B an engagement conducted to provide a moderate level

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b. An engagement conducted to provide a moderate level of assurance that the subject matter is plausible in the circumstances. c. An engagement in accordance with the Philippine Standard on Assurance Engagement(s) issued by the Philippine Auditing Standards and Practices Council as approved by the Board of Accountancy/Professional Regulation Commission. d. An engagement to perform agreed-upon procedures. 6. Close family include the following, except a. Parent c. Non-dependent child b. Sibling d. Spouse
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Page 2 of 21 7. Assurance team include a b c d All professionals participating in the assurance engagement Yes Yes Yes Yes All others within a firm who can directly influence the outcome of the assurance engagement Yes Yes No No For the purposes of an audit client, all those within a network firm who can directly influence the outcome of the audit engagement Yes No No Yes 8. Financial interest means a. Any bank account which is used solely for the banking of clients’ monies. b. Any monies received by a professional accountant in public practice to be held or paid out on the instruction of the person from whom or on whose behalf they are received. c. A financial interest beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control. d. An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest. 9. Direct financial interest is a financial interest a b c d owned directly by and under the control of an individual or entity (including those managed on a discretionary basis by other) Yes Yes Yes No beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has control Yes Yes No No beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control Yes No No Yes 10. Firm includes the following, except
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