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ONLINE ASSIGNMENT #2 a. Bangko Sentral ng Pilipinas

Multiple Choice. Select the best answer. b. Bureau of Internal Revenue

1. Which of the following is incorrect regarding c. Securities and Exchange Commission

the general principles of an audit?
d. Commission on Higher Education
a. The auditor should comply with the “Code of
Ethics for Professional Ethics for Certified Public 4. A member of the BOA shall, at the time of
Accountants” promulgated by the Philippine his/her appointment, possess the following
Professional Regulation Commission. qualifications, except

b. The auditor should conduct an audit in a. Must be a natural-born citizen and resident
accordance with PSAs. of the Philippines.

c. The auditor should plan and perform an audit b. Must be a duly registered CPA with more
with an attitude of professional skepticism than ten (10) years of work experience in any
recognizing that circumstances may exist that scope of practice of accountancy.
cause the financial statements to be materially c. Must be of good moral character and must
misstated. not have been convicted of crimes involving
d. The auditor would ordinarily expect to find moral turpitude.
evidence to support management d. Must not be a director or officer of the APO
representations and assume they are at the time of his/her appointment.
necessarily correct.
5. Existing accountant, as defined in the Code of
2. When the professional accountant has Ethics, means
obtained sufficient appropriate evidence to
conclude that the subject matter conforms in all a. A professional accountant employed in
material respects with identified suitable industry, commerce, the public sector or
criteria, he or she can provide what level of education.
b. A professional accountant in public practice
a. None currently holding an audit appointment or
carrying out accounting, taxation, consulting or
b. High similar professional services for a client.
c. Moderate c. Those persons who hold a valid certificate
issued by the Board of Accountancy.
d. Absolute

3. Which of the following government agencies d. A sole proprietor, or each partner or person
is represented both to the Auditing Standards occupying a position similar to that of a partner
and Practices Council and the Auditing and and each staff in a practice providing
professional services to a client irrespective of
Assurance Standards Council?
their functional classification (e.g., audit, tax or
consulting) and professional accountants in a b. Client’s address
practice having managerial responsibilities.
c. Introductory paragraph
6. Which of the following is incorrect regarding
integrity and objectivity? d. Auditor’s address

a. Integrity implies not merely honesty but fair 9. The objective and scope of the audit and the
dealing and truthfulness. extent of the auditor’s responsibilities to the
client are best documented in
b. The principle of objectivity imposes the
obligation on all professional accountants to be a. Independent auditor’s report
fair, intellectually honest and free of conflicts of b. Audit engagement letter
c. Client’s representation letter
c. Professional accountants serve in many
different capacities and should demonstrate d. Audit program
their objectivity in varying circumstances.
10. Which of the following actions may be
d. Professional accountants should neither appropriate if the auditor is unable to agree to a
accept nor offer any gifts or entertainment. change of the engagement and is not permitted
to continue the original engagement?
7. In a review engagement, the independent
accountant’s procedures include: I. Issue a qualified opinion due to a significant
scope limitation.
a. Examining bank reconciliation.
II. Auditor should withdraw from the
b. Confirming accounts receivable with debtors. engagement.
c. Reading the financial statements to consider III. Consider whether there is any obligation to
whether they appear to conform with GAAP. report to the board of directors or shareholders
d. Obtaining a letter of audit inquiry from all the circumstances necessitating withdrawal
attorneys of record. a. I only
8. Which of the following is not a basic element b. I and II
of a review report?
c. II and III
a. Title of the report
d. I, II and III