Excel Professional Services, Inc. (Luzon) Manila and Ortigas 739-88447734-7908 * alam, Laguna (049) 845380" (Wiseyas) Sacolod City (034) 4388714 ~ Cebu City (092) 286-7777 Lov. 122 (afindanao) Cagayan ce Oro City (08622) 725150 * Davao City (082) 225-0069 \www.prte.com.ph CPA REVIEW OPEN FINAL PRE-BOARD EXAMINATIONS AUDITING THEORY [Exam Coverage | RPCPA Licensure | Examination Syllabus | I (Exam Code i (Exam Code AT.OpenFPB.1009 _ i (Date = September 25, 2009 | iTime 13:30 PM to 6:30 PM No. of Questions |100 2. of Questions j100 ‘SET IcEOSHERTADW 3602 S08 comm PS sulWeXg Plkog-ed ted Quaid 847 BUD;ER 103 nod ues sje ‘andi “p sity ‘asjeg “4 nig ‘asjes “9 andy fons -2 ‘sBulpuy $Joupne 343 yal Bouepzo258 uy SILOWIE}EIS ‘pods 03 pue /1018 40 press 02 anp sayrauie WIaIeISSIUI JEUDIU WON} Buy Su B|OyM e SE SOWIE] Jeu 4} J8yTEYM 3noGe eoUEINSse ajgeuosea: 9138 ‘oon Buon ‘daaxe “Bulmojo; 343 sapnuy uoiswedns, ‘seouersuunoui9 34 uj ayeudosdde 3q 63 pans! st Jeu yoda sdoupne avi 10} pue 'siusuisuinbs: (269; pue Alozeindo: PU SouRpuRls jeuorSssajold ym soURyaUIO> Uy quoWiAabeBUS aiene 2x2 Jo saueUHO}Iad ue ‘uoisjaledns ‘uoRSaup eur 40; Ayjaisuodses a2 pinoys sued jeweBeBue sul “> ESSER resoz ace SPA ee S24, P oN oN oN, 3 on sa, on 4 54 oN, SOA, e uopeug BusoueW — vojsiiadng gSeunpazeid pue sarsijod Jo13u0D Azijend Su BulusiigeISS Ur parsp/sucD aq Pinoys FU jonUOD Arjend Silly aD @ Jo SqUBUIB;a (axe) SI BuIMO][O) IN Jo UDMA “¢ au pue sel yam aoueyduios “p juodai soypne ey > Joupne au 40) syeoyspeaids squawayeys jepueuy payipre ayy -e 403 3 jawabeuen) “Z estes ‘enut 'p asies ‘esiey -¢ andy ‘asies > anal ‘emg -e eau SSOIUN sySq WAM soUeydus0D uesoids1 JOU jjeus soupNe 34) “payeyssiu Ayjeuarew 2q 0} swuswareIS jeoueUy a4) Bsne> jen SIXI ‘Azui seoueysuuno.9 3eus BuiziuBose! Wsondays [euo!ss9soid 10 SPnyNNe UE YM YORE Ue WHoped pue uEId jJeys 1oYpNe Buy “T @IADNMGOOD “AMO z “ON TIONAd Bsn. COTTVANI 792ys smsue UoNeUIUIeXd JNck spud! “GIMOTW SBuNSwes ON ANDNIS “papiacld x UR UO WY YDED IOs JAMsUE BUC fluo >HeW BM Jo Wee Jo) Jamsue ys9q ouassete 97. Which statement engagements? 2. It is an engagement in which a practitioner expresses & ion designed to enhance the degree of confidence intended users other than the responsible party about the outcome of the evaluation ar measurement of 2 subject matter against criteria. b, Not all engagements performed by professional accountants are assurance engagements. Whether a particular engagement is an assurance engagement will depend upon whether it & all the following elements - a three party relationship, a subject matter, suitabie criteria, sufficient appropriate evidence and a written assurance report, 4. All of the above statements are correct correct regarding assurance tics for determining whether criteria are a op < @ Yes Yes Yes Yes Yes Yes Yes Yes tenes yes Yes No Yes Yes No No Yes Yes Yes No No Yes No No Yes Comparabi Understandat 99. The framework for auditing and related services as addressed by PSA excludes 3. Revie! MAS. b. Compilation 6. Agreed upon procedures 4100.An audit of financial statements is anon assurance engagement. The auditor is engaged for purposes of expressing an opinion designed to enhance the degree of confidence of intended users in the financial statements. In conducting the audit so as to achieve its abjective, the overall objective of the independent auditar is to obtain Page Sot arin a ina Fheory sere a, ‘Tracking the progress of the audit engagement. b, Addressing significant issues arising during the audit ‘engagement, considering their significant, and modifying the planned approach appropriately. c. Informing the members of the engagement team of their responsibiities. 4. Identifying matters for consultation or consideration by more experienced engagement team members during the audit engagement. least likely discuss with ant prior to acceptance? wing will an au the former auditors of a poten 3. Integrity of management b. Fees charged for services © Disagreements with management regarding accounting principles: . Reasons for changing audit firms 8. Assuming @ recurring audit, in which of the following situations would the auditor be unlikely to send a new engagement letter to the client? 3, A recent change in partner and/or staff involved in the audit engagement. b. Acchange in the terms of engagement. & Arecent change of client management. d. A significant change in the nature or size of the client's business. Which of the following is not included in an engagement letter? 2, Limitation ia the scope of examination as imposed by ient 'o. Limitation in the scope of examination as imposed by circumstances c. Restrictions on auditor's exists d, Satisfactory title to assets, liens on assets and assets pledged when such possibility Era