Orgg

1. This committee is created to conduct an oversight into the quality of audits of

financial statements through a review of the quality control measures
instituted by individual CPAs Firms or Partnerships
a. Quality review council
b. Quality control committee
c. Quality review committee
d. Engagement quality control review
2. The quality Review Committee shall be composed of
a. Seven members with a chairman
b. Six members with a chairman
c. Five embers with a chairman
d. Four members with a chairman
3. The chairman and members of the QRC shall have a term of
a. Two years, renewable
b. Two years, non-renewable
c. Three years, renewable
d. Three years, non-renewable
4. The QRC should have the following functions
a. Conduct quality control review on applicants for registration to practice
public accountancy and render report on such quality review
b. Revoke the certificate of registration and professional ID of an
individual CPA, firm, or partnership of CPAs who have not observed
quality control measures
c. All of the answers
d. None of the answers
5. The Constitution of the Philippines requires this Office to “keep the general
accounts of the Government and for such period as may be provided by law,
preserve the vouchers pertaining thereto.”
a. National accounting office
b. Ministry of finance
c. Commission on audit
d. Accounting units
6. The following are the functions of the Commission on Audit, except
a. Define the scope of audit and examination
b. Promulgate the accounting rules and regulations
c. Keep the general accounts of the Government
d. Assume fiscal responsibility for the Government and its
instrumentalities
7. Auditors of the Commission in Audit perform the role of
a. Internal auditors
b. Independent auditors
c. Management accountants
d. Financial consultants
8. The chairman and the commissioners of the Commission on Audit shall be
a. All CPAs
b. All lawyers
c. One or two lawyers and one or two CPAs for a total of three
d. Two lawyers and one CPA
9. Who appoints the members of the COA?
a. The commissioner of the PRC
b. The chairman of the Professional Regulatory Board of Accountancy
c. The president, with the concurrence of the Commission on
Appointments
d. The chairman of the Auditing and Assurance Standards Council
10. Which of the following is a correct qualification of the chairman and
two commissioners of the COA?
a. A naturalized citizen of the Philippines
b. At least 40 years of age upon appointment
c. CPAs with no less than 5 tears od auditing experience or members of
the Philippine Bar who have been engaged in law practice for at least 5
years
d. Must not have been candidates for any elective position preceding
appointment
11. How long will each member of the COA serve their respective terms?
a. 3 years , with no reappointment
b. 3 years, subject to reappointment
c. 5 years, with no reappointment
d. 7 years, with no reappointment