30 Questions
How long can a person serve the Professional Regulatory Board of Accountancy?
9 years
What is one of the powers, functions, and responsibilities of the Board of Accountancy?
To prescribe and adopt a Code of Ethics for the practice of accountancy
Which body assists the Board of Accountancy in monitoring professional standards?
FSRSC
What is the maximum number of years a person can serve on the Board of Accountancy according to the regulations?
8 years
Which of the following is a responsibility of the Board of Accountancy?
Setting professional, ethical, accounting, and auditing standards
What is one role fulfilled by FSRSC and AASC in relation to the Board of Accountancy?
Assisting in maintaining high professional standards
What is the first step in the standard-setting process?
Identifying the need for a standard
How long is the period for public comment on exposure drafts of Philippine Standards?
More than 90 days
How many members' approval is required for issuing final Philippine Standards and Practice Statements?
At least 10 members
When do standards become effective?
Upon issuance
What is the role of the International Auditing and Assurance Standards Board (IAASB)?
Enhancing quality and uniformity of practice worldwide
What is required for the issuance of exposure drafts?
Approval by a majority of the Council members
What is the primary aim of the ASEAN Mutual Recognition Arrangement (MRA) in Accounting?
To facilitate the movement of accounting professionals among ASEAN member states
Under the ASEAN MRA, which of the following statements is true?
A Filipino CPA can practice accountancy in Singapore subject to meeting certain conditions
How many units in education are required for accreditation for accounting teachers?
12 units
Which body is responsible for setting auditing and engagement standards in the Philippines?
Auditing and Assurance Standards Council (AASC)
What type of standards does AASC in the Philippines generally adopt for auditing?
Standards issued by the International Auditing and Assurance Standards Board (IAASB)
In the context of accreditation for accounting teachers, what is required regarding meaningful experience?
The experience must be gained over a continuous period of three years
Which of the following is a correct statement regarding the composition of AASC?
The AASC shall be composed of 18 members including a chairman.
What is the correct term duration for the chairman and members of the AASC?
3 years
When do the pronouncements of AASC become operative after approval by PRC through BOA?
6 months after publication in the official gazette
What is the authority level of Practice Statements issued by AASC?
Lower than Engagement Standards
Which is NOT a correct characteristic of Engagement Standards?
Need only be applied to non-material matters
Who appoints the chairman and members of the AASC?
PRC
Which category must all CPAs be registered under according to the IRR of RA 9298?
Both CPAs issuing assurance and nonassurance reports
In the case of a partner's death in a two-member partnership, how long can the surviving partner continue to practice under the existing firm title including the deceased partner's name?
For a period of time not to exceed five years
Which scenario violates RA 9298 and its IRR according to the information provided?
Cruz and Reyes, CPAs (The name of V.Valdes, CPA, a third partner, is omitted from the firm name)
How many days after the death, dissolution, or liquidation of an individual CPA or a CPA firm must the event be reported to the BOA?
30 days
What action can a surviving partner take in a two-member partnership according to RA 9298 if the other partner dies?
Continue practicing for an indefinite period
Which type of reports must all CPAs be registered to issue under RA 9298 and its IRR?
Assurance and nonassurance reports
Test your knowledge on the ASEAN Mutual Recognition Arrangement (MRA) in Accounting with this quiz. Determine which statements are correct and which one is incorrect.
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