members of the accountancy profession in the Philippines.

9. Which statement is(are) incorrect regarding the pronouncements of AASC?

a. Engagement Standards contain basic principles and essential procedures together with related guidance in the form of explanatory and other material.

b. Engagement Standards need only be applied to material matters.

c. In exceptional circumstances, an auditor may judge it necessary to depart from a standard in order to more effectively achieve the objective of an audit. When such situation arises, the auditor is not required to justify the departure.

d. All of the above

10. Which of the following is true of Practice Statements?

a. These statements are intended to replace standards

b. These statements are intended to have the authority of the standards

c. These statements are issued to provide practical assistance to auditors in implementing the standards

d. These are form of interpretation issued by the AASC