33.

The following are the grounds for suspension or  removal of members of BOA, except 
a. Neglect of duty.

AT – RA 9298 Red Sirug Page 3 

b. Incompetence. 
c. Violation of the CPA’s Code of Ethics. 
d. Pending case involving moral turpitude. 

34. Which of the following statements about the  composition of the Board of Accountancy is  incorrect? 
a. The Board shall be composed of a chairman and  six members. 
b. The members of the Board shall be appointed by  the President of the Philippines from a list of 
three recommendees for each position and  
ranked by the Commission from a list of five  nominees for each position submitted by  
Accredited Professional Organization or PICPA. c. The Board shall elect a chairman from 
among its members to serve for a term of  one year. 
d. If the APO fails to submit its nominees within 60  days prior to the expiry of the term of an  
incumbent chairman or member, the Commission  in consultation with the Board shall submit to
the  president a list of three nominees for each  
vacant position. 

35. Who has the power to suspend or remove any  member of the Board of Accountancy? 
a. The Chairman of the FRSC 
b. The Chairman of the PRC 
c. The Chairman of the AASC 
d. The President of the Philippines 

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

37. This standard setting body shall have a chairman  who had been or presently a senior accounting 
practitioner in public accountancy. 
a. BOA 
b. AASC 
c. FRSC 
d. ACPAE 

38. The Chairman and the members of the FRSC and  AASC shall have a term of 
a. 1 year 
b. 3 years 
c. 5 years 
d. 6 years 

39. 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. Appointment to fill up an unexpired term is not  to be 
considered as a complete term. 
d. 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. 

40. The Board of Accountancy shall elect a vice-chairman  from among its members for a term of 
a. Two (2) years 
b. One (1) year 
c. Three (3) years 
d. Five (5) years 

41. According to Section 9(A) of the IRR, the  Commission upon the recommendation of the Board  shall create
an accounting standard setting body to  be known as the 
a. Accounting Standards Board 
b. Accounting Standards Council 
c. Financial Reporting Standards Council d. Financial Reporting Standards Board 

42. The Financial Reporting Standards Council shall be  composed of 
a. 8 members 
b. 14 members 
c. 15 members 
d. 17 members 

43. According to Section 9(A) of the IRR, the  Commission upon the recommendation of the Board,  shall
create an auditing standard setting body to be  known as the 
a. Auditing and Assurance Standards Council  (AASC) 
b. Auditing Standards Board 
c. Auditing Standards Council 
d. Auditing Standards and Practices Council (ASPC) 

44. The Auditing and Assurance Standards Council  (AASC) shall be composed of 
a. 8 members 
b. 14 members 
c. 15 members 
d. 17 members 

45. Which of the following does not have representation  in the Financial Reporting Standards Council (FRSC)?
a. Board of Investments (BOI) 
b. Philippine Institute of CPAs (PICPA) 
c. Bureau of Internal Revenue (BIR) 
d. Board of Accountancy (BOA) 

46. The following are represented both to the Financial  Reporting Standards Council (FRSC) and Auditing  and
Assurance Standards Council (AASC), except: a. Bangko Sentral ng Pilipinas 
b. Bureau of Internal Revenue 
c. Securities and Exchange Commission 
d. Board of Accountancy 

47. Which of the following functions to promulgate  auditing standards? 

a. National Accredited Professional Organization b. Financial Reporting Standards Council 
c. Auditing and Assurance Standards Council d. ACPAPP