Reference no: EM133228098
True or False
1. If a person has served the Board of Accountancy for more than 12 years, he shall be eligible for reappointment until the lapse of 1 year.
2. The chairman and members of the Board of Accountancy are all appointed by the President of the Philippine Institute of Certified Public Accountants (PICPA).
3. The Chairman of the Auditing and Assurance Standards Council must have been at present a senior practitioner in any scope of the accounting practice.
4. The certificate of accreditation shall be valued for a period of three (3) years and may be renewed every three (3) years on or before December 31 on the year of expiry.
5. The number of flexible units for accreditation shall be 80 units.
6. The BOA subject to the approval of PRC may revise or exclude subjects and their syllabi and add new ones as the need arises but the change shall not be more than once every five (5) years.
7. Conditional examinee is an examinee who obtained a general weighted average of less than 75% and has a grade of less than 65%, but has obtained 75% and above in at least majority of the subjects covered in the licensure examination.
8. The certificate of registration is valid for three years and shall be renewed on or before the birth date of the successful examinee
9. A corporation type of organization is prohibited to engaged in practice of public accountancy.
10. The new code included revised sections for professional accountants in business and in the academe.
11. A professional accountant's compliance with the principle of confidentiality begins from the start of the professional activity and ends upon its completion.
12. The audit process is a structure series of steps taken by the auditor to achieve his audit objectives.
13. Assertions relating to classes of transactions generally relate to line items presented in the statement of financial performance while assertions relating to account balances generally relate to line items presented in the statement of financial position.
14. Management has the responsibility for the preparation and presentation of the face of financial statements which allows the auditor to prepare the related disclosures.
15. In case of conflict between the Code of Ethics and local laws, local laws shall prevail.
16. A professional accountant having a long association with individuals influencing business decisions may lead to a self-review threat.
17. A professional accountant may quote fees and other renumerations at any level he wants.
18. Independence requirements must be maintained even after the end of the engagement.
19. A professional accountant shall not allow a conflict of interest to compromise professional or business judgement.
20. A professional accountant shall exercise discretion with the intention of misleading others or influencing contractual or regulatory outcomes inappropriately.
21. An examinee who got a conditional mark in one exam cycle and eventually got a failing mark in the next exam cycle will be considered as having completed two examination cycles already for the purpose of enrolling in a refresher course.
22. An independent audit conducted in accordance with the PSAs acts as a substitute for the maintenance of internal control necessary for the preparation of financial statements by management.
23. Where management will not acknowledge its responsibilities, or agree to provide the written representations, the auditor will still be able to obtain sufficient appropriate audit evidence.
24. A condition for acceptance of an assurance engagement is that the criteria referred to in the definition of an assurance engagement are suitable and available to intended users.