The following statements relate to the Board of Accountancy. Select the incorrect statement: A. The Board consists of a Chairman and six members. B. The chairman and members of the Board are appointed by the President of the Philippines upon recommendation of the Professional Regulation Commission. C. The Professional Regulation Commission may remove from the Board of Accountancy, any member whose certificate to practice has been revoked or suspended. D. All sectors of accountancy practice shall as much as possible be equitably represented in the Bo

The following statements relate to the Board of Accountancy. Select the incorrect statement: A. The Board consists of a Chairman and six members. B. The chairman and members of the Board are appointed by the President of the Philippines upon recommendation of the Professional Regulation Commission. C. The Professional Regulation Commission may remove from the Board of Accountancy, any member whose certificate to practice has been revoked or suspended. D. All sectors of accountancy practice shall as much as possible be equitably represented in the Bo

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter2: The Auditor’s Responsibilities Regarding Fraud And Mechanisms To Address Fraud: Regulation And Corporate Governance

Section: Chapter Questions

Problem 20CYBK

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B61. Under Section 5 of RA 9298, who shall appoint the members of the Professional Regulatory Board of Accountancy? A. The chairman of the Board of Accountancy.B. The president of the Republic of the Philippines.C. The chairperson of Professional Regulations Commission.D. The president of Philippine Institute of Certified Public Accountants.
Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountants
Which of the following is not a description or a function of the Financial Reporting Standards Council (FRSC)? It establishes generally accepted accounting principles in the It receives financial support principally from the Professional Regulations Commission (PRC). It is the successor of Accounting Standards Council (ASC) and the creator of Philippine Interpretations Committee (PIC). It assists the Professional Regulatory Board of Accountancy (BOA) in carrying out its power and function to promulgate accounting standards in the
Which of the following is true about the Auditor General? A.Beliau boleh ditukarkan ke jawatan tertinggi Persekutuan yang lain He may be transferred to another highest office of the Federation B.Beliau boleh dinasihati oleh Kabinet Menteri He may be advised by the Cabinet of Ministers C.Beliau tidak boleh mendelegasikan tugas kepada Jabatan Audit Negeri He cannot delegate duties to the State Audit Department D.Beliau boleh membentuk pandangan ke atas hasil audit He can form an opinion on the audit results
B60. RA 9298 is officially known as A. The Revised Accountancy Act.B. The Revised Accountancy Law.C. The Philippine Accountancy Act of 2004.D. The Accountancy Law of the Philippines, 2007
115-Assume that you are a consultant in a private accounting firm that provide consultancy to the companies by charging fee. There is seminar where you are given the task to explain the main purpose of the conceptual framework related to financial statements only. So, which of the following points you will choose to present? a. It helps in international accounting standard board in overall development b. It helps in setting national standards in developing countries c. It helps auditor about making any opinion about various statements d. All of the options
The Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting industry.b. requires CEOs to certify periodic financialstatements.c. subjects auditors, accountants, andemployees to imprisonment for destroyingfinancial documents.d. prohibits many types of consulting servicesby accounting firms.e. All of the above are true.
Which of the following must be done If a resolution has been passed to remove the auditor ? i. Notify the Regulatory Authorities ii. Auditors must deposit statement of circumstances at company's registered office within 21 days of ceasing to hold the office iii. Auditors must deposit statement of circumstances at company's registered office within 14 days of ceasing to hold the office iv. Statement of circumstances must be sent to regulatory authority. Only i, ii and iv Only i and ii Only i and iii Only i , iii and iv
The official document issued by the CIR or his authorized representative authorizing the examination of taxpayer records is called: a.Authorization letter b.Letter Notice c.Letter of Authority d.Mission Order Which is NOT a power of the Commissioner? a.The power to abandon previous rulings b.The power to enter into a compromise c.The power to issue revenue regulations d.The power to issue rulings of first impression
One of the major groups that has been involved in the standard-setting process is the American Institute of Certified Public Accountants. Initially, it was the primary organization that established accounting principles in the United States. Subsequently, it relinquished its power to the FASB. Instructions a. Identify the two committees of the AICPA that established accounting principles prior to the establishment of the FASB. b. Speculate as to why these two organizations failed. In your answer, identify steps the FASB has taken to avoid failure. c. What is the present role of the AICPA in the rule-making environment?
Conceptual Framework and Accounting Standards (Philippines) Discuss the accounting treatment in the financial statements of an involuntary change in accounting policy and of a voluntary change in accounting policy. (3-5 paragraphs)
List four circumstances where a CPA licensee from another state would require approval from the California board of Accountancy before practicing public accounting in California. In cases where prior approval is not necessary, what are the requirements for the out of state licensee to practice public accounting. Express your opinions on these requirements. Under what circumstances is a CPA required to notify a client that a CPA is licensed by the California Board of Accountancy? What are the permissible means of making this notification? Why do you think this is a requirement? Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation impose these restrictions? Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations? If…