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Questions and Answers
What does MAS (Management Advisory Services) refer to?
What kind of studies does MAS involve proposing plans and programs and providing guidance and technical assistance in their implementation?
What is the role of a CPA who practices MAS work?
In which area does MAS involve counseling management in its analysis, planning, organizing, operating, and controlling functions?
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In which area does MAS involve reviewing and suggesting improvement of policies, procedures, systems, methods, and organizational relationships?
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What does MAS involve in terms of introducing new approaches, methods, techniques, and concepts to management?
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Which fundamental principle states that a professional accountant should perform professional services with due care, competence, and diligence?
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What should an MS final report include according to the text?
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In the engagement process, what is to be confirmed in writing through an MS Engagement Letter?
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What should be developed during the engagement planning in the engagement process?
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What does the fundamental principle of Integrity emphasize?
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What should a professional accountant refrain from according to the Fundamental Principles for CPAs in the Philippines?
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What type of consultancy service is categorized under emerging consultancy services?
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What is included in an MS Engagement Process according to the text?
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What document should confirm the understanding with the client in writing?
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What should a professional accountant respect according to the Fundamental Principles for CPAs in the Philippines?
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Study Notes
Management Advisory Services (MAS)
- Refers to proposing plans and programs, and providing guidance and technical assistance in their implementation
- Involves counseling management in its analysis, planning, organizing, operating, and controlling functions
- Involves reviewing and suggesting improvement of policies, procedures, systems, methods, and organizational relationships
- Introduces new approaches, methods, techniques, and concepts to management
Role of a CPA in MAS
- Practices MAS work, providing guidance and technical assistance
Fundamental Principles for CPAs
- Due Care: perform professional services with due care, competence, and diligence
- Integrity: emphasizes being honest, transparent, and free from conflicts of interest
- Confidentiality: respect client confidentiality and refrain from using confidential information for personal gain
- Professional Behavior: refrain from engaging in any activity that may bring discredit to the profession
MS Engagement Process
- Includes planning, fieldwork, and reporting
- Engagement planning involves developing an understanding of the objectives, scope, and procedures
- MS Engagement Letter confirms the understanding with the client in writing
- Final report should include the objectives, scope, procedures, findings, and recommendations
Emerging Consultancy Services
- Includes Management Advisory Services (MAS) as a type of consultancy service
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Description
Test your knowledge of Management Advisory Services, which involves providing advice and technical assistance to help management improve the use of resources in achieving organizational goals. This includes the role of CPAs as advisors or consultants and their contribution to defining problems and providing expertise.
