Reference no: EM132672894

Problem 1: A BOA member can be a non-resident Filipino citizen;S2: BOA's chairman is elected among the members appointed by the President of the Republic

Option 1: True, False

Option 2: False, True

Option 3: True, True

Option 4: False, False

Problem 2: Complete the analogy: _______, Management, _______, Auditor

Option 1: Financial Statements, Financial Statements

Option 2: Management Report, Audi Report

Option 3: Financial Statements, Audit Report

Option 4: Audit Report, Audit Report

Problem 3: Which of the following items pertain to decreased control risk?

Option 1: Control procedures have not been updated for almost 10 years.

Option 2: The client has a functioning independent audit committee and internal audit department

Option 3: The client is start-up company operating at breakeven

Option 4: The client's only customer is the Philippine Government, hence the risk of default is lower as compared to other private corporations.