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    Chapter 2

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    Carlo Solano
    This document contains 10 multiple choice questions testing knowledge of fundamental ethical principles for professional accountants, standards of reporting, the meaning of independence, quality control elements, responsibilities for audit quality, requirements for review of audit work, and auditor liability. The answers provided are: 1) C, 2) A, 3) C, 4) B, 5) A, 6) B, 7) C, 8) A, 9) B, 10) A.

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    Chapter 2

    Uploaded by

    Carlo Solano
    78 views3 pages
    This document contains 10 multiple choice questions testing knowledge of fundamental ethical principles for professional accountants, standards of reporting, the meaning of independence, quality control elements, responsibilities for audit quality, requirements for review of audit work, and auditor liability. The answers provided are: 1) C, 2) A, 3) C, 4) B, 5) A, 6) B, 7) C, 8) A, 9) B, 10) A.

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    This document contains 10 multiple choice questions testing knowledge of fundamental ethical principles for professional accountants, standards of reporting, the meaning of independence, quality control elements, responsibilities for audit quality, requirements for review of audit work, and auditor liability. The answers provided are: 1) C, 2) A, 3) C, 4) B, 5) A, 6) B, 7) C, 8) A, 9) B, 10) A.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    78 views3 pages

    Chapter 2

    Uploaded by

    Carlo Solano
    This document contains 10 multiple choice questions testing knowledge of fundamental ethical principles for professional accountants, standards of reporting, the meaning of independence, quality control elements, responsibilities for audit quality, requirements for review of audit work, and auditor liability. The answers provided are: 1) C, 2) A, 3) C, 4) B, 5) A, 6) B, 7) C, 8) A, 9) B, 10) A.

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    1.

    Which of the following fundamental ethical principles prohibits association of professional


    accountants with reports, returns, communications or other information that is believed to contain a
    materially false or misleading statement?

    a. Objectivity

    b. Professional Due Care

    c. Integrity

    d. Confidentiality

    2. Which of the following does pertain to the standards of reporting?

    a. informative disclosures

    b. technical training and proficiency

    c. adequate planning and supervision

    d. obtaining sufficient competent evidential matter

    3. Which of the following misunderstanding created by the use of the word “Independence”?

    a. possessing the ability to act with integrity and objectivity

    b. independence precludes relationships that may appear to impair objectivity in rendering


    assurance services

    c. A person exercising professional judgement should be free from all economic, financial and
    other relationships

    d. possessing the ability to express a conclusion without being affected by influences that
    compromise professional judgement

    4. the firm’s system of quality control should include policies and procedures that address each of the
    following elements, except

    a. Monitoring

    b. Control Environment

    c. Relevant ethical requirements

    d. Human resources
    5. Which of the following quality control elements is most closely associated with the requirement to
    promote a culture of quality?

    a. leadership responsibilities for quality within the firm

    b. monitoring

    c. engagement performance

    d. human resources

    6. Who should take responsibility for the overall quality on each audit engagement?

    a. Engagement quality control reviewer

    b. Engagement partner

    c. Engagement team

    d. CPA Firm

    7. the audit work performed by each assistant should be reviewed by personnel of at least equal
    competence to determine whether it was adequately performed and to evaluate whether the

    a. Firm’s system of quality control has been maintained at a high level

    b. audit procedures performed are approved in the professional standards

    c. work performed and the results obtained have been adequately documented

    d. audit procedures performed are in accordance with Philippine Standards on Auditing (PSAs)

    8. For audits of financial statements of listed entities, the engagement partner should not issue auditor’s
    report until the completion of the

    a. Engagement Quality Control Review

    b. Management Review

    c. Engagement Team Review

    d. Engagement Partner Review


    9. the failure of the auditor to meet the requisites of PSA is

    a. a recommendation of negligence

    b. an evidence of negligence

    c. equivalent to criminal behavior

    d. an accredited practice

    10. the auditor is not liable to his client for

    a. Errors in application of judgement

    b. swindle

    c. negligence

    d. corruption

    1. C

    2. A

    3.C

    4.B

    5.A

    6.B

    7.C

    8.A

    9.B

    10.A

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