1. One of the specified objectives of the Accountancy Act of 2004 is the Promulgation of accounting and auditing standards. F 2. A person is not deemed to be engaged in professional accounting practice if he merely offers to render services as a CPA to the public, but does not actually render such services. F 3. With regards the term of office of the chairman and the members of the Board of Accountancy (BOA) No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year. T 4. Engaging in public practice while being employed in a private enterprise is not a ground for proceedings against a CPA. T 5. A person whose CPA certificate has been revoked may be reinstated by the PRC after two years if he has acted in an exemplary manner. F 6. Those who failed to renew professional licenses for a period of five (5) continuous years from initial registration, or from last renewal shall be declared delinquent. T 7. It is practical to establish ethical requirements which apply to all situations and circumstances that professional accountants may encounter. F 8. Independence is a combination of impartiality, intellectual honesty and a freedom from conflicts of interest. F 9. The duty of confidentiality ceases after the end of the relationship between the professional accountant and the client or employer. F 10. Safeguards created by the profession, legislation or regulation include policies and procedures that emphasize the assurance client’s commitment to fair financial reporting. F 11. A partner or employee of the firm or a network firm serves as Company Secretary for an audit client, the duties and functions undertaken are limited to those of a routine and formal administrative nature as such as the preparation of minutes and maintenance of statutory returns, would impair CPA’s independence. F 12. The provision of services by a firm or network firm to an audit client that involve the design and implementation of financial information technology systems that are used to generate information forming part of a client's financial statements may most likely create self-interest threat. F 13. It is not proper for a professional accountant in public practice to charge a client a lower fee than has previously been charged for similar services. F
1. One of the specified objectives of the Accountancy Act of
2004 is the Promulgation of accounting and auditing standards. F2.
A person is not deemed to be engaged in professional accounting
practice if he merely offers to render services as a CPA to the
public, but does not actually rendersuch services. F3. With regards
the term of office of the chairman and the members of the Board of
Accountancy (BOA) No person who has served two (2) successive
complete terms shall be eligible for reappointment until the lapse
of one (1) year. T4. Engaging in public practice while being
employed in a private enterprise is not a ground for proceedings
against a CPA. T5. A person whose CPA certificate has been revoked
may be reinstated by the PRC after two years if he has acted in an
exemplary manner. F6. Those who failed to renew professional
licenses for a period of five (5) continuous years from initial
registration, or from last renewal shall be declared delinquent.
T7. It is practical to establish ethical requirements which apply
to all situations and circumstances that professional accountants
may encounter. F8. Independence is a combination of impartiality,
intellectual honesty and a freedom from conflicts of interest. F9.
The duty of confidentiality ceases after the end of the
relationship between the professional accountant and the client or
employer. F10. Safeguards created by the profession, legislation or
regulation include policies and procedures that emphasize the
assurance clients commitment to fair financial reporting. F11. A
partner or employee of the firm or a network firm serves as Company
Secretary for an audit client, the duties and functions undertaken
are limited to those of a routine and formal administrative nature
as such as the preparation of minutes and maintenance of statutory
returns, would impair CPAs independence. F12. The provision of
services by a firm or network firm to an audit client that involve
the design and implementation of financial information technology
systems that are used to generate information forming part of a
client's financial statements may most likely create self-interest
threat. F13. It is not proper for a professional accountant in
public practice to charge a client a lower fee than has previously
been charged for similar services. F
