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Quiz: The Professional Standards

Quiz by Nicky Trajano

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20 questions
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  • Q1
    A quality control policy that requires personnel in the firm to adhere to independence, integrity, objectivity, confidentiality and professional behaviour, relates to
    Human resources
    Consultation
    Ethical requirements
    Assignment
    120s
  • Q2
    In connection with the element of engagement performance, a CPA firm’s system of quality control should ordinarily provide that all personnel
    Review and test compliance with the firm’s quality control policies and procedures.
    Have the knowledge required to enable them to fulfil responsibilities assigned.
    Appropriately maintain independence when providing assurance services.
    Seek assistance from persons having appropriate levels of knowledge, judgment and authority.
    120s
  • Q3
    Pronouncements issued by AASC may be in the form of
    Question Image
    III is correct
    II is correct
    I is correct
    IV is correct
    120s
  • Q4
    Which of the following pronouncements issued by AASC is designed to resolve issues relating to PSAs?
    Philippine Auditing Practice Statements
    Interpretations
    Generally Accepted Auditing Standards
    Statements of Auditing Standards in the Philippines
    120s
  • Q5
    Maintaining or providing access to adequate reference libraries and other authoritative sources is a procedure that is most likely performed to comply with the policy of
    Assignment
    Consultation
    Monitoring
    Skills and competence
    120s
  • Q6
    Which of the following underlies the application of generally accepted auditing standards, particularly the standards of fieldwork and reporting?
    Elements of materiality and risk
    Element of reasonable assurance
    Element of corroborating evidence
    Element of internal control
    120s
  • Q7
    The auditor is not liable to their client for
    Errors in application of judgment
    Fraud
    Negligence
    Dishonesty
    120s
  • Q8
    Which of the following does not pertain to the standards of fieldwork?
    Adequate planning and supervision
    Obtaining sufficient competent evidential matter
    Proper study and evaluation of internal control as a basis for reliance thereon
    Technical training and proficiency
    120s
  • Q9
    The generally accepted standards of reporting encompass all of the following except
    Conformity of financial statements with GAAP
    Consideration of an entity’s internal control
    Consistent application of accounting principles
    Informative disclosures
    120s
  • Q10
    A firm of independent auditor must establish and follow quality control policies and procedures because these standards
    Give reasonable assurance that the firm as a whole will comply with professional standards
    Are required by the SEC for auditors of all firms
    Are necessary to meet increasing requirements of auditors’ liability as insurers
    Include formal filing of records of such policies and procedures to a regulatory agency
    120s
  • Q11
    A deficiency in the firm's system of quality control is an indication that
    The audit engagement was not performed in accordance with the professional standards
    None of the statements are correct
    Both statements are correct
    The audit reports issued were not appropriate
    120s
  • Q12
    A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client would most likely include
    Inquiry of management as to whether disagreements between the predecessor auditor and the prospective client were resolved satisfactorily
    Consideration of whether sufficient competent evidential matter may be obtained to afford a reasonable basis for an opinion
    Consideration of whether the internal control structure is sufficiently effective to permit a reduction in the required and substantive tests
    Inquiry of third parties, such as a prospective client’s bankers and attorneys, about information regarding the prospective client and its management
    120s
  • Q13
    It involves a study or appraisal by the board or its duly authorized representatives, of the quality of audit of financial statements through an evaluation of the quality control measures instituted by the CPA firm to ascertain compliance with ethical and technical standards of public practice.
    External audit
    Peer review
    Compliance audit
    Quality review
    120s
  • Q14
    A procedure in which a quality control partner periodically tests the application of quality control procedures is most directly related to which quality control element?
    Personnel management
    Engagement performance
    Independence, integrity, and objectivity
    Monitoring
    120s
  • Q15
    Which of the following is responsible for establishing auditing standards that will become generally accepted in the Philippines?
    Financial Reporting Standards Council
    Securities and Exchange Commission
    Auditing and Assurance Standards Council
    Commission on Audit
    120s

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