ACYAUDI: RA 9298 and its IRR

Which of the following is not one of the specified objectives of the Accountancy Act of 2004?

a. Examination for registration of CPAs

b. Supervision, control, and regulation of accounting practice

c. Standardization and regulation of accounting education

d. Promulgation of accounting and auditing standards

d. Promulgation of accounting and auditing standards

The members of the Professional Regulatory Board of Accountancy shall be appointed by the

a. Philippine Institute of CPAs (PICPA)

b. Professional Regulation Commission (PRC)

c. President of the Philippines

d. Association of CPAs in Public Practice (ACPAPP)

c. President of the Philippines

The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975.

a. Auditing and Assurance Standards Council (AASC)

b. Financial and Sustainability Reporting Standards Council (FSRSC)

c. Education Technical Council (ETC)

d. Philippine Institute of Certified Public Accountants (PICPA)

d. Philippine Institute of Certified Public Accountants (PICPA)

Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)?

a. The Chairman and members of the Board shall hold office for a term of three years

b. No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year

c. A person may serve the BOA for not more than twelve years

d. A member of the BOA may continuously serve office for more than nine years

d. A member of the BOA may continuously serve office for more than nine years

CORRECTION: two term → 1 year lapse → 1 term

The creation of FSRSC and AASC is intended to assist the BOA in carrying out its function to

a. To monitor the conditions affecting the practice of accountancy and adopt such measures, rules and regulations and best practices as may be deemed proper for the enhancement and maintenance of high professional, ethical, accounting and auditing standards

b. To supervise the registration, licensure and practice of accountancy in the Philippines

c. To prescribe and adopt the rules and regulations necessary for carrying out the provisions of RA 9298

d. To prepare, adopt, issue or amend the syllabi of the subjects for examinations

a. To monitor the conditions affecting the practice of accountancy and adopt such measures, rules and regulations and best practices as may be deemed proper for the enhancement and maintenance of high professional, ethical, accounting and auditing standards

The following statements relate to CPA examination ratings. Which of the following is incorrect?

a. To pass the examination, candidates should obtain a general weighted average of 75% and above, with no rating in any subject less than 65%

b. Candidates who obtain a rating of 75% and above in at least four subjects shall receive a conditional credit for the subjects passed

c. Candidates who failed in four complete examinations shall no longer be allowed to take the examinations the fifth time

d. Conditioned candidates shall take an examination in the remaining subjects within two years from the preceding examination

c. Candidates who failed in four complete examinations shall no longer be allowed to take the examinations the fifth time

The Board, subject to the approval of the Commission, may revise or exclude any of the subjects and their syllabi, and add new ones as the need arises. Provided that the change shall not be more often than every

a. 2 years

b. 3 years

c. 4 years

d. 5 years

b. 3 years

A Professional Identification Card bearing the registration number, date of issuance, expiry date, duly signed by the chairperson of the Commission, shall be issued to every registrant renewable every

a. Two years

b. Three years

c. Four years

d. Five years

b. Three years

A certificate of accreditation shall be issued to certified public accountants in public practice only upon showing, in accordance with rules and regulations promulgated by the Board and approved by the Commission, that such registrant has acquired how many years of meaningful experience in any of the areas of public practice?

a. One

b. Two

c. Three

d. Four

c. Three

A person whose CPA certificate has been revoked

a. Can no longer be reinstated as a CPA

b. Is automatically reinstated as a CPA after two years if the has acted in an exemplary manner

c. May be reinstated as a CPA by the Board of Accountancy after two years if he has acted in an exemplary manner

d. May be reinstated by the PRC after two years if he has acted in an exemplary manner

c. May be reinstated as a CPA by the Board of Accountancy after two years if he has acted in an exemplary manner