AT

• ReSA Review School of Accountancy (CPA Review Batch 47) is preparing for the CPA Licensure Examination, focusing on Auditing Theory.
• The review school is led by Ireneo Allaugan, Arañas Tugas, Yabut.
• The review school's contact information is: [e-mail], AT-01.
• The review school is preparing for the CPA Licensure Examination, focusing on Practice and Regulation of the Profession.
• The review school is preparing for the CPA Licensure Examination, focusing on the Philippine Accountancy Act of 2004 (RA 9298), specifically on its objective of standardization and regulation of accounting education.
• The review school is preparing for the CPA Licensure Examination, focusing on the creation of the Education Technical Council (Section 9 [B] of the IRR of RA 9298).
• The review school is preparing for the CPA Licensure Examination, focusing on the Philippine Institute of Certified Public Accountants (PICPA) as a member of the International Federation of Accountants (IFAC), which is expected to comply with the Statement of Membership Obligations (SMOs).
• Membership in PICPA shall be a bar to membership in any other association of certified public accountants.
• The Chairman and two Commissioners of COA must not have been candidates for any elective position preceding appointment.
• SEC-accredited auditors are restricted from providing internal audit outsourcing services to audit clients.
• The Commission on Audit can conduct special audits on NGOs upon request by proper authorities or as determined by the Chairman.
• The Philippine Institute of Certified Public Accountants is registered with the SEC as a stock corporation and recognized by the PR BOA, subject to the approval by the PRC.
• There is no restriction on providing non-audit services to audit clients for SEC-accredited auditors.
• The sectoral organization for CPAs employed under oil and gas companies is ACPAPP.
• The Certificate of Registration and Professional ID of an individual CPA, firm, or partnership of CPAs who have not observed quality control measures can be revoked.
• The mission of COA is to ensure accountability for public resources, promote transparency, and help improve government operations, in partnership with stakeholders, for the benefit of the Filipino people.
• The SMO issued by the IFAC Board sets out requirements for IFAC member bodies with respect to international standards issued by the International Accounting Education Standards Board (IAESB), an independent standard-setting body supported by IFAC.
• Emma Jean, a Filipino certified public accountant (CPA), plans to become an ASEAN Chartered Professional Accountant (ACPA) and the requirements include NBI clearance, photocopies of CPD certificates of credit units earned, certificate for ACPA Registration from nACPAE since she is a CPA in the education sector, and Registration Fee of ₱ 1,500.
• The Philippine Accountancy Act of 2004 does not align with the policy of the State to recognize accountants in nation building and development.
• All of the statements are correct.
• Adherence to the SMOs is required by the Code of Ethics.
• The receipt and processing of ASEAN Chartered Professional Accountant (ACPA) applications is under the jurisdiction of the Professional Regulatory Boards (PRBs) Secretariat Division.
• The Philippine Institute of Certified Public Accountants (PICPA) is a member-professional organization of IFAC.
• CPAs in the Philippines should adhere to the SMOs of the International Federation of Accountants (IFAC) because of globalization and ASEAN integration.
• The pre-centenary activities of the Centenary Year of the Accountancy Profession and the Board of Accountancy were officially launched on November 17, 2021.
• The centennial theme is “Celebrating the Past, Transforming the Present, and Shaping the Future.”
• The CPD Act of 2016 requires adherence to the SMOs.
• One of the regulators is the Commission on Higher Education (CHED) which oversees the examination for registration of certified public accountants.
• The Professional Regulatory Board of Accountancy (PRBOA) has the power to suspend or remove its members for just cause.
• The creation of Auditing and Assurance Standard Council (AASC), Financial Reporting and Standards Council (FRSC), Quality Review Committee (QRC), and CPE Council are related to the profession.
• PRC and PRBOA resolutions and issuances are related to the profession.
• Audit fees and billing are related to the profession.
• Practice sectors related to the profession are public practice, commerce and industry, government, and academe/education.
• All the annexes of the IRR of RA 9298 are related to the practice of accountancy.
• International Education Standard (IES) 7 is related to the profession.
• The Continuing Professional Development Act of 2016 (RA 10912) is related to the profession.
• PRBOA accreditation is related to the profession.
• The entire Rule IV (Practice of Accountancy) of the Implementing Rules and Regulations (IRR) of RA 9298 is related to the practice of accountancy.
• The Professional Regulatory Board of Accountancy (PRBOA) is composed of members who must be natural-born citizens and residents of the Philippines, duly registered Certified Public Accountants with at least ten years of work experience in any scope of practice of accountancy, of good moral character, and must not have any pecuniary interest, directly or indirectly, in any school, college, university or institution conferring an academic degree necessary for admission to the practice of accountancy or where review classes in preparation for the licensure examination are being offered or conduc
• The Professional Regulatory Board of Accountancy (PRBOA) has the power and functions to examine, investigate, and decide on cases involving violations of the Code of Professional Conduct, and to issue subpoenas and compel the attendance of witnesses.