02 - FUNDAMENTALS OF AUDITING AND ASSURANCE SERVICES

Question 1

How many members are there in ETC?

Answer 1

6+1

*Chairman
*PP
*C and I
*Government
*Academe 2 (private and public)
*BOA

Question 2

Members of Quality Review Committee

Answer 2

*1 Chairman
*1 BOA
* 2 PP
*1 C and I
*1 Government
*Academe

Question 3

Members of FSRSC

Answer 3

18

*1 chairman
*1BOA
*1COA
*1BSP
*1BIR
*2 SEC
*1FINEX
*2PP
*2ACADEME
*2GOV
*2 C AND I
*2 INSURANCE COMMISSION

Question 4

Member of Auditing Assurance Standards Council

Answer 4

18

*1 chair
*1BOA
*1COA
*1BSP
*1SEC
*1ACPAP
*PP 6+3
*1Government
*1Academe
*1C and I

Question 5

COA members

Answer 5

1 chairman
2 commissioners

Requirements:
*CPA with 10 years of meaningful experience in Auditing
*Atty. (Alternative) With 10 years of meaningful experience in Law

Terms of Office: 7 years, non-renewable

Question 6

Characteristics of a Suitable Criteria

Answer 6

Reliable
Understandable
Neutral
Complete
Relevant

Question 7

Primary Qualitative Characteristics of a useful information

Answer 7

Relevant
-Predictive Value
-Confirmatory Value
-Materiality Value

and Faithfully presented (FREE-CoNe)
-Free from error
-Complete
-Neutral

Question 8

Enhancing Characteristics of useful information

Answer 8

(VCUT)
*Verifiable
*Comparability
*Understandability
*Timely