Reference no: EM132712591

Problem 1. S1 Auditing can have a significant effect on both information risk and business risk.  S2 The market for other forms of assurance services is open to non-CPA competitors.

a. True, true c. False, true b. True, false d. False, false

Problem 2. Compilation reports maybe of all except which of the following types>

a. Compilation with limited independence

b. Compilation with full disclosure

c. Compilation without independence

d. Compilation that omits substantially all disclosures

Problem 3. The trait that distinguishes auditors from accountants in the

a. Auditor's ability to interpret accounting principles generally accepted in the Philippines.

b. Auditor's continuing professional education requirements

c. Auditor's ability to interpret accounting standards

d. Auditor's expertise in the accumulation and interpretation of audit evidence.

Problem 4. What is the term used to identify the risk that the client's financial statements may be materially false and misleading?

a. Business risk             c. Client risk

b. Information risk          d. Audit risk

Problem 5. With respect to the practice of Accountancy profession in the Philippines, which of the following statements is correct?

a. The minimum number of CPD credit units that a registered professional accountant in commerce and industry should accumulate for accreditation within the three-year period starting 2019 is reduced to 15.

b. The following can be a CPD provider: sole proprietor, partnership, corporation, government institutions, and members of PRBOA

c. Members of PRBOA may be invited as a technical resource speaker in CPD-earning forum for accounting teachers.

d. CPAs adhere to the SMOs of IFAC because it is required by the CPD Act of 2016.