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The Public Accounting Profession Environment

The document provides information about the requirements to become a Certified Public Accountant (CPA) in the Philippines. It discusses the educational and examination requirements, including needing a Bachelor's degree in Accountancy. It also outlines the core values and competencies of the accounting profession, including integrity, competence, and communication skills. Regulatory bodies that govern the accounting profession are also defined.

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Bianca Lizardo
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190 views

The Public Accounting Profession Environment

The document provides information about the requirements to become a Certified Public Accountant (CPA) in the Philippines. It discusses the educational and examination requirements, including needing a Bachelor's degree in Accountancy. It also outlines the core values and competencies of the accounting profession, including integrity, competence, and communication skills. Regulatory bodies that govern the accounting profession are also defined.

Uploaded by

Bianca Lizardo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Bianca Regina S.

Lizardo                          Mrs.


Zenaida
BS Accountancy                                                            Auditing and Assurance
Principle
Review Questions

1. "Philippine Accountancy Act of 2004" An Act Regulating the Practice


of Accountancy in the Philippines, repealing for the purpose Presidential
Decree No. 692, Otherwise known as The Revised Accountancy Law,
appropriating funds therefor and for other purposes.

2. The board of accountancy requires a bachelor's degree in accounting or some


specific number of units in accounting. The certification also requires
that you complete and pass the CPA licensure exam.

3. (a) is a Filipino Citizen


(b) is of good moral character
(c) is a holder of the degree of Bachelor of Science in Accountancy conferred by
a school, college, academy or institute duly recognized and/or accredited by the
CHED other authorized government offices; and
(d) has not been convicted of any criminal offense involving moral turpitude.

4.  Pass the CPA boards examination

5. (1) General Education Courses


(2) National Service Training Program
(3) Physical Education Courses
(4) Common Business and Management Education Courses
(5) Core Accounting Education Courses
(6) Cognates/Major/Professional Courses

6. An individual aspiring to be a professional accountant should meet the pre-


qualification education requirement that requires possession of a Bachelor of
Science in Accountancy (BSA) degree.

7. (a) Advanced professional education pursued at academic institutions or


through the programs of professional studies;
(b) On-the-job-training and experience programs;
(c) Off-the-job training; and
(d) Continuing professional development (CPD) courses and activities

8. The Accounting profession requires CPA’s to posses the following Core value
and Core competencies. For Core Values, it includes integrity, competence,
lifelong learning, objectivity, commitment to excellence and relevance in the
global market place. As for Core Competencies, it includes communication
skills, leadership skills, critical-thinking and problem-solving skills,
anticipating and service evolving needs, synthesizing intelligence to insight
and lastly, integration and collaboration.
9. Core Competencies includes communication skills, leadership skills, critical-
thinking and problem-solving skills, anticipating and service evolving needs,
synthesizing intelligence to insight and lastly, integration and collaboration.

10. I think both statements are said in a way that sounds kind of arrogant which
comes out as aggressive. They are both wrong to think that they can be better
than the other and disregard what others think.

11. Professional Regulation Commission (PRC) - Implements policies


Professional Regulatory Board of Accountancy (BOA) – Issues and revokes CPA
certificates
Securities and Exchange Commission (SEC) – regulates the registration and
operations of corporations, partnership and other forms of associations in the
Philippines
Commission on Audit (COA) – The agency that audits or determines whether
government units handle their funds according to existing laws.
Bureau of Internal Revenue (BIR) – Responsible for enforcement of tax laws,
rules and regulation.
Philippine Institute of Certifies Public Accountants (PICPA) – Serves all
sectors of the Accounting profession.

12. Adopting the Revised Code of Ethics for Professional Accountants


Developing a program for quality control of public accounting practice
Penalizing those found guilty of unacceptable practices
Monitoring adequate competition among CPA’s
Establishing and complying with international standards for accounting,
reporting and auditing services.

13. A person who is not a citizen of the Philippines shall not be allowed to practice
accountancy in the Philippines unless he/she can prove, in the manner
provided by the rules of court that, by specific provision of law, the country of
which he/she is a citizen, subject or national admits citizens of the Philippines
to the practice of the same profession without restriction.

14. If a person suffers a loss or damage due to professional negligence of


the auditor, an action can be initiated by such person against the auditor. 

15. Auditors are not infallible and can make errors in judgement. But auditors are
expected to exercise the same reasonable care with which others in the
profession would perform in similar circumstances. This is frequently referred
to as exercising the due professional care.

16. Court considers fraud as the maximum wrong that auditors can do. Auditors
who commit fraud are at the other extreme because they know the financial
statements are misstated but do not take appropriate action to report the
misstatements.
17. Client-Related Strategies

These strategies should be designed to minimize or limit exposure to potential


litigations. Client-related strategies include: screening the potential client
systematically and more effectively by looking at the nature and scope of the
audit engagement, reviewing relevant documents, and looking for any
potential problems associated with the client. 

Firm-Related Strategies

Firm-related strategies require sound practice management methods, which


generally involve retaining or improving the quality of services provided. They
include compliance with applicable standards and quality control procedures,
proper documentation of working papers, maintenance of good legal counsel,
and liability insurance.

18. The prudent person concept states that a person is responsible for conducting


a job in good faith and with integrity, but is not infallible. Therefore,
the auditor is expected to conduct an audit using due care, but does not claim
to be a guarantor or insurer of financial statements.

19. Auditing and Assurance Standard Council

20. The management of the company

Multiple Choice 

1. C
2. A
3. C
4. A
5. C
6. A
7. B
8. D
9. C
10. B

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