Chapter 13, ‘THE CODE OF PROFESSIONAL ETHICS & ‘THE ACCOUNTANCY ACT OF 2004 _hdtingusing mark ofthe accounting profession the sceptance ‘Gras esponsbty to he publ. As professional, the secounacts™ ‘egos isnot exclusively eo protect thee ofthe cents remplyes Instead, the interest of the pube must always be {hoe parnoust concer. Intoday’s modern envzonient, many segments of society ae inceasingy dependent for decision-making on information for ‘tbc they have no control They tur to professonal accountants ferance nasessing he relay of rome of thiinformation. yay fut by an accountantto comply with profesional anda ‘mest eifical for the profession to maint the putin fot ‘iegtiny objecviny, and competence tht it has sequzed ove tmp seats Of service o the publ Jord to mania public tutto conideace nthe accountancy pseson, profesional accountants must adhere to standards of [tcl eonduct standards of conduc at embody and demonsate ‘ner, ebccvy, and concern for the pbc fer than elf) ‘The Pilppine Insitute of Certified Publi: Account (PICPA) Seige menbe of te Iter Feention of Accomm (UAC) obiged ad cma oppor the Code of tes fe Profesional Accountants inthe Pipins i lien the TFAC Code of Ei fac Profoooa Accountnts "Re Cole of ies for Proteins Accounts i he Pine ‘dln deep Path cbs feeimena pls of professional ethics and provides « concept famework EEE ee profesinalaccouants bal ply Pat 208 esrb wh Pececpralfemework applies ia certain Stsatons ad ova Shaiee of appropiate safegaads that addcess theese og Complence wih fandameatal prmiplet. Pare B appice SEES atcoucas in pbc pracace while Put Caples professional accounents in busines © PART A: General Application Tac inthe publ intern, profesional accounts hare tabutves mimberof preequsieso: fndamental prince, a Ingy A profesional accountant shuld be strighvorvacd ad inet profesional and busines reltionsaps neg implies aot mesely honest bu # segues Bang Dive bug to fight ft what you beeve is Not eli esis Fone, but man of ints wil anys be wg spesk out and ask difficult questions when the Eeumseances warrant Tetefors, if the CPA belies thatthe Goanchl statements ae ately lending the CPA is aot acing with egy if he emai en ( dsclans an opts onthe francal statement Toe Princpe of sega reques the CPA to stand up for ‘aa be belees tue Aprotessonsl accountant should aot be associated with ‘eformation where he believer hat the informatie entansncotet, incomplete or mihnding state. 22 Obicny “The pnp ofc impos he spon onl otbaoal scounson th fay cee hoot fd feof conics of terre A pofenonal sere Sto e fi and should tor tow pagudine cx Deb, Confit of ites or sauence afar to ove obeygroin sence 13 CCPAS im public practice ma management advisor financial statements, perform intra! sadng een Presinal Comper and dae Cae A professional accountant should aot undertake any engagement or accept an employment which he o she ‘cannot easonabiy expect to diacharge wth professional competence. A professional accountant should continually sive o inprove his owe and skit 19 fersure that a client or employe recives the adrarage of competent profesional sence bsed on up-to ate developments in pracice, leglion and tecbrques. Profesional competence is ied ito eo spate hase oe reainment of professional eompeence dough fovoml edu, proesoal examinee aad 4 puso of experience + Maimicnance of professional competence by Teg nee of al the deepens aectig the poofenson and adopting progam mau geaty ithe performance of profeonal evces tant should apply Moreover, the profetsional accountant should ap Towle, silsandexpedence with due professional si nae, cally oro a8 om etn Apt emt eee tumoriy inn professnal apy Wve ‘eprops waning a 7 a REE es sa Cafey A profession 4000140 shoal reap A Bie iloraton acpi ng Spt rote ad she lice yeh llormain wih spi mony oc unin theta egal o pop tt Jpeee day cn a iain anciestae tent, inoraton Accounans who sequitinformatcns ccicineengeneetesgecnne aes dhvonge ofa and pry oc fr be However, conden information may be sole te flowing cicimmancee” * Sse 1. Dindonespermited by de cient orem 2 Disdonue i required by lw such a compos ibs size sue y= court ince at 3. The ia profesional duty o ight oicloe onfdcnial information. Pot essen ae resol acouaat may dle colt roaon to defend hime if acd by hs ce. Sx spy: nos poo rote ‘ay ao coe confideatialinformaton coma ithe amrinceeview or any veep ‘onde bythe Bead of Accounaey BOA) Prt Bear‘g- Cosceptual Framework Approach usimpostbler defn every cia compliance with Fundansesed penton ME ete threats ‘Giceseblches concep eee Comeenty te ‘rfesonal accountey eH AP oN at ees 1 ten these - 2. nate the sigutenee cecum 5. Apply slegus, when eceseryto cine ioe of tolce them to an sees oak ° Tiseppnachisined fein — — in comping with el reqsenea mad nena repost 0st inte pe nae 4 Thecats (9 Compliance with the Fundamental Principles The ccamsances in which he pfesingl moins pete may ere hat comple wi pnples Sudha lito even of te bowng gee Settntereas Stewicn, Aavocaey Familias and Indo. FERRE 12 Selfinterest Threats the deat thats find or oer Inteest will inappropriaelyiaBuence the profesional Accountant’ judgment of behaviot. Examples of, Ciecmtances that may create selFintrest threat che: (A dict Financial interat ot materia indirect ‘Bnancel interest in a cent (A toa or gunante too om a cleat o aay ofits e.concara shot the pose 9 ning he etn ng en wai anes coi ont cmenowe fp SaeRevew Tt pens jae a feng «condo sot eens ample of chcansices that mi cet lGeeey Sm inode (A mertecof the apgeent iam big orhering ‘ny bea, Scorer of oe et () Amemberot he engagement tam being ohn, ‘een oes empoyer ofthe cleat in poston ek dice ad space infenee oer the Siete of engagement (0 Pefounig sei fo cent hed ec the subjec mae of the engages (0 Pequaonof clad peer snc Sau ox pepnoon of eer cords Sts ‘Ee sbjen met of neh gene (0 Reporting onthe cpesion of rnc stems eg incre nh eign ox iplementn. (6 The dicoery of «significant eo docing evslartion of the work of the profession fecounot ia pbc pce 1 Alvocay Thai ihe het ta « pofesion couse wl promotes cats or pasion ‘the pon thatthe profesional accountants obec(0) Deatng i, o being» Secures in x cen od" OF sho ther ©) Acting aan advo on ngy ligation ora of elient in ‘ohing digas an Familiarity Theat isthe th ‘ccoustant will promote a cleat tothe point tha the profesional ee is compromised. ac thats profesiooat employer poston count cyectiy Examples of cisamstances that tay threat include: (hat may eente fancy (a) A member of the eagages et tam having sa Inmet aly sentence sho ns dieworor tier of te a (@) A member of the engagement team haviog an. ee eae stoutmenplyer sf beumace terns Fesln nam dectnd pane sta Kiam of npc (©. Alormerparnett te em engsdico fcr tne het ort employe a od xe Glin sad signs afurce Gre eae oer of heeapgmest (© Long sevociion of « reios member of te coopgemen eam hh cet (0) Acceptance offs or pee amen sen SSE Sipe om ec Secor otc Spy: EEE ie te ce) sraorhienteanies ironic eh econ so ane oer ptf ecm aH OH ey = 6) ng eed ith in reietegceiains 0 Bei ae 5 at wl pancle 0 url rdacenapropinel the exeat (OCP prone oer ee es © Safeguards [A professional accountant shall evaluate any threat 10 ‘Compliance wit he fndamestl pine Bock uanetive Sod quatre facns mut be cobidered in eating the Sipuceace of « teat Once 4 signfeant threat has bees ‘dented and erate, appropriate safeguards should be come ed apple wv acca Safe ewes other ees a sy iit hen ox ede them to an epee evel ‘The ae of the nfegads tbe ape wil vary depending spon te inBlner the subject mater ofthe srr sogzgeent Hence, CPAs canoes mutt "EPs coving ay psn! dg wach he CPA ve employed ina aaagenent pet To so ‘woud woe the bai conep tone sno sc Independently rating hs ober wn won Serving as an officer ot dizectorom the Bou of Assurance Clients Tdependeace of the CPA simpaie i pres employee of Sem ot network mn sve t an office or a ditetor on the board of an asuanee Cent However, serving asso hogorry ember on the board of aa sesurace cen, wl tin the (CPAbindependence provided that the CPA does 2 prtipate inthe management cr operations of the ‘surance cea. Long association wih assurance clicots ‘sing the sane ieioe pone and/ ond engagement pareron an assurance eaagemeat ‘ong pesod of tine may crete fama eat [Neverteles, this threat can be reduced tan PELE Ea ire tac id cepa evel by mpeing seat toga, see tating the personnel 0d indepeaden, Relig cerews, Furthermore, when sndiing Heat temeots of Hined ene, 118 resi hacked engagement parioers be rotted at least fone every five Years Provision of accouating and bookkeeping fervices t assurance cients. 1A Gem or network fim should not provide fecounting 2nd bookkeping services for an aud ‘en tata publ attest entity. The poison Sf such services may impair the CPA Independence, ox at leat give the appeatnce of limping independence “The provision of accounting and bookkeeping serves to audit cents im emergeney of het Cimualsivations would aot mpa the CPX independence peorded 1 Te cle accepts spony fc the reas of the wosk, +The fit does not assume or make any anager decison; end 1+ Personnel providing the services are aot embers ofthe surance teams Provision of taxation services to assurance client Provition of taxation services such at 12% eomplianes planing, provi of uaa opone and stance the eslaion of tx spats wl ‘ot impsis the CPA independencehenprovdng eqs mune SSE RPOMAME (6 mes danse ee CY Svcs ed wey san HEED ee pe at Cleat ne ec of te cae ee ORE sper, pe ie teen wlan Bes Proved dete apa ee Tn addition independence i wea inp when 8 CPA provides corporate ntce services toa surance cent Hence, services sucha peso fe underwriting the client® securities of ‘consuming busines tamactions in behalf othe clint are not compasble with providing seurnce Recruiting Senior Management The recruitment of sence manage’ for 20 tssuance cent wil sormally imp the CPA Independence specially 1 te frm makes the bimate hingdesions Oe the cone oe em ni pine soomeing nerves a renewing ualieaons ofthe appa sad prove nce thie sual forte po EEE Al ights belongs to respective authors Fees- overdue sue oid impel ei Sista iu pe he ee a oe eri Te ea heal bec vee cep ‘Comtingent fees eoniget fs easgel by +S wih pet ee Semen wl ipa he CPA, renee Tan pfeil ot a tot povide professional services under an emaemeot whey no wil becuse wale ee ding and Fees ae otto be seated ax contingent if these £ gaed by «cour o other pubic authoiy deermined based on the results jie or government agency proceedings Gift and hospitality A proeaionnaecoumcnt should neither accept ‘feo entersinment which right esonsly bbe believed to ve a significant and iprope: inflence on thei profesional adgmeat ox with those they deal with. A professional account acceptance of mote th & token gift fiom a ‘eectoce cet impairs iso her independence‘Actual oF threatened litigation ‘tigation involving the fem ora member of the tssurtce tam sd the nua ney ee selGinterest and incimidation threes The schtionship between th CPA and heehee et be chaceszed by hones, waar ill dtsclonte: Sah a ayageeees ligation places the CPA mad the chen ‘management ina advenaal pons Heacg CPA in pion with chen ms noe he seo to determine whether the spans of gato affecs the cen’ confidence in the autor ‘independence [REPUBLIC ACT No. 9298 ‘The Philippine Accountancy Act of 2004 ARTICLE TITLE, DECLARATION OF POLICY, OBJECTIVES AND SCOPE OF PRACTICE, SECTION 1, Short Tie. ~ This Act shall be kaown asthe "Paiippce Accountncy Act of 207, SEC. 2 Declaration of Polley. ~ The State secogizes the limportame of sccourtnt in nation bailing nd development Hence ital develop and nurse competent veuoan,poucane and well rounded professional accountants whore sundatds of pcice sd service shal be exon, quate, woul els ad lobily zompestve though invilabe, ones, effective, snd ‘cee centze examinations sod through rpuatony mesure, rogeams ad seis that foster thi profesional growth end ‘evelopment. SEC. 3. Objectives: This Ace sal provide for and gover: The standardization aad regulation of accountng luexson: The examination for registration of certified public secourans and ©The sipevisicn, contol, and regulon of the practice ‘of sccountzacy ia the Phlines. SEC 4. Scope of Practice ~The practice of sceumtancy th Include, bat aoe ited 0, the flowing: (@) Pracice ofPublic Accountancy hall cousin in apeson either individ apa or paste or staff meet ‘ansceounring ox suing fr, holding out himeli/nee9 ss ot sled ia the know cuning 0d 6a guid pee, services 4 a certified public sccountany, or beeen endetng, oF both, to more than on ent OFfeting or env sevice ach ether or seca vunting records; on fox vet ce papn e dag ‘alton anderson of acuning opm pene Staceme ar whee sae ne ep vtec reece poe | Sevan to oer nace wine se team aenace sae ca tae Posedesandshe recoding ad presen of ouca nt Practice in Commesce and Tndostry- shal contin in « person involved in decision making requing profesional Knowledge in the science of accoustang, se when auch employment oe postion rogue thatthe heer theca emst bea cerdfed public aceon Practice in Edueation/Academe - shall consis in + peson in an edveadona lasdiuton which involves teaching of secountingsucng management aio serves, aie business la tation, and other technical related subjects Pre That members of the neat Bar of the Philippines ‘maybe allowed to teach busses aw and won subjects Practice in dhe Government ~ shal cosine ina pero ‘tho holds or aposted to, poston in a accounting roeesona grup im government ina govemment owe {n/oe contol corpontons,incdng dove performing Ploprietary functions, where decision makiog requires Profesional knowledge ia the siece of accounting, or Whest 2c service eligiliy a «catfed pubbe accounts + Prerequisite, LEE ci ee ARTICLE REGULATORY BOARD FROFESISONAL BEGUN OY seas aTmyasgpmincel 26 he ni en Bole Aen Sergei ef ene eran cee tees gee scene fe Plies on erence cet Come Receae peer eae serene me nomen Pe epee seman ae tacoma cet ne eee ent SEG. 6. Qutitcuioas of Members ofthe Profesional ‘Regutny Bowed" mene te Br ca ae no ‘fis pcs, pene flor queen 2) Marte ssat tom ssn siento he Pipes 9) Mabe ty ied Ced ie coum wi x(t yam wet pene sy Lace()yunefwat pecan peal pa ©) Mute of god mo hance nd mst not have Ben court of eine thing men arpa Matos ny eine ed oni 20) shea cli wivaiy oan cotta sexe des try fr son ie peo sccmtny or wh rei cae pepe fra sete eet wie Tn tea sec, nesta Aenitson therot the Boa Sk pn ai as rma and members of te Bod al ee berrsiesipeetel harteretestcmrdrn en) sod members of exting rjsatoy boards vader the Comision Sob icey tae! SEC 9 Power and Functions ot Houde Bot tal cree allo pepe cole pnsae 4) Topeecib sd ade the ead eo ec fr cog ote rons of ie Ace 1) To supercise the registetion,lcearure and practice of secoutaney in the Plippines ©) To administer ot in connection withthe dain of ths Ace, 4) To issu, suspend, revoke, or reinstate the Cera of Regan foe the practice of the seonnnncy profesion: ©) To aloe an official sel ofthe Bou "To reseive and/or adopt a Code of tis forthe pce of accountancy ESE a belongs to respective authors “Tomoaiorthe condoning the practice of accountancy red adopt suck measures, saeluding promulgation of “Scouring at audng sandals rls 20d regulations and Hist psctper a maybe devel proper fo the enhancement 2oi Pasenanceo igh pofesood, thie, accounting and ei sidandn Poni That domestic accounting and ‘eg snndieds, roles aod regulations shall clade the Jocemtoalacounung ad svc sanded, and generally ecepd best pacts, “To coeduc a orecight nto the quay of audi of Bases setements through a teview ofthe qual contal mesures inseued by sats in onde to ensare compliance withthe scouring and saci sundaes and prcices, “To imestigee violations of this act and the rules and sepulaone promulgated header ad fr his pups (0 ie summons, lpr and pens ad eifcondim and nips de toi twats Or wines ote end compel, their ateadance to sach investguin of beings aad the produton of document in conberton tereaith: Pri, ‘Tha the Board wpon arora ofthe Commansion maf, sbjet to euch roles and repations that ay be promulgated to Inmplement this secon, delete the et Bodg aspect of ach investigations to the accredited national professional ‘organisation of cere public acount, Pri, ft, “That the Board and/or the Commission may adopt thes Sings of fata may ser, The Boatd may, mat poi in ts discretion, make such sawentaions a der ances to dete whet a) Pesomhs vilted say peorisios of th ny acon [Sraudsing sand ot es daly promulgated by the Boa at ofthe rules governing the practic of accounaney,2 a °% ‘ise scene ad desi ce tog armel fan ts ei ot sar xeouhing omg sundae rn Ae, by the Bosrd a8 part of the rule percent Promulgated oN A digi be EE BE Pt a psi ecomamyt eB a dan peace bythe Rules of Cong Pome fd pres Toprepts, dope ise oe smd te forexaminnsons in cnsstation ai sed prepare quevions or the aearc, sity be within the scope of deo ‘caminaions a8 well as adminis rel of the censure examinadons sili ofthe abees he academe, detrnine amiss cha lai ofthe sabjes fe ‘souect and tla he To ensure, in cooedinaton wih he Comnininn on Higher Eduction (CHED), or ater auhoraed gncraneet ofc, that all higher edscationsinsrucon tad offering of accountancy comply with the policies, saadieds hed ‘equcements of the course preeed by CHED or tice ssthorzed government ofBcer i the areas of cuca, fieal, Ubeaty and fees; acd " ‘To esecte sch other powers as may be provided by aw as velashose which may beimpied fom, or which are meesy ingen co the eazy ot of, te expe power grit tothe Board to achive the objectives and purpover of hit Ae The polices, ceolon, ules aod regulations, ised ‘romulated by the Board shal be sujet to review and 2pprorl of the Comaission. Hower, the Bou cons ‘eslatins or onder edered in nent ase shal be ‘tbjot 9 cevew only ion appeal EEE ete ey ia of te Bett Cnty So eared pen Se aes the dein —telyphrearne ad se eee ln seein ian Siac obese Sa seers cor get Cem sal eae ccc ler oppress leet he ween “unde or Spent or Rema of Merb of SE Goma tet aligns, pon recommendation of the Commission, after giving the concerned, tipper sna arr ce te Com, ype Seay nena o eee (©. Nejnt of y oconps (0) Vindale fay ao fh Acs sd in Papin lee ade ie Cd ee costae Rae cal he wcieiol al it sackets of pete fe said pale (in jndgnent of cmes involving mor turinde; snd (@) Msiplaon oe sggng oF the eered pubeeecountants licensure examination results, disclosure of secret and ‘oneal nformason i the examination qvertons ea heconduct ofthe sl exuiaadon or tampering of fees SEC. 12 Anowal Report. ~The Board hall tthe lose of ehARTICLE my EXAMINATION, REGISTRATION AND Licens une, inc pacer and dates asthe Coy temple wi the requiem pricey ea EE Spaccodance with Republic Act Ne aa, Comminion SECM. Qualifetions of Applicane for Examinations, i Esasnintions Any rec Sees ct ect (@ ina lpi citizen, 18) sof good moral chascer 6 inet ofte dpesofairt Scien Ae Coney» sco es ceo 2S} ‘soe nore be ED een eat seapeal (@ has notbeen convicted of any cimial offense iavring mora SECS, Scope of Examination. ~The Bzearre examination fo ‘ecfedpube accountants shall cover, but ae not mie to, the faloving subjects (a) Theay of Accounts (8) Busines Law and Taxation (0) Management Serves (9) Audaing Theory (9) Aang Problems (Practical Aceouating Poblers (@) Pracscal Accounting Problems 1 ESE erento ected ject othe approval ofthe Commission, ny ah ‘The Board, subi abject and thet sya, and ad ey, revise on exebde 207 Sa the ced ae “361 Rang nt ces saint To be aig C16 Rag 2 ence emanation (0 SO ss hang ee rege pene EES of rae ea em gorse So). pen 5) ea (cee ciate ODO he go fa er ey a end aboreta atleastmarcty obec, see sais Atel aleve Conn epee ed Pde That cas whale a fo he ab Panag eect win 40 Yas ome as Pt fr, ot he aa as Rec eed average of orev percent 3%) te ga ee rave pscen: (5%) each of he 2o to he al be coved s fae inte ee amino SEC. 17, Report of Ratings. —‘The Board sal submit the Semana the songs cbtned by each candidat within te (10) dard afer the examination, unless extended for just ase. (ifea he een of the tes of he examination the Commision Nettent by malig the eng received by each exaince a hi Sajrensleess ug the mating enelope eid daring the SEC. 18, ling Candidates to Take Retesier Course~ 307 ‘aadidce Wao fain oo 2) complete Cerified Public Accountant ‘oud Exaninwtoas shall be digulfid from taking aorher st ‘of cuminaons uses he/she bats evidence tothe sts tf he Board that he/she enced in and complete a least wen ‘ue @4) unio of subject give in the lcerure examina Fox purpoe of ths Ac the examination a which he andiete ves condtoned together with the cemoval examination oo subject in which he/she failed shal be counted a8 oeOath. ~ A successful antes inthe examination $6, ceo poten ee ures seit pefore any Rovernment offical shores ihe on of 20) peton shored by lw oan echo re pleat perio a seat pat oftefeon a 10, Issuance of Certificates of Registeation a Be Ma tetcaton Cant "Nees et ‘ite nied (0 examinect who pas the lemte aiation iwc © payment of fees pressed by the Commas The ‘Silko Repti shal beat the sgnatne ofthe cheipeon ‘STke Commission snd he chairman sn members of the Bae, (rp with he offic seal of the Commission andthe Board, ‘Setng thar the person named therein sented to the pacer THe pofeson ‘thal the prvege appactenane these The (Heese sall remain nl fore ane wd widdew, spnded ox weroked in accordance mids ts Act A peolesional Idersieation Card bearing the repitstion smb dat of ance expiry date, dy gnedby the chaperson (te Commission, shall bkemice be sed to every regia semble ever thee (3) years SEC. 2, Roster of Certed Public Accountants ~ A sstee ‘ing he eames and place of busines ofa epitered eed ‘rc acountats eal be prepeel and updated bythe Board, ‘copies thereof shall be made avaible 0 any pay a ay be lene cee S8C.22 Indication of Cerificate of Restrain entiation Card and Professional Tax Receipt. - Te ceried public ‘etotnt thal be requized to incate his/her cercate of ‘pitason sumer, nd dae of erase, the drason of vai, ‘ahi ce Profesional Tux Receipt suber oa the documents ‘elke gs use ries in connection withthe practice of his/ ‘peo, SEs rent te) Cevtiicate of Registeation ang ‘Cord «The Bowed shall not repter Pa er ot egooniws aed professional entation waalitg smenfl eumibee convicted by» cot of competent Fare ot cin offense volving moet trite oF guy pemmon and ddhoponble condset or any petson of Unsound Sind In he eve of refe to sue certificate fr any £63900, the ‘Boud bal gre the appant a woten statement seg forth the rensos fer such acton, which statement shal be incorporated in the record ofthe Bou SEC, 25, Refusal co Issue Profssioal Idenifcstion SEC. 24, Suspension and Revocation of Certificates of Registraion and Professional Identification Card and Cancellation of Special Pei Tue Boat shal ave te owes, ‘pon note and eating o aspend or revoke the peacttionrs erufcate of eeistaion and profesional identification card or ‘pend bin/her fom the pracbe ofhis/ber professional or canes [ner pei pecmt for ay of the causes ot grounds mentioned under Secon 23 ofthis Act ofr any uapeessional or unethia! ‘onder, malpractice violation of any ofthe provisions of this ‘Acsand i tplementing ue od regulon, the Ceried Pub Accounts Code of Ethie and the technical and profesional stands of postc for ctied pol scountnts SEC. 25 Reinstatement, Resuance and Replacement of eyoledor Loni Grice. Tee Boar nay aero expen ftv Gh yous Eom thn die of roma of neo ‘eghono adpon appa and frees deemed proper Sd mation, seat he wldy of v nevehed cece of ‘epstatin andi Sing, cretion, exempt he Seba or nly enti eed Ace erent of testo w repel dese 9 sl tammy eto ml aly eB ale Cmany ayesARTICLE Ly PRACTICE OF ACCOUNTANeY 1 Prohion inthe Petco, Sapte scons cont or Nee Secon ete kena te Cee {acne cat areraenen, Einaision. S01. Yeted Right: Gere Pee decun Kei Wien Tht Law Peed pe Pawo berber opeyl herripe an egal unten Sonobeprliseiecnetcheetneee sh catego ee Spell corse Saati ge tr $20.28, Liminion of the Practice of Pebic Acomntany~ Sage presoeraod puter forthe rs of pec soma hal be nite ered pbb coma he Fiigpinen, Prd, That from the tect of th At + swat of scetation sal be ned to cere pie ‘Soma in publ pci ony vpn sowing in arince ‘de andl pelted by te Bea and peed {i Ci, ts pth eel» mn peas ening expences ny of he ses of ite pce including xaos Pro rty,Yi he "plemet dl ot apy owe ancy pte een ‘Sedinn pt he fect fs Act Te Sete ad ‘tg: Common sal orate coon reed te practice of public accountancy. perhip of Working Papert «81 sog pepe, Se rma mde weed ble nn, eri tin the coune of 10 examination incising thene Fearn easy cbr entent 0 ne couse ot Prato by sch cro pu noun Depo SAI Teed publ aceon to cent shale ened EI Laspovaeged andra de propery of roche Gene marin th abmnce of weston asecmentDemween Seti pub contant and de cent oe come. chen are eed tobe produced Bough pred ty any cou nl or goverment gly O smiaxive ode SEC. 30 Accredited Professional Organization. Al egret tied pi aecountnts whee aes sppeat in the roster of ‘eed pec aecountnts sal be united and integrated hough ‘heemeershipina one anon restred apd acrediedntonal prolcsonlengusznton of rpstred and cesed cet pubic ccountarta, which shall be egitred with the Security and ‘Exchenge Commission 2 aonpnot corporation and recopion by the Board, subject to the approval by the Commission. The rmembect the ad ntegrated and aceite national professional ‘rpnizton sal ceive bee fer and pegesapporenuthesto Spon payment of required fees aad dues Membership inthe Imegited organization shall not bea bas wo membership in any bother sciaton of cetied pub aecountnts ‘SEC. 1 Accedtaion wo Practice Pubic Accounaney. Ceri poblc accountants and (ais or pataesshipe of ceria public ecountaat, engaged in the practice of public aecoustancy Inciading panes and sft members thecef, shal eit with ‘the Comission and the Board, such regtaton tobe renewed swery tive yeas, Prd, That subject to the approval of he Goraminsnn, the Bol sll promt res and epultions for ‘he implenenation of regietationreuiements inching the fet sod penis fo vieaton hero— 3 at setifis ete rn ovlgted by the Board, nt eon dacasg ee Een cnt wih ge ter oo fesional ganization of certifed public aa! tional seeseitedeveasonalinsttations Fo his pas oattats ta ly Tren created implement Pepi CPE Pema th CPE Conse Sonia atari a ‘Sip ome wee Bet OT) me ‘nh wsed profesional. ment aoc or Seeplag wih he no cyl et ‘a blr bons inching maa psa ‘eopaton sea ‘ao by the Philippine governess wih ater conte A recs vo stackieao the Phpptestal etbeioedionees ‘znotate inthe Philippine es he/she capone thea ered by the Rules of Core hat, by spec provi o the sat of which he/she nen, sg cada tat of he Pipes he prac of same pe $0.5. Coverage of Teinporay/ Spec Pei. Spi! “xpoin prmtnay be ied ye Bean je wtp 'beCommssion and payment ther thle speed “hej thee ote foowang pone (9 oxen cei ple aecountant cle fx coneaon ceo pee pune whch ine gen of be Ds iva frie deepen of coun, Pia Tat EE rience cers tied only for he parila wor, Pde fr, Tat there sno for seh is/ et peat shal be ther bee beng p Bitte erated puble accountaae quslife ‘onsulation oF spe Pup nig ered pbc recone epg rte, ein cei it cet scram) eda sec rhe geen» conned Line 6A fog ceri pb scott whois an interna (©) A fede ert wih apecinzuo in any branch of TESEEinngy nod ha/bee service t essential forthe ‘Stamnes of secoutncy a he FRE ARTICLE Y PENAL AND FINAL PROVISIONS SEC. 36, Penal Provision. - Any pesson who sal wc say of the provisons of this Act ce any of i amplemenig rules a repaltonsas promulgated by the Board sje tothe approval of ‘he Commston, shal wpox conviction, be punised bya fe of os len ify Shuman pero (5000000) o by impsisonment for {pened at excending 0 years or bot. SEC. 37, Implementing Rules and Regains. - Win nisesy (0) days ater de efleciy of th Ac the Bosc, abject 0 the Ippeorl ofthe Commision aad ia cnordination with screed rEoeal potesocal oraniznton of certifed pubic acount’ ‘hall dope and promulgate roc rl and regulon to ary ost {he prowtions of this Acad which shal be effecove en (15) Aap Taowing Ue peblicason in the Of Greg ona. ot {dlp newspapers of gener cocubson. SEC 38 Inerpectacoa of thie Act. -Nohing nis Act shal be Conssued to effect of pevent the pacace of any otber legalhme ie ste shee pinay ott Ae Ay csi ee oftcers of national provincial, ety of munici =f ca eet mad pean jedsepesetaiethallact a ‘olde Bou nd shall render legal stisunce ss maybe sere ‘Bean ou the provisions ofthis et “ pen ig ne Cio, od stecnntne oft tena ne Senet be heaters ee “Te Box hla the Conssion in ing he ppopeite class trogh the eoocemned protean ofe in arcontance thew ad es of court. S86 40. Funding Provision Ts chipeion of he Profesional Regulation Commission shall immediately include in the Cenmissions programs the implementation of thi Act the Reding of hich shall be included inthe azaual Genel Appopctions Ae SEC 4. Transitory Provision. ~The incumbent cian sd ‘nena ofthe Board shall contin t serve in thet respective Dosons under the terms foe which they hare bees appointed uncer Pret Decree No 692 without the need of new appoints. Al gadates with Bachelors Dere,mijorin Aecounting shall Ue alone to tke the CPA Liana Eamon within £9 @) ex rm he flecvy of tio Act under theres i eabtion® ° he promulgaed by the Board sobjec 0 the approval by the REE crt cnc ‘SEC. 2, Separabiiy Clause. If any cae, provision, paraph, fe part ere shall be desged unconstitutional or vad sch adgene dl ot aft ivadat ox mpi anyotber pat hereof, Ft te merely confined to de doe, provision, paragraph o¢ par dacly involved in the controversy in which wach judgaen os been vended SEC. 43, Repealing Chuse-Presidenisl DereeNo.692shery repealed and all ether law, ordess ules and regulations or ‘esoltons or pats thereof iaconsitent with the provisions of this Acta rey speed or modi accordingly SEC. 44. Etec, - This Act sal ae effect aie fen (1) ay loving is oblestion in the Of! Gage o in any mse daly newspapers Of gener ulti. [RULES JND REGULATIONS IMPLEMENTING REPUBLIC ACT. NG 298 OTHERWISE KNOWN AS THE PHILIPPINE ACCOUNTANCY ACT OF 2004 AND FOR OTHER PURPOSES RULE ‘TITLE, DECLARATION OF POLICY, OBJECTIVE AND SCOPE OF PRACTICE SECTION 1. Short Tide. ‘This Res snd Repsstons shall be iknoan as RULES AND REGULATIONS INPLEMENTING [REPUBLIC ACT NO. 9298 xherwse known athe “PHILIPPINE, ACCOUNTANCY ACT OF 2004" SEC. 2. Declaration of Policy ~The State recognises the Inmpamanee of arrntnr in ato bling sod development Hence tall develop sod nate competent ituous, peo spd will unded profesional accountants whore sudasde Of acace ad serie sll be excell, quale, world clas #4 taba competive troughsi tineiituan tea ensign at cetoticstheIislative intent in caning te ea ™ S86 4 Obs hi ha ere ag 4 The sandudntion and regulation of een chon & The Suntan for neuen ‘accountants; and. * Tested pat «Ther, coal ed pion oe peo ooo haga $26 4 Spe of Pret, The pesto econ Been ncaa Rts Acowmene Sa cnn enn pager men ear enema ser eatiettermmeler eae a Fagan a et wa lama sana any eee pietiean sana eeerant parepmeenre mopar gy ore ecsatan talnceaetc es ae 2 ede errighenttnineemetiea menagerie pad a of repens of an lee thee ni oe ee iene as eee th ete te wed reeerenrnd oeeee eta Simca akeyerose LEE rien ected ss tl thin + en te a Slee ce eno + ohn belts Ficy on tax and other mater seni ae i ten + iene ee 1b Pract in Commerce and Industry ~ shall constite in y “oroled in decision making requiting professions, Tnowiedge inthe anc of accounting, 16 wel atthe scot epets of Seance and tation, oF ‘wien he/she repzetens his/her employer before ovement agencies on tx and other matters eed to counting, oF ‘en such employment ot postion cequires tha the Inder tof must be «ceed pubic recount Je thi cones, ty postn in ay busine copy ime pve cr whch ees perl the medg of Gna wancions popeeoe ‘ancl sateen, cocdinang ei he crs tos te ad of ach fea tet Cle hed eon sl esc ots ay ‘teed CA Poni, Ta he ner cay hee heave pon esas pln ae ‘ie ie por.) sms of seen Niloa poe 10Q0OE86). Paid Ps Ta he pron oo ao to be employed after the effetivs ‘of this Rules sinatra reat ease oie de ‘0 he potionpacts Aen ay Pp os edcnon any emia ‘rong ning map ec Sot pc of tan Sih sly ced ant ts Itt Tamer ire re me Tse ahead cauitalet that sapervts the Bach of Secs See eres conics corse registered CPA, _ 44 Poo inthe Govesnent~ stl conto a pea |. who holds, ots apoined ns accounting peta ‘sep in goverment orn govemmat ened and/or consoled corporstion ielaing thse peiformog ‘ropietary fanction, where deciton makog see, professional knowledge inthe scence of acount i where a civ service eligibility at a ceruted poblie accountant i a peeve. SEC. 4 (A). definition of Terme — As ws these thes and ‘plains, the flowing terms shall be understood to mean at flow 2 Adc Natonal profesin organ of Cried Pubic Accounts ee APO — the integrated maton poesia ‘etizaion of Ceri Pubic Accounts screed by the Bowed andthe Comision: loc No. 5 The ii Acar A of tod ite subsequent mendes © Bourd or BOA ~ the profesional Regsliton Bostd of Accountcy of the Poppies cred ude pbc Act $296 EE eee rod enon who holds « Pac ccoutnt oc CPA = oat t 1 valid professional ToS Gees of Bed by ihe Commission opon Hei (ard a mesh saan Se ey ctl reece ‘such isseance, incloding in appropriate cases, having, passed ole amine To a ns eee wn Sued Ce ok Ne Seen oe on ae oon tengo Pere CaM Tite troll canbe deol Fire Cae et ad teen renben dal aa Fir netgear en he at sere we daly areed to occ Poe ee acre Peau s acow nieces Cee rer ncsen bye Bon gaig qe taanier compied wth al tell sod ee as eta Irene cling poet atypia er roi acme li ee oe cmnen Dec, pt Fear oe eae of 200 ts etre cine tna rlwon ne erate anime Ber trad epee muon onion Par pics cae det Rep Act 8 Sete etnies apgalt ue pore pte ace ta egaes aocee Soret TS coset pl reset pg ne Pec eer ier ene ri] Lromaie peer poepen ren rer rE Reece ectseperate fe = arabia ma ee racine ean res pe my re iaey orm ich smn secu aa Conta Se pe integrated national professional organinaron of Cenfed able Accounts accredited bythe Bord andthe Commision a et ena epicenter fect lrg ctes ta expiry dite, due for pesiocic renewal uly signed by ce ge ee ere ot ae Pe atria ame ands Soopers po ees eee Soa meine ne omts Oh ee See oma eae ee hee = Fea ty al en pees steely BS ee pee ad PA, cole propretor or partner as the cae maybe See ree Mt se ee eee Ses Selengeme cane soem ime irate mao files and otervive ESE ee ac cd RULE PROPESSIONAL, REGULATORY BOARD (OF ACCOUNTANCY “SEC. &. The Professoaal Regulatory Board of Accountancy ‘Sndin Conpostion- Thc Boat salle composedofachazman ed sx (on wo Be appointed by the President ofthe ‘iipine en ist of tee (9) ecommendees foreach positon tad faked by the Commasion, fam ast of ve 3) nominee for ‘ach postion subasined by the APO. The Board shall elec a vice. ‘hac from among members fra erm of one (1) ye The ‘Gizman hal presen ll meetings of the Board and in the event Sta vacancy nthe office of the cham, the vice-chairman shall ‘isune sch des and esponsblines und eh Se asa cama 1 sppoited. “The four (sexi the pace of ecountncy shall mach ax posable be gunbly cepeened in the Board The Commision in ‘oomltadon withthe Bons! sal alee nee 9) nominee fom those recomended bythe APO sad submit such Est to the resent fo consderston. SEC. 5 (A) Time ot ebminion of romiatio 0 the Board bythe APO." APO sh a emit ih demesne the Crain oti han de per > theapy ef hess of teen cco tere te Soul be atgute donner show the ufo a pay alpen ray fe mie tee msn Jamin te cmt ofthe nomies ad he Sear whet e/a blogs If he APO fae abit fo ‘omae() the Comin th the requed document ‘ii te pnd ped brs he Conn conndason ‘rah te Dad sal bit othe psn st of ee @) Tone focaccia ponualitications of Me 6c, & Qualifications of Members of te profesional ne ~ A member of the Bout Bee ie te of his/her apoitnen, poo Sanat ste nm ian ae be pins Masthead tepid Coifed mks ace sa taste (ye fo ene Cf cooeny Heil Se tomimedweptes foreach sh coment and mein ea open «Mite of ood metal cc nd mut sot eben erica of canes neh ana ape 2 Moot ve ay pce ine ty inden sn schol cole, vento ton ce (Gini ogee Sco einen ee ‘omnnc whe) trios ve pas fe trecsrnnon a bsg srr one a iw tes nener of be Bayo sda ot ‘hein fhe mpm te Bes Metso be+ Disco Of of be APO in of 15 paneer Pride That ifthe Chinas or any member ofthe Bonde sal a actve practice of pub secountancy or conned wth sy lc i commerce snd industry or nthe govensmet, 1e/she must go on leave dung the pendency of any cae volving himsel/ bere, bs fem, parmeshp, company or tevemment fe, oink inset eel completly ina he wages ofthe proceedings heen $20: 7. Teem of Ofte ~The Chia and member of the Board Sh ofce for erm of thew) yer Any wane occasng ‘inde tem of & member sll be filed up forthe wend Fecion ofthe erm only. No person who ba sezved wo suceive ‘plete terms at chaieman ot member shall be eligible for “ppicement a chaiman or member wl the ps of one yee ESE iciecenrs Peconic gin can ppinneto pam tegen be oni Aer hn pin salem Bod {me hres 3 yo SEC. & Compensation and Mlowance of the Board - The Sra Se member ofthe Board sal seve compensation ‘keStoanct comparable ott big ec by the Chirman “id members of exbung sequltory boards under dhe Commission 1 pronded fr inthe Geneal Appropriations Act [SBC 9 Powers and Functions ofthe Board ~ "Toe Board sa cas acolegal ody adsl eevee ellowing speticpowes, ‘inton ane responsible: To pretibe nd adopt the rls and reguitinsnecesty for upg out he provisions of this Act. b. To tupereice the seutation, heeasute and practice of sccoutincy i the Palppines e. To nimatser oth in connection wid the adninistntion of sis Ace 4d. To at snpend , revoke, of reiastate the Cesta of Region for the practice ofthe accountancy profession, ‘e Tosopt a ffi fa of the Bona, Ta preusbe and/or adopt Code of Esc forthe pci of ecmantney, 1g Tomontorthe condions fect the practice of accoutaney and adape such messuces, inchiding promulgation of counting sed mulling standard, rales 908 elation ad bestprcece 1s maybe deemed prope forthe eahocerent sd matcenane of high profesional, ethical, secounting 398 tucing standards; provaled. That domerc accounting sd tding sanded ules aad ceguations shall include the internatonal accountng end auditing wandards aod gene seeped best peace To concoct an oversight nt the quality of audits of franca stements through a seview of the aly contol messes isnt! by autos inorder to esate complance, with ttpager a, ‘eer etl ee eo Spt niente ates, i inn ip ma sshireitonorbeingind epee t jn eonnection therewitht Preup a alo the Commision may ape eh Bom upon veh aks ol det he fc ioding aspect of sack ete scrabtednatonl profesional onpminenat eae decountts, Prt Farther, That the Beach ae Camis ny hn ays “he Board may mous propio in detonate nc svesigaton a idee neta dese Sate peso hs vlad ay roi ft span trroling daddies dh prong te Boos patof te roles gover tbe acre aesne kh inv + cese or det ener any peson sin, stersip or comporstiontegaged le wleson of amp Frorson of RA No. 9298, sy secouning or mdny ane or es dy rome bye Boe prt of the rls governing the pace of ecountane hte Rilpines Toputit fo contempt of te Bo bth detainee, inten wt te pent pin ofl pon pvc by te Rakes of Cos Toprepce, nope o send the sabe sje feexamon in oan withthe tee a pep 'N THE PUBLIC {REGISTRATION (a) Wii ie (0) dys fom te eine shel len plo ode Chae Sa members threo, Heme ene nee Foi s elf meen ot ae 1 Csinchuing th pate anal ea ey ‘ho fh ae not yet peed sade tee ‘pubton procthed by Bed Rasta cat 90, amended by Boal Reta Ne eho of 22 sal ee vah he Bed vale Cosa ia teats pode fra pga ieee oe ‘ctr nd nda Che fa wih conse tod mpomiin vedas ot fsgladons need to rebeie ony he addi teginnen prea sls tdpos shin cney 00 defo be ce da hema. The eg sal be val fap of te) Yond may be neared tery de) po ice September 30 o ey of sy sen Compan’ of tremens rode oer ‘eles and reguauont The geen one roe ing nay month he ul 00 thet year owing appl ft pon ‘friction of ABC and Compaay CPA+wsapsoed fn July 3, 00a, the epson shal ex Decor se ha Be oe enews) he 31,2004 Se roe Cie ® ‘a ca ocbefore September 3M, 2004 forthe thee ea pesiad egloning frase 1 2008 and sal apply oF ot before Smo 2007 for te ot thee () yea peg Tegining Janay 1, 2008 and s0 Forth eth hen it aR eee Seno esmerporeaaiel seen ee ae nee See aon The spinon fr repitaton shal be accomplished in she Form preseibed bythe Bourn peas end goed bythe appa Todd CPA, zoe peopeeit Of the applica Firm or authotzed perter of the splcast Putz. The appicrton for tepsuton shal contin such information se maybe reused by te ‘oad inching but ot tet, he olin mates i. Name ofthe Indu CPA, Fit of Patek Jn the ie of an Individual CPA, he/she shal do Dusines under hs rete same withthe Board nd the Comnission tn as prised in his/her CP, sexi (“Jun del Cran, CPA In the ee Of Fiems, they shall do business under their ‘espetive ly etre nd aathonsed Fam me {ppaning ia the regsuason documents inact Py theDepstmentof Tadeandlndusay (DTT oF) over proper goverment office) an auth Fett ‘hal icine the rea ame ofthe sole pope os ‘ned in is CPA cerfete ie “fan dea Cut ‘sn6 Asoc) or other sms Fim names IntheSp in ce Oe caren uteri sche fn of Up emp) eee ea a ACPA sal pectic al os axe nae rec er ow ‘Philippine laws and shall noe oe ne ints pecs or ‘the type of organization (peoprietorsify oe Perneahip). A partner sundoseene ee, ‘withdenwal of all the ochee partners in a Parnerthon ‘ay cominaeta paces ee fogs period of not more thn we Gye, bicoming ssl prope (its mex arene before eaching the end ofthe twp Yen poo, the reson sle popes i he/she ese Practice ners popaconipformel spate Shall change the old Parineship ane ory Todividua CPA or Fuem sine subject to he vison of he nt pap been Name(s) of iadividaal CPA, sole propsetr or Partners together with copy of bx /her/the professional idenfcation ca) intel by the ‘Board andthe Commision, Cried copy ofthe erica ofregtaon sed byte SEC cies wit he ceed eoy of the clerent Aticles of Pane fr reed Drterhip or the ered copy 9 the Darter for unegatered paresis ocerfed copy ofthe create of segstaion of Fema ee ee si comple bis and posal ate, tephone a ete monbc, ca a> wie sails cd ting nae. ste my im Cried copy of al business pei sued by the Joe and/or sana goverment Cert cop of ne document showing the Content comes hong ee teege crt nay nny Se et at cbt stent ‘Safer esis mtn, email sion sod AS Ste The doruments sal be tarpon ape des ese of reece dea eaten wenberip or Sse dking nd wa the pea oan SEs ect icodng he epee ‘Sige nd eh of he long CPA crt he faba Ch ged vows Unie na Bcceceastnid cries aay ‘ember tbne deg wi eg CPS itso tr be er CP oe np he proce of ple secosnacy a be pis So/ech sdk ep av ened lpi CPAs (exept the authorized forign CPAS Seema ance Sede Bnedand Ue Comrnin Individual CPA, sole proprietor of the Firm and tina utero be Paci hee bes tach tothe sppition for sein ‘orn Yatement stating that ~ he copy of he sori document showing the comspondetrelasonship membership of eset desing, with the focgn CPA ie he ‘hl seprdocion of i Teerthe f orcgn CPA ig (hough the ge 89 dcy i Change ay ia the or management of te ea Parmer the ne etl CPS, Fa ot vill Certified copy of he Code of the fide CP. sole paeartip shal dy overnance of Poo Commission. fe an “lr eet ce Conte ine guy me pa ig Iinplemented to entue complance oh ae poteoal thie adele nds egee Of the practice of public accountancy the Java CPA, Fam ox Parents udetgone suai surance svi by the Board ony Suthncaed eepiscamives, ori eayeeatee prsuar io Pangapte 3), ©) a heat Ceri copy ofthe report of ch even sal seached tothe appzaon fo gaan EEE iene od arement bythe indidal CPA, sole oe en ond me tet cei at i dal CP ad a Paree era he sole props wd sa en erica te pares dst imei te Patani 3 cave a, sm icine psa 1 thei re cereal ly ie pres a OP undeooe sdeunte 208 fective 8 om xpons ceed by Sn erry is esly suthonzed ao routes ona he cent ing, eng mur, code of ec as TS hw poet oe 8 elton, ‘Sedu meant especie code of sod oer ee came feet requ nce patie of pate ‘Pr dre ce profesor head ‘SS sunt spore ih eid ear erent) of aenaarce or my {oa fain puripaton in and pst BP aegnyeaefetnens of uh ag sworn st tn he eve ofan Tia CPA nd Fem of ontop of CPAs rpg fx the it Deion af moron al be compas Siem suet ye ndviil CP, le ctr of he Famod managing poe fe eR wenn arte lnc CPA, le opie of te Fm, and al pares of rcp fa Gave) on thee () 289 of angel epee any tet of HE acice eng anon defied Seon # Rictefthe RR nd sac othe wor se 1 dene deseapton of uch work expen Of ‘he adel CPA ele pop of te Fe ie pnts ofthe Pees are FA rigs belongs to respective authorssi. Sworn san iment by (@ Any change with respect ro the mater nase in Paget (sould be opr nn Bout Sopy faith se Comes, within i (2), dave Gon opch change. Renewals of Certifies 0 [Regitinon sal indeatethe plc since the ht ein proacore ts Indi pq ro st Pa Cpe Arama ac aff me 09, roe PA and al 6) OF the em ant 294 the inci ofthe parmesan ar an UE the Invi CPA o ay of habe menber@), ofthese punt or spat eset tember) of the Fm omy of i proce Sal member of te Dep i a cae of ch un, he pp eae eh. Fem or Pree sal nacht ee splines fo seo, ecm ure IR deol CP, stepper ote Fm ot taping pet fe arp ang ae Morea tenn) bers rd soe {ete and pect tno eh cea Be Storm sttewen! forthe fermen and Consideaton bythe Bossd andthe Commission, anges tha bave kon ea er tec © o “the Boad stall duly authenticate all aplistons for a a a pres fem, 0 fice beng eee eh cso, ha commend the Based wp eh al or el hol a8 han Seren erect of frei ppexicn Ori (hes with comple® #04 proper ocamentry requirement). “The Tindal CPA, Fim ot Partnership of CPs dy registered unde thee eied ules and teglations shall tuthave ais owner, cle prpsear, pane any staf threo, ang freiga CPA unless e/she qualified to pune ia the Philippines under Sections 34 and 35 Fre IV of RA Na 9296, and/or other relevant ws fndbintenland/or'mlesterl agreement or teats. “The Comaition shal upon fvorbl commendation of fe Bou, arse tothe appicane the conesponding Cesiate of Regjintrtion to pracoce publi accountancy Unk sooner revoked, cenceed or withdeswn, sid (CerdBentsofRegtraon sal be ali fa thce (3) ear spd subject tothe provisions of Paragrah 1 («0 (@ hereof, shall be tenewable very tree (3) years upon payment ofthe fees ia aeconlnce with Paragraph 5 (0) hero ‘VOLUNTARY WITHDRAWAL OF REGISTRATION/ REINSTATEMENT (©) The Individual CPAs, icing staff members thereof, ins lg ek pan sn a ees i a Con a ae ‘sini memes tet noc ete Se pce of pubic seaman nay slg ‘iw thee gion by fing ih te Bow peti ia wing ting te en) theft Te Petion shod be day steed ond ey® © @ Individual CPA or any of bis propscor or any ofthe salt ne partes ofthe Parner or ap Salt member(s) thereof wha te weluiany withdrwel of pang M86 fo the esate isdaemblteenasy race epcestey cent pan iin oe eacygene Fron Bree aos nal pete dee en one paconenon etree sae Scene lett eta ee aioaceg agente Fe ete ot cs ‘of the withdrawal of the registration wa pion eset ‘lel of regutaton, he poo aah es Sapeegeetetsaeat ‘The Commision hallpulch hei of dvds CPAS ‘nciding staff members thereof, Fes acai the sole Proprietors and staff members thereof ot Pattoeshps Of CPAs inclding thé parcaers and saff members thereof, whose registration has been canceled ot widdewa and shall famish copes of the bt to the Deraneat goveznment seguatryagecies ‘The ndidal CAs icing ey of the a bers thee, ms inchating the wl ody of the waif members there oe Partnerships of CPAS ‘acing any of he parte nda mes th at had yountany witdrown thi estan, maf ‘epee ew by fling ao apple sacra: wih Paragraph 1 (a) to @) hereof EEE deinen reece - 3. QUALITY REVIEW i) The Rear sal saute a «condion to restatono- © peel hel forte ira CPA Fes FeSipe of CPAs wo undergo quay review in soch deny speci proved owes, ha sue 3 the Boa a clude rextontblepeornions fey ooh equsenest regan shown t/t hn Eee anterery quit ew performed for weeRite wc nay ql Se ate made opera ld CP, emer nme (0) ‘Therein hereby cred Quay Review Commies {GRE to conduc on orth nto the quay of ae ti foncal sacmens trough + siew of the any Congol meaner mtt® By Inddo CPs, Fem SPhrenehps a onder to eanue compliance wih Sumingand ting onda pretest satin Ruel “The QRC shall be composed of seven () enemies with chairman, who hed been or prerendy « senior Fractitionet im public accountancy and sis (6) Eprentnve rom the flowing: i. Board of Accouancy 1 ii Accredited National Profesional ‘Ongatization of CPAt Public Practice Academe/Edseation (Commerce nd lds Government Teal ‘ae Chaitman and member of dhe QRC shal be pps 'g.the Commision upon the recommendation oF tH atin cooriton withthe APO. The QRC shall m= TEa anal ecw ofthe MPO of he ‘ay fecommend tothe Bond td Ce Sou Ad sinble representation thease Comin (Chairman and the member, ofthe (3) years renew (6) TeQRC sat ave he flowing fons 1 Conia gut ie csp SSE cma de which shall be atached eo te apiece Zegistation; i Recommend 1 th Bod te roa of Gere of Regncncon md he pe Mesiftion ad of sa ntl CR ec tn7 ot haha wal mene, Fem sc po dy of sal eg ti farmeipeot aca ee 4a menben test who a oe bee ae ny conte mess sa wh ts sro Sih the mands of qu perce eh fier of ube nobel be et oe {he ORC eocsccanpnh hated ness Kee any eon ware, he Boa oro oy tuts epee cosa eregoed uly oe 4. DEATH OR DISABILITY OF AN INDIVIDUAL CPA AND DISSOLUTION OR LIQUIDATION OF A FIRM. ‘OR PARTNERSHIP OF CPAS The death or dati of a Indi! CPA andthe Adsniveon and ligation of «Fim or Parent of CPAs Sl be seponted to de Bead by ony desiaated waif member ofthe Iodidual CPA, the sole paconer (oan deste ‘ff member ofthe Fm incase ofthe avai ofthe ‘ale practitioner or managing pater ofthe Pcseip (or ny designated partes ia case of the uouvaabty of te EE ere tee ry emg pr tine a iy 27 Fe ee on. Te FepOHt shal Se a tens a tang te Bowl wit coed i Fema aon pe id the or i a wot eR Sor mason sal je oe Se a eater minal CPA, prop Se ea te Fu o Monn eas oxen ler Pet othe Pl Provide here FEESAND PENALTIES prin gon lw (0) (ect sal be bec te fe of Oe ‘Ronund Pm (0000 or track ae sours Cana poe Subj very the Conn pti on Sey ofc he Boel sal pend ‘de he CPA Cetin Crit of Regaine {Sd poten deieion cdo naar PA, ‘lepope parser orm athe es apc i coe yet at tre of he Cate of Bia for Pofsioaal Accuntels Palppioe Jemevoney Ac 00% te ere play er sel rss th Gry re, eos ‘olan of he oud Common SEC sry oes Flay ose) or anya tht doesnot comm Oe el Sao chal ah Flin of psc of pb coum poi iit actor son commited conanasg) testa en pntate der RA No 998 and Tl or other exiting pesal law, che pty ot put ‘eponsible shill be proceeded apeinee coal Inkpndess wy sab den proved ©Cie a bad ne oer members thereat rye al CP, el the srLATIONS IMPLEMENTING SECTION sod walt members therot gad 3 prop HUBS AND RECT ARUBLIC ACI NO. 2298 OTHERWIst inlading the partners and tt Pattaerpe of ARTICLE 1V OF A LipPINE ACCOUNTANCY ACT op Seen mage a oR BOUTON — cot _ fegering with the Boe eg BES With f 20m COTM cPar IN THE PRACTICE oF aang to eta in he ACCOUNTANCY sscounnt atc 7 tthe espn so ie ECTIVE, DEFINITION, NATURE, AND it, Con eee 3 a. crEoR) sca Ee epee pk cqaouser Sethe of pala ae tal ar tee ben rome acme iy pre i ce eaame he consmes ecto peowie and x ofennnal with he atest ends ine comme hd = * ‘aladividual CPA, Firm vfession brought about by moderni sates nee mets re eh nen orm | ee ee cin Giving any misrepeesetation to the efit that registration was secured when tah sein ct Fy ining rofsona Sees, SS an te igh snl wer scares iT a pac fb pon vi Failure or refusal to undergo qui eview pied fe EER. Retenion globally compestin a inPangapis 3 (0) © so (heel sa STE Root gence wle oe pa vi. alle comply with the regiments provi ateeageey 1 Mer () Definition — Continuing Professional Eason CPE) Joke to the ineienon asian and au aowetge ls, proficiency aad ethical and ne alos afer the inital egitation of + pofesseel Tine and eahance the professions’ echnical Sl onmpetence, 6 REMISSION OF FINES OR LIFTING OF SANCTIONS IMPOS Sib to the approvl of the Common, the Board may, for Ista eons, lift the sanctions imposed 0a Tadvil CPAs, {eile any naff member sheet, Firms ineluding tic sle ‘i pcow and/or any salt members thercof of Pates ‘Shing hie paines and/or any staff zmembers tok a arte The CPE progam consis rope Pi toe asco stn the implemen of tegaes the parca of dete profenional to meet thereat of ‘Paaringand improving roe the of he penn, ar a f ant es nen, FF5: Digtal Aosounting Books PH(@ Beonte-rk compen Feel ona ew ae of prtcoce oftheir peofestion, me the te CPE program THE PRC CPE couNcn; COMPOSITION, TERMS OF OFFICE, MEETINGS CREATION, IONS, (@) Creation ~The Bou pon approval bythe PRC sa «erate Counel win tty G0 dae bom eet of his colton Thi shal be Lacuna he ano oune which shall rit the Boss in mpeg CPE program. “ (©) Composition he PRCCPE Coca becomposed of chaipenion of 4 chaipersn and two G) meet ‘The chaisperion of CPE Coun stall be Choner fen, ‘smong the members of the Boutd by she nemo, shemuclves Th fit member shal be the prides bik/her absence or incapaciy any cficerchoses by Boaed of Director of PICPA. The second mane hel ‘bs the presides of, in his/ber absence ot inespacty any fcr ofthe oxganizaion of dens ox departsent feds of schools, colleges or universe offenng the deses ‘euiing censure examination. Inthe abssce of ch ‘orpanzition, che secoad member shill be choses and ‘sppoined by the PRC Chairperson rn t kas tec) sscommendees of the Bosrd concerned. Sid ‘ecomendees shall be wellknown acadeicans (© Teme Oftce— The remot offeof echipecn ef Ge PRC CPE Comcdsal become Serincumbenc inthe PR. The fet eer Save Sermof off coermins wih fhe nambeny ‘officer of the PICPA; the second member shall have 4 Eee en erin wih rer nba sat os ean of eas oe hat of eS om fist member and second oe eae fan te wach the PRE os ‘or election of their Co eeu CPA or orate {8} Esercise of Powers and Fonctions - The PRC Pe tom ome poe ed Shel gon ey ve xe (eta i sa nce al ot etd te folocng J eppistions for Accept erate and sppsore app teqetaton of CPE pores ii Heeepe erate aad approve appistios for ‘can of CPS pop aca or sour trother ones tne profeion ad demic ‘heoumber of CPE ci ula tobe ered on he RSS a the contents ofthe programs, nxn source sited by the CPE provide. tk Rewepy evans and appre appctions for tom CPE equa ix Neator te inplenenton the CPE preven of ti praise Oe ourcee x Assess pesiodiealy and upgrade eitesa for seein of CPE provider and CPE progans "Peco such oer med facto hat maybe incidesal implementon ofthe CPE progr or poles, {e} Functions of the PRC CPR Council Chaisperson The FRC CPE Council Chsperce sal have the folowig foctons i, To preside over the meetings of the PRC CPE Covnci. ie rE oraii Tone ge of pd tha 50 dp from date saree me i Tosubmitannal repr with this Guidelines as well 8 Well a cecifiente of accrediation of progam cvs nd wanes Seeretatal- The Chaipetion of the PRC sta appoint a offi with tack ot oer hao Dae (Chef who shall act asthe Secreury of the PRC CDE Counc. The designated oficial may purspte nthe deletions ofthe PRC CPE Counc bt sal ot ote “His/her duties and fancone shal ea flew. 4. Bosure thatthe ssins, mening proceedings ‘of he PRC CPE Coun ate conde i. Peepaze the minutes of al the mesings and proceeding: ofthe PRC CPE Coun ‘Receive applications for accreditation of CPE providers, progam, scvieso aces ix Sabi tothe PRC CPE Couse eppeaos for scteditation of apg CPE Provides and CPE programs, cries or ouce, + Relate Certs of Accediaoes to CPE providers ad prog, acoso sues, vi. Asi the PRE CPE Coonel by proving revs statistical data on the reneval of profsioos! eens and oter eared masters aed ‘The Secretary shal execiser gene supers Sta wo sal be ental ores the PRC CE Come ie sions of credit writs came Release CPE Ceti oe fhe LS ede ie Sic es Se open Mods ofecredted CPE providers, on a eas ete {@) Mecsngs—The PRC CPE Counc sal Hol repr Freeing once mois cn dts tobe fixed by id Cue ‘Sj cigs nay be cle bya Chaperion or upon ‘risen request of a! leat « member of the PRC CPE Crue (b) tevotvement of PICPA.- The PRC CPE Council i he rect ares any delegate to the PICPA the procesig of th aplenion, keeping ofl cord for CPE providers snd heir revpecaveprogeans and credit units caced by ‘ech CPA who ava of the CPE programs snd tele fancions. For this prpote, the PICPA may create oumerpat CPE Counc to be known a8 PICPA CPE Council tnd may ask for temburrement of seasonable processing Fes ze fom the applicants apat fiom the accrediation fe that she uch aplicatspay ety ‘wth Coramision The PICPA CPE Coun shal keep ‘ace bole of cna fis expres anon ‘lected fiom the applicants and make a monthly sport ‘tet tote Comision through the Boa. Any exe ‘lection shal be sed exclusively as working eal of ‘Ge DICTA for te CPE acts, EacAITERIAFOR ACCREDEy © PROGRAMS. activirigy ONOFPRovpy EQUIVALENT Rept REQUIREMENTS, Ex, MATTERS. (0) stesso Acediaon Ino the following esteia sal jx Dien For CPE Programs, activites or sownes EMPTIONS An GT er mise ‘ong ie Must have adequate, modern instueondl mateo sd activites, tnd updeted othe CE pegs Shall have instructors, lectutes, cinots and resource speakers with good mora chasers, ‘echnical competence, flitton als sad se holders of earent CPA fens, ‘The scope sal be epond th bic pepuon for mission to the pace of he poesia Te ontets ball be leaned ut ot ie, {o the practice of the protein. ‘The progams actives or wources shall xbsee Ae competence of the proton by pang ‘nd updeingimowlaig dss or the pace ofthe rotesion as brogh aboot dein ‘nd sina ad techie erences i he Profesion EEE iret eee J Aceediain and civic an Socs fo ec ©) eden Cree Unis Any prvi may stmt to FRE CPE CFT os The ove att daapgronal of ix CPE pros, seas or sources witkout peor approval and eed fom the Comme ‘Aad in ee gine the flowing shal Pe Semioars shall refer to the guhering of Sentss wich a nde, ong othe, Tethopa cial leeues of subject mater (ecto nn dpe tng counes and seni pean Conventions shall refer to « geherng of room which sal de, ong oes, “omer syapesaee snes le eee Manel Degree st 9 4 anda dyer ‘emu, oss or led eld om + ‘mca ehol, oligeor rey se Dost Degree shal fer tos post grade degre acon bone rete en Stengel chook coleg ote ++ Author sa eter theovnestipoftaeetal propery sch ico echo poeta Books stucona mates ad the He. Ces ‘ned sist be cid with oe 0) yet fom the de of patton W SlbDinsed Leaning Pakage ~ stall fer © ‘earning which uses course manuals or accredited leming modeler Accra Lensng moles ‘hoe teint eso Prog ‘eh mabe nthe fom of pied acca io sad video caene wpe, fm, compe st Jang (CAL), ody ang nda nls TEtthe ws of teint incide among orhey oo" Nebo adequate contene se Et dee ule TIVITIES On ,OGRAMS, AC oR CPE PR a MATRIX | | ORES a cd cbc 01 — = sich node lancom | ————— nae [ sama | ist Graduat a a — fancier ang stat ese Traaing | a | | ame —| s eectaton te pea lon | See ae | {for a minimum period of one ge Pacuate level mera |e HE feowmracs nee Reso oo) we end rarce Speaker shal refs sy» ‘Samvesusrie cs scsion lads orem thy tees ‘of seminar of similar ens cenventn Tnoncev or RARE Peet Reviewer hall as nee Ean ceil toa professioa vho ae y irvor mina ora sanevahnorofa neck oa ne, sticumal aticlebetoritispracaen eee aa = CPE Provider shal seer to meen “| ~ Towne ini entity which nceee smear sg? remain sectedted of ‘nomactedicd weg cara —= organization, fem, pactenip test on ae scr hit fs ma ange erin ogame, sive orca fo eae ‘and administration. iia P eee: (CPE Program, Activities o Sources sal eto ee mee | ee the regime of CPE whi rhace te eonpeon Prgecr [Semmens | ocr cof the CPAs by upgrading and upduing knowledge Sueoumaticas | Sanus td ski for the prfeson se bough shot Taare fauna [corey modernization and acintfe aed techie team | Setamonerny, | Sen advancement i he profenio, Te sep al te sa vows ‘beyond the bs preputon for anion te a a ‘Practice of the profession. The contest shall be mene =. ‘elated but not limited to the patie ofthe Sancnac — [espana ona ofson aay | one ae ESE oiepaemer | an “— Sino fore —| a kf 2 pa] Rogen Piecurcan vee = jscmenas 3 = EM =, = ee ee nme [Smee e CPE Get Units the rua CPE credit unity fox egizrred accounting peotreo a sty (0) ce wis foe Os 6) Te, ers rami of ies (1) eeu al cme errr Ay ences cst nis a one YEE may He ede eee ort the te ear pesod. Eee ret 10 ese cot be eared vert the neat thee etod ‘spre unis earned for doco and mater’ depress (One ent hour of CPE program, acti or source hal be equivalent t ne (2) ted wt Procedures The PIGPA CPE Covacil sbll observe the following ‘recedes for the accretion of CPE providers and CPE prog, aces, or #08 {e) Procedure for accreditation of CPE provider: fcr atl pesos: 1. Anypeson esting offer an onaized osxnged pou, acuity ot source shal accompli and Flom w the PICPA CPE. Counc an application form An apples shall ncae, bt shal nt ited to ‘he following inforston Full ae, aes and tekepbone numb of the apace provider Rolent ecestonal background + Profesion, pracipal ses of profesional wok ia cunt peti thn pation ofje ctse of rica enti sentria of CE i «neyo slat juia enya Terra and document Progra, acinar sat ff bee 2 nmr sbmit © the PICRA Coal x : oo PICPA CPE coun See rnc ii, Am spplicaion shal inca, BER Tnd vena of he Administation of te othe folowing inforan ces Pog ation Etjecves + Pullname addessand, 1 Sibted eudence or pariipans and ermal address | 2 Coments nd number of bons + Secutites and Each Seether bes Staal, ‘Pca ecto, moder, 0 chan, -§ alco sd comet FRC List of offices wih this DRC tiene = ot iy ean of Sn ope Sembee dations amen ‘inte? Sone F pot 3 es at vaca + Plans foe CPE progr, ‘Seminar of convention fee to be collected. eat applied. eet vali fo be ared stich coal eter be + Prof fp CPE ai pope papier iene Pewee Sonor ences Sastre ‘AM ppicans shal submit Ge PICPA CPE Cow the Sims beseheshicmation etewing: 1.” Mechanism formessusing he gli ofthe rogam, cavity or source beng offered Criteria for selecting and evaoating speakers, Ifthe PRC CPE Counel concerned is the CPE progam, sctty or source to be relevant tothe profesion and to be in accordance with these feseiny, te PRE CPE Counc call ser teocce ped or bees feria of sce within sty 00) immer x sptccn (8) Procedures for Accreditation of A CPE Progam, eee ‘Activity or Source (6) PostAccredtation Requirements: iT NA'CPE providers ssting secretion of 8 ‘organized or arranged CVE program, activity oF ‘Upon the Seti ‘accredited CPE re Oe ey ome ‘ye soure te CPE por hall sha Ge cen) she MEDK CD come re oe ro ‘PRC CPE Counel within 15 day fom the 3 {fh ffing The report sal ince, bt al 8 Inte tothe folowing informations craton and recommendation fr p78 PRC CPE Counc The pogam co paipepereraesi Sy eerie+ NT Eo i, “re + Nitin aie an ar m Cercted tit of pation indies PRC profesor eeme st ~| Apis site, este patent leaders, panelists, moderston ore 4 of the CPE program, ater v8 Neoe/Locton oft lag pga Summary of eauaton sls of pripn, ve: Name of Secreta rpeetentnr ale Satna the CPE progam or sarap, Exemption fom CPE Requitements; Procedures (0) Permanent Exempion _\repsteed potent! sh be peranedy eumped sent PE rgenestpon eager peas sil To ond of tin tpn, etal ee Sch an appease for xen ch shud tle the wag das Fulmer of apes PRC eee Nbr Erployent ey Ponce Nie oe Ades of bye © Samat an enc or eben yf eentiete T bh cece at rai but any of the following: Voter 1D o De EEE (rience rte Tey (©) Temporary Exemption . ‘A rgitered pofesional whois working of pricing AGES fied or frbering his/her sues abroad BT Crepes exempted tom complance with CPE ‘catment during the pod of his/her stay abroad, ‘oie e/a bs een out of te cOURLY for at [wo years needy pert the date of renewal ‘Ay potessionalavaing ofthis temporary exemption 4. Submit an application for temporary exemption, eo ‘lode the flowing at Fell name, residence, addtess and phone amber of appa [DRC Liens number, Degeebiited, cally of university tended, Cenieste of en ~ le furtherng stader abroad, certifate of ovement from collage or university where presently enrolled 4 Sumi og or stened copy of puso hoy of et see ap ed Fogo! conning it of county ning ie ‘of amrival/departure. ™ “ A a mening Seperate tat caged Sie pce he ‘ofthe anata rept fer fr tees) + lotgathe/ibecommertols ret pe emussanctions ia fon prctce of cco meee art FessifeMENts Provided herein ny OP the ttt elena rn Bd ‘onsns Je or ene trv dsl eel ato 9 fe) be nse, thong a ed CPA inthe Gon shall be withdawa Provider who ena Se tecrn sft natn a wit indepen rn hs Hs commited bia ‘peor pope ‘i, Hosoi fie ego 4% Has commited hcl sc hth PRC Co Cote fine ob von of eo roam (6) PRE Erafoyees Any employe of the PRC who cuter, he ot ep in the renewal of the Heente of a profesional without omplying with CPE eqiements tal be coos buave violated office and /ot cil sevice sles a0 regolations and. shall be proceeded. aguinst td if found gil bal be mado he penis provided fr by desi lev aod res and rejuitions. evindon fom the ERLE io PH belongs to respective authors Multiple Ghoice Questions cof Pri cached » special. meaning (0 the term Society bas Pte ear pet guaing eam 10 eter the ig a especie 1 conic hielo here re te an te neyteens of ode es to 7 formed. sen eo cee pa for the sis Ps SER ts bd ecto inte tad don Sree Sheree rcered wndet aa expetienced speriee “The cede of profesional ethics for CPAs promulgsted by the Bored of Acountney apie © 2 CPAs i pa pac. 2 ACPAS in gorenmnet. 2A cear ie pube picice and employed im psivate 4 ATED io pub peice, employed in prvte Business ‘nd indus ithe goverment, md in ebucaon, ia “Which of the folowing statement best desrben why the profesion of ected public accountants as deemed t Evento promulgate 2 code of ecs and o exabish x ‘ecnism for enforcing obserance of the oe? cf dstngusting mick of» profession i is acceptance € aponaaiy t he pub pret omc the etblshment ofan ti ‘oleate: pal he profesional rexponsbiy ‘2 lene and ce Ringutemene of most awe cae fr the profession © ‘ath «code of ebce 4. Mnrestetal means of selprotection forthe poten 2 toe eaablihnen of feuble eal andads by De &protein enact «moire tent ent, ce epic oe ewe pct eg , ern 7 sp fat Raton ya al 5 RL en ee ed 5, Which of the following statements is true wh tense 9 prim an mo nag Mh a, The rm is engaged and paid by the . ot, ciel aee ; the client. a i wy Tie CHA Bem ag ad dd nay beer of de nr cage ee ‘the financial statements, wa te Bll solo wae eo scboitie sane eae Oe Petit pniliogeana eee EO ewokncen crates! Eset aes 4. Toth etjesoereticmn db tient oe dene 6, Wich ote lowing i ot oe ofthe hac oteion? Mastery of «parla ite hil equi by ‘cnn and education 1 Adherence bys members toa common cok of edt Acceptance os day 1 soca a «wl 4 eponsby to rte ecu he eto lea or employee RSE Sire tec) of the accountancy the objective J to checve abe: ea acouta ber fennel erp The fdemena pring ince he folowing 8° fo Objects Petia Compereee and de Ce © Tecnica Stunde Conder In ord tah onmpeeac dc none ea et cant: Which te eon maa! ye “Tepcpeot potion cere bligeom on {alway no oe of tee anc gen sconce wih apie wai i poten son TARE tceaaty boas and eof conte of ere aware and ndertand leas techni Foteioa! snl bones develope a. Ba pesca taowecge and expesence to ease eto ll epost: Competence a «ceil public accountant inches a of the flomng cept or raving the techsical qualifications to perform a cogegeent 1b Posen the ably osaperive and evaluate the quay ft work ce Warrasig the inality of the work performed, &Contaling others adaioa ech! information i seeded. Di Accounting Books PH All ights belongs to respective authorspets de 1 et ny a Se hy ger fecal ap eee ay en mit Sean knowledge of mite ty, s Gecoys busines" ST oe ae og eters substan tino eu beepers) soap 1 Pfr comps toni “Aasinwent of Profesional — My * ca me s YES. : YES 2 s NO 1 The phate of profess fecal accountant to sdopt program devel sense (guy contl in the performance of profs! Sessent with technical and profesional sundae 2 atuiament of professional competence asl competence that rege « 1S. Which of the flowing tthe levee in ting eso competence? 1 High cana of gener edvxton & Specie education, taining and examin i «Reto mcg wt pn 4 Continuing awareness of developmestin thesceountc} ofeon 1H, Theesene ofthe dace pier adobe ote pally of tad S Seninjntgmee, saben 15. The penile of conten apt 1 Brnesonal accountants 0 publ rat: Pfeil accountant in commerce ad indy ©. fessional accountant is goverment Al profesional accounts 16. The principe of eofieniaity imposes an obligation on prnferdanal acount orf fo z tec information vo another Pay crea ifthe chen subonizes the ics ‘bing conten information acqused a 2 suk of otecoal nd baie edadoeships othe etsona ‘hanage othe advantage oft partics ‘eaouy information fo fed dheeles ince of ligation a. momig oo ingy ot vestigation conducted by ‘Br ofononl Regulatory Boud of Accounanc. 17. A CPA shal oot dnote confidential information canes ding an nat engagement in whic one of the felling sinaioe? 1 When the secant of the sxe egies 1 ih the consent ofthe beat ©. Inder of anal when sed by bs cent. {1 Ta accestor udor without the chen persion 18. Which of th allowing incre sopping confides? 2 Pnfentnal srannenn have an bation 0 spect ‘te coatdeatialty of information about cea? oF ‘ployer alin Sequie in the coun of puofesionl REESE eo«neti sony Bien client o ery _ mployer, ee ta frente diecoot an ree a scquiting information in the cours of seat professional services ncther wes na sft the ead of the onal account andthe the es oe Saformston for penoal eh ed pag ete Aso re adrange 1), The code eaonship wile vedi whet ces Teele Pr fenceotr San peepee ee 'b Another CPA as prof PICPAS quay ssuance eiew ogam ‘¢ Another CPA fi which has jot purchased the CPAS fotte practice 44 An investgnive or dicpinry body of the Bod of Accountney which i conducts eview ofthe CPAL pracsee ‘Which one of dhe following eaemens i fl? 4 Confidentiality ie broken when an ari prseted woh smabpoens concerning a aud cet 1b Information chat CPA esis rom cot i genelly not pavege : When the Board of Accountney conduc review of| ‘he galiycontole of smother CPA So, permis of the lent is ot needed o examine aude docameststion. 4. ACPA firm which vlbsesves gubstandad adit locameataton of soother fee duting » quay contact review should immediately inform the firm being reves in order to ety the Sete belongs espe so to Ea ectve auth 2 a a whic af he lowing consid Vion oF ng eee peerage 3 ee rt omen Be rt ed coca Epes 2 SET aoe acelin Loewe se antag red sooitalarrmee ations coved ciactie Pee in See cite aime =a 7 ee Set Se ‘Soumant once tha professions elon oak Seneca . eestor ease enacts seinomrswenme tau a lah of he folowing circumstances would aCPA be bean byehis to ein fom elosingeny conden mat chuine dng the oure ofa proesional engagement? 1 Te CPA minundg nnmon enforceable byacourt cnet ‘ck ards the CPA to presentconidenta ifoena 1b Aj soci ofa cen company seks scoasng Info fo the CPA af the managersent cet {cose the rue information (© Cnfienial clint information is made salable 2h {he eens permission 4 Av iay by the Profesional Reston Comino the CPN eats the aloe to defend ham &4 The rine of profesional ba count t hei resi proteins eee Bela shoul not alow se one of wea ones soem pefena srtikce og 4. Retina mes conse sth he the poesion aden om my ae en Dring discredit to the profession meee Went the incortect statement. A profesional acount sedring i services enied tp frwnd eb poine in favor ofa client or sn employes promied 4. it does not impair the accountant’ integrity ad objectivity ‘tisendered with profesional compettoce itis consistent wih the awe the profeesonal acount asunes esponsbiiy forte ‘content ofthe tx seta ett ‘A profesional accountant’ same cn be waited wits ‘sfrmaion at 1" Gonlne «blading semen tonal orto seus formation. $. Suins informacion without any tl knowlege of ithe hey are oe When prenind acomnc presen, ea teen at cae an ea mga of eto coms potato ssn Sell = sot ag of eect b eehlgh creo de comey wobehei cena of the ew eb eet dhe less strict ethical requisements Ea iret rte) 2 30. 31 en Te Ml ope atest escasaresesea Se ERR le eh oc ce Wachener ees ae less resscive : Sere. Which fadamenal pine is sesously threatened by an cagzgenen tat compensed based on the et proceeds on Jeate cine byte cea om 2 commercials Dak? . kepey. 1B Objectiviy © Confdestain. 4 Pofesionl Behavior “The Code of Profesional Ethics tates that « CPA howd ‘maintain icegiy and objectviy, The term “objec” in ‘he code refer to 2 CPAS ably 1° Te choore indepencenty between aenste accounting Deacipls and sudiarg taadude bh To distinguish independent between accounting cst cpa ne ta wt Tobe unyielding ie all mates dealing wits ‘ee ion ling with sading 44 Teminninan imperial atinde on laters that come der the CPS sve oto te mie dienes even aon ad er fli mo pot 1 Das ere ser nage ied terten. Ss Sct pclae eine of he pe Nednotbecomanetsine mde Devoted ieee of ana rEsg. dependence in uti means 2 O° Not having ny fone oe the ehene ‘tami ee ey Boag at advocate ofthe a ‘en Taking an unbiased viewpouy tH Noting uno om a 9g, Whchof he flowing mort cu 3B asbeen defined by the Code of ane Being hoaest and: Pepshong ti vad pet ‘b Asteof mind tht peemin the ‘tio beng afoot ofa pion llc by influ dat oteson de. ‘onpromie « Keombiation o ina ecko oes co ne aly, Avoiding fis and cca hat kd pile confidence in te pte oan 1M. A.CPA, while petformiog a2 audit sttives to achiere independence in appenace ie order Reduce risk ad labilty 1 Become independent mind. ‘© Mainnia public confdeace athe pofenion 4 Comply with the genecally accepted staadands of fieldwork 1, Hedin nna atest in anit cent ay cts itt heat. The extene and sigan of nye ‘ested depends 4. Theol ofthe pes olin he Sse ines Whee the cl tres et of ec ‘ rr a. 38. 9, ‘o. “The cencep of eneiliy woud Be lest mPa" fag ice nt ots never i el Sento ren See ued opts tc BESS SORES deficit i cen “The pay fcoe har stings et fom an nde Banca tees se 4 Katey ofthe amount sae 1 Canto er iavesmentdeions ©. ik ocited wih sch inestment {A Rebaionhip beeen the investor aod investe ‘Ubi the deca ao whether the CPA is ndepedene cnt wl Be mde by a Ghent Rae Baie comminee f oe. ‘The Piippine Code of Fihies for profesional accountants rues independence Of mind i t a YES b YES. oy i xO No * xO YESag. Neral epee peed by re sae engagements Onher Sal Mts poled by protein! scum See peent cade the foi at €ee 2 Agedupon proceduces 2 Clmption of fecal oo + cape cea 4, Examination of prospective fincia information rhe information o.oo he prin of te Cole of Pan © IA tenes ssl te indepesterre Sais renee Mimenbes ia pabe pace had be indgendeia fact and in appearance at all mes. = €Alimeaber is pbc pce de indent ia factandin sppeanince whea proidng adnan otic 44 Allmembers in plc peace sould be indepeadent in fact and in appestace when providing sadn t,t svisary services 48, Irefes to the avoidance of fet and ruses hate tpn hat ern itr ay ig ofa crs faa, nag segs ipod bouleecnay cociad Seta Eee tem tego a oes Speen tl inet ed oP epee ne 45 46. #. 48 “According wo the Cade of Profesional shies, professional TSE be independent ae in appeaeance 2a 1 bie pce shoud be id topacnce al tes BIBT te bad be ndkpenen in ct in sparc when povaig mii and ter assurance ia Gc din 4. bio pac shoal be independent topemance when providing suiting, (2%, and other sSeory sees pendent i fact and in 1 rend to pero review engagement fora nonpblic ny aiken a tae ec wna ite seccomat 2 gender and therefore, may ene see eport 1S mot ndepender sd het ny ote 4 eview pen &_mtivdependent and teeing ye everett bot pendent ad, thf, may no be accel ‘eh the owa saements ‘The arto es ar seqeiced ob independent the iene a framuiceengproens povided wo an aud clone fx ence ee vied to dn ae SSE meted ‘fox aunec engigements provided to cents that se 2 mt chins, wen the trace ipo ‘ested for use by idenaed wees OPM for toeastrance engage Wich ot edn he semen aut ces Pendent ofthe Goa 4 The mene > = 2 ca Thfe T™ MOOI Da Yes Yen Yes Wey acl Ye Yes No_ No eS rEsa atc ts Sar eo aaa Dereon ec’. i fas SM one ng py ‘Sit cen wher baer — Focuse by eased users, the foloniay ye aPeENYteticeed Siac dene we thle ne eee than Ye ve Newt fe oe Which ofthe Following satemen indepeadeace requirements? 1. For asurance engagements proved to ad cen the members ofthe surance tam, the fas aad at fms ae required tobe independent of he des bs Forassrance engagement provided to oe sad cen, the members of the anurnce team tad Ue Bae ae reuited © be iadependat of the cet Forassurance engagements provided o non adit cna, swhere the dstrbuton of te ssunnee por is ined nly to specified users, the members of the sunee team ate requited tbe independ ofthe cle 4. Forasurance engagement provided to nonat eas ‘where the dstibton ofthe suse por Line nly (o specified wars he fm sou independent of the cent 86 not cotet aboot “Which of the fllowing profesional vices des aoe rate independence? 4 Direc eporting engagements 1 Examination of fines forecast © Tax consulaney services 4. Assestoa-based engegements Forwhich ofthe following peofessoual sree mat CPAS © Prepattion of tax res. a be Aiice of the shone ae ree ot 5s. ss 5. 56 |A.CPA dem shold deine a fest psf comming services engagement if el ea ating ed he pun eapagemant isn ac 1 mommundaons made by the CPA ten are eject ‘pew bythe het c. Raspentee sould regute the CPA fim {0 make ‘amgement den for an aut ent 4 ayo the bow i te “The member of the asraace tam a the fm shouldbe Independent of the asunce cent dung the petiod of the ausrnoce engagemeat For dhs parpore, the pid of the enpgene 20) Satts when the atetance team begins 10 perform ‘ora sevice And ends when he assurance repctis 1b. Serer hen the assurance team begias to pesform ‘vucence rervices and ends when the Seldwork is competed. Sans when the engagement eter is prepared and ends sen the eldeotk complied. 4. Sar when the engagement tess pepated and ends hen the astrnce report ue, “This occurs sa rsut ofthe nuncio other interests of profesional accountant or of an immediate or close fray ead 4 sdeimerest test, ftveat . sce This accurs when, because of 4 cle celationship, + Profesional accouatant becomes ton spmpethete to he fnezer of othe. me a sebioeest bret & advocacy deatsy. Acoting 9 the Pippine Code of Seodamental esis poten safseview dvoctey, fairy 1 ‘Which ofthe following best decrns mi Ths cccus when a fara onan team could benef fom fae sent a Tis oc when any prod orgs ngagemen needs to beeen Oto onlsins on the assure egagenne * NE ‘& This occus when » member se Deviously &ditsctor ot ofce of the serene 4. Ths occu when «for mene of eee team, promotes, ot my be pected prone ssssoce cents poston or opaim te maa in bjt mayo: a be eed esc ‘A. This cut when any prodet oe of» pons tere enggeetto oem soumertapypenn ee te teaiated in teuching Conchoas de aneoe capjgunent ot whe ment of ir ments tas Pr ene stcow tcolierstercemeorra re fn employes in psiion test dee ad agaaat inoue rete unt eee cage e mtkedant |e wnag ee S feleerew ent. fiinay he 59. This threst cat when a member of be suance eam my te dterted from acting objectively and exexing profesio epic by thet, acral peered, fom the dim, offers or etaployees ofan asurnce cet. ania est (60. Which ofthe lowing ccursances wou eas Hy ee seleteret re Se eeeigeut fx acting assurance engagements £ PEE ms orm MS Eo tea aes ton [oan oe gorite too om a 7 deen fe = 4. Havinga cone personal radonship Between 3 member Ftd douenee tom andthe assurance cet, “Secon, fies oF employes (61, Wick ofthe fodowing would est ely create “seiner eat? 2. Undue dependnce op tol fees frm an ssrance lat 1S Concei abou dhe posit of log the engagement Having clove bien seins wth an assurance 4. Preise ro reduce inappropeately the extent of work peered in der tote ot (62. hich of de faboving woul! mont ely ete 4 slsevew tre 1 Bata ints ns et 1s icon iratmg profesional accountant and dens sfermer partner one the eurance cent A foumer offer of «cen is now a member of the vs deigirescstee Ts ang rms Seg clintdnpdin nai Taschen encom nee » eens peepee ees inreed Soto ekommsnse So erence it dct neta2 Psrarton of gid da ted og ‘aerator peepeaion of other oe Staal subject mater ofthe assuage a A member of te amrace obvi nas Art en Teper (6. Acing for an aude elit inthe esol ligation would met ike crease Sera aig DS se ea of pate ot (6. The preparation of accounting econ of Sac stents {or an aut cent wil most key cent a. selimerest teste inti det 1b sexe tet 4 Gany dee (6. Using the same seaoe personnel onan assoc engage ‘rer long ped of sme woud mow ihe cate 4 intidaon teeat— camila hee 1b advoney test, leet ree 8. Accepting gifs or undue bopiaiy fom stance chek ‘woul! most ikely cee “Fa 4 Fala cheat . K Saltseview teat _—_‘dntniioon eas EEE etc vcd ®. 1%. Wich ofthe ating decustanes wal ely cae Timur the wacom bing ede tay merc or coe ty mer bo 8 etn cron ofthe nos ti 1 Simee ofthe sues tem bing a medi fumiy member of clove family ember who, as an noes ofthe seunce len appoint {Sect nad tgudent hence oe he sb! mater Somer pune of te rm ag » cto, ofce of ‘esac corm employes ina pose oe {ier td sua inf ve he objet mater ofthe ssunie pgenent 4. ore econ ier the ince ie repens Whenthe ol fee genet by an aruince lent represent, + lege proporson of firm's fl fe, he dependence 00 that dent cent grosp and concera about the pony of Toning the cent wl et Wily cet: 4. sdfinterest thet station test 1B sereiew det 4 faminy these ‘The provision of services by 4 fem ot aetwock frm too suai dient thar invlve the design sad implementation of ‘Enancal information techaology systems that ase sed to _generste information forming part of cliens nancial Stems may mort bly crest a sekintecettheeat citation threat BS tdkeeview dee fanny seat When tests 0 jndependencethatare othe than howe eth LaaigalScane ate Mend he poten aoa sol continue the asuranceengigement bet with “sn een bt wth haghtened &| e.ssign more experienced st cer 4. API apprOPne sagas eo Sedepenence oro edace te yee eo 8 sepa oe py igus td gs 17 peo ito tin a 2 Edatona ig od cere or no the profetan, PM BREEN or Contig fel dip ngiemen Cont gcc ga cated os pg eon of ie se cmp oth he Reece ee 14. Whee the steps sada we ance ning de thet (independence Ft ee hem toca eae Jee of when afm chooses oto mime sees Inert creating the he thecal Soume af on ae wile the vmce ofan ses pon i letees of ged optim of Sichinr foption ¢Ieevance of unmodified opinion with crpantery % Reta to pesform, or wid fom the nice copgemect HF 10 the assurance aor 175, Flim-wide safeguards inthe work envionment may code 4. Leadership of the fem tha stresses the imporacce of ‘omplance withthe fandamenal pipes Having appropaate body independent of mankgemest appoint the external auditor ae ©. The creation of 2 corporte govemance urate that provides approptite overighe and wom the fi services 4 Professional standards ths Saars wha cea po nd prose i sng tne pst oe pet pt a Re er witha commie Sone Sel wth pean eo RSs Earpiece mac cet Hetaelpayer sunny a DA eae Scone toa ve ec 177. “The waton of sesoescoundng personnel ca be teptded aed 2. Caste bythe pofesin: 1. Gened within the cents stems and procedures © Gee he work erzonment 4. Gene within the bunese communi 78, Which ofthe flowing isnot one of the saat in the vod ensitoninent? 2° Using ieren pane adits with separate epoting Ins foe the provision of nomateusnee eevee toa ssruance cleat 1 Rottion of tear personae © Documented ineroal poes and procedures reqicng compliance withthe fadamental 4 Conon profesional eduation roqaremeas 79. Which of the flowing wetements about CPA’ Granc ine in eat ised Tames et soil inten inp the CPG inkopendeee sl die Gmc inet imp the CPS Mitel diet Goan interes impit the CPA ‘independence. - Maer ndectSinanea interes impsics the CPAS inkependence EEE iets teed®. ft ‘Which ofthe flowing separ a ym ce le he ag coe Taal Disp! of fami ine in mst = Gg Dips! of efit mnt of fang YO TE 0 yes inert 10 mak int x Reming te member of te sry tay 8 T1890 fm te eine cnt 8 aim 1 ft eo, tet dea ime ncn eB et Se soca cos eat ina etc eee se gaeptans tein gene's rae Eats ee nme i Bosh, heen Ita member ofthe asurnce tam oftheir mmedate fly ‘member, has dct Seapets or «mes eet Fanci interest athe esorace cl, te els est ‘ceted woud bes significant. Centequeny the poesona scountant should apply appopeate talus in oder © ‘inate the chet or reduce toa accep ere Which ofthe falling safeguard would aot be perpen? 4. spose ofthe ditect Financia interes pear ro dhe Individual becoming member ofthe anne em Spon of tine climes i lr» ‘the ined becoming amenber ofthe asus. © dispose ofa suffigeat amount ofthe indtes ancl Inrest so that the remaining intro isnolongs atta pir to the individual Becoming a member of te 4 Timie the patcipton ofthe member ofthe nana team REE rete eee ey ®. os 5. 6. 7. Cove busines elasonsips can be regarded as a idee fiuncd incest and therefore wuld ipa the profesicaal sone rene 1S Ge etationshi is asiiennt : ee 2 oy, pid en a os 5 a noone sian coo asians oe ; Loan form a sscance cent that «Sinan ntinin wil at impair the independence of profesional accountant i abed The toi inmri yes yer m0 00 ies mr Shan al hg (reader, tre al ope “The folowing lots sd gaates wo not rate x het to inipendene xp 1° saa rom or pent thro by anaes chest {acirabank rails anon to he am pce {= onsen bth he i ede ure cent 1 ‘Alou from ors uxatesthtol by sn amsnce cet ‘avi abun oe na intaoon tember of te ‘Sunce ttm provided he bate obo fom nad amcor cee posta mace by, or bckerage acount of «em or 8 elias ores Dawes ca ne et Stina bea, bso dr ts ee Atos o sccout held unde orm comme es mo no yes6 udshndpee cancel inet ey impatedif heaadig immaterial indest fan ‘x oustanding P5000 balance cas hea cd sed by ‘automobile oan from 2 eet by the automobile 4 join, closely eld busines ive ‘hats sen wo the auditors et intr i ew, vrEE tk, coliteried by sea th de mee [A sliteret threat may beers, ssvance ent for profesional ergs ein opi fora ings ene profesnal fe espe yat ors sm be pid belo ena the cent engages the services of of the profesional ccountant font he ata yen mmc esene 1 the profesional secoantnt formule none oo the curent yea Grane statements the audit report onthe cet years Gnacilstements iam. . Fes de fm a 4. the commencement of the cuttest years audit gegen. 92, Bampes of dose business relaoneip that may cee inert nine te ty ce {Haring ntl nacaieetina aver ih ‘hesencice eat ora conteling one ne eet for oter india who performs set aged fencoas fr at cane 1 rangement combine on o more sri oF prods heim hae ccmte rerio pas the nuance cleat and mete alge th tore eaten « ‘Distibtn makeing oie sich he Sem ac ata tr or meso ewe ‘Sen prota or ero i ees nt 1 tthe bar x ates pod Oe ote fm. ein ESE } Peace fn 22. 9, fom an ssurince and services ream st cent by 2 network, foce team, prided the buses and onan 4 The purchase of goods cent by the Gm ot £0 fem) or member of the 25 tesco i te oral COS sen length bass. [A.CPAs owed to acept sera Fee for recommending sent another CPA fe The cet approves ofthe eansacson either before or ster the evert “Te cent pre approves the tansaction Payrent of the referal fees dosed tthe cent Nowe of the bore ae tive. Referrals ate never cpl Acconing tothe professions hil standards an sudtor onl be sonadeed independent whch of the following 5 The sudo checking accounts eld at ent nail |b The autor i aso an ateney who act 8 the cients ener cose & hvemployee ofthe audordoaues service a easter ofa casa xgninon tht es cle The dent owes the aio fees for swe consecutive smal aude Which fhe faoming sts wold es likely ipa the profesional secoutats independence? 2 Saving 8 a offer odor of a au cen. 1b Daermining which econmenaton of the Be shou! beiaplemeted 5 ‘Bang an honorary bored member of a adit cent. 4 Reporing, int management role t howe shaped ih goreranceevo psfrm manage ooepebe company if ee seatemats of « wc ofthe Glowing en ng on of the independence aay A PE cota oie pen a ‘98 ACPA fen sould dene a of ivtcy services engagement fot 8 BANC cen SPIRE CRA rn ds the a b. Providing tax consultancy servi site fa a, © rere ota ol services “= to review by the client. ec tie © Teen he ack serena <. Lipect ‘ould regu the CPA 6 Je oe ae aestgementJeiioas for a 2 _ Indepece = a Te yptned engagement i not acount opal ac acer Demplied wer he ong ey een my 99. Sihidie Pletie™ nocrnaly eet Te Sc ‘piretenediate family member of s member of the Crna a ‘surance team isa diector, an officer or an employee of Cone ' itera . on with the enterprise as «prom ‘the assurance client in # position to See trig ces dy oo mi eee isms an Having lon wo or “ Sec tpg nea en os RESETS ac com pcp ine excepiony Tn mnSe ett with ein ‘sans epee! he towing Beg ven ngnged 0 tees ‘sites nthe ose orm onthe source * ker mena eee te Gen sone nea te fe a Seiten empoerof the sre as an offeror tai ductor on he board of naman cot X parmcr ova employee of the Bem receives thes The Cale Bhi oie coag ofp a ote =e mat _pft from an assurance chent before a member ofan audit team can wonk for cen in sy management poston? 100.A menbet ia pbc peice ny ot perfor fora contingent A One yeaa er AES profesional seve fore ent foe whom theme B Twojeas sromenbers em pore © Thee youn paareyey 1. leisnot spied, tertile the indi nadie tee eect © fiber an andor G Aaysemnee separ of especcaaneof the service 101. Connagent ee ping of pelle wong vice in ‘Never reited ia pi accounting 9. Aacogyrroeat purine who i oe ia the at of fecal Statements of bted ent can only pata inthe adit eee en Coit an er doce ote poesia fo yes ‘ Thee yeas 5 © Five years EEE iret teed rEune determining exsiates of scout each OF the flowing & {09-The CPA should not undertake be based pon 104 loshich of the flowing siatons woul fm & a 105 Fee 8 4 ma ai Vite ofthe vera wees Dae oom se by : caine Steed peor ee Arnone of pe fa Ay the inte 49 copes fei tp 2 Peg of made nt inane pete tes pas expec’ fined piel = ‘he complenity of the service eeadeed tect ‘aro te Cn of Bhs n Sete ‘Ae which bused upon the atte of the, ‘ther thin upon the acl ine pet onthe ‘Afec sed on the degre of repo fer buen the degre of respoonbiiy dat he rice ‘Need on who eh md pat eo ‘sonora dnt penn ta om wil be evade iho katy poceings ‘He not tobe teparde at contingent if hese ate computed sa percentage ofthe cents ae come. computed aa percentage ofthe amoantthat ihe compary an sare from is tax retrs, Aependent on the approval of bank os. ‘ised on judicial or other govermentagencypocetings te ye By Rene SE Cie es 106. 107 108. 100. or ewok fm, The provision of lel services by 2 ren ney ha inant cna my crete way at “gimme nat Yee No BN Yer 2 Ne Ne a Ye Ye. A dzeot an offer oan employe of the assurance letin 2 potion to exex det and sigcant inlence Ove the subjecimaterof hessmance pagent has bees amerber Of the assuresee team or paraer of te fm, TRS Would sinatin most iy crete te sdbierest teat 6, ‘itnidaon dae B. sofeevew these. frainty these When the question res whether» CPA frm may do both Dookeepingand ang services forthe same cent, the Code of Profesional Eiace 1 Awe proved he clint inno public interest ening Poni ie esl and allow ech fm o determine the answer None of the above (CPAs may provide bookkeeping services o this non-pblic sud cles, bur thete ae a umber of conditions th mst bbe mt if the ator to taitan his/her independence. ‘Which ofthe flowing conditions snot seczaans The CPA must ot stume management toe fincion The chen must hie an external CPA to approne al of the journal ens prepated by the aos The mudor must comply wit PSA when aiding work pared by Nebr fm. 4 The cient mast accept respoeiiity forthe financial EE Ricerca thorssect ts, fed ating forthe sume chent i canse th Po firsfied. Which of the following 1 cotae%ents ane a : meena see tie ec se ct annual report with the 1s, Te chent i routed to fle a ‘rsion andthe Piipine u Secures and Enchange C Stock Exchange The CRA mist not asume the toe of employe oe of manager 4 The cheats nota public interest entry ‘NL-The approach toa potential eient forthe pupose offing professional services called aman PP decent propos © encroachment 1 rolession a tevecing 1IDA professional accountant in pubic practice to wham the flung accountant othe cheat of existing scoot has fefered audit, accounting, tation, conruing or salar tppoinment, or who const nore fo meet he needs like aint called: 4 aminagemeat consultant can expert Becoming accountant dt successor ator TWKA saccestor auditor is requited 10 communicate wih the estou udtoe. ‘Te primary concern inthis communion information which will help the successor auditor ecrnne whether thereat eee about management lncgey 4 olen about cet by emminng pedo wong «Dai accessor autor to pfx + moe eicent sie 4. ese mcesor andr tie nd money i penn us Ee na irene ete 114. Alchough ite pose to take che extreme postion that pdependencein fc oF appearaice sae gh vel of espero the ion at Bel to sything affects ‘ust be linn 0 ea ‘omni, the Bey wth is Po resi signiteandy 2 Theservces offered to ents 1b theteeedomof CPAsto paticin de taditonl manner . fem sit of thee (3) commences fot 22 pte naked yh , fom ast ve ee (or exch pasion subited by . {Gnomes far each post Wat HERD Pe Present ofthe hippies PICPA Commision < Comttsion —Conmision PICA © FES Commision ICRA if ig ene se compton aoc A hal be compere of «nomi and sik members bop be Preset 1k Thetenber of be Board leap ke Php om 2 a of ee fe ‘eh pont and ake bythe Cones, fo ist ibe nominees for each position submited by eel Oman ot PICA. «MGR Ra Ser cca am amongt mee somes fo exch vacant poston, EER iit eee) 120, Wis of the following x nat one of he quifintions ofthe member ofthe Bontd of Accountancy? 2 He/She must bea tua bor ez and 2 reside of the Pipes 1b He/She must be a duly Cetied Public Aecountan with least ten yeas of experience in practice of pull iecsontaiey He/She must oe have any ee or inet pecunigy ixeest in any school, college, univer, o©instnting offering 4 BS Accountancy course oF institution ondacing eve dase a preparston fr the leet ‘aniston atthe sme of appintment othe Boars. He/She mus aot bes decor ox offer of PICPA at the cane of hs appintneat. 121. ic of the folowing is ot one of the qaiestions ofthe rember of the Bodo sccomaney? 207 Nast be a matraborn CPA and a seident of the lpn 'b Mstbes dlp Ce Pbc Acoust witha eat tea eas ofexpenenc in race of cout «& Mst bof good mor ches * 4. Mast ot ave been convicted of ies insving moc mepiide 122, Whi sutement i conect rearing the ttn of ofce of the hisman and he ents he ed of Ace (Boay = 2 Noptont wos eyed de (sce ple ss seg agp ee oe) ye 5 epeiniment 1 flop an nese tr it be ‘Snnicreds coupe «Apes may sive i the Boned of Accountancy fr ‘cght consecutive years, J 4 Nopemondalleeia the Bondo mothe 0 ye. EEE rE{ph The president of the Philippines, upon the ofthe Commission, ay suspend oe ove any member of tbe Baud oF Accountancy Which ofthe sou ne of fab grou fot sompension or rem Board of Accountancy? & a svat of memes tthe Ne a pee ‘innbe of te Bd ene be CA mug ‘examination results cae enbe ofthe oud at ited Bas AinenberfiheBnhareen cee i ‘moral turpitude. nity 1ak Which ofthe following isnot Function ofthe Boaed of & a ‘To supervise the regisition,lcenute end piace of secouoaney in the Philippines To ioe supend, revoke, or eosate the certifies of sentation forthe pate ofthe econ profession To prescribe and/or adopt a cade of eis forthe pacice of sccourancy ‘To adopt an oficial stl of the Comminon 125, Which i the lest funcicn of the Boa of Account? & a “T prepare, ado, imu or amend splat the jects fox examinations in conslaton wit he aeademe “To prepare questons forthe CPA Seenure examination whch shall sicily within the ope ofthe sla of he sabjecs for examination. “To invesigat volaoons of the RA 9258 ‘To supersize PICPA. 126, Which ofthe flloning it aot one ofthe fens ofthe Board of Accountancy special provided under the RA oar To monitor the condone wectig the pace of accountancy snd aopt such measures eed proper the eakancement and maintenance of hgh profesional, ‘hid, accounting and auding wanda EEE cic tace ectecy seta ii uty 9 Sei a eg ic fey Te delat itp ee ete Eopi sed cf this oan stad bythe Board y tof the es govering te pert of secountaney rower and function ro determine rnd "pe CPA lcemare examination Jere MECESSILy to “he wing snd eng by rested by Be PRC = Coaneil (FRSC) Tench Naperig Sood Ing Sua and Paci Cael ASTO) ‘conning Stands Coupe (ASC) ‘ing at Aste Sd Couel (ASC) aoge 128. Which of che fllomingsterent i comet about AASC? “The AASC shall be composed ofa chizman and sx member. 'b. The chaisman and members of the ASC shall be {pied by the Pree of the Phippnes fn «ix af hee reconsmendee ned by the Commission fom the lint of 5 nominees fr each postion submited by APO. ‘The caiman and members of the AASC shall hare sermof thie yes renewable for snoter ter The ASC shal eet Vice: Chseman fom aon members fora erm of ne yet 129, The wctoc that is moe septeented in the AASC isthe Commerce snd Indus, keeles = Goverment ible Practiceee peck eo re Recreeecetet peptone aie . See ee eae ToSuM mpneaa ea Soran Tae omme e ae : See Eocene occ pee ranting Standard be composed {51 Which ofthe folowing goremment puso gens is noe rspeseted ia the AASC? ‘Seeuie and Exebanige Commission ‘Borers of Intra Revenue ‘Banko Sear ng Pipinas ‘oud of Accountancy 192 Bhai Technical Conc (ET) ies em crunng prermerer rep ah aralagy 1 HTC opm 8 mba chi ana ah nes of ETC ae he ‘ETC ave appointed by Thechaan std mente of ETC have «de et tem rtemble for ence om. 2 The chan of ETC mot hve ben ot prsendy + seo scouting pce Acdeme/ Een 18 Which ofthe following i not one ofthe functions of ET 4 Recommend to the Board the revocation of the Cenifiate of Registation and the professions! ‘scat card of tira CPA'we CPA fem lnclaing any of thir members wh fare not obtered ‘he quality conuol ears or wh Bare aot complied Determine x imam andar cra fr he ay ne eerrananc to bimpaemened in all schoo ofeng Bs Accounacy is tench ut incon he ulations ‘tik ener ee fc of school 0d cole of 4 ator te popes of he pros on the uy of coun} cad soeraking messes fe Ten, Sta hgh gain accounaney edoion ia the county 1M. The flowing statements sete to the RAB298, Which setemant tie? 4 The Profesional Reguloa Commision fas the suthorty to mmare aay member of the Board of ‘Kecomtany for negiges incompetence, oF any other jut ease | nani i oe x ground for proeeing agin a PA, [Ne pt shall appointed a ember ofthe Bose ‘F Accountancy woless he has been ithe pracce of Secountay for at set 1D years among, ches 4. Aertie ears subject cera contion the Bond ‘of Accountancy may onder he sistent of 2 CPA ‘owe celica of rotation bat Bren revoked 135. The fotbing te guafieaton of appa for CPA Beensure csaminsion, except 2 Hel she ea Figine Czen 1h Hi/She of good onl characer He/She it older ofthe dese of Bichelor of Science i Accountancy 4. HelSbev atlense 21 yas of age 136.To be qualified as having patted the CPA licensure Se candidate cmt have «genta weighted average of at 15% os nae ts Theeanddnte must aot have grade lee dun 8% in sy gen et Boh Aand Nether A oe B rE| gp netetot Acyl he PRC he ei ined by exch cate within ae obained by etc cua within’ da ter te cmt kn enended fr fat SE ert 149. A cern of scent sabe cnc edie ube pon shows ‘Scordace wi ler a ogscionn rom Roca ntpyronedy he Common, ch ca ‘kas acquired how many years of measngtl Pet " wie re of ple pe? ee Eee Tee a Four a sc CPA ems and pernent cs rlting 150 Below ae aes of four PA Gs dere sa to tem. Uslen obervise dite, Me CPis end pares nd here ober sacs Which Eiaume nd cad crinexes oso be PAEPNe ‘Acoutaney Act of 2007 2 Ba, Bot and Big, CAS Big ied bout S ens ep Bi ad Di cooing the =) ts RrantRamen, CPs (Theaame of Hees CPA, ‘id pune sot om the fem mae)

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