At Professional Responsibilities and Other Topics With Answers

Auditing Theory: Professional Responsibilities and Other Topics

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Philippine Accountancy Act of 2004 1. The primary duty to enforce the provisions of RA 9298 and its IRR rests with a. PRC b. BOA c. PRC and BOA d. AASC 2. The following are the objectives of the R.A. No. 9298, except a. The standardization and regulation of accounting education b. The examination for registration of certified public accountants c. The development of virtuous, productive and well-rounded certified public accountants d. The supervision, control, and regulation of the practice of accountancy in the Philippines 3. It is the area of practice of accountancy namely public accountancy, commerce and industry, academe/education and government. a. Scope of Services b. Field c. Area d. Sector 4. A person who holds a valid Certificate of Registration and a valid Professional Identification Card issued by the Commission upon recommendation by the Board to those who have satisfactorily complied with all the legal and procedural requirements for such issuance, including in appropriate cases, having passed the CPA licensure examination a. Professional Accountant c. Certified Public Accountant b. Practitioner in Public Accounting d. Board Passer 5. An organization engaged in the practice of public accountancy, consisting of a sole proprietor, either alone or with one or more staff member(s). a. Individual CPA b. Firm c. Partnership d. Sole Proprietor 6. A certified public accountant engaged in the practice of public accountancy under his/her name, by himself/herself only or with one or more staff member(s). a. Individual CPA b. Firm c. Partnership d. Sole Proprietor 7. A CPA is in public practice when he/she a. Represents his/her employer before government agencies on tax and other matters related to accounting. b. Represents his/her clients before government agencies on tax and other matters related to accounting. c. Teaches accounting, auditing, management advisory services, accounting aspect of finance, business law and other technically related subjects. d. Holds, or is appointed to, in an accounting professional group in government or in a governmentowned and/or controlled corporation where decision making requires professional knowledge in the science of accounting. 8. Any position in any business or company in the private sector which requires supervising the recording of financial transactions, preparation of financial statements, coordinating with the external auditors for the audit of such financial statements and other related functions shall be occupied only by a duly registered CPA. Provided (choose the incorrect one) a. That the business or company where the above position exists has a paid-up capital of at least P5,000,000 and/or an annual revenue of at least P 10,000,000. b. The above provision shall apply only to persons to be employed after the effectivity of the Implementing Rules and Regulations of RA 9298. c. The above provision shall not result to deprivation of the employment of incumbents to the position. d. That the business or company where the above position exists has an annual revenue of at least P5,000,000 and/or paid-up capital of at least P 10,000,000. 9. A meaningful experience shall be considered as satisfactory compliance with the requirements of Section 28 of RA 9298 if it is earned in (Choose the incorrect one) a. Commerce and industry and shall include significant involvement in general accounting, budgeting, tax administration, internal auditing, liaison with external auditors, representing his/her employer before government agencies on tax and matters related to accounting or any other related functions. Page 1 of 27 AT by Raymund Francis A. Escala, CPA, MBA

AT – 11th Batch – HQ02


b. Academe/education and shall include teaching for at least three (3) trimesters or two (2) semesters subjects in either financial accounting, business law and tax, auditing problems, auditing theory, financial management and management services. c. Government and shall include significant involvement in general accounting, budgeting, tax administration, internal auditing, liaison with the Commission on Audit or any other related functions. d. Public practice and shall include at least two years as audit assistant and at least one year as auditor in charge of audit engagement covering full audit functions of significant clients. 10. Which of the following is defined as “the integrated national professional organization of Certified Public Accountants accredited by the Board and the Commission per PRC Accreditation No. 15 dated October 2, 1975” by R.A. 9298? a. Accredited National Professional Organization of Certified Public Accountants or APO b. Financial Reporting Standards Council or FRSC c. Association of CPA’s in Parlor Operations or ACPAPO d. Philippine Institute of Certified Public Accountant or PICPA 11. A study, appraisal, or review by the Board or its duly authorized representatives, of the quality of audit of financial statements through a review of the quality control measures instituted by an Individual CPA, Firm or Partnership of CPAs engaged in the practice of public accountancy to ascertain his/her/its compliance with prescribed professional, ethical and technical standards of public practice. a. Quality Review c. Peer Review b. Quality Control d. Advancement and Quality Compliance Oversight 12. Documents showing the outline embodying topics and concepts of major subjects prescribed in specific course of study to serve as the basis for test questions in the CPA licensure examinations. a. Syllabus c. Candidates’ Body of Knowledge (CBOK) b. Curriculum d. Syllabi 13. The Professional Regulatory Board of Accountancy of a. a chairman and 6 members b. a chairman and 6 members appointed by PRC c. a chairman and 6 members appointed by the President of the Philippines d. 6 members of Independent Auditing Firms 14. A member of the BOA shall, at the time of his/her appointment, possess the following qualifications, except a. Must be a natural-born citizen and resident of the Philippines. b. Must be a duly registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy. c. Must be of good moral character and must not have been convicted of crimes involving moral turpitude. d. Must not be a director or officer of the APO at the time of his/her appointment. 15. Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)? a. The Chairman and members of the Board shall hold office for a term of three years. b. No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year. c. A person may serve the BOA for not more than twelve years. d. A member of the BOA may continuously serve office for more than nine years. 16. The Commission upon the recommendation of the Board shall within ninety (90) days from the effectivity of the IRR, create an accounting standard setting body to be known as the a. Accounting Standards Council c. Financial Reporting Standards Committee b. Financial Reporting Standards Council d. Accounting Standards Committee 17. The Commission upon the recommendation of the Board shall within ninety (90) days from the effectivity of the IRR, create an auditing standard setting body to be known as the a. Auditing, Assurance and Practices Council c. Auditing and Assurance Standards Committee b. Auditing and Assurance Standards Council d. Auditing Standards and Practices Committee Page 2 of 27 AT by Raymund Francis A. Escala, CPA, MBA



18. The creation of FRSC and AASC is intended to assist the BOA in carrying out its function to a. To monitor the conditions affecting the practice of accountancy and adopt such measures, rules and regulations and best practices as may be deemed proper for the enhancement and maintenance of high professional, ethical, accounting and auditing standards. b. To supervise the registration, licensure and practice of accountancy in the Philippines. c. To prescribe and adopt the rules and regulations necessary for carrying out the provisions of RA 9298. d. To prepare, adopt, issue or amend the syllabi of the subjects for examinations. 19. The PRC upon the recommendation of the Board of Accountancy (BOA) shall create a council to assist the BOA in carrying out its powers and functions and in attaining its objective of continuously upgrading the accountancy education in the Philippines to make the Filipino CPA globally competitive. This council is to be known as the a. CPAs in Education Council c. Council of CPAs in Education b. Education Technical Council d. CPAs in the Academe Council 20. Which of the following does not fall under the admission requirements for CPA examinations? a. A Filipino citizen b. Is of good moral character c. At least twenty one years of age d. Has not been convicted of any criminal offense involving moral turpitude 21. Under foreign reciprocity, special/temporary permit may be issued by the Board subject to the approval of the Commission and payment of the fees the latter has been prescribed and charged thereof to the following persons except a. A foreign CPA called for consultation or for a specific purpose which, in the judgment of the Board, is essential for the development of the country. b. A foreign CPA engaged as a professor, lecturer or critic in fields essential to accountancy education in the Philippines c. A foreign CPA who is an internationally recognized expert or with specialization in any branch of accountancy and his/her service is essential for advancement of accountancy in the Philippines d. A foreign certified public accountant who visits the Philippines to study additional learning in the field of computer system and design. 22. The following were the ratings of examinees who took the easy but tricky CPA Board Examination on May 2013.  Examinee 1 - All subjects garnered a rating of 95%.  Examinee 2 - All subjects garnered a rating of 75%.  Examinee 3 - One subject garnered a rating of 81% and the other six garnered a rating of 74%.  Examinee 4 - One subject garnered a rating of 64% and the other six garnered a rating of 85%.  Examinee 5 - Three subjects garnered a rating of 75% and the other four garnered a rating of 74%.  Examinee 6 - All subjects garnered a rating of 74%.  Examinee 7 - Four subjects garnered a rating of 95%, one with 73% and other 2 with 64%.  Examinee 8 - Three subjects garnered a rating of 95%, one with 74% and other three with 73%. Of the ratings presented above, how many examinees obtain a conditional status in the Board Exam? a. 4 b. 2 c. 3 d. 1 23. A CPA certificate is evidence of a. Independence as a professional. b. Basic competence at the time of certification. c. Membership in the accredited association. d. Completion of continuing professional education program. 24. The Board shall submit to the Commission the ratings obtained by each candidate within a. 2 calendar days after the examination c. 10 calendar days after the examination b. 5 calendar days after the examination d. 15 calendar days after the examination 25. Which of the following statement is incorrect in accordance with Sec 18 Failing Candidates to Take Refresher Course? a. any candidate who fails two complete CPA Board Examinations shall take the Refresher Course b. must be enrolled in and completed at least twenty four units of subjects given in the licensure examination Page 3 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. the examination in which the candidate was conditioned together with the removal examination on the subject in which he/she failed shall be counted as two complete examinations d. the examination in which the candidate was conditioned together with the removal examination on the subject in which he/she failed shall be counted as 1 complete examination 26. Which of the following is not one of the grounds for proceedings against a CPA? a. Gross negligence or incompetence in the practice of his profession. b. Engaging in public practice while being employed in a private enterprise. c. Insanity. d. Immoral or dishonorable conduct. 27. A certificate of accreditation shall be issued to certified public accountants in public practice only upon showing, in accordance with rules and regulations promulgated by the Board and approved by the Commission, that such registrant has acquired how many years of meaningful experience in any of the areas of public practice? a. One b. Two c. Three d. Four 28. It refers to the inculcation, assimilation and acquisition of knowledge, skills, proficiency and ethical and moral values, after the initial registration of a professional that raise and enhance the professional’s technical skills and competence. a. Professional Development c. Continuing Professional Education b. Quality Review d. Continuous Professional Education 29. Which statement is correct regarding CPE requirements for renewal of professional license? a. The total CPE credit units required for CPAs shall be sixty (60) units for three (3) years, provided that a minimum of twenty (20) credit units shall be earned in each year. b. A registered professional shall be permanently exempted from CPE requirements upon reaching the age of 60 years old. c. A registered professional who is working abroad shall be temporarily exempted from compliance with CPE requirement during his/her stay abroad, provided that he/she is has been out of the country for at least one year immediately prior to the date of renewal. d. Those who failed to renew professional licenses for a period of five (5) continuous years from initial registration, or from last renewal shall be declared delinquent. 30. A registered professional who is working or practicing his/her profession or furthering his/her studies abroad shall be temporarily exempted from compliance with CPE requirement during the period of his/her stay abroad, provided that he/she has been out of the country for at least a. one year immediately prior to the date of renewal b. two years immediately prior to the date of renewal c. three years immediately prior to the date of renewal d. five years immediately prior to the date of renewal 31. A registered professional shall be permanently exempted from CPE requirements upon reaching the age of a. 55 years old b. 60 years old c. 65 years old d. 70 years old 32. Who is not permitted by law to practice accountancy? a. A partnership of CPAs c. A corporation whose stockholders are all CPAs b. An individual CPA practitioner d. A partnership of CPAs with some non-CPA staff 33. The death or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than ____ days from the date of such death, dissolution or liquidation. a. 15 b. 30 c. 60 d. 90 34. Below are the names of three CPA firms and pertinent facts relative to each firm. Unless otherwise indicated, the individuals named are CPAs and partners, and there are no other partners. Which firm name and related facts indicates a violation of the IRR of RA 9298? a. Joyce, Ara and Angela, CPAs (Joyce died about 10 years ago, Ara and Angela are continuing the firm) b. Lupin and Fujico, CPAs ( the name of Goymon a third active partner is omitted in the firm name) c. Hugo and Pugo, CPAs (Hugo died 25 months ago, Pugo is continuing the firm as a sole proprietor) Page 4 of 27 AT by Raymund Francis A. Escala, CPA, MBA



d. Bubu and Bibi, CPAs (Bibi died 3 years ago; Bobot was admitted into the partnership 2 months after Bibi's death.) 35. Any person who shall violate any of the provisions of RA 9298 or any of its implementing rules and regulations as promulgated by the Board subject to the approval of the Commission, shall, upon conviction, be punished by a. A fine of not less than fifty thousand pesos (P50,000.00) or by imprisonment for a period not exceeding two (2) years or both. b. A fine of not less than one hundred thousand pesos (P100,000.00) or by imprisonment for a period not exceeding two (2) years or both. c. A fine of not less than fifty thousand pesos (P50,000.00) or by imprisonment for a period not exceeding three (3) years or both. d. A fine of not less than one hundred thousand pesos (P100,000.00) or by imprisonment for a period not exceeding three (3) years or both. Organizations Affecting the Accountancy Profession 1. The following statements relate to the qualifications of the SEC commissioners. Which is incorrect? a. The commissioners must be natural-born citizens of the Philippines. b. The commissioners must be of good moral character, of unquestionable integrity, of known probity, and patriotism, and with recognized competence in social and economic disciplines. c. The majority of the commissioners, including the Chairperson, shall be members of the Philippine Bar. d. The Chairperson and the commissioners must be at least thirty-five (35) years of age. 2. Which of the following is not a function of the Bangko Sentral ng Pilipinas (BSP)? a. Recommend measures to improve the efficiency and effectiveness of government operations. b. Supervise banks and exercise regulatory powers over non-bank institutions performing quasi-bank functions. c. Determine the exchange rate policy of the Philippines. d. Extend discounts, loans and receivables to banking institutions for liquidity purposes. 3. The BSP Monetary Board is composed of seven (7) members appointed by the President of the Philippines for a term of a. 4 years b. 5 years c. 6 years d. 7 years 4. The COA conducts a comprehensive audit that includes a. Financial and compliance audits c. Compliance and performance audits b. Financial and financial-related audits d. Financial, compliance, and performance audits 5. The Securities and Exchange Commission has some of the following powers and functions relevant to public accounting professions, except? a. Issue cease and desist orders to prevent fraud or injury to the investing public; b. Impose sanctions for the violation of laws and the rules, regulations and orders issued pursuant thereto; c. Issues and may revoke public practitioner’s certificates and grants license thereto d. Approve, reject, suspend, revoke or require amendments to registration statements, and registration and licensing applications; 6. The chairman of the Commission on Audit shall serve a. 3 years without appointment c. 6 years without reappointment b. 5 years with reappointment d. 7 years without reappointment 7. The following are the reportorial responsibility of the Commission on Audit, except a. Financial condition and operation of the not-for-profit corporations to the President and the Congress. b. Operational efficiency and effectiveness of the government and its agencies. c. Accountability of government records. d. Accountability of government funds 8. Which of the following is a correct qualification of the Chairman and Two Commissioners of the Commission on Audit? a. A citizen of the Philippines. b. At least 40 years of age upon appointment. Page 5 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. CPA's with no less than 5 years of auditing experience or members of Philippine bar who have been engaged in law practice for at least 5 years. d. Must not have been candidates for any elective position preceding appointment. 9. Which of the following is not one of the duties of the Commission on Audit a. Define the scope of its audit and examination b. Assume fiscal responsibility for the government and its instrumentalities c. Keep the general accounts of the government d. Promulgate accounting rules and regulations 10. Which of the following agencies is least likely to affect the public accounting profession a. Department of Trade and Industry c. Insurance Commission b. Bankgo Sentral ng Pilipinas d. Bureau of Internal Revenue Code of Ethics for Professional Accountants in the Philippines 1. The Code of Ethics for Professional Accountants in the Philippines is approved by ______, recommended for adoption by the _____. a. BOA, PICPA b. SEC, BOA c. PICPA, BOA d. BOA, President 2. Which of the following statements best describes why the profession of certified public accountants has deemed it essential to promulgate a code of professional ethics and to establish a mechanism for enforcing observation of the Code? a. A pre-requisite to success is the establishment of an ethical code that primarily defines the professional’s responsibility to clients and colleagues. b. A distinguishing mark of a profession is its acceptance of responsibility to the public. c. A requirement of most state laws calls for the profession to establish a code of ethics. d. An essential means of self-protection for the profession is the establishment of flexible ethical standards by the profession. 3. Which of the following is not a modification made to IFAC Code of Ethics? a. The term “corporation” was deleted from the definitions b. The period of rotation of the lead engagement partner was changed from seven to five years c. The phrase “who are certified public accountants and who hold a valid certificate issued by the Board of Accountancy” was added in the definition of professional accountant d. The paragraph on advertising and solicitation was modified to include advertisements on newspapers of national circulation. 4. Which of the following statements best describes Integrity? a. Be straightforward and honest in performing professional services. b. Perform professional services with due care, competence and diligence c. Do not compromise professional judgement because of bias, conflict of interest or undue influence of others. d. Do not use of disclose any such confidential information without proper and specific authority or unless there is a legal or professional right or duty to disclose. 5. The principle of professional competence and due care imposes which of the following obligations on CPA’s? a. To refrain from disclosing confidential information obtained as a result of professional and business relationships without proper and specific authority unless there is a legal or professional right or duty to disclose. b. To comply with relevant laws and regulations and avoid any situation that may bring discredit to the profession. c. To act diligently in accordance with applicable technical and professional standards when providing professional services. d. Not to compromise professional or business judgment because of bias, conflict of interest or undue influence of others. 6. According to the Code of Ethics, professional competence and due care may be divided into two phases: attainment of professional competence and maintenance of professional competence. The attainment of professional competence requires the following, except a. initially a high standard of general education Page 6 of 27 AT by Raymund Francis A. Escala, CPA, MBA



b. a continuing awareness of and an understanding of relevant technical professional and business developments. c. specific education, training and examination in professionally relevant subjects d. whether prescribed or not, a period of work experience 7. After beginning an audit of a new client, Ash, CPA, discovers that the professional competence necessary for the engagement is lacking. Ash informs management of the situation and recommends another CPA, and management engages the other CPA. Under these circumstances: a. Ash’s lack of competence should be considered to be a violation of generally accepted auditing standards b. Ash may request compensation from the client for any professional services rendered to it in connection with the audit c. Ash’s request for a commission from the other CPA is permitted because a more competent audit can now performed d. Ash may be indebted to the other CPA since the other CPA can collect form the client only the amount the client originally agreed to pay Ash 8. AAA Commercial Inc. engages the services of Al, CPA, to make a project study on the expanded food vending operations of the corporation with the corresponding staffing and compensation package for its executive staff. Al, however, has primarily auditing expertise and only in general merchandising operations. Al may properly: a. Accept the engagement and carry it out consistent with auditing standards b. Accept the engagement but exercise due professional care c. Accept the engagement and acquire the necessary competence or consult with established authorities d. Decline the engagement for lack of experience or competence in an entirely new line of specialization 9. AAA Corporation recently entered into several transactions involving complex accounting procedures. Joy, chief accountant was asked by the Corporation’s directors if he can properly account for transactions. Joy does not possess the competence required under the circumstances. Which of the following responses would not be a violation of the Code of Personal Ethics? a. Joy agrees to handle the accounting issues involved but does not engage an expert for assistance or support b. Joy represents that he is an expert on the complex accounting procedure, and agrees to tackle the recording issues involved in the transactions c. Joy engages an expert on the relevant accounting procedures in order to properly account for the complex accounting procedures d. All of the above choices are ethical responses 10. The requirement of which principle is of particular importance in an assurance engagement in ensuring that the conclusion of the professional accountant has value to the intended user a. Professional competence and due care c. Objectivity b. Professional behavior d. Integrity 11. Objectivity in the Code refers to a CPA’s ability: a. To independently distinguish between accounting practices that are acceptable and those that are not. b. To maintain an impartial attitude on all matters which come under the CPA’s review c. To be unyielding in all matters dealing with auditing procedures d. To independently choose between alternate accounting principles and auditing standards 12. In which of the situations given below would disclosure by a CPA be in violation of the Code? a. Disclosing confidential information in order to properly discharge the CPA’s responsibilities in accordance with his profession’s standards b. Disclosing confidential information in compliance with a subpoena issued by a court c. Disclosing confidential information to another accountant interested in purchasing the CPA’s practice d. Disclosing confidential information in a review of the CPA’s professional practice by the PICPA Quality Review Committee 13. Owen, CPA, has an overbearing superior, and the superior is suppressing the recording of certain transactions of the company. Owen is being asked to act contrary to technical and professional standards. The Code of Ethics states that the first remedy in case of ethical conflict. a. Follow the established policies of the employing organization to seek a resolution of such conflicts b. Review the conflict problem with the superior Page 7 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. Review the conflict problem with the next higher managerial level, after giving notice to the immediate superior of the intention to do so d. Seek counseling and advice on a confidential basis with an independent advisor or the applicable professional accountancy body or regulatory body 14. The state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment. a. Professional skepticism c. Objectivity b. Independence in appearance d. Independence of mind 15. The avoidance of facts and circumstances that are so significant a reasonable and informed third party, having knowledge of all relevant information, would reasonably conclude a CPA’s integrity, objectivity or professional skepticism had been compromised. a. Principles of segregation c. Independence in mind b. Independence in appearance d. Preemptive estoppel 16. Occurs when a firm or a member of the assurance team could benefit from a financial interest in, or other selfinterest conflict with, an assurance client a. Self-interest b. Self-review c. Advocacy d. Familiarity 17. Occurs when any product or judgment of a previous assurance engagement or non-assurance engagement needs to be re-evaluated in reacting conclusions on the assurance engagement. a. Self-interest b. Self-review c. Advocacy d. Familiarity 18. Occurs when a firm, or a member of the assurance team, promotes, or may be perceived to promote, an assurance client’s position or opinion to the point that objectivity may, or may be perceived to be, compromised. Such may be the case if a firm or a member of the assurance team were to subordinate their judgment to that of the client. a. Self-interest b. Self-review c. Advocacy d. Familiarity 19. Occurs when a member of the assurance team was previously a director or officer of the assurance client, or was an employee in a position to exert direct and significant influence over the subject matter of the assurance engagement. 20. Self-interest b. Self-review c. Advocacy d. Familiarity 21. Occurs when, by virtue of a close relationship with an assurance client, its directors, officers or employees, a firm or a member of the assurance team becomes too sympathetic to the client’s interest a. Self-interest b. Intimidation c. Advocacy d. Familiarity 22. Occurs when a member of the assurance team may be deterred from acting objectively and exercising professional skepticism by threats, actual or perceived, form the directors, officers or employees of an assurance client. a. Self-interest b. Intimidation c. Advocacy d. Familiarity 23. These are policies and procedures designed to eliminate or to reduce threats to fundamental principles to an acceptable level. a. International controls b. Control activities c. Safeguards d. Segregation of duties 24. Regarding safeguards, the Code of Ethics focuses on: a. Reducing or eliminating all threats to independence b. Reducing all threats to independence c. Eliminating all threats to independence d. Reducing or eliminating threats to independence which are not clearly insignificant 25. Which of the following may be considered by a professional accountant to eliminate or reduce threats to an acceptable level? i. Safeguards created by the profession, legislation or regulation ii. Safeguards created in the work environment iii. Resign from the client or the employer iv. Decline or discontinue the professional engagement a. I and II only b. III and IV c. I and IV only d. II and II only Page 8 of 27 AT by Raymund Francis A. Escala, CPA, MBA



26. Which of the following circumstances may create self-interest threats for a professional accountant in public practice? a. Performing a service for a client that directly affects the subject matter of the assurance engagement b. Acting as an advocate on behalf of an assurance client in litigation or disputes with third parties c. A financial interest in a client or jointly holding a financial interest with a client d. Being threatened with litigation 27. The following are examples of circumstances that may create familiarity threats, except a. Promoting shares in a listed entity when that entity is a financial statement audit client b. Long association of senior personnel with the assurance client c. A member of the engagement team having a close or immediate family relationship with a director or officer of the client d. A former partner of the firm being a director or officer of the client or an employee in a position to exert direct and significant influence over the subject matter of the engagement 28. The following may create intimidation threats, except a. Being threatened with dismissal or replacement in related to a client engagement b. Being threatened with litigation c. Being pressured to reduce inappropriately the extent of work performed in order to reduce fees d. A member of the assurance team being, or having recently been, a director or officer of the client 29. Which of the following is an example of engagement-specific safeguards in the work environment? a. Advising partners and professional staff of those assurance clients and related entities from which they must be independent b. Disclosing to those charged with governance of the client the nature of service provided and extent of fees charged c. A disciplinary mechanism to promote compliance with the firm’s policies and procedure d. Published policies and procedures to encourage and empower staff to communicate to senior levels within the firm any issue relating to compliance with the fundamental principles that concerns them. 30. A direct financial interest or material indirect financial interest in the assurance client of a member of the assurance team or his immediate family member may create a significant self-interest threat. Which of the following safeguards would be least likely considered to eliminate the threat or reduce it to an acceptable level? a. Discuss the matter with those charged with governance of the assurance client b. Dispose of the direct financial interest prior to the individual becoming a member of the assurance team; c. Dispose of the indirect financial interest in total or dispose of a sufficient amount of it so that the remaining interest is no longer material prior to the individual becoming a member of the assurance team; or d. Remove the member of the assurance team from the assurance engagement. 31. A loan, or guarantee of a loan, from an assurance client that is a bank or a similar institution, to a member of the assurance tear or his immediate family, would not create a threat to independence provided the loan, or a guarantee, is a. Immaterial to the member of the assurance team or his immediate family b. Immaterial to the assurance client c. Immaterial to both the member of the assurance team or his immediate family and the assurance client d. Made under normal lending procedure, terms and requirements 32. This is the communication to the public of information as to the services or skills provided by professional accountants in public practice with a view to procuring professional business. a. Advertising b. Publicity c. Solicitation d. Marketing services 33. This is the communication to the public of facts about a professional accountant which are not designed for the deliberate promotion of that professional accountant a. Advertising b. Publicity c. Solicitation d. Marketing services 34. In which of the following situations would a CPA be in violation of the rules of professional ethics in determining professional fees? a. A fee based on appropriate rates per hour or per day for the time of each person engaged in performing professional services b. A fee which is lower compared to the fee charged in the prior year for similar services Page 9 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. A fee based on appropriate rates per hour, where the appropriate rate is based on the fundamental premise that the organization and conduct of the CPA and the services provided to clients are well planned, controlled and manage d. A fee that is based on 10% of the client’s adjusted net income for the current year 35. Which of the following actions by a CPA in public practice will not result in violation of the Code of Ethics regarding commissions? a. Accepting commission for referring a client to a third party. b. Accepting commission for the referral of the products or services of others. c. Receipt of referral fees by the referring CPA when no services are performed by the referring accountant. d. Entering into an arrangement for the purchase of the whole or part of an accounting practice requiring payments to individuals formerly engaged in the practice or payments to their heirs or estates. 36. The rendering of two or more types of professional services concurrently: a. Is a violation of the Code of Ethics. b. Would impair integrity, objectivity or independence, or the good reputation of the profession. c. Does not itself impair integrity, objectivity or independence. d. Is inconsistent with the practice of public accountancy. 37. Which statement is incorrect regarding client’s monies? a. Client’s monies should not be held by the CPA if there is reason to believe that the monies were obtained form, or are to be used for, illegal activities. b. A CPA in public practice should maintain one or more bank accounts for client’s monies. c. Monies may only be drawn from the client account on the instructions of the client. d. Fees due from a client may be drawn from client’s monies without the need of notifying the client. 38. Which fundamental principle may be threatened when the CPA in public practice is asked to provide a second opinion on the application of accounting, auditing, reporting or other standards or principle to specific circumstances or transactions by, or on behalf of a company or entity that is not an existing client? a. Integrity c. Confidentiality b. Professional competence and due care d. Professional behavior 39. A client seeking a second opinion does not permit the CPA to communicate with the existing accountant. In such cases, the CPA should: a. Issue a disclaimer of opinion due to a significant client-imposed scope limitation b. Consider whether, taking all the circumstances into account, it is appropriate to provide the opinion sought c. Consider whether to issue a qualified opinion or disclaimer of opinion due to significant client-imposed scope limitation d. Communicate the client’s refusal activity directly to the existing accountant 40. Circumstances that threaten the ability of a professional accountant in business to perform duties with the appropriate degree of professional competence and due care include the following, except: a. Insufficient time for properly performing or completing the relevant duties b. Incomplete, restricted or otherwise inadequate information for performing the duties properly c. Sufficient experience, training and/or education d. Inadequate resources for the proper performance of the duties System of Quality Control 1. The Philippine Standard on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagement only. c. Compilation and review engagements only. d. All services that fall under the AASCs engagement standards. 2. The main purpose of implementing a system of quality control is to provide firm reasonable assurance of the following, except a. Firm and its personnel will comply with PSA and legal requirements to enable the firm to issue an appropriate person. b. Audit will be conducted in accordance with PSA. c. Personnel to perform every engagement shall be independent. d. The firm will issue a report that is appropriate in the circumstances. Page 10 of 27 AT by Raymund Francis A. Escala, CPA, MBA



3. The partner or other person in the firm who is responsible for the engagement and its performance, and for the report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body. a. Engagement partner c. Personnel b. Engagement quality control reviewer d. Suitably qualified external person 4. All personnel performing an engagement, including any experts contracted by the firm in connection with that engagement. a. Staff b. Personnel c. Professionals d. Engagement team 5. As defined in PSQC1, this refers to a sole practitioner, partnership or other entity of CPAs. a. Firm b. Engagement team c. Personnel d. Professional accountant 6. An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are marketed under the regulations of a recognized stock exchange or other equivalent body. a. Quoted entity b. Listed entity c. Public sector entity d. Recognized entity 7. This term refers to partners and staff. a. Assurance teamb. Network Firm c. Personnel

d. Staff

8. An entity under common control, ownership or management with the firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as being part of the firm nationally or internationally. a. Firm b. Network firm c. Engagement team d. Listed entity 9. In relation to completed engagements, these are procedures designed to provide evidence of compliance by engagement teams with the firm’s quality control policies and procedures. a. Inspection c. Monitoring b. Quality control d. Engagement quality control review 10. An individual outside the firm with the capabilities and competence to act as an engagement partner. a. Suitably qualified external person c. Engagement partner b. Partner d. Engagement quality control reviewer 11. A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report a. Peer review c. Inspection b. Engagement quality control review d. Monitoring 12. A basic objective of a CPA firm is to provide professional services that conform with professional standards. Reasonable assurance of achieving this basic objective is provided through a. A system of peer review. b. A system of quality controls. c. Continuing professional education. d. Compliance with generally accepted reporting standards. 13. Which of following factors affect the nature, timing and extent of an audit firm's quality control policies and procedures? A B C D Yes Yes No No  Size and nature of practice Yes Yes Yes No  Geographic dispersion Yes No Yes No  Organization Yes Yes No No  Appropriate cost/benefit considerations 14. Within the context of quality control, the primary purpose of continuing professional education and training activities, is to enable a CPA firm to provide personnel within the firm with: a. Technical training that assures proficiency as an auditor. b. Professional education that is required in order to perform with due professional care. c. Knowledge required to fulfill assigned responsibilities and to progress within the firm. Page 11 of 27 AT by Raymund Francis A. Escala, CPA, MBA



d. Knowledge required in order to perform a peer review. 15. In pursuing its quality control objectives with respect to assigning personnel to engagements, a public accounting firm may use policies and procedures such as a. Rotating employees from assignment to assignment on a random basis to aid in the staff training effort. b. Requiring timely identification of the staffing requirements of specific engagements so that enough qualified personnel can be made available. c. Allowing staff to select the assignments of their choice to promote better client relationships. d. Assigning a number of employees to each engagement in excess of the number required so as not to overburden the staff and interfere with the quality of the audit work performed. 16. Audit firms are subject to many risks when they carry out an audit assignment. As a result of this, the firm may suffer: a. Action through the courts so that damages are payable b. Loss of client c. Adverse publicity and loss of reputation d. All of the following may be suffered by the firm 17. This quality control element requires a firm to establish policies and procedures to provide it with reasonable assurance that engagements are performed in accordance with professional standards and regulatory and legal requirements, and that the firm or the engagement partner issue reports that are appropriate in the circumstances. a. Ethical requirements c. Engagement performance b. Monitoring d. Human resources 18. Quality control in audit firms, both at the firm level and at the level of a specific audit is essential to all audit firms. Methods of quality control in large firms include all of the following except a. Peer reviews c. Sub-contracting work to other practices b. Use of technical manuals d. Training 19. Which of the following is not an example of quality control procedure likely to be used by a public accounting firm to meet its professional responsibilities to clients? a. Completion of independence questionnaires by all partners and employees. b. Review and approval of audit plan by the partner in charge of the engagement just prior to signing the auditor’s report. c. Evaluating professional staff after the conclusion of each engagement. d. Evaluating its integrity of management for each new audit client. 20. A partner, other person in the firm, suitably qualified external person, or a team made up of such individuals, with sufficient and appropriate experience and authority to objectively evaluate, before the report is issued, the significant judgments the engagement team made and the conclusions they reached in formulating the report. a. Engagement partner c. Personnel b. Engagement quality control reviewer d. Suitably qualified external person 21. In pursuing a firm’s quality control objectives, a firm should adopt policies and procedures to enable it to identify and evaluate circumstances and relationships that create threats to independence, and to take appropriate action to eliminate those threats or reduce them to an acceptable level by applying safeguards, or, if considered appropriate, to withdraw from the engagement. Which quality control element would this be most likely to satisfy? a. Ethical requirements c. Leadership responsibilities for quality within the firm b. Monitoring d. Human resources 22. Per PSQC1, what aspects are most important in determining the eligibility of engagement quality control review? a. Technical qualifications and objectivity c. Competence and independence b. Integrity and objectivity d. All of these 23. The primary purpose of establishing quality control policies and procedures for deciding whether to accept a new client is to a. Enable the CPA firm to attest to the reliability of the client b. Satisfy the CPA firm’s duty to the public concerning the acceptance of new clients Page 12 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. Minimize the likelihood of association with clients whose management lacks integrity d. Anticipate before performing any fieldwork whether an unqualified opinion can be expressed 24. Which element of a system of quality control is addressed by the establishment of policies and procedures designed to provide the firm with reasonable assurance that it has sufficient personnel with the competence, capabilities, and commitment to ethical principles? a. Ethical requirements c. Leadership responsibilities for quality within the firm b. Monitoring d. Human resources 25. Where internal technical and training resources are unavailable, the firm a. Violates a basic tenet of quality control regarding capabilities and competence b. Cannot adequately provide for the professional development needs of its members. c. Must obtain, within two years, the necessary internal technical and training resources d. May use a suitably qualified external person for the purpose. 26. In a certain audit engagement, several key members of the engagement team had differences of opinion regarding a certain matter. In this case: a. The engagement partner shall issue a disclaimer of opinion due to scope limitation. b. An increase in the audit fee will be requested due to the extension of the time required to complete the engagement. c. Documentation will be made regarding the unresolved matter, and the auditor will withdraw from the engagement altogether. d. The report shall not be issued until the matter is resolved 27. During the course of audit engagement, the CPA needed additional studies and consultation with experts. This additional study and consultation is deemed to be a. An unusual practice which should have voided the audit engagement b. Lack of competence on the part of the CPA c. An appropriate part of the professional conduct of the audit engagement d. Undertaken as a responsibility of management 28. A process comprising an ongoing consideration and evaluation of the firm’s system of quality control, including a periodic inspection of a selection of completed engagements, designed to enable the firm to obtain reasonable assurance that its system of quality control is operating effectively. a. Inspection c. Quality review b. Engagement quality control review d. Monitoring 29. An inspection cycle ordinarily spans no more than: a. One year b. Two years

c. Three years

d. Four years

30. The firm should communicate the results of the monitoring of its quality control system to engagement partners and other appropriate individuals within the firm at least: a. Every six months c. Every two years b. Every twelve months d. Every three years Fraud, Error and Non-Compliance 1. Which of the following most accurately summarizes what is meant by the term “material misstatement”? a. Fraud and direct-effect illegal acts b. Fraud involving senior management and material fraud c. Material error, material fraud and certain illegal acts d. Material error and material illegal acts 2. Fraud includes all of the following except: a. Recording of transactions without substance b. Suppression or omission of the effects of transactions from records or documents c. Mathematical or clerical mistakes in the underlying records and accounting data d. Misappropriation of assets 3. Which of the following acts are considered fraud? I. Changing of records and documents II. Misinterpretation of facts Page 13 of 27 AT by Raymund Francis A. Escala, CPA, MBA



III. Misappropriation of assets IV. Recording of transactions without documentation V. Clerical mistakes a. I and II only b. III only c. I, III and IV only

d. I, II, III, IV and V

4. Which of the following is not an example of an error? a. Entity personnel make mistakes in gathering or processing accounting data from which a financial statements are prepared. b. Entity personnel alter accounting records from which financial statements are prepared. c. Entity personnel overlook or misinterpret facts, causing accounting estimates to be incorrect. d. Entity personnel make mistakes in the application of accounting principles. 5. Which of the following statements concerning fraud is incorrect? a. Fraud generally involves incentive or pressure to commit fraud, a perceived opportunity to do so, and some rationalization of the act. b. Two types of misstatements relevant to the auditor include material misstatements arising from fraudulent financial reporting and material misstatements arising from misappropriation of assets. c. Fraud involves actions of management but excludes the actions of employees or third parties. d. An audit rarely involves the authentication of documentation; thus, fraud may go undetected by the auditor. 6. An auditor should recognize that the application of auditing procedures may produce evidential matter indicating the possibility of errors or irregularities and therefore should a. Design audit tests to detect unrecorded transactions. b. Extend the work to audit most recorded transactions and records of an entity. c. Plan and perform the engagement with an attitude of professional skepticism. d. Not depend on internal accounting control features that are designed to prevent or detect errors or irregularities. 7. Whether the auditor has performed an audit in accordance with PSA is determined by a. The adequacy of the audit procedures performed in the circumstances and the suitability of the auditor’s report based on the result of these procedures. b. The absence of material misstatements c. The absence of material errors d. The Securities and Exchange Commission 8. Which of the following statements best describes an auditor’s responsibility regarding misstatements? a. An auditor should obtain absolute assurance that material misstatements in the financial statements will be detected. b. An auditor should obtain reasonable assurance that the financial statements taken as a whole are free from material misstatements, whether caused by fraud or error. c. An auditor is responsible to detect material errors but has no responsibility to detect material fraud that is concealed through employee collusion or management override of internal control. d. An auditor’s failure to detect a material misstatement resulting from fraud is an indication of noncompliance with the requirements of the Philippine Standards on Auditing. 9. Which of the following statements is/are correct? Statement 1: The responsibility for the prevention and detection of fraud and error rests with the auditor through implementation of accounting and internal control systems. Statement 2: The accounting and internal control systems eliminate the possibility of fraud and error. a. Only statement 1 is correct c. Both statements are correct b. Only statement 2 is correct d. Both statements are incorrect 10. When is the auditor responsible for detecting fraud? a. When the fraud did not result from collusion. b. When third parties are likely to rely on the client’s financial statements. c. When the client’s system of internal control is judged by the auditor to be inadequate. d. When the application of generally accepted auditing standards would have uncovered the fraud. 11. The regular examination of financial statements is not primarily designed to disclose fraud and other irregularities although their discovery may result. Normal audit procedures are more likely to detect a fraud arising from: Page 14 of 27 AT by Raymund Francis A. Escala, CPA, MBA



a. Forgeries on company checks b. Theft of inventories

c. Collusion on the part of several employees d. Failure to record cash receipts for services rendered

12. When obtaining an understanding of the entity and its environment, including its internal control, the auditor may identify events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Such events or conditions are referred to as a. Fraud conditions b. Fraud risk factors c. Fraudulent activities d. Fraud environment 13. Which of the following is least likely a category of fraud risk factors that relate to misstatements, resulting from fraudulent financial reporting? a. Management’s characteristics and influence over the control environment b. Industry conditions c. Operating characteristics and financial stability d. Susceptibility of assets to misappropriation 14. Which of the following characteristics most likely would heighten an auditor’s concern about risk of intentional manipulation of financial statements? a. Turnover of senior accounting personnel is low. b. Insiders recently purchased additional shares of the entity’s stock. c. Management places substantial emphasis on meeting earnings projections. d. The rate of change in the entity’s industry is slow. 15. Which of the following conditions or events may create incentive/pressures to commit fraud? a. Inadequate accounting system of authorization and approval of transactions. b. Lack of mandatory vacations for employees performing key control functions. c. Excessive pressure on management or operating personnel to meet financial targets established by those charged with governance, including sales or profitability incentive goals. d. Inadequate access controls over automated records. 16. Opportunities to misappropriate assets increase when there are (select the exception) a. Large amounts of cash on hand or processed b. Inventory items that are small in size, of high value, or in high demand c. Known or anticipated future employee layoffs d. Easily convertible assets, such as bearer bonds, computer chips or diamonds 17. Which of the following statements is correct? a. It is usually easier for the auditor to uncover irregularities than errors. b. It is usually easier for the auditor to uncover errors than irregularities. c. It is usually equally difficult for the auditor to uncover errors or irregularities. d. None of the given statements is correct. 18. Which of the following statements describes why a properly designed and executed audit may not detect a material fraud? a. Audit procedures that are effective for detecting unintentional misstatements may be ineffective for an intentional misstatement that is concealed through collusion. b. An audit is designed to provide reasonable assurance of detecting material errors, but there is no similar responsibility concerning material fraud. c. The factors considered in assessing control risk indicated an increased risk of intentional misstatements, but only a low risk of unintentional errors in the financial statements. d. The auditor did not consider factors influencing audit risk for account balances that have pervasive effects on the financial statements taken as a whole. 19. When conducting an audit, errors that arouse suspicion of fraud should be given greater attention than other errors. This is an example of applying the criterion of a. Reliability of evidence b. Materiality c. Risk d. Dual-purpose testing 20. When an independent auditor’s examination of financial statements discloses special circumstances that make the auditor suspect that material errors and irregularities may exist, the auditor’s initial course of action should be to a. Recommend that the client pursue the suspected fraud to a conclusion that is agreeable to the auditor. b. Extend normal audit procedures in an attempt to detect the full extent of the suspected fraud. Page 15 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. Reach an understanding with the proper client representative as to whether the auditor or client is to make the investigation necessary to determine if a fraud has in fact occurred. d. Decide whether the fraud, if in fact it should exist, might be of such a magnitude as to affect the auditor’s report on the financial statements. 21. When the auditor’s regular examination leading to an opinion on the financial statement discloses specific circumstances that make him suspect that fraud may exist and he concludes that the results of such fraud, if any, could not be so material as to affect his opinion, he should a. Make a note in his working papers of the possibility of a fraud of immaterial amount so as to pursue the matter next year. b. Reach an understanding with the client as to whether the auditor or the client, subject to auditor’s review, is to make the investigation necessary to determine whether fraud has occurred and, if so, the amount thereof. c. Refer the matter to the appropriate representatives of the clients with the recommendations that is to be pursued to a conclusion. d. Immediately extend his audit procedures to determine if fraud has occurred and, if so, the amount thereof. 22. If the auditor has determined that there may be fraud that may have material effect on the financial statements, all of the following should be done except a. Consider the implications for other aspects of the audit. b. Discuss the matter with a level of management where fraud might have occurred. c. Try to obtain evidence to determine whether the fraud is material and what its effect will be on the financial statements. d. If appropriate, suggest that the client consult with legal counsel on matters of law. 23. Which of the following is correct concerning the required documentation in the working papers of the performance of the assessment of the risk of material misstatements due to fraud? a. All risk factors considered should be documented and the response to each documented. b. Those risk factors identified and the auditor’s response to them should be documented. c. The major categories of risk factors must be identified, but the particular responses to risk factors identified need not be documented. d. No specific documentation is required. 24. It refers to acts of omission or commission by the entity being audited, either intentional or unintentional, which are contrary to prevailing laws or regulations. a. Noncompliance b. Illegal acts c. Deplorable acts d. Unforgivable acts 25. According to PSA 250, “Consideration of Laws and Regulations in an Audit of Financial Statements”, the following are indications that noncompliance may have occurred, except a. Investigation by government departments or payment of fines or penalties. b. Management is dominated by one person or a small group and there is no effective oversight board or committee. c. Unauthorized transactions or improperly recorded transactions. d. Purchasing at prices significantly above or below market price. 26. When an auditor becomes aware of a possible illegal act by a client, the auditor should obtain understanding of the nature of the act to a. Increase the assessed level of control risk. b. Evaluate the effect on the financial statements. c. Recommend remedial actions to the audit committee. d. Determine the reliability of management’s representations. 27. The most likely explanation why the auditor’s examination cannot reasonably be expected to bring all illegal acts by the client to the auditor’s attention is that a. Illegal acts are perpetrated by management override of internal control. b. Illegal acts by clients often relate to operating aspects rather than accounting aspects. c. The client’s internal control may be so strong that the auditor performs only minimal substantive testing. d. Illegal acts may be perpetrated by the only person in the client’s organization with access to both assets and the accounting records. 28. If the auditor concludes that the noncompliance has a material effect on the financial statements, and has not been properly reflected in the financial statements, the auditor should express Page 16 of 27 AT by Raymund Francis A. Escala, CPA, MBA



a. A qualified opinion or an adverse opinion c. A disclaimer of opinion b. A qualified opinion or a disclaimer of opinion d. A qualified or an unqualified opinion 29. An auditor who discovers that client employees have committed an illegal act that has a material effect on the client’s financial statements, most likely would withdraw from the engagement if a. The illegal act is a violation of generally accepted accounting principles. b. The client does not take the remedial action that the auditor considers necessary. c. The illegal act was committed during a prior year that was not audited. d. The auditor has already assessed control risk at the maximum level. 30. An auditor concludes that a client has committed an illegal act that has not been properly accounted for or disclosed. The auditor should withdraw from the engagement if a. Auditor is precluded from obtaining sufficient competent evidence about the illegal act. b. Illegal act has an effect on the financial statements that is both material and direct. c. Auditor cannot reasonably estimate the effect of the illegal act on the financial statements. d. Client refuses to accept the auditor’s report as modified for the illegal act. Transaction Cycles – Revenue/Receipt Cycle 1. The transaction cycles approach leads to efficient processing of large number of transactions because a. Transaction cycles are easier to computerize. b. A large number of transactions within a given cycle can be categorized into a relatively small number of distinct types. c. The transaction cycle approach represents the natural order of business. d. Transaction cycles are easy to understand. 2. The overall objective in the audit of the sales and collection cycle is to evaluate whether a. The sales account and the accounts receivable account are free of errors. b. The sales account and the accounts receivable are free of material errors. c. The accounts balances affected by the cycle are fairly presented in accordance with GAAP. d. The sales account and the accounts receivable account are presented fairly in accordance with GAAP. 3. Which of the following business function is associated with the revenue/receipt cycle? a. Obligations are paid to vendors and employees. b. Resources are held, used or transformed. c. Resources are distributed to outsiders in exchange for promises of future payments. d. Capital funds are received from investors and creditors. 4. Which department executes the sales transactions? a. Sales department under the sales manager c. Billing department under the billing clerk b. Credit department under the credit manager d. Treasury department under the treasurer 5. Which of the following is not normally considered a step in the credit sales functions? a. Accepting customer orders c. Shipping the sales orders b. Approving credit d. Acquiring goods to fill the order 6. A document for recording the description, quantity and related information for goods ordered by a customer is the a. Customer order b. Shipping document c. Sales order d. Remittance advice 7. For most firms, the function of indicating credit approval is recorded on the a. Customer order b. Remittance advice c. Sales order

d. Sales invoice

8. Before goods are shipped on account, a properly authorized person must a. Prepare the sales invoice c. Approve the journal entry b. Approve credit d. Verify that the unit price is accurate 9. A document prepared to initiate shipment of the goods sold is the a. Sales order b. Sales invoice c. Bill of lading

d. Customer order

10. The document used to indicate to the customer the amount of a sale and due date of the payment is the a. Sales order b. Bill of lading c. Shipping document d. Sales invoice Page 17 of 27 AT by Raymund Francis A. Escala, CPA, MBA



11. The document which accompanies the customer’s payment is the a. Credit memo b. Sales invoice c. Remittance advice

d. Monthly statement

12. The document which supports reductions in accounts receivable is the a. Remittance advice b. Sales invoice c. Credit memo

d. Monthly statement

13. A file for recording individual sales, cash receipts, and sales returns and allowances for each customer is the a. Sales journal c. Cash receipts journal b. General ledger d. Accounts receivable subsidiary ledger 14. A document sent to each customer showing their beginning accounts receivable balance and the amount and date of each sale, cash payment received, credit memo issued, and the ending accounts receivable balance is the a. Monthly statement c. Remittance advice b. Sales invoice d. Accounts receivable subsidiary ledger 15. A listing of the amount owed by each customer which shows how long each component part has been due is the a. Trial balance c. Accounts receivable trial balance b. Working trial balance d. Aged accounts receivable trial balance 16. To achieve good internal control, which department should perform the activities of matching shipping documents with sales orders and preparing daily summaries? a. Billing department c. Shipping department. b. Credit department d. Sales order department. 17. Which of the following controls most likely would be effective in offsetting the tendency of sales personnel to maximize sales volume at the expense of high bad debt write-offs? a. Employees responsible for authorizing bad debt write-offs are denied access to cash. b. Employees involved in the credit granting are separated from sales function. c. Shipping documents and sales invoices are matched by an employee who does not have authority to writeoff bad debts. d. Subsidiary accounts receivable records are reconciled to the control account by an employee independent of the authorization of credit. 18. The use of pre-numbered invoices, then accounting for their numeric sequence, meets primarily the: a. Valuation or allocation assertion c. Completeness assertion b. Rights and obligations assertion d. Existence or occurrence assertion 19. Which of the following control procedures could prevent or detect errors or frauds arising from shipments made to unauthorized parties? a. Document policies and procedures for scheduling shipments. b. Establish procedures for reviewing and approving prices and sales terms before sale. c. Pre-number bills of lading and assure that related billings are made on a periodic basis. d. Prepare and periodically update lists of authorized customers. 20. To achieve control when there is no billing department, the billing function should be performed by the a. Accounting department c. Shipping department b. Sales department d. Credit and collection department 21. The person who opens the mail commonly prepares a remittance advice when a customer fails to return one with a payment. Consequently, mail should be opened by the a. Credit manager c. Sales manager b. Receptionist d. Accounts receivable clerk 22. Which of the following would the auditor consider to be an incompatible operation if the cashier receives remittances from the mail room? a. The cashier makes the daily deposit at a local bank. b. The cashier prepares the daily deposit. c. The cashier endorses the checks. Page 18 of 27 AT by Raymund Francis A. Escala, CPA, MBA



d. The cashier posts the receipts to the accounts receivable subsidiary ledger. 23. Which of the following would best protect a company that wishes to prevent lapping? a. Segregating duties so that accounting has no access to an incoming mail b. Segregating duties so that no employee has access both to checks from customers and to currency from daily cash receipts c. Having customers send payments directly to the company's bank d. Requesting that customers checks be made payable to the company and be addressed to the treasurer 24. Which of the following fraudulent activities most likely could be perpetrated due to lack of effective control in the revenue cycle? a. The failure to prepare shipping documents may cause an overstatement of inventory balances. b. Authorization of credit memos by personnel who receives cash may permit the misappropriation of cash. c. Fictitious transactions may be recorded that may cause an understatement of revenues and overstatement of receivables. d. Claims received from customers for goods returned may be intentionally recorded in other customer’s accounts. 25. During the review of a small owner-managed company’s internal controls, the auditor discovers that the accounts receivable clerk approves credit memos and has access to cash. Which of the following controls would offset this deficiency? a. The owner reviews errors in billings to customers and postings to subsidiary records. b. The owner reviews credit memos after they are recorded. c. The controller reconciles the detailed receivables records to the general ledger. d. The controller reviews the monthly bank statement directly and reconciles the checking accounts. 26. A purpose of tests of controls for shipping is to determine whether: a. Billed goods are shipped b. Shipments are made in accordance with approved sales and orders c. Sales orders are properly recorded d. Shipping personnel route goods to related parties 27. The purpose of tests of controls over billing is to determine whether a. Billed goods have been shipped c. Billing department personnel are competent b. Shipments are billed d. Credit is approved before goods are billed 28. When designing audit procedures, the direction of test is a crucial step in satisfying the a. Valuation objective c. Cutoff objective b. Completeness objective d. Classification objective 29. The auditor traces items from the journals back to the source documents in order to satisfy the a. Validity objective c. Completeness objective b. Ownership objective d. Valuation objective 30. To determine whether internal control operates effectively to minimize errors of failure to bill a customer for a shipment, the auditor would select a sample of transactions from the population represented by the a. Shipping records file c. Sales invoice b. Customer order file d. Subsidiary customer accounts ledger 31. To determine whether internal control operates effectively to minimize errors of failure to post invoices to the customer’s accounts ledger, the auditor would select a sample of transactions from the population represented by the a. Bill of lading file c. Sales invoice file b. Customer order file d. Subsidiary customer accounts ledger 32. Tracing copies of sales invoice to shipping documents provides evidence that a. Shipments were recorded as receivables b. Billed sales were shipped c. Shipments were billed d. Debits to accounts receivable were for sales shipped Page 19 of 27 AT by Raymund Francis A. Escala, CPA, MBA



33. Tracing shipping documents to sales invoices provides evidence that a. Shipments were billed c. Recorded sales were shipped b. Shipments were recorded as sales d. Invoiced sales were shipped 34. To test for the possibility of a shipment to a fictitious customer, the auditor traces from the a. Bill of lading to the credit authorization c. Sales journal to the accounts receivable ledger b. Credit authorization to the bill of lading d. Accounts receivable ledger to the bill of lading 35. To gather audit evidence about the proper credit approval of sales, the auditor would select a sample of documents from the population represented by the a. Customer order file c. Sales invoice file b. Bill of lading file d. Subsidiary customer’s accounts ledger Transaction Cycles – Expenditure/Disbursement Cycle 1. The primary audit objective regarding the purchasing of materials by the client is to a. Ascertain that materials paid for are on hand. b. Observe the annual physical count. c. Investigate the recording of unusual transactions regarding materials. d. Determine the reliability of financial reporting by the purchasing function. 2. A request by an authorized employee for goods or services is made on the a. Purchase order c. Purchase requisition b. Debit memo d. Acquisition transaction file 3. Which of the following is a primary function of the purchasing department? a. Ensuring the acquisition of goods of a specified quality. b. Authorizing the acquisition of goods. c. Verifying the propriety of goods of a specified quality. d. Reducing expenditures for goods acquired. 4. If internal control is well-designed, employees in the same department most likely would approve purchase orders and also a. Reconcile the open invoice file c. Inspect goods upon receipt b. Authorize requisition of goods d. Negotiate terms with vendors 5. The authority to accept incoming goods in receiving should be based on a(n) a. Vendor's invoice c. Bill of lading b. Materials requisitions d. Approved purchase order 6. Control over merchandise purchase is improved when a company's receiving department a. Relies on shipping documents to prepare receiving reports b. Accepts and counts all merchandise received from known vendors c. Accepts merchandise only if an approved purchase order is on hand d. Is responsible for handling merchandise but not for representing receiving reports 7. Internal control is improved when the quantity of merchandise ordered is omitted from the copy of the purchase order sent to the a. Department that initiated the requisition c. Purchasing agent b. Receiving department d. Accounts payable department 8. Omitting quantities from copies of purchase orders sent to the receiving department is a control procedure intended mainly to a. Ensure that goods received are physically counted by receiving department personnel b. Identify and return damaged goods as soon as they are received c. Provide a cross-check for verifying the accuracy of perpetual inventory records d. Prevent theft of goods by receiving department personnel 9. The purchase order forwarded to the receiving department indicates the vendor’s name and the quantities of materials ordered. This may possibly cause a. Payment for unauthorized items c. Overpayment for incomplete deliveries b. Payment for unauthorized vendors d. Delay in recording purchases Page 20 of 27 AT by Raymund Francis A. Escala, CPA, MBA



10. The document which specifies the amount of money owed to the vendor for an acquisition is the a. Receiving report c. Purchase order b. Vendor’s invoice d. Accounts payable trial balance 11. The accounts payable department receives a purchase order form to accomplish all of the following, except a. Comparing invoice price to purchase order price. b. Ensuring that the purchase had been properly authorized. c. Comparing quantity ordered to quantity purchased. d. Ensuring that the goods had been received by the party requesting the goods. 12. Which of the following is the most effective control procedure to detect vouchers that were prepared for the payment of goods that were not received? a. Count goods upon receipt in the storeroom. b. Match the purchase order, receiving report and vendor’s invoice for each voucher in accounts payable department. c. Compare goods received with goods requisitioned in receiving department. d. Verify vouchers for accuracy and approval in internal audit department. 13. Which of the following controls is not usually performed in the vouchers payable department? a. Matching the vendor’s invoice with the related receiving report. b. Approving vouchers for payment by having an authorized employee sign the vouchers. c. Indicating the asset and expense accounts to be debited. d. Accounting for unused pre-numbered purchase orders and receiving reports. 14. Which of the following controls is not usually performed in the treasurer’s department? a. Approving vendor’s invoices for payment c. Verifying the accuracy of checks and vouchers b. Cancelling payment vouchers when paid d. Controlling the mailing of checks to vendors 15. When processing and recording cash disbursements, it is important to have a method of cancelling the supporting documents to prevent their reuse as support for another check at a later time. A common method is to a. Shred the documents so that they can’t be reused. b. Transfer the possession of the documents to a bank vault such as a safety deposit box. c. Move the documents to a permanent off-site facility such as a warehouse. d. Write the check number on the supporting documents. 16. For good internal control, the person who should sign checks is the a. Person preparing the checks c. Purchasing agent b. Accounts payable clerk. d. Treasurer 17. Operating control of the check-signing machine normally should be the responsibility of the a. General accounting function c. Treasury function b. Legal counsel d. Internal audit function 18. The mailing of disbursement checks and remittance advices should be controlled by the employee who a. Signed the checks last b. Approved the vouchers for payment c. Matched the receiving reports, purchase orders, and vendor invoices d. Verified the mathematical accuracy of the vouchers and remittance advices 19. The procedure that would discourage the resubmission of vendor invoices after they have been paid is a. A requirement for double endorsement of checks. b. The cancellation of vouchers by accounting personnel. c. The cancellation of vouchers by treasurer personnel. d. The mailing of payments directly to payees by accounting personnel. 20. Which is incorrect? a. After payment, the purchase order, receiving report and vendor’s invoice are stamped paid to prevent duplicate payments Page 21 of 27 AT by Raymund Francis A. Escala, CPA, MBA



b. Before recording in the journals, accounting department normally matches purchase order, receiving report and vendor’s invoice c. Voided checks are mutilated, retained and accounted for d. Two signatures must be present on checks regardless of its amount 21. Which of the following controls is most effective in assuring that recorded purchases are free of material errors? a. The receiving department compares the quantity ordered on purchase orders with the quantity received on receiving reports. b. Vendor’s invoices are compared with purchase orders by an employee who is independent of the receiving department. c. Receiving reports require the signature of the individual who authorized the purchase. d. Purchase orders, receiving reports, and vendor’s invoices are independently matched in preparing vouchers. 22. How can an auditor test to determine whether Receiving Department procedures are applied properly? a. Test a sample of receiving documents c. Interview Receiving department personnel b. Review procedures manuals d. Observe receiving procedures on a surprise basis 23. An auditor performs a test to determine whether all merchandise for which of the client was billed was received. The population for this test consists of all a. Merchandise received c. Vendor’s invoices b. Cancelled checks d. Receiving reports 24. It shows the total hours worked by each production employee in a day. a. Clock card b. Job time ticket c. Payroll register

d. Time summary

25. Which of the following is not a common activity within personnel and payroll? a. Preparing and updating personnel records c. Preparing and recording payroll b. Distributing paychecks to employees d. Initiating terminations 26. Which of the following procedures is most likely to ensure that employee job time tickets are accurate? a. Approve the payroll voucher in the accounts payable department b. Keep employment information in the human resources department c. Make sure that the number of hours per week on each employee’s job time ticket is 40 d. Check the employee check cards against the job time tickets 27. The proper use of prenumbered termination notice forms by the payroll department should provide assurance that all a. Uncashed payroll checks were issued to employees who have not been terminated. b. Personnel files are kept up to date. c. Employees who have not been terminated receive their payroll checks. d. Terminated employees are removed from the payroll. 28. The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the a. Human resources function from the controllership function b. Administrative controls from the internal accounting controls c. Authorization of transactions from the custody of related assets d. Operational responsibility from the record keeping responsibility 29. To minimize the opportunities for fraud, unclaimed cash payroll should be a. Deposited in a safe deposit box c. Held by the controller b. Held by the payroll custodian d. Deposited in a special bank account 30. A large retail enterprise has established a policy that requires that the paymaster deliver all unclaimed payroll checks to the internal auditing department at the end of each payroll distribution day. This policy was most likely adopted in order to a. Assure that employees who were absent on a payroll distribution day are not paid for that day. b. Prevent the paymaster from cashing checks that are unclaimed for several weeks. c. Prevent a bona fide employee's check from being claimed by another employee. d. Detect any fictitious employee who may have been placed on the payroll. Page 22 of 27 AT by Raymund Francis A. Escala, CPA, MBA



31. Which of the following control procedures could best prevent direct labor from being charged to manufacturing overhead? a. Comparison of daily journal entries with factory labor summary. b. Examination of routing tickets from finished goods on delivery. c. Reconciliation of work in process inventory with cost records. d. Recomputation of direct labor based on inspection of time cards. 32. In the audit of the following types of profit-oriented enterprises, which one would the auditor be most likely to place special emphasis on testing the internal controls over proper classification of payroll transactions? a. A manufacturing organization c. A retailing organization b. A wholesaling organization d. A service organization 33. Which of the following statements best explains why the accuracy of payroll calculations and of payroll account distribution is critical to auditor? a. Employees will complain to management if their paychecks do not reflect wages or salaries earned. b. Payroll is paid in cash, an account that is highly susceptible to frauds. c. Auditing standards require that tests of cash and payroll be coordinated d. Payroll impacts several statement of financial position and statement of comprehensive income accounts 34. It would be appropriate for the payroll accounting department to be responsible for which of the following functions? a. Approval of employee time records b. Maintenance of records of employment, discharges, and pay increases c. Preparation of periodic government reports as to employees’ earnings and withholding taxes d. Temporary retention of unclaimed employee paychecks 35. On a surprise basis, an auditor may elect to distribute paychecks to employees personally. What is the primary purpose of this audit procedure? a. To assure that no extra payroll checks are prepared and distributed b. To test whether all paid employees exist c. To assure that paychecks are not distributed to an employee absent on the day the auditor distributes checks. d. To test the procedures for distributing paychecks Auditing in a CIS environment 1. Which statement is incorrect when auditing in a CIS environment? a. A CIS environment exists when a computer of any type or size is involved in the processing by the entity of financial information of significance to the audit, whether that computer is operated by the entity or by a third party. b. The auditor should consider how a CIS environment affects the audit. c. The use of a computer changes the processing, storage and communication of financial information and may affect the accounting and internal control systems employed by the entity. d. A CIS environment changes the overall objective and scope of an audit. 2. Which of the following characteristics distinguishes computer processing from manual processing? a. Computer processing virtually eliminates the occurrence of computational error normally associated with manual processing b. Errors or fraud in computer processing will be detected soon after their occurrences c. The potential of systematic error is ordinarily greater in manual processing than in computerized processing d. Most computer systems are designed so that transaction trails useful for audit purposes do not exist. 3. The use of CIS will least likely affect the a. The procedures followed by the auditor in obtaining a sufficient understanding of the accounting and internal control systems b. The auditor’s specific audit objectives c. The consideration of inherent risk and control risk through which the auditor arrives at the risk assessment d. The auditor’s design and performance of tests of control and substantive procedures appropriate to meet the audit objective 4. It relates to materiality of the financial statement assertions affected by the computer processing. a. Threshold b. Relevance c. Complexity d. Significance Page 23 of 27 AT by Raymund Francis A. Escala, CPA, MBA



5. Which of the following is least likely a risk characteristic associated with CIS environment? a. Errors embedded in an application’s program logic maybe difficult to manually detect on a timely basis. b. Many control procedures that would ordinarily be performed by separate individuals in manual system may be concentrated in CIS. c. The potential unauthorized access to data or to alter them without visible evidence maybe greater. d. Initiation of changes in the master file is exclusively handled by respective users. 6. Which of the following significance and complexity of the CIS activities should an auditor least understand? a. The organizational structure of the client’s CIS activities. b. Lack of transaction trails. c. The significance and complexity of computer processing in each significant accounting application. d. The use of software packages instead of customized software. 7. Which of the following is unique to CIS? a. Error listing b. Flow chart

c. Questionnaired. Pre-numbered documents

8. A control which relates to all parts of the CIS is called a (an) a. Systems control b. General control c. Applications control

d. Universal control

9. Which of the following is not a general control? a. The plan of organization and operation of CIS activity b. Procedures for documenting, reviewing and approving systems and programs c. Processing controls d. Hardware controls 10. Which of the following activities would most likely be performed in the CIS department? a. Initiation of changes to master records b. Conversion of information to machine-readable form c. Correction of transactional errors d. Initiation of changes to existing applications 11. End user computing is most likely to occur on which of the following types of computers? a. Mainframe c. Personal computers b. Minicomputers d. Personal reference assistants 12. A personal computer can be used in various configurations, including a. A stand-alone workstation operated by a single user or a number of users at different times. b. A workstation which is part of a local area network of personal computers. c. A workstation connected to a server. d. All of the above. 13. Which statement is incorrect regarding personal computer configurations? a. The stand-alone workstation can be operated by a single user or a number of users at different times accessing the same or different programs. b. A stand-alone workstation may be referred to as a distributed system. c. A local area network is an arrangement where two or more personal computers are linked together through the use of special software and communication lines. d. Personal computers can be linked to servers and used as part of such systems, for example, as an intelligent on-line workstation or as part of a distributed accounting system. 14. Which of the following is the least likely characteristic of personal computers? a. They are small enough to be transportable. b. They are relatively expensive. c. They can be placed in operation quickly. d. The operating system software is less comprehensive than that found in larger computer environments. 15. Which of the following is an inherent characteristic of software package? a. They are typically used without modifications of the programs. b. The programs are tailored-made according to the specific needs of the user. c. They are developed by software manufacturer according to a particular user’s specifications. Page 24 of 27 AT by Raymund Francis A. Escala, CPA, MBA



d. It takes a longer time of implementation. 16. Which of the following is not normally a removable storage media? a. Compact disk b. Tapes c. Diskettes

d. Hard disk

17. It is a computer program (a block of executable code) that attaches itself to a legitimate program or data file and uses it’s as a transport mechanism to reproduce itself without the knowledge of the user. a. Virus c. System management program b. Utility program d. Encryption 18. It refers to plans made by the entity to obtain access to comparable hardware, software and data in the event of their failure, loss or destruction. a. Back-up b. Encryption c. Anti-virus d. Wide Area Network (WAN) 19. Which of the following least likely protects critical and sensitive information from unauthorized access in a personal computer environment? a. Using secret file names and hiding the files. b. Keeping of backup copies offsite. c. Employing passwords. d. Segregating data into files organized under separate file directories. 20. What technology is needed in order to convert a paper document into a computer file? a. Optical character recognition c. Bar-coding scanning b. Electronic data interchange d. Joining and merging 21. Computer systems that enable users to access data and programs directly through workstations are referred to as a. On-line computer systems c. Database management systems (DBMS) b. Personal computer systems d. Database systems 22. Which statement is incorrect regarding workstations? a. Workstations may be located either locally or at remote sites. b. Local workstations are connected directly to the computer through cables. c. Remote workstations require the use of telecommunications to link them to the computer. d. Workstations cannot be used by many users, for different purposes, in different locations, all at the same time. 23. It combines on-line/real time processing and on-line/batch processing. a. On-Line/Memo Update (and Subsequent Processing) b. On-Line Downloading/Uploading Processing c. On-Line/Inquiry d. On-Line/Combined Processing 24. What type of computer system is characterized by data that are assembled from more than one location and records that are updated immediately? a. Microcomputer system c. Batch processing system b. Minicomputer system d. On-line-real-time system 25. It is a communication system that enables computer users to share computer equipment, application software, data and voice and video transmissions. a. Network b. File server c. Host d. Client 26. A type of network that multiple buildings are close enough to create a campus, but the space between the buildings is not under the control of the company is a. Local Area Network (LAN) c. Metropolitan Area Network (MAN) b. Wide Area Network (WAN) d. World Wide Web (WWW) 27. Which of the following is least likely a characteristic of Wide Area Network (WAN)? a. Created to connect two or more geographically separated LANs. b. Typically involves one or more long-distance providers, such as a telephone company to provide the connections. Page 25 of 27 AT by Raymund Francis A. Escala, CPA, MBA



c. WAN connections tend to be faster than LAN. d. Usually more expensive than LAN. 28. A device that works to control the flow of data between two or more network segments a. Bridge b. Router c. Repeater d. Switch 29. The undesirable characteristics of on-line computer systems least likely include a. Data are usually subjected to immediate validation checks. b. Unlimited access of users to all of the functions in a particular application. c. Possible lack of visible transaction trail. d. Potential programmer access to the system. 30. General CIS controls may include, except: a. Organization and management controls. c. Delivery and support controls. b. Development and maintenance controls. d. Controls over computer data files. 31. CIS application controls include, except a. Controls over input b. Controls over output

c. Monitoring controls. d. Controls over processing and computer data files.

32. Which of the following procedures would an entity most likely include in its computer disaster recovery plan? a. Develop an auxiliary supply to provide uninterrupted electricity b. Store duplicate copies of critical files in location away from the computer center c. Maintain a listing of entity passwords with the network manager d. Translate data for storage purposes with a cryptographic secret code 33. A client is concerned that a power outage or disaster could impair the computer hardware’s ability to function as designed. The client desires off-site back-up hardware facilities that are fully configured and ready to operate within several hours. The client most likely should consider a a. Cold site b. Cool site c. Warm site d. Hot site 34. To avoid invalid data input, a bank added an extra number at the end of each account number and subjected the new number to an algorithm. The technique is known as a. Optical character recognition c. A dependency check b. A check digit d. A format check 35. An entity has the following invoices in a batch: Invoices # Product Quantity 201 F10 150 202 G12 200 203 H20 250 204 K35 300 Which of the following most likely presents a hash total? a. FGHK80 b. 4 c. 204

Unit Price P 5.00 10.00 25.00 30.00 d. 810

36. When computer programs or files can be accessed from terminals, users should be required to enter a (an) a. Parity check c. Self-diagnosis test b. Personal identification code d. Echo check 37. An auditor most likely be concerned with which of the following controls in a distributed data processing system. a. Hardware controls c. Access controls b. System documentation controls d. Disaster recovery controls 38. An auditor anticipates assessing control risk at a low level in a computerized environment. Under these circumstances, on which of the following activities would the auditor initially focus? a. Programmed control activities c. Output control activities b. Application control activities d. General control activities 39. The applications of auditing procedures using the computer as an audit tool refer to a. Integrated test facility c. Data-based management system b. Auditing through the computer d. Computer assisted audit techniques Page 26 of 27 AT by Raymund Francis A. Escala, CPA, MBA



40. Which statement is incorrect regarding CAATs? a. CAATs are often an efficient means of testing a large number of transactions or controls over large populations. b. To ensure appropriate control procedures, the presence of the auditor is not necessarily required at the computer facility during the running of a CAAT. c. The general principles outlined in PAPS 1009 apply in small entity IT environments. d. Where smaller volumes of data are processed, the use of CAATs is more cost effective. 41. Consists of generalized computer programs designed to perform common audit tasks or standardized data processing functions. a. Customized or purpose-written programs c. Package or generalized audit software b. System management programs d. Utility programs 42. Audit automation least likely include a. Expert systems. b. Tools to evaluate a client’s risk management procedures. c. Manual working papers. d. Corporate and financial modeling programs for use as predictive audit tests. 43. When an auditor tests a computerized accounting system, which of the following is true of the test data approach? a. Several transactions of each type must be tested b. Test data are processed by the client’s computer programs under the auditor’s control c. Test data must consist of all possible valid and invalid conditions d. The program tested is different from the program used throughout the year by the client 44. Which of the following computer-assisted auditing techniques allows fictitious and real transactions to be processed together without client operating personnel being aware of the testing process? a. Integrated test facility c. Parallel simulation b. Input controls matrix d. Data entry monitor 45. Which of the following methods of testing application controls utilizes a generalized audit software package prepared by the auditors? a. Parallel simulation c. Test data approach b. Integrated test facility d. Exception report tests “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill END OF HANDOUTS

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