1.

The following statements relate to the term of office of the chairman and members of the
Board of Accountancy (BOA). Which is false?
a. The chairman and members of the BOA shall hold office for a term of three (3)
years.
b. Any vacancy occurring within the term of a member shall be filled up for the
unexpired portion of the term only.
c. No person who has served two successive complete terms as chairman or
member shall be eligible for reappointment until the lapse of two (2) years.
d. Appointment to fill up an unexpired term is not to be considered as a complete
term.

2. The Board of Accountancy has the power to conduct an oversight into the quality of audits of
financial statements through a review of the quality control measures instituted by auditors
in order to ensure compliance with the accounting and auditing standards and practices. This
power of the BOA is called
a. Quality review.
b. Peer review.
c. Appraisal.
d. Quality control.

3. All successful candidates in the CPA examination shall be required to take an oath of
profession before the following except:
a. Any member of the Board
b. Any government official authorized by the Commission
c. Any person authorized by law to administer oaths upon presentation of proof
of his or her qualification
d. A member of the secular organization

4. Which of the following statements concerning the issuance of Certificates of Registration and
Professional Identification Cards to successful examinees is correct?
a. The Certificate of Registration issued to successful examinees is renewable
every three (3) years.
b. The Professional Identification Card issued to successful examinees shall
remain in full force and effect until withdrawn, suspended or revoked in
accordance with RA 9298.
c. The BOA shall not register and issue a Certificate of Registration and
Professional Identification Card to any successful examinee of unsound mind.
d. The BOA, may after the expiration of three (3) years from the date of revocation
of a Certificate of Registration, reinstate the validity of a revoked Certificate of
Registration.

5. Which of the following is not represented in the Auditing and Assurance Standards Council
(AASC)?
a. Board of Accountancy
b. Bangko Sentral ng Pilipinas.
c. Bureau of Internal Revenue.
d. Commission on Audit.

6. The Auditing and Assurance Standards Council (AASC) shall have ____ representatives
from the public sector of the PICPA.
a. 6
b. 7
c. 8
d. 9

7. This standard setting body shall have a chairman who had been or presently a senior
accounting practitioner in any of the scope of account ting practice.
a. FRSC.
b. AASC.
c. PICPA.
d. ACPAPP.

8. This standard setting body shall have a chairman who had been or presently a senior
accounting practitioner in public accountancy.
a. FRSC.
b. AASC.
c. PICPA.
d. ACPAPP.
9. The chairman and the members of the FRSC and AASC shall have a term of
a. 3 years.
b. 5 years.
 c. 6 years.
d. 1 year.

10. The creation of Financial Reporting Standards Council (FRSC) and Auditing and Assurance
Standards Council (AASC) is intended to assist the Professional Regulatory Board of
Accountancy (Board) in carrying out its function to
a. To monitor the conditions affecting the practice of accountancy and adopt such
measures, rules and regulations and best practices as may be deemed proper
for the enhancement and maintenance of high professional, ethical,
accounting and auditing standards.
b. To supervise the registration, licensure and practice of accountancy in the
Philippines.
c. To prescribe and adopt the rules and regulations necessary for carrying out
the provisions of RA9298.
d. To prepare, adopt, issue or amend the syllabi of the subjects for examinations.

11. How will representation in the Auditing and Assurance Standards Council (AASC) be
distributed from the following organizations?
• Board of Accountancy (BOA)
• Securities and Exchange Commission (SEC)
• Bangko Sentral ng Pilipinas (BSP)
• Commission on Audit (COA)
• An association or organization of CPAs in active public practice of
accountancy
• Accredited National Professional Organization of CPAs (APO)
a. Eight members from the APO and one member from the rest.
b. Nine members from the APO and one member from the rest.
c. Ten members from the APO and one member from the rest.
d. Eleven members from the APO and one member from the rest.

12. The PRC upon the recommendation of the Board of Accountancy (BOA) shall create a
council to assist the BOA in carrying out its powers and functions and in attaining its objective
of continuously upgrading the accountancy education in the Philippines to make the Filipino
CPA globally competitive. This council is to be known as the
a. CPAs in Education Council.
b. Council of CPAs in Education.
c. Education Technical Council.
d. CPAs in the Academe Council.

13. Which of the following is not a ground for suspension or removal of members of the Board?
a. neglect of duty or incompetence
b. intolerance of any violation of the Act
c. final judgment of crimes, involving moral turpitude
d. rigging of the certified public accountant’s licensure examination results

14. The following statements relate to roster of CPAs. Identify the incorrect statement.
a. A roster showing the names and place of business of all registered CPAs shall
be prepared and updated by the Board.
b. Copies of the roster shall be made available to any party as may be deemed
necessary.
c. The Board, upon approval of the Commission, may delegate the preparation
of this roster to the APO.
d. The publication of the roster in the official gazette or in any major news paper
of public circulation shall be deemed compliance with the requirement of
RA9298.

15. The following statements relate to the use of seal by registered CPAs. Which is incorrect?
a. A registered CPA shall obtain and use a seal of a design that will suit his/her
taste.
b. The seal should be of a design prescribed by the Board bearing the CPA’s
name, registration number, and title.
c. The auditor’s reports shall be stamped with the CPA’s seal, indicating therein
his/her current Professional Tax Receipt (PTR) number, date/place of payment
when filed with government authorities or when used professionally.
d. The seal of a CPA shall be circular in form.
(Numbers 32 to 34) The seal of a CPA shall be circular in form with a smaller circle. Answer the
following questions that follow using these choices:

a. CPA registration number of the individual CPA, firm or partnership.

b. The letters “CPA”
c. Name of the individual CPA, firm or partnership as the case maybe.
d. The letters “PRC”

16. What is engraved on the upper portion of the space between the circles? C
17. What is engraved on the middle portion (inside the smaller circle)? B
18. What is engraved on the lower portion of the space between the circles? A

19. Which of the following shall be issued to examinees who pass the CPA licensure
examination?
a. Certificate of accreditation.
b. Personal identification card.
c. Certificate of registration and professional identification card.
d. Certificate of full compliance and PRC ID.

20. 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 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 a court,
tribunal, or government regulatory or administrative body.

21. Section 36 (Penal Prevision) of RA 9298 states that any person who shall violate any of the
provisions of the Philippine Accountancy Act of 2004 or any of its implementing rules and
regulations shall, upon conviction, be punished by
a. A fine of not less than P50,000.
b. Imprisonment for a period not exceeding two (2) years.
c. A fine of not less than P50,000 or by imprisonment for a period not exceeding
two (2) years.
d. A fine of not less than P50,000 or by imprisonment for a period not exceeding
two (2) years, or both.

22. A professional identification card issued to Certified Public Accountants bearing the
registration number, date of issuance with an expiry date, due for periodic renewal, duly
signed by the Chairperson of the Commission shall have a validity of
a. One year
b. Two years
c. Three years
d. Four years

23. RA 9298 requires that whenever a CPA signs a document in connection with the practice of
his/her profession, he or she must indicate the

Certificate of Professional Identification Professional Tax Tax

Registration Card Receipt No. Identification No.

a. Yes Yes Yes Yes

b. Yes Yes Yes No
c. No Yes No Yes
d. Yes No No No
24. The death or disability of an individual CPA and/or the dissolution and liquidation of a firm or
partnership of CPAs shall be reported to the BOA not later than ____ days from the date of
such death, dissolution or liquidation.
a. 15
b. 30
c. 60
d. 90
25. (Individual CPAs, Firms or Partnerships of CPAs including partners and staff members
thereof shall register with BOA and the PRC. If the application for registration of AB and
Co., CPAs was approved on August 30, 2019, the registration will expire on
a. September 30, 2021
b. December 31, 2021
c. December 31, 2022
d. August 30, 2022

26. Which of the following statements concerning the use of firm or partnership name is
incorrect?
a. In the case of an individual CPA, he/she shall do business under his/her
registered name with the BOA and the PRC and as printed in his/her CPA
certificate (for example, Juan dela Cruz, CPA).
b. In the case of a firm, it shall do business under its duly registered and
authorized firm appearing in the registration documents issued by the
Department of Trade and Industry (DTI) and other government offices and
such firm name shall include the real name of the sole proprietor as printed in
his/her certificate (for example, Juan dela Cruz and Associates).
c. In the case of a registered partnership, it shall do business under its name as
indicated in its current Articles of Partnership and Certificate of Registration
issued by the Securities and Exchange Commission (SEC) (For example,
Santos, Reyes and Diaz, CPAs).
d. A CPA shall practice only under an individual firm, or partnership name in
accordance with Philippine laws and shall not include any fictitious name but
may indicate specialization.

27. Which statement is correct regarding CPD (Continuing Professional Development)

requirements for renewal of professional license?
a. The total CPD credit units required for CPAs shall be sixty (60) units for three
(3) years provided that a minimum of fifteen (15) credit units shall be earned in
each year.
b. A registered professional shall be permanently exempted from CPD
requirements upon reaching the age of 65 years old.
c. A registered professional who is working abroad shall be temporarily exempted
from compliance with CPD requirement during his/her stay abroad, provided
that he/she has been out of the country for at least one (1) year immediately
prior to the date of renewal.
d. Those who failed to renew professional licenses for a period of five (5)
continuous years from initial registration, or from last renewal shall be declared
delinquent.

28. 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 ____ years
after becoming a sole proprietor.
a. 1
b. 2
c. 3
d. 4

29. Which of the following is incorrect regarding the qualifications of members of the Board of
Accountancy?
a. Must be resident of the Philippines.
b. Must be a duly registered Certified Public Accountant with at least 10 (ten)
years of work experience in any scope of practice of accountancy.
c. Must be of good moral character and must not have been convicted of crimes
involving moral turpitude.
d. Must not have any pecuniary interest, directly or indirectly, in any school,
college, university where review classes in preparation for the licensure
examination are being offered or conducted.

30. First statement – The Board shall be composed of a chairman and six (6) members appointed
by the President of the Philippines from a list of five (5) recommendees for each position and
ranked by the Commission from a list of eight (8) nominees for each position.
 Second statement – The four (4) sectors in the practice of accountancy shall as much as
possible be equitably represented in the Board.

a. First statement is True ; Second statement is False

b. First statement is False ; Second statement is True
c. Both statements are True
d. Both statements are False

31. A CPA certificate is an evidence of

a. Recognition of independence.
b. Basic competence at the time the certificate is granted.
c. Culmination of the education process.
d. Membership in the accredited professional organization – PICPA.

32. These are documents showing the outline embodying topics and concepts of major subjects
prescribed in specific course of study to serve as the basis for test questions in the CPA
licensure examination:
a. Curriculum
b. Outlines
c. Syllabi
d. Prospectuses

33. The Board shall not register and issue a Certificate of Registration to any successful
candidate if
a. Convicted by a court of competent jurisdiction of a criminal offense involving
moral turpitude
b. Guilty of an immoral and dishonorable conduct
c. Of unsound mind
d. All of the above are grounds for the non registration

34. Which of the following statements is correct about the PRC CPE Council?
a. The Council shall be composed of six members and a chairperson.
b. The members of the Board shall choose a chairperson among themselves.
c. The members of the Council shall be appointed by the Commission upon
recommendation of the Board in coordination with APO.
d. The chairperson and members of the Council shall have a term of three (3)
years renewable for another term.

35. One credit hour of Continuing Professional Development (CPD) program, activity or source
shall be equivalent to
a. 10 credit units
b. 5 credit units
c. 3 credit units
d. 1 credit unit

36. As defined in Annex “C” of the IRR, this refers to the inculcation, assimilation and acquisition
of knowledge, skills, proficiency and ethical and moral values, after the initial registration of
a professional that raise and enhance the professional’s technical skills and competence.
a. Professional Development.
b. Continuing Professional Education.
c. Continuing Professional Development.
d. Professional Growth and Development.

37. Which of the following organization has been recognized by the Commission on October 2,
1975, per Accreditation No. 15, as Accredited Professional Organization?
a. Board of Accountancy (BOA).
b. Philippine Institute of CPAs (PICPA).
c. Association of CPAs in Public Practice (ACPAPP).
d. Association of CPAs in Education (ACPAE).

38. The PICPA shall renew its certificate of accreditation once every
a. Two years.
b. Three years.
c. Four years.
d. Five years.
39. A body created by the Board to conduct an oversight of the quality of audit of financial
statements by reviewing the firms quality control is known as
a. Quality Review Committee (QRC).
b. Educational Training Committee (ETC).
c. Financial Reporting Standards Council (FRSC).
d. Auditing and Assurance Standards.

40. Which of the following is one of the functions of QRC?

a. To promulgate accounting and auditing standards that will be generally
accepted in the Philippines.
b. To prescribe and/or adopt a Code of Ethics for the practice of accountancy.
c. To evaluate periodically the performance of educational institutions offering
accountancy education.
d. To conduct a review on applicants for registration to practice public
accountancy and render a report which shall be attached to the application for
registration.

41. The APO shall submit nominations with complete documentation to the Commission not later
than ____ prior to the expiry of the term of the incumbent chairman or member.
a. 30 days
b. 60 days
c. 90 days
d. 120 days

42. According to the Philippine Accountancy Act of 2004 (RA 9298), any person who shall violate
RA 9298 or any of its implementing rules and regulations as promulgated by the Professional
Regulatory Board of Accountancy subject to the approval of the PRC, shall upon conviction,
be punished by:
a. A fine of not less than fifty thousand pesos (P50,000) or by imprisonment for a
period of not exceeding three (3) years or both
b. Not less than one hundred thousand pesos (P100,000), or by imprisonment
for a period of not exceeding two (2) years, or both
c. Not less than fifty thousand (P50,000), or by imprisonment for a period not
exceeding two (2) years, or both
d. Not less than one hundred fifty thousand pesos (P150,000), or by
imprisonment for a period of not exceeding three (3) years, or both.

43. Within ____ days after the effectivity of RA 9298, the Board, subject to the approval of the
Commission and in coordination with the APO, shall adopt and promulgate such rules and
regulations to carry out the provisions of RA 9298 and which shall be effective _____ days
following their publication in the Official Gazette or in any major daily newspaper of general
circulation.
a. Sixty; thirty
b. Sixty; fifteen
c. Ninety; thirty
d. Ninety; fifteen

44. First statement – It shall be the primary duty of the Commission and the Board to effectively
enforce the provisions of RA 9298 and its Implementing Rules and Regulations.

Second statement – Any person may bring before the Commission, Board, or the
aforementioned officers of the law, cases of illegal practice or violations of RA 9298 and its
Implementing Rules and Regulations.

a. First statement is True ; Second statement is False

b. First statement is False ; Second statement is True
c. Both statements are True
d. Both statements are False

45. Under foreign reciprocity, special/temporary permit may be issued by the Board subject to
the approval of the Commission and payment of the fees the latter has been prescribed and
charged thereof to the following persons except
a. A foreign certified public accountant called for consultation or for a specific
purpose which, in the judgment of the Board, is essential for the development
of the country
b. A foreign certified public accountant engaged as professor, lecturer or critic in
fields essential to accountancy education in the Philippines and his/her
engagement is confined to teaching only
c. A foreign certified public accountant who is internationally recognized expert
or with specialization in any branch of accountancy and his/her service is
essential for the advancement of accountancy in the Philippines.
 d. A foreign certified public accountant who visits the Philippines to study
additional learning in the field of computer system and design.

46. The auditing standard setting body created by the Board of Accountancy is known as:
a. Financial Reporting Standards Council (FRSC).
b. Auditing Standards and Practices Council (ASPC).
c. Accounting Standards Council (ASC).
d. Auditing and Assurance Standards Council (AASC).

47. The Chairman and the members of the Financial Reporting Standards Council (FRSC) and
Auditing and Assurance Standards Council (AASC) shall have a term of ___ year(s):
a. One
b. Two
c. Three
d. Six

48. The sector that is most represented in the AASC is the

a. Commerce and Industry
b. Academe
c. Government
d. Public Practice

49. The Board ensures that all higher educational instruction and offering of accountancy,
including accounting review centers and/or CPE providers offering accounting seminars,
comply with policies, standards and requirements of the course prescribed by:
a. PRC
b. PICPA
c. CHED
d. ACPAPP

50. First statement – An individual CPA is a certified public accountant engaged in the practice
of public accountancy under his/her name, by himself/herself only or with one or more staff
members.
Second statement – The area of practice of accountancy namely public accountancy,
commerce and industry, academe/education and government is called a sector.
a. First statement is True ; Second statement is False
b. First statement is False ; Second statement is True
c. Both statements are True
d. Both statements are False

51. The Auditing and Assurance Standards Council (AASC) has 17 regular members coming
from the following:
a. Independent auditing firms – 17; PICPA – 9; ACPAPP 1,; Board of
Accountancy
– 1; SEC – 1; COA – 1
b. Independent auditing firms – 5; PICPA – 5; ACPAPP -2; Board of Accountancy
–
2; SEC – 2; COA – 1
c. Independent auditing firms – 7; PICPA – 6; ACPAPP -1; Board of Accountancy
–
1; SEC – 1; COA – 1
d. Independent auditing firms – 5; PICPA – 5; ACPAPP -2; Board of Accountancy
– 2; SEC – 2; COA – 1

52. The following statements were based on provisions of RA9298. Select the incorrect
statement.
a. According to the IRR, all sectors in the practice of accountancy shall as much
as possible be equitably represented in the Board.
b. The Accredited National Professional Organization (APO) shall submit its
nominations for the Board of Accountancy (with complete documentation) to
the Commission not later than sixty (60) days prior to the expiry of the term of
an incumbent chairman or member.
c. The vice chairman of the Board of Accountancy shall serve three years as
member of the Board of Accountancy.
d. No person shall serve in the Board of Accountancy for more than six years.

53. The following statements relate to RA9298. Which statement is correct?

 a. The Board of Accountancy has the authority to remove, after due process, any
member of the Professional Regulation Commission for negligence,
incompetence or any other just cause.
b. The functions of the Board of Accountancy include the preparation of the
contents of the CPA licensure examination and rating of examination papers.
c. After two years, subject to certain conditions, the Board of Accountancy must
order the reinstatement of a CPA whose certificate of registration has been
revoked.
d. Insanity is a ground for issuing a certificate of registration to a successful CPA
candidate.

54. The following are the objectives of the Continuing Professional Education (CPE) programs
according to Section 32 of IRR of RA9298, except:
a. To raise and maintain the professional’s capability for delivering professional
services.
b. To provide and ensure the continuous education of registered professional
with the latest trends in the profession brought about by the modernization and
scientific and technological advancements.
c. To make the professional locally competitive.
d. To promote the general welfare of the public.

(Numbers 71 and 72). Annex B par 1(a) of the IRR provides that “Individual CPAs, firms or
partnerships of CPAs, including partners and staff members thereof shall register with the
Board of Accountancy and the Professional Regulation Commission.” Santos and Ignacio,
CPAs applied for registration and their application was approved on July 30, 2019.

55. When will the registration expire?

a. September 30, 2021
b. December 31, 2021
c. July 30, 2022
d. December 31, 2022

56. When should Santos and Ignacio, CPAs file for renewal of registration?
a. On or before July 30, 2021
b. On or before September 30, 2021
c. On or before July 30, 2022
d. On or before September 30, 2022

57. The following foreign CPAs may be issued special/temporary permits by the Professional
Regulatory Board of Accountancy, subject to the approval of the Professional Regulation
Commission and payment of the fees the latter has prescribed and charged thereof:
1. A foreign certified public accountant called for consultation or for a specific
purpose which, in the judgment of the Board , is essential for the development
of the country: Provided , That his or her practice shall be limited only for the
particular work that he/she is being engaged
2. A foreign certified public accountant engaged as professor, lecturer or critic in
fields essential to accountancy education in the Philippines and his/her
engagement is confined to teaching only.
3. A foreign certified public accountant who is an internationally recognized
expert or with specialization in any branch of accountancy and his/her service
is essential for the advancement of accountancy in the Philippines. a. I, II, and
III
a. I and II
b. I and III
c. II and III

58. According to IRR, this refers to a study, appraisal or review by the Board or its duly authorized
representatives, of the quality of audit of financial statements through a review of the quality
control measures instituted by the individual CPA, firm or partnership of CPAs engaged in
the practice of public accountancy.
a. CPA review
b. Peer review
c. Professional review
d. Quality review
59. A body created by the Board to conduct an oversight of the quality of audit of financial
statements by reviewing the firm’s quality control is known as:
a. Quality Review Committee (QRC).
b. Educational Training Committee (ETC).
c. Financial Reporting Standards Council (FRSC).
d. Auditing and Assurance Standards Council (AASC).

60. Which of the following is one of the functions of the QRC?

a. To promulgate accounting and auditing standards that will be generally
accepted in the Philippines.
b. To prescribe and/or adopt a Code of Ethics for the practice of accountancy.
c. To evaluate periodically the performance of educational institutions offering
accountancy education.
d. To conduct a review on applicants for registration to practice public
accountancy and render a report which shall be attached to the application for
registration.

61. “Meaningful experience” in public practice, as defined in the IRR to RA9298, shall mean:
a. At least two years as audit assistant and at least two years as auditor-incharge
of audit engagements covering full audit functions of significant clients.
b. At least one year as audit assistant and not more than two years as auditorin-
charge of audit engagements covering full audit functions of significant clients.
c. Not more than one year as audit assistant and at least two years as auditorin-
charge of audit engagements covering full audit functions of significant clients.
d. At least one year as audit assistant and at least two years as auditor incharge
of audit engagements covering full audit functions of significant clients.

62. A certificate of accreditation shall be issued to CPAs in public practice only upon showing, in
accordance with rules and regulations promulgated by the Board and approved by the PRC,
that such registration has acquired a minimum of _____ years meaningful experience in any
of the areas of public practice including taxation.
a. 2
b. 3
c. 4
d. 5

63. Which of the following is expected of AASC to do?

a. AASC should normally expose a proposed interpretation of statements.
b. AASC should normally expose its opinion on specific queries from a practicing
CPA.
c. When it is deemed necessary to expose for a comment on proposed
interpretations of statements, the exposure period is understandably shorter
than those of the regular drafts of standards.
d. To make the statements on Philippine Standards on Auditing operative, the
final statement shall be submitted to the Board of Accountancy for approval

64. How will representation in the Financial Reporting Standards Council (FRSC) be distributed
from the following organizations?
• Board of Accountancy (BOA)
• Securities and Exchange Commission (SEC)
• Bangko Sentral ng Pilipinas (BSP)
• Bureau of Internal Revenue (BIR)
• A major organization composed of preparers and users of financial statements
• Commission on Audit (COA)
• Accredited National Professional Organization (APO)

a. Six members from the APO and one member from the rest
b. Seven members from the APO and one member from the rest.
c. Eight members from the APO and one member from the rest.
d. Nine members from the APO and one member from the rest.

65. Who is not permitted by law to practice accountancy?

a. A corporation whose stockholders are all CPAs.
b. A partnership of CPAs.
c. A sole practitioner.
d. A partnership of CPAS, with some non CPA staff.

66. 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. Lethal injection.
 b. A fine of more than P50,000.
c. Imprisonment for a period not exceeding two years.
d. A fine of not less than P50,000 or by imprisonment for a period not exceeding
two years or both.

67. Affixing the CPA’s seal and signature on the auditor’s report is an indication of:
a. CPA’s acceptance of responsibility for the financial statements audited.
b. Compliance by the CPA of the requisite accounting and auditing standards and
rules.
c. CPA’s accreditation to practice public accountancy.
d. Fair presentation of financial statements audited.

68. The death or disability of an individual CPA and/or the dissolution or liquidation of a firm or
partnership of CPAs shall be reported to the BOA not later than ____days from the date of
such death, dissolution or liquidation.
a. 15
b. 30
c. 60
d. 90

69. A partner surviving the death or withdrawal of all the partners in a partnership may continue
to practice under the partnership name for a period of not more than ______ years under
becoming a sole proprietor.
a. 1
b. 2
c. 3
d. 4

70. 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
examination remain the property of such CPA in the absence of written
agreement between the CPA and the client to the contrary.
b. Working papers include schedules and memoranda prepared and submitted
by the client to 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.
71. Which of the following statements about working papers is correct?
a. Working papers prepared by a CPA including those prepared and submitted
by the client are the personal property of the auditor and the client has no right
to these working papers.
b. Working papers may substitute the client’s accounting records.
c. Working papers are subject to confidentiality rules and they can not be shown
to third parties in any circumstances.
d. Working papers should not serve as a reference source for the clients
accounting records.

72. The following statements relate to some of the provisions of RA 9298. Which is correct?
a. Audit working papers are generally the property of the company whose
financial statements were audited.
b. After three (3) years, subject to certain conditions, the Board of Accountancy
may order the reinstatement of a CPA whose certificate of registration has
been revoked.
c. The penal provision (Sec. 36) of RA9298 applies only to the violation of any of
the provisions of RA9298 because its Implementing Rules and Regulations are
unenforceable.
d. It shall be the primary duty of the PRC and the BOA to effectively enforce the
provisions of RA9298.

73. The PICPA shall renew its Certificate of Accreditation once every how many years after the
date of the Resolution granting the petition for re-accreditation and the issuance of the said
certificate upon submission of the requirements?
a. 2 years.
b. 3 years.
c. 4 years.
d. 6 years.

74. A CPA firm may not designate itself as “members of the PICPA” unless
a. All of its partners are members of the Institute.
b. Its entire professional staff is members of the Institute.
c. A majority of its professional staff are members of the Institute.
d. At least one partner is a member of the Institute.