QUIZ IN AUDITING II

11. Which of the following functions is most likely to be performed by an audit

manager? Signing of the audit report. 
Assumption of overall responsibility for the audit. 
Preparation of audit programs and supervision of audit associates. 
Administrative procedures and liason work between partners and other team
members.
12.The amount of audit fees depend largely on the 
Volume of audit work and degree of competence and
responsibilities involved. Size and capitalization of the company
under audit. 
Amount of client’s profit for the year. 
Availability of cash. 
13. Under this method of billing a client, the external auditors charges on the basis of
actual time  spent by principals/partners, supervisors, seniors and juniors at
predetermined rates agreed  upon with the client, subject to a maximum amount 
Per diem 
Retainer basis 
Flat fee or flat sum basis 
Maximum fee basis 
14.CPD units can be earned by engaging on the following
activities, EXCEPT Participant to a seminar 
Completing a BSA degree 
Study touts and visits 
Completing a Master’s Degree 
15.The certificate of accreditation to practice public accountancy is granted
only once and  remains in effect until withdrawn, suspended or revoked. 
True 
False 
16.The following are the classifications of the required competence areas for CPD
purposes  EXCEPT 
Professional Skills 
Technical Competence 
Tax Competence 
Professional values, ethics and attitudes 
17. Regarding advertising, the following are not allowed, EXCEPT 
Self-laudatory statements 
Publishing the contact details of the CPA firm 
Discrediting, disparaging, or attacking other firms or CPA practitioners 
Referring to, using or citing actual or purported testimonials by third
parties 18. Which of the following partner profile information maybe
posted to a firm’s website? Name 
Educational attainment and brief listing of services 
 Postal address, telephone, fax and email address 
All of these may be posted in a firm’s website. 
19.The names of CPA firms may not contain the first name of proprietors or
partners; it must  always be the surname. 
True 
False 
20.Human resources development is considered as one of the pillars of successful
accounting  practice. 
True False