Auditing theory

The chairman should entertain been or immediately a main practitioner in common statementancy. 14. The subjoined sectors represented by the PICA to the fraternity of AAAS entertain one symbolical, bar a. Council c. Commerce and activity b. Common usage d. Academe 15. Statements on financial statementing standards constituting GAP are issued by the a. Philippine Institute of Spas. C. Audit Standards and Practices Council. B. Securities and Exchange Commission. D. Accounting Standards Council. 16. Indicate whether the subjoined functions would be executed by: P S - Main M - Manager AS - Audit Assistant (1) Supervises two or over correlative audit engagements Performs inferential audit procedures Overall allegiance for audit Signs audit recital s d. 17. The sum of audit fees depend easily on the - Partner a. Size and principalization of the corporation beneath audit. B. Sum of advantage for the year. C. Availability of money. . Volume of audit labor and sum of adequacy and responsibilities implicated. Page 3 of 7 18. In determining audit fees, an testimony may capture into statement each of the subjoined bar a. Volume and complication of labor implicated. C. Number and consume of manors needed. B. Sum of allegiance conjectured. D. Size and sum of principal of client. 19. Beneath this system of billing a client, the exterior testimonys jaw on the foundation of season departed by principals/partners, supervisors, mains and Juniors at predetermined rates agreed upon behind a while the client Maximum fee foundation c. Flat sum foundation Retainer foundation d. Per diem foundation RA No. 9298 - Philippine Accountancy Act of 2004 and its AIR 1 . Which of the subjoined is not one of the definitive objectives of the Accountancy Act of 2004? A. Examination for registration of Spas. B. Supervision, curb, and order of statementing usage. C. Standardization and order of statementing advice. D. Promulgation of statementing and auditing standards. In all of the subjoined situations bar one, a individual is supposed to be occupied in authoritative statementing usage. Which of them is the barion? A. Performing audits or verification of financial transactions and chronicles for over than one client. B. Filled as the branch chairman that supervises the BAS program of an adviceal state. C. Avocation as curbler of a not-exoteric vocation accomplishment and such avocation squires that the holder thereof should be a CPA. D. Appointment in the council where primary track affable advantage eligibility is a prerequisite. A individual is not supposed to be occupied in authoritative statementing usage if a. Her merely holds himself out as useful in the skill and usage of statementing and adapted to return advantages as a CPA. B. He merely offers to return advantages as a CPA to the common, but does not actually return such advantages. C. He offers or returns bookkeeping advantages to over than one client. D. He installs and revises statementing systems for over than one client. Usage in Common Accountancy shall organize in a individual a. Implicated in sentence making requiring authoritative experience in the skill of statementing, or when such avocation or pose requires that the holder thereof must be a sensible common statementant. . In an adviceal state which entangle training of statementing, auditing, address advisory advantages, finance, vocation law, taxation, and other technically cognate subjects. C. Who holds, or is appointed to, a pose in an statementing authoritative bunch in council or in a council owned and/or curbled restitution, including those performing proprietary functions, where sentence making requires authoritative experience in the skill of statementing, d. Holding out himself/herself as one useful in the experience, skill and usage of statementing, and as a adapted individual to return authoritative advantages as a sensible common statementant; or subsidy or returning, or twain, to over than one client on a fee foundation or inadequately. Any pose in any vocation or corporation in the not-exoteric sector which requires supervising the recording of financial transactions, prestitution of financial tenements, coordinating behind a while the exterior testimonys for the audit of such financial statements and other cognate functions shall be occupied singly by a duly registered CPA. Provided (elect the inexact one) a. That the vocation or corporation where the overhead pose exists has a paid-up principal of at meanest and/or an annual enrichment of at meanest b. The overhead supply shall employ singly to individuals to be filled behind the effectively of the Implementing Rules and Regulations of RA 9298. C. The overhead supply shall not consequence to nonpayment of the avocation of incumbents to the pose. D. None of the overhead.