FA Exercise 2.0-A

Which of the following is a main activity under the preliminary engagement phase:

• Conducting Entrance Conference

• Preparing the Overall Audit Strategy

• Ensuring engagement team’s independence and compliance with ethical standards

The Revised Code of Conduct and Ethical Standards for COA Officials and Employees was prescribed under:

• COA Resolution No. 2013-007

• COA Resolution No. 2018-010

• COA Resolution No. 2020-003

Among the ISSAI provisions not being adopted by COA is the need for the audited agency to signify conformity with the terms of engagement. This ISSAI provision is covered under:

• ISSAI 2210

• ISSAI 2220

• ISSAI 2260

The auditors shall declare their independence and compliance with relevant ethical Requirements under what audit phase:

• Preliminary Engagement

• Planning Phase

• Execution Phase

The Auditor’s Declaration of Independence and Compliance with Relevant Ethical Requirements shall be executed by the Audit Team Member, Audit Team Leader and Supervising Auditor:

• As a group

• As a team

• Individually

The Auditor’s Declaration of Independence and Compliance with Relevant Ethical Requirements is prescribed under:

• COA Resolution No. 2013-007

• COA Resolution No. 2018-010

• COA Resolution No. 2020-003

Which of the following is a true statement:

• For foreign assisted projects, the engagement letter may consider the requirements of the foreign lending institution

• For foreign assisted projects, the engagement letter will consider the requirements of the foreign lending institution

• For foreign assisted projects, the engagement letter need not consider the requirements of the foreign lending institution

 Please complete the statement: COA Officials and employees shall perform and discharge their duties with the highest degree of integrity, competence, excellence, ___________, professionalism, objectivity, respect and courtesy. 

• professional skepticism

• independence

• diligence

Which of the following is a true statement:

• The Management Representation Letter shall be issued as near as practicable to, but not after, the date of the auditor’s report on the financial statements.

• The Management Representation Letter shall be issued before the date of the auditor’s report on the financial statements.

• The Management Representation Letter shall be issued at least one month before the date of the auditor’s report on the financial statements.

Which of the following is a true statement:

• The Engagement Letter shall be issued to management or to those charged with governance before the conduct of the entrance conference

• The Engagement Letter shall be issued to management or to those charged with governance during the conduct of the entrance conference

• The Engagement Letter shall be issued to management or to those charged with governance during the courtesy call to Management officials