The accountancy profession 21 the members of the

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THE ACCOUNTANCY PROFESSION 21. The members of the Professional Regulatory Board of Accountancy shall be appointed by the A. Philippine Institute of CPAs (PICPA). B. Professional Regulation Commission (PRC). C. President of the Philippines. D. Association of CPAs in Public Practice (ACPAPP). 22. The Board of Accountancy shall submit to the PRC the ratings obtained by each candidate within how many days after the examination, unless extended for just cause. A. 10 B. 5 C. 2 D. 3 23. Which of the following statements concerning ownership of working papers is incorrect? A. All working papers made by a CPA and his/her staff in the course of an examination remain the property of such CPA in the absence of a written agreement between the CPA and the client to the contrary. B. Working papers include schedules and memoranda prepared and submitted by the client of the CPA. C. Working papers include reports submitted by a CPA to his/her client. D. Working papers shall be treated confidential and privileged unless such documents are required to be produced through subpoena issued by any court, tribunal, or government regulatory or administrative body. 24. Any person who shall violate any of the provisions of the Accountancy Act or any of its implementing rules and regulations promulgated by the Board of Accountancy subject to the approval of the PRC, shall, upon conviction, be punished by A. A fine of not more than P50,000. B. Imprisonment for a period not exceeding two years. C. A fine of not less than P50,000 or by imprisonment for a period not exceeding two years or both. D. Lethal injection.
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Page 5 25. A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than how many years after becoming a sole proprietor. A. 1 B. 2 C. 3 D. 4 26. Which of the following statements concerning a CPA’s disclosure of confidential client information is ordinarily correct? A. Disclosure may be made to any party on consent of the client. B. Disclosure should not be made even if such disclosure will protect the CPA’s professional interests in legal proceedings. C. Disclosure should be made only if there is a legal or professional duty to make the disclosure. D. Disclosure may be made to any government agency without subpoena. 27. Listed below are names of four CPA firms and pertinent facts relative to each firm. Unless otherwise indicated, the individuals named are CPAs and partners, and there are no other partners. Which is a violation of the Implementing Rules and Regulations of RA 9298? A. Tin, Ton and Tan, CPAs (Tin died about five years ago; Ton and Tan are continuing the firm.) B. Pol and Bon, CPAs (The name of Cua, a third partner, is omitted from the partnership name.) C. Joni and Jona, CPAs (Joni died about three years ago; Jona is continuing the firm as a sole proprietor.) D. Elias and Co., CPAs (The firm has ten other partners who are all CPAs).
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