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MANREP > MAS Practice Standards > Flashcards

MAS Practice Standards Flashcards

1
Q

This is one of the three basic responsibilities of Management Consultants. This requires that any personal interest and other events or special relationship must be eliminated in order to achieve integrity and don’t intentionally misinterpret facts to your advantage.

A

Integrity and Objectivity

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2
Q

This is one of the three basic responsibilities of Management Consultants. This requires that the consultant must be away from the influence of the enterprise served because there must be integrity in the rendered service.

A

Independence

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3
Q

This is one of the three basic responsibilities of Management Consultants. This requires that the only time that the information must be disclosed is by the consent of the
client. Keeping the information makes a good relationship with client. Disclosing information for you own interest results in service without integrity.

A

Confidential Information

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4
Q

Identify the standard being described. In performing Management Advisory Services, a practitioner must act with integrity and objectivity and be independent in mental attitude. He/she must avoid assuming the role of management, limiting his services to those of an objective researcher, analyst, or advisor rather than a decision maker.

A

Standard No.1: Personal Characteristics.

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5
Q

___________ ensures that statements of findings and recommendations are free of intentional distortions or misstatements.

A

Integrity

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6
Q

____________ is the ability to avoid bias and to maintain an impartial attitude on all matters under review.

A

Objectivity

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7
Q

This is acquired and maintained through a combination of education and experience.

A

Competence

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8
Q

______________ involves the technical qualifications and ability to supervise the personnel assigned, to evaluate the quality of work performed, and to accept responsibility to the client for successful completion of the engagement.

A

Competence

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9
Q

It is the ability to identify and define client needs, to utilize the analytical approach and process, to apply knowledge of the technical subject matter under consideration, to communicate
recommendations effectively, and to assist in implementing the recommendations. It is acquired and maintained through a combination of education and experience.

A

Competence

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10
Q

This must be exercised in the performance of a management advisory services engagement. It involved diligence and appropriate attention in carrying out the assignment.

A

Due professional care

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11
Q

This standard requires that before accepting an engagement, a practitioner is to notify the client any reservations he has regarding anticipated benefits. An assessment of the anticipated benefits often require a sufficient exploratory work to establish their reasonableness and also requires the exercise of judgement.

A

Standard No.4: Client Benefit

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12
Q

This standard requires that before undertaking an engagement, a practitioner is to inform his client of all significant matters related to the engagement. These include: objectives, scope, approach, role of all personnel, manner in which results are to be communicated, timetable and fee

A

Standard No.5: Understanding with Client

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13
Q

________________ must be used in applying Statements on Standards for Consulting Services in a specific instance since the oral or written understanding with the client may establish constraints within which services are to be provided.

A

Professional judgment

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14
Q

This standard requires that engagements are to be adequately planned, supervise
and controlled.

A

Standard No.6: Planning, Supervision and Control.

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15
Q

This standard requires that engagements are to be adequately planned, supervise
and controlled.

A

Standard No.6: Planning, Supervision and Control.

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16
Q

This is the translation of engagement objectives into a structured set of activities and events within a targeted time schedule

A

Planning

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17
Q

This standard requires that sufficient relevant data is to be obtained, documented and evaluated in developing conclusions and recommendations.

A

Standard No.7: Sufficient Relevant Data

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18
Q

The standard requires that sufficient relevant data is obtained. This includes the following:

A

 The evidential matter obtained and its source
 The alternatives considered
 Analytical process leading to the specific recommendations

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19
Q

This requires that all significant matters relating to the results of the engagement are to be communicated to the client. The principal findings, recommendations, and accomplishments, and the major assumptions relied upon, should be conveyed to the client, together with any limitations, reservations, or other qualifications.

A

Standard No.8: Communication of Results

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20
Q

Reports to the clients may __________________.

A

written or oral

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21
Q

When a practitioner does not issue a written report to the client, he should prepare a ______________________________.

A

file memorandum documenting the significant recommendations and other pertinent information discussed with the client.

22
Q

This is one of the fundamental principles that require that all professional accountants should be straightforward and honest in professional and business relationships. This also implies fair dealing and truthfulness.

A

Integrity

23
Q

This is one of the fundamental principles that require that a professional accountant should not be associated with reports, returns, communications or other information where they believe that the information contains a materially false or misleading statement contains statements or information furnished recklessly or omits or obscures information required to be included where such omission or obscurity would be misleading.

A

Integrity

24
Q

This is one of the fundamental principles that require that a professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgements. He should not compromise their professional or business judgement because of bias, conflict of interest or the undue influence of others.

A

Objectivity

25
Q

This is one of the fundamental principles that require that a professional accountant has a continuing duty to maintain professional knowledge and skill and act diligently and in accordance with applicable technical and professional standards. He should attain and maintain his professional competence.

A

Professional Competence & Due Care

26
Q

This is one of the fundamental principles that require that a professional accountant should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose.

A

Confidentiality

27
Q

This is one of the fundamental principles that require that a professional accountant should comply with relevant flaws and regulations and should avoid any action that discredits the profession. He should not bring the profession into disrepute in marketing and promoting his self and his work.

A

Professional Behavior

28
Q

_________ relates to the knowledge and judgment acquired by personal participation in management advisory services engagements and other business affairs.

A

Experience

29
Q

This requires that systematic critical review is always performed by the practitioner throughout the engagement of work accomplished and judgment exercised.

A

Due care

30
Q

TRUE OR FALSE
A preliminary discussion or investigation is generally not necessary to develop sufficient information for formulating engagement objectives and identifying scope.

A

FALSE

31
Q

TRUE OR FALSE
The engagement objectives reflect the results expected to be derived.

A

TRUE

32
Q

TRUE OR FALSE
Engagement scope should be broad enough to encompass matters likely to be significant in developing appropriate recommendations and producing desired results.

A

TRUE

33
Q

TRUE OR FALSE
In involving a third party in an engagement or consultation, the client always assumes responsibility for the third party performance.

A

FALSE

34
Q

TRUE OR FALSE
Where a third party is involved, ti is especially important ot establish which party the practitioner or the client assumes responsibility for third party performance.

A

TRUE

35
Q

TRUE OR FALSE
There should be an expression of when work will commence, the estimated completion date, and the fee and expense arrangements. They may be oral or written.

A

FALSE

36
Q

TRUE OR FALSE

There should be an expression of when work will commence, the estimated completion date, and the fee and expense arrangements. These matters should be recorded in writing particularly for engagements of significant duration or complexity.

A

TRUE

37
Q

TRUE OR FALSE

The amount and formality of documentation will vary according to the nature and scope of the engagement.

A

TRUE

38
Q

The documentation should demonstrate that due care has been exercised. It should record, as appropriate:

A

(a) the evidential matter obtained and its source,
(b) the alternatives considered and
(c) the analytical process leading to specific recommendations.

39
Q

TRUE OR FALSE
Interim communications are not desirable for MAS.

A

FALSE

40
Q

TRUE OR FALSE
The nature of work performed and the extent of interim communications will influence the degree of detail of the final report.

A

TRUE

41
Q

Professional competence may be divided into two separate phases:

A
  1. Attainment of professional competence
  2. Maintenance of professional competence
42
Q

TRUE OR FALSE

The attainment of professional competence requires initially a high standard of general education followed by specific education, training and examination in professionally relevant subjects, and whether prescribed or not, a period of work experience. This should be the normal pattern of development for a professional accountant.

A

TRUE

43
Q

The maintenance of professional competence requires:

A

a continuing awareness and an understanding of relevant technical professional and business developments.

44
Q

This encompasses the responsibility to act in accordance with the requirements of an assignment, carefully, thoroughly and on a timely basis.

A

Diligence

45
Q

TRUE OR FALSE

When a professional accountant changes employment or acquires a new client, the professional accountant is entitled to use prior experience.

A

TRUE

46
Q

Which basic responsibility of management consultants is described?

Do not knowingly misrepresent facts and never subordinate judgment to others.

A

Integrity and objectivity

47
Q

Which basic responsibility of management consultants is described?

Place the interests of clients ahead of personal interests

A

Integrity and objectivity

48
Q

Which basic responsibility of management consultants is being described?

Inform the clients of any special relationships, circumstances, or interests that might influence judgment or impair objectivity.

A

Integrity and objectivity

49
Q

Which basic responsibility of management consultant is being described?

Do not serve a client under terms or conditions that might impair objectivity, independence, or integrity. Reserve the right to withdraw fi conditions develop that interfere with the successful conduct of the assignment.

A

Independence

50
Q

TRUE OR FALSE
A management consultant should not serve two or more competing clients in areas of vital interest without informing each client.

A

TRUE

51
Q

TRUE OR FALSE
A table of fees for management advisory services is provided for management consultants.

A

FALSE

MANREP (4 decks)

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