Formative Assessment 8
1. Assurance engagement include the
following, except
a) An engagement in accordance with the
Philippine Standard on Assurance
Engagement(s) issued by the Philippine
Auditing Standards and
...
Formative Assessment 8
1. Assurance engagement include the
following, except
a) An engagement in accordance with the
Philippine Standard on Assurance
Engagement(s) issued by the Philippine
Auditing Standards and Practices
Council as approved by the Board of
Accountancy/Professional Regulation
Commission.
b) An engagement to perform agreedupon procedures.
c) An engagement conducted to provide
a moderate level of assurance that the
subject matter is plausible in the
circumstances.
d) An engagement conducted to provide
a high level of assurance that the
subject matter conforms in all material
respects with identified suitable
criteria.
2. Which statement is incorrect regarding the
Code of Ethics for Professional Accountants in
the Philippines?
a) Professional accountants should
consider the ethical requirements as
the basic principles which they should
follow in performing their work.
b) Where a national statutory
requirement is in conflict with a
provision of the IFAC Code, the IFAC
Code requirement prevails.
c) Professional accountants refer to
persons who are Certified Public
Accountants (CPA) and who hold a
valid certificate issued by the Board of
Accountancy.
d) The Code of Ethics for Professional
Accountants in the Philippines is
mandatory for all CPAs and is
applicable to professional services
performed in the Philippines on or
after January 1, 2004.
3. Financial interest means
a) Any bank account which is used solely
for the banking of clients’ monies.
b) An interest in an equity or other
security, debenture, loan or other debt
instrument of an entity, including
rights and obligations to acquire such
an interest and derivatives directly
related to such interest.
c) A financial interest beneficially owned
through a collective investment
vehicle, estate, trust or other
intermediary over which the individual
or entity has no control.
d) Any monies received by a professional
accountant in public practice to be
held or paid out on the instruction of
the person from whom or on whose
behalf they are received.
4. Which statement is correct regarding the
Code of Ethics for Pro
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