ASEAN Mutual Recognition Arrangement in Accounting Quiz

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How long can a person serve the Professional Regulatory Board of Accountancy?

6 years

12 years

3 years

9 years (correct)

What is one of the powers, functions, and responsibilities of the Board of Accountancy?

To manage public transportation systems

To regulate environmental policies

To prescribe and adopt a Code of Ethics for the practice of accountancy (correct)

To supervise the registration and licensure of architects

Which body assists the Board of Accountancy in monitoring professional standards?

WHO

NASA

FSRSC (correct)

UNESCO

What is the maximum number of years a person can serve on the Board of Accountancy according to the regulations?

8 years Signup and view all the answers

Which of the following is a responsibility of the Board of Accountancy?

Setting professional, ethical, accounting, and auditing standards Signup and view all the answers

What is one role fulfilled by FSRSC and AASC in relation to the Board of Accountancy?

Assisting in maintaining high professional standards Signup and view all the answers

What is the first step in the standard-setting process?

Identifying the need for a standard Signup and view all the answers

How long is the period for public comment on exposure drafts of Philippine Standards?

More than 90 days Signup and view all the answers

How many members' approval is required for issuing final Philippine Standards and Practice Statements?

At least 10 members Signup and view all the answers

When do standards become effective?

Upon issuance Signup and view all the answers

What is the role of the International Auditing and Assurance Standards Board (IAASB)?

Enhancing quality and uniformity of practice worldwide Signup and view all the answers

What is required for the issuance of exposure drafts?

Approval by a majority of the Council members Signup and view all the answers

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 Signup and view all the answers

Under the ASEAN MRA, which of the following statements is true?

A Filipino CPA can practice accountancy in Singapore subject to meeting certain conditions Signup and view all the answers

How many units in education are required for accreditation for accounting teachers?

12 units Signup and view all the answers

Which body is responsible for setting auditing and engagement standards in the Philippines?

Auditing and Assurance Standards Council (AASC) Signup and view all the answers

What type of standards does AASC in the Philippines generally adopt for auditing?

Standards issued by the International Auditing and Assurance Standards Board (IAASB) Signup and view all the answers

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 Signup and view all the answers

Which of the following is a correct statement regarding the composition of AASC?

The AASC shall be composed of 18 members including a chairman. Signup and view all the answers

What is the correct term duration for the chairman and members of the AASC?

3 years Signup and view all the answers

When do the pronouncements of AASC become operative after approval by PRC through BOA?

6 months after publication in the official gazette Signup and view all the answers

What is the authority level of Practice Statements issued by AASC?

Lower than Engagement Standards Signup and view all the answers

Which is NOT a correct characteristic of Engagement Standards?

Need only be applied to non-material matters Signup and view all the answers

Who appoints the chairman and members of the AASC?

PRC Signup and view all the answers

Which category must all CPAs be registered under according to the IRR of RA 9298?

Both CPAs issuing assurance and nonassurance reports Signup and view all the answers

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 Signup and view all the answers

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) Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

Which type of reports must all CPAs be registered to issue under RA 9298 and its IRR?

Assurance and nonassurance reports Signup and view all the answers