Question 1 d.

Board of Accountancy
A CPA who is not independent may issue a
a. Review report Question 2
b. Special report By providing high level of assurance on audit reports on
c. Report expressing a qualified opinion financial statements, the auditor
d. Compilation report a. Guarantees the fair representation of the FS
b. Confirms the accuracy of the FS
Question 2 c. Enhances the credibility of the FS
Which of the following provides moderate level of d. Assures the readers that fraudulent activities of
assurance? employees have been detected.
a. Audit
b. Review Question 3
c. Agreed-upon procedures The reason an independent auditor gathers evidence is to
d. Compilation a. Detect fraud
b. Evaluate management
Question 3 c. Evaluate internal controls
What level of assurance does an accountant give on d. Form an opinion on the FS
compilation report?
a. Moderate Question 4
b. None Which of the following is not one of the limitations of an audit?
c. Low a. The use of testing
d. High b. Limitations imposed by client
c. Human error
Question 4 d. Nature of evidence that the auditor obtains
The statement “nothing came to our attention which would
indicate that these statements are not fairly presented” Question 5
expresses which of the following? Professional skepticism requires that an auditor assume that
a. Disclaimer of opinion management is
b. Negative confirmation a. Honest, in the absence of fraud risk factors
c. Negative assurance b. Dishonest until completion of audit tests
d. Adverse opinion c. Neither honest nor dishonest
d. Offering reasonable assurance of honesty
Question 5
Which of the following is not one of the elements of an Question 6
assurance engagement? Which of the following statements does not properly describe
a. Sufficient appropriate evidence an element of theoretical framework of auditing?
b. A subject matter a. The data to be audited can be verified
c. Suitable criteria b. Short-term conflicts may exist between managers
d. An opinion about whether the subject matter who prepare the data and auditors who examine the
conform, in all material respects, with identifies data
criteria. c. Auditors act on behalf of the management
d. An audit benefits the public.
Question 6
Performing inquiry and analytical review procedures is the Question 7
preliminary basis for a CPA to issue The procedures deemed necessary in the circumstances to
a. Compilation reports achieve the objective of the audit shall be determined by the
b. Review reports a. Client management
c. Management advisory services report b. Independent auditor
d. Audit report c. Internal auditor
d. Those charged with governance
Question 7
Pronouncements of Auditing and Assurance Standards September 13, 2022
Council (AASC) do not cover Question 1
a. Review engagement Which of the following is not a valid ground for suspension or
b. Compilation engagement removal of members of BOA?
c. Consultancy a. Neglect of duty
d. Agreed-upon procedures engagement b. Rigging the CPA exam results
c. Violating RA 9298
September 01, 2022 d. Being charged of crimes involving moral
Question 1 turpitude
Who has the primary responsibility for the fairness of the
representations made in the financial statements? Question 2
a. Client’s management BOA shall submit to PRC the ratings obtained by each
b. Audit committee candidate within __days after the examination, unless
c. Independent auditor extended for just cause.
 a. 5 d. Analytical procedures
b. 10
c. 7 Question 3
d. 3 Consists of looking at a process or procedures being
performed by others
Question 3 a. Inspection of records or documents
BOA may issue certificate of registration and professional b. Inspection of tangible assets
identification card to any successful examinee. c. Observation
a. Of unsound mind d. Inquiry
b. Convicted by a court of political offense
c. Guilty of immoral or dishonorable conduct Question 4
d. Who has falsely represented himself/ herself in his/ It is a specific type of inquiry.
her application for examination. a. Reperformance
b. Confirmation
Question 4 c. Reconciliation
A CPA whose certificate of registration has been revoked d. Recomputation
may be reinstated if has acted in exemplary manner and has
not committed any illegal; immoral or dishonorable conduct Question 5
for a period not less than Evaluation of financial information made by study of plausible
a. One year relationships among both financial and non-financial data
b. 2 years a. Reperformance
c. 5 years b. Confirmation
d. The period depends on the seriousness of his c. Reconciliation
offense d. Analytical procedures

Question 5 Question 6
Any person who shall violate any provisions of RA 9298 or The audit procedures used extensively throughout the audit
any of its IRRs promulgated by BOA subject to the approval but does not, by itself, provide sufficient evidence.
of PRC, shall upon conviction, be punished by a. Inspection of records or documents
a. Lethal injection b. Observation
b. A fine not more than P50,000 c. Inquiry
c. Imprisonment for a period not exceeding 2 years d. Inspection of tangible assets
d. A fine of not less than P50,000, or by
imprisonment for a period not exceeding 2 Question 7
years, or both. According to PSA 210, the auditor and the client should
agree on the terms of engagement and need to be recorded
Question 6 in a(n)
A CPA certificate is evidence of a. Client representation letter
a. Independence as a professional b. Memo placed in the working papers
b. Basic competence at the time of certification c. Comfort letter
c. Membership in the accredited association d. Engagement letter
d. Completion of CPD units
Question 8
Question 7 An engagement letter is prepared with the interest(s) of
The letters “CPA” shall be engraved in which part of the a. The auditor only
CPA’s seal? b. The client only
a. Upper portion c. The public
b. Lower portion d. Both the client and the auditor
c. Left and right portion
d. Middle of the smaller circle Question 9
Assertions used by the auditor fall into the following
September 29, 2022 [Kahoot! Game] categories, except
Question 1 a. Assertions about the faithful representations
Acts to be performed in order to obtain audit evidence b. Assertions about presentation and disclosure
a. Audit standards c. Assertions about account balances at period end
b. Audit program d. Assertions about classes of transactions and events
c. Audit procedures
d. Audit strategy Question 10
What is your ACC 310 Professor’s middle name?
Question 2 A. Dela Cruz
Audit procedures to test the operating effectiveness of B. Rivera
controls C. De Chavez
a. Risk assessment procedures D. Riviera
b. Tests of control
c. Substantive procedures