The CPA Profession

1. This refers to those persons who hold a valid certificate issued by the Board of Accountancy, whether they be in public practice, industry, commerce, the public sector, or education,

• Professional Accountant

• Senior accounting practitioner

• Professional accountant in public practice

• 1. . Audit Associate

1. A person is deemed to be in practice of the accounting profession in commerce and industry when he/she:

• 1. Holds, or is appointed to a position in an accounting professional group in government or in a government-owned and/or controlled corporation, where decision-making requires professional knowledge in the science of Accounting.

• 1. Is involved in decision-making requiring professional knowledge in the science of accounting, as well as the accounting aspects of finance and taxation, or is employed in a position that requires a CPA.

• 1. Is an educational institution which involves teaching of accounting, auditing, and other technically-related subjects.

• 1. Holds out himself/herself as one skilled in the knowledge, science and practice of accounting, and as someone qualified to render professional services as a CPA.

1. S-1 To be qualified as having passed the licensure examination for accountants, a candidate must obtain a general average of seventy-five percent, with no grade lower than sixty five percent in any given subject.

S-2 A candidate with conditional credits must take a removal examination within three years from the date of the preceding examination.

• True, True

•  True. False

• False, True.

• 1. False. False

1. Any candidate who fails _________complete CPA Board examinations shall be disqualified from taking another set of examination unless he/she submits evidence to the satisfaction of the BOA that he/she enrolled in and completed at least __________of subjects given in the licensure examination.

• 1. 3, 15 units per year for a total of 60 units

• 1. 2, 24 units

• 1. 2, 15 units/year, total of 60 units

• 1. 3, 24 units

1. Which organization(s) has the primary duty of effectively enforcing the provisions of RA 9298?

1. I. Professional Regulatory Board of Accountancy

2. II. Department of Finance

3. III. Professional Regulation Commission

4. IV. Philippine Institute of Certified Public Accountants

• . I and II

•  II and III

• I, III and IV

• . I and II

  
  

The following are qualifications of the members of the Board of Accountancy, except:

• 1. Natural-born citizen and resident of the Philippines

• 1. Duly registered CPA with at least 10 years of work experience in any scope of practices of accountancy.

• 1. Good moral character, not convicted of crimes involving moral turpitude

• No direct, or indirect pecuniary interest in any school, college, university, or institution conferring the B.S. Accountancy degree or providing CPA review classes.

• 1. Must not be an officer or director of the APO by appointments

1. The Accredited National  Professional Organization (APO) shall submit its nominations for the Board of Accountancy ( with complete documentation) to the Commission

• 1. Not later than sixty (60) days prior to the expiry of the term of an incumbent chairman or member.

• On the date of expiry of the term of an incumbent chairman or member.

• 1. After the 60th day from the expiry of the term of an incumbent chairman or member,

• Upon request by the Commission for the submission of nominations.

1. The following are among the powers of the Board of Accountancy, except:

• 1. To prescribe and adopt the rules and regulations necessary for implementing RA9298.

• To prescribe and/or adopt a Code of Ethics for the practice of accountancy

• 1. To ensure, in coordination with the DECS that all higher educational instruction and offering of accountancy comply with prescribed policies, standards and requirements of the course.

• To conduct an oversight into the quality of audits of financial statements

1. Which of the following statements is correct?

• 1. The chairman and members of the Board shall receive compensation and allowances comparable to that being received by the Chairman and the members of the existing regulatory boards under the PRC as provided for in the General Appropriation Act.

• 1. No person shall serve in the Board for more than nine years.

• The BOA Chairman has the sole power to administer oaths in connection with the administration of the Accountancy Law.

• 1. The Board shall be under the administrative supervision of the PICPA

1. The following are grounds for suspension or removal of members of the Board of Accountancy, except;

• Neglect of duty or incompetence

• 1. Violations or tolerance of any violation of RA9298 and its IRR, or the Code of Ethics and technical and professional standards of practice for CPAs.

• 1. Pending case a crime involving moral turpitude.

• Manipulation or rigging of the CPA licensure examination results.