AT-01 Flashcards
(48 cards)
Why should CPAs in the Philippines adhere to the SMOS (Statement of Membership Obligations) of the International Federation of Accountants (IFAC)?
A. because of globalization and ASEAN integration
B. because the Philippine Institute of Certified Public Accountants (PICPA) is a member- professional organization of IFAC?
C. because it is required by the Code of Ethics
D. because it is required by RA 9298
B
Which of the following is/are included among the fundamental objectives of the Statement of Membership Obligations (SMOs)?
A. to provide clear benchmarks to current and potential IFAC member bodies.
B. to support the adoption and implementation of international standards and other pronouncements issued by the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), International Public Sector Accounting Standards Board (IPSASB), and International Accounting Standards Board (IASB).
C. Both A and B
D. Neither A nor B
C
This SMO sets out the requirements of an IFAC member organization with respect to quality assurance review systems for partners/and or firms performing certain audit, review, other assurance, and related services engagements.
A. SMO 1 - Quality Assurance
B. SMO 2 - International Education Standards for Professional Accountants and Other Pronouncements Issued by the IAESB
C. SMO 4 - IESBA Code of Ethics for Professional Accountants
D. SMO 6 - Investigation and Discipline
A
Quality assurance is addressed at:
A. the engagement level.
B. the firm level.
C. The body responsible for the quality assurance review system.
D. All of the above.
D
The receipt and processing of ASEAN Chartered Professional Accountant (ACPA) applications is under the jurisdiction of which PRC division?
A. Professional Regulatory Boards (PRBS) Secretariat Division.
B. Continuing Professional Development Division.
C. Professional Registry Division.
D. International Affairs Division.
D
Which of the following statements about the Philippine Accountancy Act of 2004 is CORRECT?
A. It shall provide for and govern the regulation and liberalization of accounting educatioN and the examination for registration of certified public accountants.
B. It shall provide for and govern the supervision, control, and regulation of the practice of Filipino professional accountants in the Philippines and abroad.
C. It may depart, in some justifiable circumstances, from the policy of the State to recognize accountants in nation-building and development.
D. It aims to develop and nurture professional accountants whose standards of practice and service shall be excellent, qualitative, world class, and globally competitive.
D
A person is deemed to be in the practice of the accounting profession in public practice when he/she:
A. Holds, or is appointed to a position in an accounting professional group in government or in a government-owned and/or controlled corporation, where decision-making requires professional knowledge in the science of accounting.
B. Is involved in decision-making requiring professional knowledge in the science of accounting, as well as the accounting aspects of finance and taxation, or is employed in a position that requires a CPA.
C. Is in an educational institution which involves teaching of accounting, auditing, management advisory services, accounting aspect of finance, business law, taxation, and other technically-related subjects.
D. Holds out himself/herself as one skilled in the knowledge, science and practice of accounting, and as someone qualified to render professional services as a CPA.
D
Figure 1
A
Figure 2.1 & Figure 2.2
A
Any candidate who fails in ____ complete ‘CPA Board Examinations shall be disqualified from taking another set of examinations unless he/she submits evidence to the satisfaction of the BOA that he/she enrolled in and completed at least ________ of subjects given in the licensure examination.
A. 3, 15 units per year for a total of 60 units
B. 2,24 units
C. 2, 15 units/year, total of 60 units
D. 3, 24 units
B
Any candidate who fails in two (2) complete CPA Board Examinations shall be disqualified from taking another set of examinations unless he/she submits certificate of completion of refresher course to the satisfaction of the PRBOA that he/she enrolled in and completed at least twenty-four (24) units of subjects given in the licensure examination. Such a certificate shall be valid for years from the date of completion.
A. One
B Two
C. Three
D. Four
B
The PRBOA, subject to the approval of the PRC, may revise or exclude any of the subjects and their syllabi, and add new ones as the need arises, provided that the change shall not be more often than:
A. Every two years.
B. Every three years.
C. Every four years.
D. Every five years.
B
Evaluate the following statements:
I. Including the Professional Regulatory Board of Accountancy (PRBOA), there are 45 boards under the PRC.
II. As of the most recent update, a professional identification card has a validity of five (5) years.
A. True, True
B. True, False
C. False, True
D. False, False
B
A certificate under seal, bearing a registration number, issued to an individual, by the PRC, upon recommendation by the Board of Accountancy, signifying that the individual has complied with all the legal and procedural requirements for such issuance, including, in appropriate cases, having successfully passed the CPA licensure examinations.
A. Certificate of registration.
B. Certificate of accreditation.
C. Certificate of identification.
D. Certificate of quality review.
A
Figure 3
D
CPD competence areas include:
A. technical competence.
B. professional skills.
C. professional values, ethics, and attitudes.
D. All of the above.
D
The objective of this IES is to establish whether aspiring professional accountants have demonstrated an appropriate level of professional competence by the end of IPD in order to perform a role as a professional accountant.
A. International Education Standard (IES) 3
B. International Education Standard (IES) 5
C. International Education Standard (IES) 6
D. International Education Standard (IES) 7
C
Per PRBOA Resolution 254 Series of 2017, which of the following statements is CORRECT?
A. The following can be a CPD provider: sole proprietor, partnership, corporation, government institutions, and foreign entities.
B. Members of PRBOA are allowed to be a CPD provider during their incumbency.
C. Application for CPD program accreditation should be filed 60 days before the offering of the program.
D. The CPD monitor should submit the monitoring report to PRC within 15 calendar days after the conduct of the program.
A
With respect to the most recent IRR (PRC Resolution 1146 Series of 2019) for CPD Law, which of the following statements is INCORRECT?
A. The new provisions would take effect by March 1, 2019.
B. It would refer to CPD Law of 2016.
C. 15 CPD credit units would be required for the renewal of the PRC ID.
D. 120 CPD credit units would be required for the accreditation of CPAs in government.
D
What is the minimum number of CPD credit units that a registered professional accountant in public practice should accumulate within the three-year period for the renewal of PIC?
A. 15 credit units
B. 45 credit units
C. 100 credit units
D. 120 credit units
A
Per PRBOA Resolution 27 Series of 2024, which of the following statements is INCORRECT?
A. In all applications for accreditation, the prescribed and earned CPD units to be submitted prior to processing is 120 CPD units.
b. For those approved applications covered under Section 12.b of Board Resolution No. 53 (s. 2022), the prescribed and earned 120 CPD units to be applied in order to comply with the maximum accreditation validity period of three (3) years shall be those issued within the three (3) period prior to the filing of the application for accreditation using the effectivity date (birth month/year) in the PIC of the applicant as the base period.
C. For CPAs in education, 12 units of professional education units shall be required in the first
and subsequent renewals.
D. All of the above statements are correct.
C
Which of the following is NOT a ground for the suspension or revocation of certificate of registration and professional identification card?
A. Possession of an unsound mind
B. Practice in more than one field of accountancy
C. Conviction of a criminal offense involving moral turpitude
D. Unprofessional or unethical conduct, malpractice, or violation of RA 9298.
B
The punishment, upon conviction, for any person who has violated any of the provisions of the Accountancy Act of 2004, or any of its Implementing Rules and Regulations as promulgated by the Board of Accountancy:
A. A fine of not less than fifty thousand pesos (P50,000.00) and imprisonment for a period not exceeding two (2) years.
B. A fine of not less than fifty thousand pesos (P50,000.00) but not an imprisonment.
C. No fine but an imprisonment for a period not exceeding two (2) years.
D. A fine of not less than fifty thousand pesos (P50,000.00) or imprisonment for a period not exceeding two (2) years, or both.
D
A CPA whose certificate has been revoked:
A. Is required to take the CPA Board Licensure examinations before reinstatement
B. May be reinstated by the PRBCA after the expiration of two (2) years from the date of revocation
C. Can no longer be reinstated as a Certified Public Accountant
D. Has committed a crime involving moral turpitude
B