Podcast
Questions and Answers
What does MAS (Management Advisory Services) refer to?
What does MAS (Management Advisory Services) refer to?
- Conducting financial audits for organizations
- Providing tax and legal services to organizations
- Providing advice and technical assistance to help management improve the use of resources (correct)
- Reviewing and suggesting improvement of accounting standards
What kind of studies does MAS involve proposing plans and programs and providing guidance and technical assistance in their implementation?
What kind of studies does MAS involve proposing plans and programs and providing guidance and technical assistance in their implementation?
- Organizational analysis
- Innovations
- Operational advice
- Special studies (correct)
What is the role of a CPA who practices MAS work?
What is the role of a CPA who practices MAS work?
- Preparing financial statements for organizations
- Conducting internal audits for organizations
- Providing legal representation for organizations
- Advising and providing technical assistance to help define problems and recommend solutions (correct)
In which area does MAS involve counseling management in its analysis, planning, organizing, operating, and controlling functions?
In which area does MAS involve counseling management in its analysis, planning, organizing, operating, and controlling functions?
In which area does MAS involve reviewing and suggesting improvement of policies, procedures, systems, methods, and organizational relationships?
In which area does MAS involve reviewing and suggesting improvement of policies, procedures, systems, methods, and organizational relationships?
What does MAS involve in terms of introducing new approaches, methods, techniques, and concepts to management?
What does MAS involve in terms of introducing new approaches, methods, techniques, and concepts to management?
Which fundamental principle states that a professional accountant should perform professional services with due care, competence, and diligence?
Which fundamental principle states that a professional accountant should perform professional services with due care, competence, and diligence?
What should an MS final report include according to the text?
What should an MS final report include according to the text?
In the engagement process, what is to be confirmed in writing through an MS Engagement Letter?
In the engagement process, what is to be confirmed in writing through an MS Engagement Letter?
What should be developed during the engagement planning in the engagement process?
What should be developed during the engagement planning in the engagement process?
What does the fundamental principle of Integrity emphasize?
What does the fundamental principle of Integrity emphasize?
What should a professional accountant refrain from according to the Fundamental Principles for CPAs in the Philippines?
What should a professional accountant refrain from according to the Fundamental Principles for CPAs in the Philippines?
What type of consultancy service is categorized under emerging consultancy services?
What type of consultancy service is categorized under emerging consultancy services?
What is included in an MS Engagement Process according to the text?
What is included in an MS Engagement Process according to the text?
What document should confirm the understanding with the client in writing?
What document should confirm the understanding with the client in writing?
What should a professional accountant respect according to the Fundamental Principles for CPAs in the Philippines?
What should a professional accountant respect according to the Fundamental Principles for CPAs in the Philippines?
Flashcards
What is MAS?
What is MAS?
Providing advice to improve resource use.
What are special studies in MAS?
What are special studies in MAS?
Proposing plans and programs for implementation.
Role of a CPA in MAS?
Role of a CPA in MAS?
Advising and providing solutions to problems.
Operational advice in MAS
Operational advice in MAS
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Organizational analysis in MAS
Organizational analysis in MAS
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Innovations in MAS
Innovations in MAS
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Professional Competence and Due Care
Professional Competence and Due Care
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MS final report conclusions
MS final report conclusions
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MS Engagement Letter
MS Engagement Letter
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Engagement planning
Engagement planning
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Integrity in accounting
Integrity in accounting
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Accountant's ethical conduct
Accountant's ethical conduct
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Risk Consulting
Risk Consulting
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MS Engagement Process steps
MS Engagement Process steps
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Purpose of engagement letter
Purpose of engagement letter
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Confidentiality for CPAs
Confidentiality for CPAs
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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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