Per Philippine Accountancy Act of 2004, a non-CPA is prohibited to engage in professional management advisory services. 2. The overriding consideration for MAS engagement is competence so that a CPA MAS practitioner need not be concerned with independence in his relations with his client. 3. CPAs have historically been business consultants to their clients. 4. The primary purpose of MAS is to improve the client firms' use of its capabilities and resources to achieve the objectives of the firm. 5. Documentation is not as essential in an MAS engagement as it is in an audit engagement.
Per Philippine Accountancy Act of 2004, a non-CPA is prohibited to engage in professional management advisory services. 2. The overriding consideration for MAS engagement is competence so that a CPA MAS practitioner need not be concerned with independence in his relations with his client. 3. CPAs have historically been business consultants to their clients. 4. The primary purpose of MAS is to improve the client firms' use of its capabilities and resources to achieve the objectives of the firm. 5. Documentation is not as essential in an MAS engagement as it is in an audit engagement.
Chapter5: Ethical Responsibilities Of Independent Auditors
Section5.2: American International Group, Inc.
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True or False. If false, explain.
1. Per Philippine Accountancy Act of 2004, a non-CPA is prohibited to engage in professional management advisory services.
2. The overriding consideration for MAS engagement is competence so that a CPA MAS practitioner need not be concerned with independence in his relations with his client.
3. CPAs have historically been business consultants to their clients.
4. The primary purpose of MAS is to improve the client firms' use of its capabilities and resources to achieve the objectives of the firm.
5. Documentation is not as essential in an MAS engagement as it is in an audit engagement.
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