It refers to the professional accountant having obtained evidence based on procedures agreed upon between the practitioner and the intended users to be satisfied that findings be reported to the intended users.
It refers to the professional accountant having obtained sufficient external and internal appropriate evidence to be satisfied that the subject matter is plausible in the circumstances.
It refers to the professional accountant having obtained sufficient appropriate evidence to conclude that the subject matter conforms in all material respects with identified suitable criteria.
It refers to the professional accountant having obtained sufficient evidence to conclude that he has no knowledge of any required modifications to be made in the financial statements in order for them to conform of prescribed criteria.
An auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings.
The recipients of the report must form their own conclusions from the report by the auditor.
The report is restricted to those parties that have agreed to the procedures to be performed.
The report on factual findings is expressed in the form of negative assurance.
When the auditor attaches a report to that information.
When the auditor consents to the use of the auditor's name in a professional connection.
Either a or b.
Neither a nor b.
Engagement risk is the risk that the practitioner will express an inappropriate conclusion that the subject matter conforms in all material respects with suitable criteria.
All components of the engagement risk model will be significant for all assurance engagements.
The extent to which the practitioner considers the relevant components of engagement risk will be affected by the engagement circumstances.
Business risk is not part of engagement risk and does not affect the application of Philippine Standard on Assurance Engagements.
The external auditor should consider the activities of internal auditing and their effect, if any, on external audit procedures.
The external auditor should obtain a sufficient understanding of internal audit activities to assist in planning the audit and developing an effective audit approach.
During the course of planning the audit, the external auditor should perform a preliminary assessment of the internal audit function when it appears that internal auditing is relevant to the external audit of the financial statements in specific audit areas.
When the external auditor intends to use specific work of internal auditing, the external auditor need not evaluate and test that work to confirm its adequacy for the external auditor's purposes.
Maintaining a clear-cut distinction between management’s representations and the auditor’s representation.
Testifying under oath about client’s financial statements.
Stating in the auditor’s management letter that the examination was made in accordance with generally accepted auditing standards.
Attaching an auditor’s opinion to the client’s financial statements.
The independent auditor.
The internal auditor.
The client's management.
The audit committee.
The PSAs and Interpretations may also have application, as appropriate, to other related activities of auditors.
PSAs contain basic principles and essential procedures (identified in bold type black lettering) together with related guidance in the form of explanatory and other material.
PSAs need only be applied to material matters.
The Interpretations have the same authority as the PAPSs.
Any position in any business or company in the private sector which requires supervising the recording of financial transactions.
Any position in any business or company in the private sector which requires preparation of financial statements.
Any position in any business or company in the private sector which requires coordinating with the internal auditors for the audit of financial statements.
The position of the dean that supervises the BSA program of an educational institution.
Board of Accountancy
Bangko Sentral ng Pilipinas
Bureau of Internal Revenue
Securities and Exchange Commission
If he is at least 65 years old.
If he is working abroad and he has been out of the country for at least two years immediately prior to the date of renewal.
Either a or b.
Under no circumstances.
The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for negligence, incompetence, or any other just cause.
Insanity is not a ground for proceeding against a CPA.
A person shall be considered to be in the professional practice of accounting if, as an officer in a private enterprise, he makes decisions requiring professional accounting knowledge.
After three years, subject to certain conditions, the Board of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.
Quality of Services
I, II, III
II, III, I
III, II, I
II, I, III
A former officer, director or employee of the assurance client serve as a member of the assurance team.
A director, an officer or an employee of the assurance client in a position to exert direct and significant influence over the subject matter of the assurance engagement has been a member of the assurance team or partner of the firm.
Assisting an audit client in matters such as preparing accounting records or financial statements.
A firm, or network firm, provides internal audit services to an audit client.
All of these
The size of the firm.
The type of clients that the firm serves.
The number of practice offices.
The nature of the practice.
The auditor is entitled to accept records and documents as genuine.
The auditor is may be held responsible for the prevention of fraud and error.
The auditor should consider the risk of material misstatements in the financial statements resulting from fraud or error.
The risk of not detecting a material misstatement resulting from error is lower than the risk of not detecting a material misstatement resulting from fraud.
Using the auditor’s knowledge of the business, the auditor may identify events or conditions that provide an opportunity, a motive or a means to commit fraud, or indicate that fraud may already have occurred.
A missing document, an out of balance general ledger, or an analytical procedure that does not make sense may be the result of circumstances other than fraud.
Fraud risk factors indicate the existence of fraud because they often have been present in circumstances where frauds have occurred.
The presence of fraud risk factors may affect the auditor’s assessment of inherent risk or control risk.
Understating the sales journal.
Overstating the accounts receivable control account.
Overstating the accounts receivable subsidiary ledger.
Understating the cash receipts journal.