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AUD-THEORY > 01 - PRACTICE AND REGULATION OF THE PROFESSION > Flashcards

01 - PRACTICE AND REGULATION OF THE PROFESSION Flashcards

1
Q

This period is the Centenary Year of Accountancy Profession and the Board of Accountancy and the adoption of the Centennial Logo and theme for Its Year-long Anniversary Celebration

A

March 17, 2022 - March 17, 2023

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2
Q

Philippine Accountancy Act of 2004

A

RA 9298

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3
Q

Objectives of RA 9298

A

1.) The Standardization and Regulation of Accounting Education

2.) The examination for registration of Certified Public Accountants

3.) The supervision, control and regulation of the practice of Accountancy in the Philippines

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4
Q

(T/F)
One of the qualifications of members of the PRBOA includes them being:

A natural born citizen and a resident of the Philippines

A

T

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5
Q

(T/F)
One of the qualifications of members of the PRBOA includes them:

Having at least 5 years of experience of work in any scope of practice of Accountancy

A

F - at least 10 years

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6
Q

(T/F)
Qualifications for examinees:
Must be a natural born Filipino

A

F - Just a Filipino citizen is fine

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7
Q

Continuing Professional Development Act of 2016

A

RA 10912

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8
Q

Continuing Professional Development Act of 2016

A

RA 10912

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9
Q

Statement of Membership Obligations (SMO) 2

A

International Education Standards for Professional Accountants and other pronouncements issued of IAESB

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10
Q

Certificate of Completion for a Refresher course with 24 units is only valid for ___ yrs from the date of completion.

A

2 yrs

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11
Q

Updates of syllabi of the PRBOA is fine, but changes shall not be more often than___?

A

Every 3 yrs

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12
Q

Validity of PRC id

A

3 yrs only

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13
Q

Certificate of registration is:

A

1.)Certificate under seal
2.) Bearing a registration number
3.) Issued by PRC
4.) Upon recommendation of BOA
5.) Signifies completion of all legal and procedural requirements for such issuance

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14
Q

When did the Accountancy Profession start in the Philippines?

A

1923

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15
Q

Composition of ETC and terms of office

A

*1 Chairman (Senior practitioner in academe)
*6 members:
1 PRBOA
1 PUBLIC PRACTICE
1 COMMERCE INDUSTRY
2 ACADEME (1 PRIVATE, 1 PUBLIC)

Terms of office: 3 years renewable for another term

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16
Q

International Federation of Accountants

A

Is the international org that has membership across the world

17
Q

PICPA is under ___

A

IFAC

18
Q

SMO 1-7

A

1.) Quality assurance
2.) International Education Standards
3.) Public Practice - International Auditing and Assurance Standards Board
4.) Code of Ethics
5.) Government Sector
6.) Investigation and Discipline
7.) Commerce and Industry

19
Q

How are the BOA members chosen?

A

PICPA will nominate 5 → PRC choose 3 → PRESIDENT will choose 1

20
Q

Sectors of Accountancy Profession

A

PP
CI
G
A/E

21
Q

When did the change in FRSC to FSRSC happen?

A

PRBOA resolution 44 of 2022

22
Q

When should the application for CPD program accreditation be filed?

A

Be filed 60 days before the offering of the program

23
Q

When should the CPD monitor submit the monitoring report to PRC?

A

Within 15 working days after the conduct of the program

24
Q

CPD units needed for accreditation is

A

120 units

25
Q

CPD units needed for renewal of ID

A

15 units

26
Q

Who are required for the 120 units CPD for accreditation?

**Validity of the accreditation

A

Public Practice and Academicians
**3 years

27
Q

IAASB, IAESB, IESBA, IPSASB stands for

A

International Auditing Assurance Standards Board

International Accounting Education Standards Board

International Ethics Standards Board for Accountants

International Public Sector Accounting Standards Board

28
Q

ACPA stands for

A

ASEAN CHARTERED PUBLIC ACCOUNTANT

29
Q

ASEAN Countries covered for CPAs to practice their profession without having another set of examination includes: (10)

A

Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam

30
Q

What are the subjects in the old curriculum?

A

Theory of Accounts
PA1
PA2
Business Law and Taxation
Auditing Theory
Auditing Problem
MS

31
Q

Penalty of the RA 9298

A

Fine of not less than 50, 000
Imprisonment of not more than 2 years
(Either or both)

32
Q

Statement of Membership Obligations (1-7)

A

SMO1- Quality Assurance
SMO2- International Education Standards Board of Accountants
SMO3- Public Practice (IAASB)
SMO4- Code of Ethics (IESBA)
SMO5 - Government Sector (IPSASB)
SMO6- Investigation and Academe
SMO7- Commerce and Industry

33
Q

Internation Education Standards Board must comply in these 8 qualifications:

A
  1. Entry
  2. Technical Competence
  3. Professional Skills
  4. Value, Ethics, Attitude
  5. Practical Experience
  6. Assessment
  7. CPD
  8. Engagement Partner Competence
34
Q
A

AUD-THEORY (2 decks)

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