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Audit Theory > RA 9298 > Flashcards

RA 9298 Flashcards

1
Q

Enumeration: Sectors of accountancy

A
  1. Public
  2. Commerce or Industry
  3. Academe
  4. Government
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2
Q

Definition: Sector of practice where accountant gets to work with multiple clients and is not confined to a single employer

A

Public accounting

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3
Q

Identification: Composition of PRBOA

A

1 chairman and 6 members

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4
Q

Identification: Term of vice chairman of BOA

A

1 year

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5
Q

Identification: Term of BOA chairman and members

A

3 years

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6
Q

Identification: Period in which APO can nominate chairman of BOA

A

not later than 60 days prior to expiration

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7
Q

Identification: Years of experience required to qualify as BOA Chair

A

at least 10 years

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8
Q

FITB: A member of BOA is not eligible for reappointment for _ complete terms until the lapse of _

A

2 successive; 1 year

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9
Q

FITB: No person shall be a BOA member for more than _

A

12 years

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10
Q

Identification: FSRSC stands for

A

Financial and Sustainability Reporting Standards Council

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11
Q

Identification: AASC stands for

A

Auditing and Assurance Standards Council

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12
Q

Identification: Composition of FSRSC

A

16

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13
Q

Identification: Composition of AASC

A

18

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14
Q

Identification: Composition of Education Technical Council

A

7

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15
Q

Enumeration: Requirements to pass the LECPA

A
  1. GWA of 75%
  2. No grade lower than 65%
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16
Q

Identification: Units required for refresher

A

24 units

17
Q

Identification: Validity of refresher program and conditioned

A

2 years

18
Q

Identification: Validity of professional ID

A

3 years

19
Q

Identification: Period for reinstatement for suspension/revocation of license

A

2 years

20
Q

Identification: Penalty for suspension and revocation of license

A

not less than 50,000

21
Q

Identification: Imprisonment for suspension or revocation of license

A

not more than 2 years

22
Q

Identification: Minimum meaningful experience required to practice in academe or be accredited

A

3 years

23
Q

Identification: Date of enactment of RA 9298

A

May 13, 2004

24
Q

Identification: Employment in Commerce and Industry must be a CPA if

A
  1. 5 million paid up capital
  2. 10 million annual revenue
25
Q

Identification: CPD units required for public practice and academe

A

120 units

26
Q

Identification: CPD units required for other areas

A

15 units

Audit Theory (9 decks)

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