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    33 views12 pages

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    REVIEW QUESTIONS Ethics for Professional Accountants in the Palippines? a, The code is divided into two parts, part A and part 8 b, Part reiers td generat lpplication of te code ‘ ok RE yy to those prlesional hich statement i¢_incorects regarding the Revised Philippines? 2. Professional accountants refer to persons who 2 Certified Public Accountants (CPA) and who held 3 valid cxrtiicate issued by the Board of Accountancy. b, Where'a local law Is in conflict with @ provision of the IFAC Code, the IFAC Code requirement prevails c. Phe Revised Code of Ethics for Professional Accountants in the Philippines is mandatory for all CPA's ard is applicable’ to professional servi performed in the Philippines on or after January 2011; early adoption is permitted. 4. Amember body of IFAC of frm shall not apply less Stringent standards than those stated In this Code: However if member body oF firm ts prohibited from complying wth certain ports of this Code by parts of this Code. D ° Part A: GENERAL APPLICATION OF THE TESBA CODE: k Section 100 ~ Introduction & Fundamental 0 rinciples hich of the following statements _best describes why the profession of CPAS has deemed essential to promulgate a code of ethics and to establish a} frecnanlsm for enforcing observance ofthe code? 2A astingishing mark of 2 profession Is is fecceptance of responsibilty to the public bb. A prereq site to success is the establishment of an Gthical code that stresses primarily the professioxa's responsibilty to clients and ‘alleagues cc. Rrequirzment of most state laws calls for the professien to establish a code of ethics. ad. An essential means. of ‘self-protection for the Drofessien is the establishment of flexible ethical Standards by the profession Fundamental principles 4. "tn order to achieve the objectives of the accountan profession, professional accoubtants have to observe a umber of prerequisites or fundamental. principles. The fundamental” principles include the folowing, except Tntegnty and objecovity Professicnal competence and due care Confidendalky and professional benavior Confidence Page 1 of 11 en ‘code of ‘Ethics for Professional Accountants In “1 7 fe the code Threats nd seteguards HK PORS sone anes epming e cate of 8 FundamentaL principles ace potentially affected by I. 'Seltinterest threat IV. Famuilanity threat 1, Self review threat. Intimidation threat i. Advocacy threat 2. [Ml If, 1V and V be nm mandy This refers to the threet thot a_financial_or_other Interest wll inappropriately ivluenée the protessia ‘ccountant’s Judgment or Behavior Self Interest threat. Advocacy threat BL Self-review threat. Familiar threat 1p and mt a. Lonty This refers to the threat that a professional accountant wil not appropriately evaluate the results of a previous judgment made or service performed by the professional accountant, or by another inaividual within fhe professional scccuntarcs firm or employing frganization, on which the accountent wil rely when forming ® judgment as par of providing 8 current a. Selt-nterest threat " &, Advocacy threat b Seitreview threat 6. Familiy threat It refers to the threat thet a professional accountant * (il peamste-a-cieat’s or employer's position to the point that the professional accountant’s objectivity is Eompromised fo. "Seltinterest threat Bi Seltreview threat Advocacy threat 4G Familiarity threat It refers to the threat thet due to @ long or close Felationship with a ‘client or employer, a professional ‘bccountant wil be too sympathetic to thelr interests or too accepting of ther work, anc 2. Selrinterest threat c.Advocacy threat B. Sellreview threat 4. Familanty threat Intimidation threat an is not 2 threat to in fundamental principles. bls the threat that 2 professional accountant wil be deterred from acting ohisctvely because of actual or perceived pressures, including attempts. to ‘exercise undue Influence over Ute professional accountant, Is the threat that a financial or other interest wil Inappropriately influence the professional ‘accountants Judgment or behavior. 4, allot the above. jendence, but only to Statement 1: Safeguards are actions or oth measures that may eliminate threats or reduce tO an acceptable level. ‘Statement 2: They fall nto fo broad cat Safeguards created by the profession, I regulation; and (b) Safeguards in ‘environment. 2. True, True B, True, False Conceptual framework BA Part A of the code of professional ethics establishes the fundamental principles of professional ethics for professional accountants and provides, 9 conceptual framework that professional accountants shell apply to ‘complying with the fundamental principles, A professional “ accountant shall” use professional Judgment “In appiy'ng this conceptual. framework. Which of the following statements relating to. the conceptual framework is ineorrect? 2 Identify threats "to compliance with the fundamental “principles "and evaluate the significance ofthe threats identified b. Apply safeguards, when necessery, to elimi the threats or reduce them to an acceptable level © Safeguards are necessary when the professions ccountant determines that the threats are nol a ‘evel at which a reasonable and Informed third arty would be likely to conclude, weighing all the Specie fects and circumstances’ avaliable te the Professional accountant at that time, thot Compliance with the fundamental principles is not compromised. 4. No safeguards ore necessary as long as the professional accountants adhere to. applicable technical standards, Ethical contict resolution 2D y ‘professional accountant may be required to resolve a Conflict In complying with the fundamental principles, When ‘nitiating either 3 formal or informal confi: Tesolution “process, the folowing factors, either Inaividualy or together with other factors, may. be Televant tothe resolution provess 1. Relevant facts W, Ethical eves involved IM. Fundamental principles related to the motter in question Established internal procedures V. Alternative courses of action, a. Ti Ps 111,11 and v BTM angi 4. Aller tne above When faced with significant ethical issues, and having considered the relevant factors, a professional ‘2ccountant shall determine the appropriate course. of 18. Which of the following, except 2. Follow the estabished polices of the employing organization to seex a resolution ef such confit . Should not consult with those charged | with ‘Governance of the organization, such as the board (Of directors or the auait committee, IF a significant. confit cannot be resolved, @ professional accountant “may wish to” obtain professional advice from the relevant professional body or legal advisors, and. thereby. obtain Quidance on ethics! Issues Without’ breaching Confidentiality 4. If, after exhausting all relevant possiblities, the Secountant should, where possible, refuse te Femain associated with the matter creating the! thin! confer remains Unresolved, » 50, confit. Deters rapt an suction 29 otecty eee prema oe ae our objectstyand ney? Behe Pena a tegny poses te obligation on all professional accountants to be stightforward and honest In professional and Business relationships. Integrity also implies flr dealing and truthfulness. b. The principle of ebjectivity imposes en obligation ton al professional accountants nat to compromise their professional or business judgment because of bias, conflict of interest or the undue influence of others. © A professional accountant shall not perform a professional service if 9 circumstance _ of Felationship blases or unduly influences the ‘ccountant’s professional judgment with respect to that service 4. Allofthe above 16. A professional accountant should not be associates wun reports, ‘retums, "commummeetons_or other Inormstbn tha (nls on approneate meates repo Is provides)? 2." Contain a false or misleading staemnent 8. Contains “statements ‘or nformaton. furished recklessly ‘or. without ‘any’ reel" knowleage of winether they are true or fie. ¢. Orrits oF “obscures Information required to be Submitted and such omission or obscurity would Be misleading. 4. Alofthe above Section 130 - Professional competence and due care 17. The ornciple of professional competence and due care Imposes the following oBtgations or all professional ‘2ccountants, except To maintain professional knowledge and skit at the level required to ensure that clients or employers receive competent professional service; and b, To act diligently. in. accordance ‘with applicable technicst—and professional standards wren Drovicing professional services, © Tov exercise of unsound Judgment in applying rofessionel “knowledge "and skill” In the Derformance of professional servics, 4. To take reasonable steps to ensure that those Working under the professional accountant’s ‘authority ina professional capacity nave: ‘approprite training’ and. supervision and where appropriate, make’ clients, empioyers or ‘ether users of the accountant’s professional services ‘aware ofthe limitations inherent in the services, the following is incovrect Drofessional competence and cue care? 2. Professional competence may be d vided Into three separate phases, b, The attainment of requires ‘education, © The “maintenance of professional competence requires a continuing awareness of developracnt ia the accountancy profession 4. Diligence encompasses the responsibilty to act in accordance with the requirements, “of assignment, carefully, thoroughly and on a timely basis regarding Professional competence Initaly a high standeed Of” general 419. Which of the folowing Is the least requ red in attaining professional competence? 8. High standard of general education. - '. Specific education, training end ‘examination in professionally relevant subjects, «. Period of meaningful work experience 4. Continuing awareness of ‘evelopment In the ‘accountancy profession. Section 140 Confidentiality Cs Wien of the following is Incorrect regarding ‘confidentiat?. 3 The principle of confidentiality imposes ‘obligation on ll professional accountants to real from disclosing ‘outside the firm or employi ‘organization confidential information acquired 2s & result of professional ang business relationships ‘without proper and. specific authority or unless there Is 2 legal or professional right’ or duty to isclose “and using confidential Information acquired as a result of professional and business Felationstips to their personal advantage or the advantage of third parties. b, The duty of confidentiality ceases after the end of the relationship between the professional ‘ccauntant and the client or employer. & Confidentiaity. should. always be observed by professional accountant unless specific authority has been given to disclose information or there Is 8 legal oF grofessional duty to clsclose. 4. Confidentiality. requires that 2 _ professional ‘accountant acquiring information In the course of berformirg professional services neither uses nor ‘Sppear” to ‘use that. Information. for personal Sdvantags or for the advantage ofa third party. (>) Section 200 Introduction Fight to disclose confidential Information in each of the following, except 2. Fo comply with technical standards and ethics requirements b. Fovdisclose to BIR fraudulent scheme committed by the ellent on payment ef Income tax. To comply with the qualty review of a member Body or professional body 4, To fespend to an inqulry or tnvestigation by @ ‘member bady or regulatory body. ‘Section 150 -Professional Behavior 33°the principle. of professional behavior Imposes an ‘bligation on professional accountants to 2. Comply with relevant laws and regulations B. Avoll any aectlon that may bring discredit to the profession fc. Botha and b Neither s nor b 3, In marketing and promoting themselves and thet work, professional accountants. shall be honest and truthful, Professional accountants shall not: 3. Bring the profession into disrepute B. Make excggerated claims forthe services they are dole to affer, the qualifications they possess, or fexperience they have galned; oF & Make dlsparaging references or unsubstantiated Comparisons to the Work of others. «4, Allor the above. PART B: PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE Be Bromples of creunstances that create self-interest tivent fora professionel accountant im pubte practice Imola the folowing, except by A member of the assurance team having a aect financial terest in the assurance clent. b, Aifrm noving undue dependence on total fes,from 2 client. a & Acmember of the assurance team having» Sonieantcigge business relatonship with’ an ‘stzuranct cle. Ds 18, Examples _of circumstances, 4. A firm issuing an assurance report onthe fetfectiveness of the operation of financial systems , ‘fRer designing or implementing the systems. 25, Examples of circumstances that create sell selbinterest threats for 2 professional accountant In public practice Include the following, except 2 A firm being concerned about the possibilty of losing a signiteent- cent. b. Remember of the audit team entering employment negotiations vith the audit cient & Afiem entering Tato a costingeat-fee arrangement felating to an assurance engagement. 4, A firm having preoared the original data used to ‘generate records that are the subject matter of the Ssturance engagement, Examples of circumstances that create self-review threats for 2 professional accountant in public prattice Include, except: 2. A member of the assurance team being, oF having fecently been, 2 director oF officer of the client. b. Aimember of the assurance team being, or having recently Been, employed by the client in a position fo exert significant influence over the ‘subject matter of the engagement. The firm performing service for an_ assurance Ghent. that directly affects the subject metter Information of the aesurance engagement. 4. Riprotessional accountant éiseovering 9 significant err when evaluating the results of a previous, professional service performed by @ member of the professional accountants frm. --Exemples of circumstances that create familiarity threats far @ professional accountant in publ practice ‘3. A member of the engagement team having a.ciose or immediate forily member wna Is a director or otncar of the cllant. —— b. Amember of the engagement team having 2 close for immediate family meinber who is an employee ‘of the client who is 19 9 position to exeet significant fnfluence over the subject matter” of the engagement. Both (a) and (by either (a) nor (b) that create familanty {rons for-arptafessona accountant in publ preci 2. A director or officer of the client of an employee in 2 position to exert sigiiticant influence over the Subject matter of the ensagsment having recently served as the engagement partner. b. A professional accountant accepting gifts or referential treatment trom 9° client, unless the Walue is trivial oF inconsequential, ‘Senior personne! having a long association withthe assurance cent 1d, Rilof the above treats for @ professional accountant in public practice Include the folowing, except a» Avfirn being threatened with dismissal from ‘ent engagement An aut elent indicating that it wll aot planned nonassurance contract to the fim fi firm continues to dieagree with. the accounting treatment fer a particular t ‘A-firm being threatened ‘with tigation | allen i 4. The fim: promoting shares in an auelt cent 130. examples cts that create Jatmidation thrests for Broessional accountant In PAE Include the folowing, except: 2. firm oeing pressuredto reduce Inaporopriate the extent of work performed In order to reduce & professional accountant feeling pressured to agree with the Judgment of a lent employee because the employee has more expertise on the matter quest, © A professional accountant being informed by 3 bartner of the fem that 9 planned promotion Wi ot occur untess the accountant agrees with an ‘ua client's inappropriate accounting treatment 9. A professional accountant acting as sn advocate on ‘with ties parties, behalf ct an_auait client In ligation or oo 0) 6 Safeguards 31, Sefeguards created by the profession, legislation or ‘eauloten nce he folowtigr went 2 Edvetons traning ond Cipher requrements for entry Into the profession , Continaing eeucstion requirements. © Legislation” governing the Independence Fequirer ents of the frm, 4. Poles and procedures that emphasize the ‘assurance liens commitment to fair firancal reporting Ke Safeguards in the work environment, Include the 9 following, ence 2 Professional lscipinery processes, Gtandarés end mentoring and make managerial decision, Internal procedures that ensure objective chol ln commissioning non-assurance engagements; A coorcte governance structure, such a: an audit committee, that provides. appropriate. oversight ‘and communications regarding firm's services, The assurance cient has competent employees io 7, 33. Safeguards in the work_savironment, Include the fellowing except Firm ledtership that stresses the importance of Independence and the expectation that members of assurance teams will actin the public interest, ». External review of the fms, quality. conirol system € Policies and procedures to implement and monitor quality central oF assurance engagements 4. Policies and. procedures that wil enable the Identification of interests or relationships between the flem or members of the assurance team and assurance elents, Section 210 - Professional Appointment Existing acco.ntant, a5 defined In the Code of Ethics, 3, A professional accountant employed in industry, ‘commerce, the public sector or education, ‘A professionel accountant’ In public. practice ‘currently volding an auait appointment or corrying ‘out accourting, texation, -consuking or similar professional services fora cllet, Those persons who noid a valld certincate lesued by the Board of Accountancy. 0. A’ sole proprietor, or each partner or person ‘ccupying positon similar to that ofa partner ‘and each staff in a practice providing professional Services to a client irespectve of thelr functional Coa, ‘audit, tex oF consulting) and Stee In” a" practice having professional accountants managerial responsioitles, 5. The term receiving accountant Includes the following, excent 2° professional accountant in pubile practice to Wwnom the existing aecountant has referred. tax ‘engagement . Avprofezsional accountant in public practice to funom the client of the existing accountant has Feferred aucit engagement. © A professional accountant in publle practice who Is Conculted In order to meet the needs of the client. 4. A professional. eccountant. In public practice Currently holding an audit appointment or carrying fut accounting,. taxation, consulting, or Similar professional services for 9 client, Before accepting a new cilent relationship, 9 professions! accountont in public practice should Eonsider the following, except: . 2, Acceptance would create any threats to compliance with the fundamental prineples, such as, potential threats to integrity oF professional behavior may be created from, for example, questionable issues associated “with the client (ts owners, management and activities). . ‘The significance of any threats and the necessary safeguards necessary 10 eliminate them or reduce them to an acceptobie level Where it''s not possible (9 reduce the threats to an acceptable level, 2. protessional accountant. in public practice shoula’ decine to enter Into. the Gent retationshin ilof the above ‘A professional accountant in pubic prectce should agree to provide only those serhees, tat we Profesional accountant i public pracies is competent to perform.” Before accepting "s. spectic chent engagement, 2 protesions| ccountart Is Qube Brattice shosld consider the laiouing eaeeot: 8 Whether acceptance mouid create sny' threats to eomplance with the funcomontal prneples Eee example, 2 sel-inerest treat 26" praesianey competence ana. dic care is. created i tn engagement team ‘does not possese eee “ontee acquire, the competencies necessary 80 prope a. Bini the somnpenest me significance of any lheats and the necessar safequards necessary to cimnate them ores them to an accepaable iver © When 9 professional accountant in public practice intends to rely on the sdvice or work ot anteaee {he "profesional accountent in muha eee shoul evaluate “wnether Suer a hese warranted. The professional accounea ar Sy: Bractice should consider factor such os reputeare expertise, resources. avaldble “and, apoieeens professional" snd cincal” ‘standards ae Information may be gained trom prior ascocisnen with tne expert or from consulting Stes 4d. Aitorthe above The following statements relate to 9 professional ‘accountant in public practice who Is psked to replace anther professional sccountant. in ‘public praction, whichis ineaerect?| 2A professional accountant in public practice shall determine whether there are any ressons for not ‘accepting the engagement, such as circumstances Page 4 of 11 www.prtccom.ph Dn that threaten compliance with the fundament a rT ith the fundame b. Tt may require direct communication with th existing accountant to establish the facts and Creumstances behind the proposed change. © An existing accountant iS not bound by ‘confidenvalty. Hence, should ordinary volunteer Information about the client's affairs. 6. professional accountant in public practice wil preferably In wing, to Initiate alscussion with 2 existing eecountant. ‘Section 220 - Conflicts of Interest 19. A professional accountont in public practice should take reasonable slepe to identily circumstances that could pose a confict of interest. Such circumstances may five rise to the following threats to compliance with the findomental principles, except 2 A threat 20 objectivity such as when 2 professional ‘accountant in public practice competes dlrectly Wwth 2 client of has a Joint venture or similar Grrangenient with 2 major competitor of a clent. A threat to objectivity or confidentiality such as finen 2 professional accountant In public practi performs services for elents whose interests are ESanict er the chante are in ispute with each other In rlation to the matter or transaction In question. G Nelther ¢ nor b Bother ana b 40, Which ofthe following statements relating to conflicts cElnterests Se BRE merst pose atest to one ere a's indatenal preclen, ea Sct cra oe pefeconsi pear Se eeecimined er reseed 00 Meeptabe inet “treat, she “spneaton, oF ce ere ante m bie eae al nce tan tot opropiate Bn, gsc etgegermet or tet esgnaton See ee eset erasoemen (Son wo. GRES prtessoaaccountnt in publ pace Wet reefs Genet fr res cette eh tay ot ay net eon sey ety eget moter where te Ey jee cee vata const PTS Mea by tele then ee tat ln pbc pace must Pl Sse a eof a paies the mater cree Sine cnt mteres eRe Rather nero ‘Section 230 - Second Opinions BE "Stustions where a professional accountant in public practice is tsked fo provide 2 second opinion on the Sppitetion of accounting, auditing, reporting or other Standards or prinales to. specific circumstances or ‘SShsscoone by or on behalf of @ company or an entity that's not a9 existing cent may give rise to threats to Compliance, with the. fundamental principles. For ‘Gxampie, there may be a threat to in Sheurnstances where the second opinion is not xg i Sn the same. set of facts that were made available te the exsting accountant, or Is based on inadeaus fevcence? 1 Professianal competence and due care 1. Integrity Professinal behavior ._Objectivty Page 5 of 13 47, Advertsing a5 defined in 48, With regard to. marketing professional services, the section 240 ~ Fees and Other Types of Remuneration 2. Ifthe fee quoted for a professional service Is so Tow, it may. be difficult for the CPA to perform the Engagement. In eccordance with applicable technical ‘ond professional stendards for that price. This situation may create 9 self-interest threat to 2. "Objectivity .Professional competence and cue care €. Professional behavior 4. Integrity fees enarged for assurance engagements should be 3 fair reflection of tre value of the work involved. "In determining professional fees, the Following should be taken into accourt, except The level of training and expenence of the persons necessarily engaged on the work. b. The time necessenly occupied by each person engaged on the wark. ‘e. The outcome or result of a transaction or the result ofthe work performed: 1, The skill and knowledge required for the type of work involved. ZA, Which of the following Is not a contingent fee? Ba fee that is fixed by 2 court or other public ‘uthonty. Anvarrangement wneredy no fee wil be charged Gniess a Specifed finding or result = attained, c. Anau fee thet fe bared on 59% of the client's SGyanted net income for the currant year. 4g. Ritee that iz dependent upon the approval of the ‘Sesurance dient’s fosn epplication, 45. With respect to the acceptance of contingent fees for professionel ethics, the Code of ethics indicates the firm "should not accept cantingent fees 6 Should “exabien aparonriate safeguards. sround Seceptance af a contiogent fee fe Should seeept contingst f2e only for assurance Services ether than 7 a! 4, should accept contingent fees if tis customary in the country section 250 - Marketing Professional Services 46 The communication to the. public. of facts about 2 Srofessional accountant shieh'are not designed for the Jetiberate promotion ofthat ofessianal accountant 3 Publicity Indirect promotion B. Advertsing &. Solictation 1 Code of Ethics, means 2. The communication to the public of fects about 2 professional accountant which are not Gesigned for fhe deliberate promcton that. professional accountant , The aporoach to @ potential cient for the purpose of effenng professional services. The communication tothe public of information as to the services oF skill provided by professional ‘accountants. in public practice with |@ view to procuring professional business. 4. Any ofthe above. Case of ethics Indicates that ‘direct marketing fs prohibited 1, marketing Is allowed i lawful y marketing should be Nonest and truthful 4, marketing of audit services is prohibited Section 260 ~ Gifts and Hospital Ms and hospitality from a ellen, ‘Such an offer Ordinary gives rise Yo Uweatt to compliance with the fondamental principles. Wich “of the following statements ieiaeare=t? oF Saknleat rest to objectivity ita gift trom 9 client Is accepted. b, Intimidation threats to objectivity May result from, {the possibity of such offers being made publi & Tre significance of such thrents wil depend on the nature, value and intent behind the offer. 4. When the threats cannot be eliminated or reduced, to an acceptable level through the application of safeguards, 9 professional accountant In. publ practice may accent such an offer vay be ereated 0. Which of the following statements Isciacorect when @ professional accountant considering to have custosy of lent assets? 2. professional accountant in publie practice should not assume custody of client monies or other _ssets unless perinitted to do so by low . The holding of client assets creates’ threats to compliance with the fundamental principles; for example, there is a seltinterest threat professional behavior and may be a sell interest reat to objectivity ersng from holding cient Professional accountants in puble practice should bbe aware of threats to. compliance. with the fundamental. prinaplet. through association with such assets, for example, ifthe assets were found to derive from ilegah setivites, such ys money Taundening ©. Allof the above statements are cored FS 270 ~ Custody of Client Assets Yo safeguard against threats, a _ professional ‘2ccountant In public practice entrusted with money (ot other assets) belonging to others should: (Choose the Incorrect statement) 8. Keep such assets together with personal of firm eset. ; Use such assets only for the ‘purpose for whlch they are intended At all times, be ready to account for those assets, ‘and any income, dividends or gain generated, t ‘Bay persons entitled to such accounting. Comply sith ell holding oF and accounting for such assets. ction 280 - Objectivity-All Services ‘A professional accountant in publle practice should Consider when provising any professional” servi whether there. are treats to. compliance. witht | fundamental princiole of “objectivity. resulting ro having interests In, or relationships with, @ cllent or Girectrs, officers or employees. ‘fama threat to objecivty ena be created fom 2 tammy or dose persvol or business relationship, ote rue ‘fae Tue 8, Yue, Fae Fate - Safeguards against bsecvty may inte te folowing, oxcot may be’ ofered/ 8, Withdrawin the engagament Section 290 - Independence-Audit Engagements A Conceptual Framework Approach to Independence sme threats to compliance with team or uperitory procedures Terminating the inci! or ines relationship ving rise to the ret c. Biseusing “the Issue with igher_ levels of manogerestwtin the frm or with those eharaes with governance ofthe clon 4. Morte above vd Review nie ofthe following most completly Jeseribes how Independence has been etined by the accountancy rotession? Br possessing the abilty to act wth integrty and txercse objectvty and professional skeptic b. ecepting responsibilty to act proessionally and in accordance wt iaws and regultns Avoiding the appearance of signcant interest in the affairs of an assurance cient. 4, Performing. en essurance service ‘eewpoint o the pubic fromthe following statements are Independence, except 1 Independence consists of independence of mind ‘and Independence in a earance , Independence of mind is the state of mind thet permits the provision of #0) opinion vnthau being difected by Influences thet compromise Drofessionel judgment, allowing an indiviaual to act With Inteerty, and’ exercise” objectivity and professional skepticism. Independence in appearance Is tye avoidance of fact and circumstances Mat are ao signinenrt feasonable’ and. informed third party, having Knowledge of ail relevant information incucing any safeguards applied, would rea-onably condluge a'trm’s or a member of the a-surance. team's integrity, objectivity or professionel skepticism hac been compromised. 6. All of the above are correct statements regarding Independence cgrtect_ regarding For assurance engagements provided to an aut lent, the folowing should be indepencent of the chet | The members ofthe [The tm {Network fms tier rete —[Wes | Yes | We te: Hyer [No [No Les] 57. When identifies threats to indenencenc ‘andthe firm. decides. to accept 0” continue. the ‘assurance ‘engagement, the decision should be ‘documented. The firm's documentation should includes ‘2 Adescrption ofthe threats loentifed, Bb. The safeguards applied to eliminate or reduce tareats to an acceptable level Both aor > Nelther a nor b re significant Networks and Network Firms ps L rs mt w. the elie ‘Statement 1: If firm is deemed to be rm is: deemed to be 9 network frm, the Mm shal! be independent of the audit cents Of the other firms within the network (unless otherwise db Stated i tis Code), the independence requirements) {in this section that opply to a network fm apply t ny entity, such as 9 consulting practice or Professional law practice, that meets the definition of @ fetwork firm irespectve of whether the ently ise ‘meets the dfiniton of fm. Statement 2° The determination of whether the Professional resources shared are significant, and therefore the firms are network firms, shall be made based on the relevant facts and circumstances. a. True, True © False, True DL True, False 4. False, False ible Interest Entties anc Related Entities Under section 290.25 of the code of’ professional eles, public interest entitles are a, Alisted enthes B._ Any enty defined by regulation or legislation 9s a public interest entity. ce Any entity for whieh the audit ts required by— Fegulatlon” or. legislation to. be conducted In compliance "with the same. Independence Fequlrements that apply to the audit of listed entities, Such regulation may be promulgated by ‘any. relevant regulater, Including” an audit regulator. 2, Alnor the above {an entty Isa related entity to a public interest entity I that entity has any ofthe following raatonships with Anentity tnat hae director incirect control over the client the liens mazerial to such entity; ‘An entity witha sitect nancial interest in the Cent if that entity has significant Inluence over the cent ang the inerest in the cent material to such entity; fan erty ever which the client nas direct or Inalrect contr, Ian entity i which the chent, or an entity related to the cient under li} above, has a direct financial tentty and the nierest is material to the chent an Atpelated entity to (IN); ane interest that gies it sigalficant iluence over suc 5 vv. anentity which ¥s under common contro with the Ghent (2 site” entity") I the sister enity and the Sent ere both materal to the eabty that controls both the cient and sister ent a VII ‘nm andy b) 1M I anaiv Alef the above Financial Interests - Prowcions applicable to all assurance # Financial interest means B.any.onkaecour” which 1s used solely for the banking of chents” monies. b, Any monies received by 9 professional accountant fn'puble practice to Be held or paid out on the Instruction of the person from whom oF on whose behalf they are receive. cA financial interest Deneficially owed through a folectve investment vehicie, estate, trust or other Itermediary over which the Individual or exbty has no contrl. 4. An interest in an equity or other securty, Gebenture, loan or other debt instrument of ah fentty, induding nights and eblgatons to acquire 62. a member ofthe assurance team, oF their immediate family member, has a direct financial interest, or a, Cu such an Interest and derivatives d rectly related to such Interest Taterio! indirect financial interest, in the assurance Ghent, the sel-loterest threat created would be so Significant they only safeguards availabe to eliminate fhe threat or reduce to an acceptabie level would be five to (choose the incorrect one) 3. Dispose of the direct financial interest prior to the Individual becoming a member of the assurance team. b, Dispose of the Indirect financial interest in total prior to the Individual becoming a member of the ‘assurance team. Dispose of 2 sulfident amount of the indirect ‘oancial interest £0 that the remaining interest is ro longer matertal prior to the Individuel becoming ‘member of the assurance team. 4. Limit the pariipation of the member of the ‘essurance team, Ifa member of the assurance team, of their immediate family member receives, by way of, for example, 30 Innertance, gift of, as a result of & merger, 2 direct {nonela!ngerestor'a materia indirect financil interest Intne assurance ellent, self-interest threat would be Geated. The folowing safeguards should be appied to iiminate the threat or reduce It to an_coeptable level a bisposing. of the Tnaneial Interest at the eariest practeal date. b, Removing the {he asguronce engagement Either a orb. 4G, Netther 8 nor bs [A close business relationship between @ firm or 2 Tae aeaurance member-of the assuraace team anc Gent or Is management, or between the firm, 2 fRetwork fem and financial statement audit client may create Br Advocecy and self-review threats 8: Setrinterest and selt-review threats © Selhinterest and intimation teats ¢. Seltreview and farienty threats Jsoans and Guarantees {65 The flowing loans and guarantees would not create 3 threat to independence, except 2A leon fom, or 8 guarantee thereof by, an fssurance lent that Is 9 bark of 2 similar Institution, to the frm, provided te loan is made Under normal. lending procedures, terms. and feauirements and the loan is immaterial to beth the firm ara the assurance cect, b. Avloan ffom, or a guarantee thereof by, an fsturance cllent. that is a Dark or 9. similar institution, fo a member of the assurance team of their immediate family, provided the loan is made Under normal” lending procedures, terms. and requirements ‘e. Depostts made by, or brokerage accounts of, 2 frm fr a member of the assurance team with an assurance client that @ Dank, broker of simlar Insttution, provided the depositor account & held Under normal commercil terms 1. Ilthe fm, of a member of the assurance team, makes 3 laan to an assurance client, that i not a Bank oF similar institution, or guarantees such an, ‘assurance dlent’s boring. Page 7 of 11 www.prtc.com.ph ‘AT.1919- ‘member of the assurance team from Te if EXCEL PROFESSIONAL SERVICES, INC. ‘nd Persons! Reatonshies 5. Famiy ana personal reatonthips between # member of the assurance team ana 9 aiesor, an OMe? oF ertan employees. gesanaing on Pie ele, oF the ‘esurance cient east hnery create a. Seanterect vest c Intimidatcn treat Tees Dx Employment witn Assurance Cit a) 167. A director, an officer or an employee of the assurance lent ins postion to exert rect. and. agnifeant Iifience over the subject matter of the assurance ‘engagement has bees 9 member of the essurance team or partner ef tre fem. The stvation least ikely create 3. Seteinterest threat B.Set-review threst Intimization teest 4. Familaney tweet 68. If member ofthe assurance teom, partner o- form partner of the fm nas joines the assurance cent ‘Significance cf the setunterest, tamianty” lntimidation threats creates is east lcely affected ar"The ‘pesion te. lec nas taken atthe '. The amount of any involvement the individu! will have with the assurance team, = The length of time thet the individual wes & ‘member ofthe assurance team or frm. 4. The former postion of the Inccunl within the. 169. A former ofcer,drecior or employee ofthe assurance situation will least hcely create. — fa Seltintres: vest e- Intimigaton treat B. Seltreview wrest 6. Famerty uest u Recent Service with Assurance Clients Long “Association of Senior Personnel with Assurance ‘Canes ~ Auctt Chents chat are Usted Enter 70. Using the same engagement partner or the same Individual for the engagement quslty conte! review on 2 financial statemen: avi over 3 pro}nged period may create 3 4 Selfereview threst 1: Intimidation test & Famitanty threat G Setrinterest treat tnt mun tren ok a ts ence tea en eee rotated after serving’ in either capacty, or {combination thereof, for a pre-defined periad, normaly rho more thon 2. Syears © 7 years B. 6 years 10 years, ‘The parner may continue serve, as the tea Engagement partner” before rotating off the’ fengagement for how many years after aust cent becomes 9 isted ertty? 2. One year Three years Two years &. Fouryears ring Accounting Records and Financial Statements Sit fm, oF nelMork Ter, personnel providing su Besistonce make metagement decisions, the Se feview threat created could not be reduced to Seeeplable level by ony seleguards. Examples of such managerial decisions :t-luce the following, except pare etermining oF charsing. Journal ents, oF che Classifeations for accounts er Lansections or other Sezounting records without obtaining the approval ff the auat clients age 8 of 11 ‘www.prte.com.ph ‘Authorzing or approving transactions Preparing source documents oF rigiating data (iasudng deasions on evaluation assumptions), OF ‘ratung changes to such documerts or data, & Aaesting on audt cent in rsolving account reconciliation problems. ne ‘These following services are considered to be 8 normal part of the audit process and donot, under CGreumstances, threaten incependenct, except Analyzing and accumulating ration for regulatory reporting Assisting” inthe preparation of consolidated finaneal statements Drafting disclosure lems Having custody of an assurance client's assets. Preparing Accounting Records and Financial Stetements = Genera! Provisions JS it te firm is involved inthe preparation of accounting ecores or financial statements ano. those. financial Statements are subsequently the subject matter of an Suck engagement of the fem, ens wil mast likely 2. 'Sel-nteres treat BL Sefereview threat «ntimigavion enreat 6. Famiianty threat Preparing Accounting Records and Financic! Statements ~ ‘Audie Cents that are not Usted Entities 76. The firm, or 2 network frm, may frovide an aut lent that 1 not a tated envisy wer accounting and bookkeaning services, inciscrny payrcll services, ot 3 roubine cr mechonica! nature, proud! any se raved fhreat crented i reguced to an sceeptasie eve! Examples of such services least Iaelyinciuce 83, Recording transactions for wnicn the aust cent has determined or approved “ne appronnate account Saseeaten 5. Posting coded transactions to the aust alents genera eager & Preparing financial statements Information in the tat balance, 4. Determining and posting Journal entries without jobtaming the approval of tre uit cent bases on Provision of I Systems Services to Audit Cliente 77. The provision of services by a firm oF network fem to fan. aucit cient. that iavowe the design and Implementation ef financial Inormatien. teenncleay Systerns that re used te generate fe-mation forming bor of a clans financial statements nay most Ike FT Serrinteres threat ¢.Intimiacton twee DL Selfreview threat. Familarity threat Recrulting Senior Management 78.Therecruttment Of senior management for a0 assurance client, sucn as those in 8 postion 0 affect the subject of the assurance engagement Moy least ety erste oe Egrrmeres test c. Icimdeting test, 8 Aavocoey teat. Fomar sy treat Fees and pricing 79: Which af the following Is not likely £9 Incependence? meer Bone total fees generated by an essurance client repeevertalorge proportion of a fens total fees Fees due from an assurance client ‘or professional services remain unpaid for 91099 be. cc Avtiem obtains an assurance engagement at as Signcantly Tower fee level that tit chorges By {the predecessor frm, of quoted by cther Nem. te a threat to AT.1919 Pn. SROFESSIONAL SERVICES, IN — ce ‘court or other pubic authonty established fees Part ¢: BUSINESS Section 300 ~ tntroduction 80. Under the code of crofecsicnal ethics, crcumstances that may create “rellsterest threats. for those Professional accountans in business Include Financial interests, loans or guarantees Incentive compensation arrangements Inappropriate personal use af corpoete assets PROFESSIONAL ACCOUNTANTS IN p Se ‘Organization, verre Busines, creumstances th i : at may create sel-review {rents ncuce, buses dels or cme bes Subject to review end jusiaton by the. same Brofessiona ‘secounart i business. reonabe Tor taking thse decisions or preparing that date Statement 2: For professional accountants if business, when turtverng the legitimate. goals and objectives "of "ther employing" orgenzations brotessionel accountants in business may promote te arganizaton’s postion, provided any statements made are neither fase Tet misleading. "Such actions 182. Under the code of professona) ethics, circumstances hat. may create. familatty threats for profesional ‘accountants in business Include | A professional accountant in business in 8 poston’ Toliivenee fiiancal or nosinancel_ reporting or DDusiness deusiens having an'immediote or close amily memiber wha isin postion to benefit fom that fluence {long association with business contacts infuencing business decisions Aeceptance of 2. gift or preferential treatment, UUniegs the value i clearly Inignincan 4, Allofthe above D b. 83. Creumstances that may create Intimidation theeats to Drofessional accountant n business Include Be Threat’ of dismissal or replacement of the professional accountant in business or a dose or Immediate. fomiy member. over. ssagreement bout the application of an accountng prineoie or the way in whieh Amancio Information Is t0 be reported ‘RGomiant personality attempting to inuence the decision mocig process, for example with regard to the awarding of contracts or the application Of ‘a accounting prnoste. Both (@) and (0) Nether (a) ner (o>) jon 310 - Potential Confilets ‘A professional accountant in business should support ‘the leglumate and ethical objectives established by the ‘employer and the rules and procedures drawn up in Support of those “objectives, Nevertheless, where Complance with. the fundamental principles Is threatened, a professional accountant in business must {Consider a response te the craumstances ‘The significance of threats arising from such pressures, such as Intimidation threat, should be evaluated and, It they are ether than clearly Insignificant, safeguards Should be considered and eppled as necessary to ellminate them or reduce them to an scceptable level 3. Tue, Troe ‘False, “ue B. True, Faise 4. False, raise es, Examples of safeguards against threats creates. by potentat conflet between the employing organisation land the professional obligations to comply with the fundamental principles include the folowing, except 8." Obtaining advice where appropriate trem within te employing organization, an” Independent professional advisor or a relevant. professions! body. The” exstence of a formel dispute resolution process within tre employing orga zation Seung tegat advice, A ofthe above are safeguards. . jection 320 - Preparation and Reporting of tr praseat business Information fay. honesty an ‘2ecordonce: with relevant profesional standoras. 0 {hat the lformation wi Be understood ints content ntormation 26. A professional accountant in business shoulé prepare “Theeats to compliance with the fundarental principles, for example seltintarest or intmiaaton treats. to ‘bjecovty oF professional competence and-cue care, may be crested where a professional secountant In ‘Business may be pressured to become associated with ‘isteading Information or to become associated with ‘steading information through the actions of others. “True, True alee, True 5. True, False 4. False, “alse Ja7. wnen a professional accountant ic business aces threats to'comlance with the fundor ental princes, be or she shal do te following, erceg? 3 “Evaluate the threats nn, IF thoy are other thon Geary. insighifeant, "safeguards. should "be Eonsidered and applied as naces:ary fo eilmmate them or reduce chem to an acceptaleleve ‘Safeguards may Include consultatin wt superiors ‘nithin the employing organzaticn, for example, the aus commitee or other Bocy responeibie fer (governance, or witha relevant prtessiana body inere iis rot possible to reduce the threat to a9 Baeceptable level, 9. professiona’ accountant. In business should refuse to remain associated wth Information they considers or may be misieacing, ‘The profesional accountant In tusinese may St wish fo seek legal advice e resig 4 ection 330 ~ Acting with Sufficient Expertise 28, The fundamental prineipe of profess ana! competence ‘and evecare requires that a professcnal accountant Business shoule only undertake significant tasks for tihicn the professional aecoustant in buemess Nas, oF fan ebtain, sufsent speific traning O° experience (Choose the incorrect statement) 3." professional accountan: in business should not Intentionally mislead a erploye’ as tothe level of frpertce or experience nozsesced, nor should 2 professional accountant io Busiress Tal to seek Sppropriate expert advice and assistance when requires. Fenty and evaluate treats, such as: insufcent tine for properly performing or completing the Felevant duties; Incomplete, restcted oF otherwise Inadequate Information 4 perfo7ming the cuties Page 9 of fi www.prte.com.ph AT.1919 EXCEL PROFESSIONAL SERVICES. INC. a property: insuficent experience, taining and/or + Gteaton; "and inadequate resources for proper performance of the dutles . The signieance ofthe threats should be evaluated ‘ang, if they are other than leary Insignfleart, Ssfequards ‘should be considered and applied as Recessary to climinate them or reduce them To 89 ‘ceptable level Winere threats connot be eliminated or reduced to | fan acceptable evel, professional accountants In Busines shoud consider whether {0 refuse perform the duties In question and may nct be Clearly communicated. ‘Section 340 ~ Financial Interests. }89- Professional accountants. in business may have nancial interests, or may know of financial interests of immediate or cose family members, Uhat could, 19 certain ckcumstonces, give, rise "to threate (2 Compliance witn the’ fundamental principles. For example, sel-interest threats to ‘objectivity oF Configentiaity may be created through the existence of fectlon 350 - Inducements the i 0. A professional accountant in business or an immediate fr clone family member may be offered an Inducement ‘ot may make am offered af inducement, such 25, IR, hospitaty, preferential treatment end inappropriate Bppeals U6 tendnip or loyalty. Oflers of inducements ‘may ereate threats to complance with the fundemental Drincpes, (Choose the incorrect statement) 2. "Sulrinterest threats to oblectivty or confidentiality fre created wnere an inducement i= made in on ‘attempt to unduly infuence actions or decisions, ‘encourage illegal or dshorest behavior oF obto0 ‘confident information. Inimiation threats to objectivity or confidentioty fare created if such an Induceren:|s accepted and itis followed by threats to make that offer public ‘and domoge the reputation of ether the professional” accountant i) business or an Frmediste or close family meme c. Aiprofessionsl secountant ia business should not ore an inducement to. improperly. Influence professional judgment of a third party. the motive and’ opportunity to manipulate pree ¢. ‘if evaluated threats are other than larly sensitive Information In oder to gai financially. Insignificant, safeguards should rot be consicnres : fand applied as necessary to elminate them or [A professional accountant in business should nelther reduce them to on acceptable level, manipulate information nor use” confidential Information for personal gain 2. Tue, True © False, True bl True, False &. False, False = now do the DIY drill - DO.T-YOURSELF (DIY) DRILL rpose for establishing a code of conduct (4. rotessional organization tos juce the. ikelineed. that. members of the profession wil be sued for substandard work Ensure that all mainbars of the provestion perform at approximately the same level of competence =. Demonstrate acceptance of responsity to the Interests of those served by the profession. Require members of the profession to, exhibit foyalty in all matters pertaining to the afas of their organization. ACPA should mointain objectivity and be tree of interest vinen performing 2. Ladaits, but aot any ather professional services Bi. “All assurance services, But not other profess onal . All assurance and tax services, but not other professional services. Ii professional services. nor ne, utr ot peed to ue [eed wicematon stenad toma lent. wien ihe otoninyskustone woud be 8 wolaton of tis reaulemertt reared to the infomation request of & Sorcha 4 b. ta respond to 2 quality review request of the state f\ ‘board of accountancy. cw inate 2 complaint with the board of ‘Secountancy. 4d, Soenaure adequate disclosure In accordance with | Press. C tac competence aa cored pbc accourtantincuces a ining exces ing the technics aualiictions to perform an ‘engagement. be, Fotsessing the abity to supervise and evaluate the quality of sat work ‘Warranting the infty of the work perormes. Consulting others if aettonal techaieat information Ie needed. ‘ onthe Code of Ethics for Professional tants, treats to compliance with fundamental principles arse from al ofthe Tollowiny except 2 Sattinerest. The audit relationship. B. Advocacy 4. Intimication Wien of the following 1s qat-a-broad category of safeguards that mitigate or elimivate threats to Compliance yith fundamental principles? oats seated by the profesor, Jet, be. Safeguards created to assure proper taining within both the clent ang environment «¢ Safeguards implemented by the cl ent. 4. Sateguords Implemented. by the. frm, inclucing palcies and procedures to Implervent professional nd regulatory requirements. or fearance to 3 Appear to an independent third party not to have CSmoromised their integrity Become independent infact. €. Comply with te Inernetional audiing standards of felawork 4. Evalyation of all matters of contsuing accounting significance atrives 12 achieve independence in page 10 of 11 www.prte.com.ph Redufefiee and fabity Mant ec concen profession idepenent fact Comply with Pane te Fader tile performing an audit, strives to achieve! )15. The CPA In public practice vilates the Code of () 7 Se — sional Ethics for CPAS If he accapts 9 fee which {19 torre srs pute fr ag on 2 nedatys B. tfaeeraane, a Non fomptance wen GAA 4. Conoenttty. 10, A small CPA fem provides audit services to a loge local company. almost eighty percent ofthe CPA firm's Fevenues ‘come from ths cllent, Which statement Is most ely tobe true? a rance of Independence may be lacking. Bb. (The small CPa'tie oes not have the proficiency (te bertorm a larger aut B cc. Xba situation is savsfactory ifthe autor exercise due skeptical negative assurance care inthe aud 4, ‘The auditor shoule. provide an “emphasis of @ matter peragraph to. hlsfher nucle report ‘adequately aisclosing this information and then It ‘may issue an unqualified opinion. ‘advoceey, Tammanty “3nd ‘interest, seieview, Inimidetion threats . Independence Is nat an element that's considered t inthe aust process, Independence is immaterial statements @. Independence 1s not 2 requirement of IFAC's Code to the inane oF ethics, 32. tn eaafs when the threat to incependence is significant 15 fo safeguards are avaliable to reduce Mt C0 29 table level, which of the following actions should raxen? ho. Eliminating the actwvtes of Interests creating the |” ( threat, , Refusing to accept oF continue the assurance tegagement Either a or & Nettner a nor’ Lf an audit ffm clecovers threats to Independence with ton audt engagement, the Code ef Ethies for I. De» acument the issue. 1. 44, Evaluate the signficence of the threats and apoly lppropratesafenuords. to reduce them tan tm. Flat sum fees 4. Per diem fees 2. Contingent fee Retainer fees ‘rxed by 2 public authority. don 9 price quotation submitted competitive bidding. Determined based on the proceedings. d. Payeble alter 2 species finding was obtained. resuts of judicial /acfofpia.t0 the Code of Professional Conduct, forthe ‘aubtr to be considered Independent with respect to the 2015 auelt, the 2014 audR fees must be peld before the 12.2014 report is issued B. 2015 hele work Is started ©. 2015 report is issued 4, 2016 held work's started 6. fe company has not paid its 2014 auctt fees /tne Code of Professional Ethics, which of the lowing may a practicing CPA do in connection with lucationa seminars? '. Send announcements about his eppearance on a Seminar program t9 non-clents or Invite them t© tena. b. Sponsor @ seminar and send invitations to non- ‘c. Allow himself to be listed as a tex expert on the 4 istibute fm iterature at the seminar to non Greats on o relevant topic being discussed at the Seprinar Ar, wrote an articie for, publication In_PICPA tants Journal of News Magazine. The Code of sional Etnies would be violated ifthe C2A allows fe article to state that the CPA Was 8 2, Member of PICPA 1B. Professor ata school of professional accountancy 2) Partner in @ national CPA frm 4. practitioner specializing in providing tax services. recruitment of senior manacement for an urance client, such a= those in-e position to affect te subject of the assurance engagement may least ey ereate what threat ‘3 Selrinterest, Intimidation B. favocacy & Famianty ‘The {lowing statements relate to the accounting profesion: “Th mer /public trust and confidence, the professions! person must convince the pubic that hie wll place puble service abead of persona! rene CPA certificate Is evidence of brsic competence im the iscine of accounting t the time tre ‘ertreate is granted. ‘code of professional conduct i¢ ane of the most Important "istinguishing characteristics of 3 profession. State whether the foregoing statements are true or fase 2. Allof the statements are true. . Oniy one ofthe statements is true. ©. Only two of the statements are tru 4. Allofthe statements ae false (= end of AT.1919 -© Page 11 of 11 AT.1919) Xo ew Excel Professional Services Management Firm of Professional Review and Training Center (PRTC) fai {aon Han 7238344724790 + Cuba, Lagu (04) 5453807 + Bilan (0515) 291111 pad {isan Wala hy (0) 430A aly (aa) 297800 28 (Mindanao) Cagayan De Oro City (088) 3093073 * Davao City (082) 225004: Inc. Fed iF” ia Veal ‘ ae GRE cee UGRCPA REVIEW f** Ren VAlbe2 ATUBON Foe ASountncy Passion ar YOM Introduction te Assurance and Rud Engagements yf ecroser 2015 Tah akd nhl bay | Lecture NoTEs ‘8 fe ot ae Accountancy Protesnfaels, Repatvation The Certitled Pubic Accountant (PA) Examinations AL applicants for seaisraton for the prectice of ‘ccountancy shall bé required. to undergo a een by the ‘examination be_auen (Bory in soch_ laces ‘Regulation Commission (PRC) nd dates a5 ) may designe ‘The places/venues and dates of examinations sh Incudod. inthe Sevedule of Profersonal Weansire Examinations forthe year lesued by the Commision, uaications of Applicants for Examinations SEC IY ‘Any person appying for examination shall establish the folowing roquistes to the eatsaction of the Board thot se: : Fe of Bachelor of Science In of ony minal offense tow y erative scope 6 éxamination — ww (S ‘The licensure exemination for CPAs shall. cover the Following subjects ‘Theory of Accounts Business Law and Taxation Management Services ‘Auating Theory ‘uating Problems Practieal counting Problems 2 Praca! Accounting Problems Tt ating (and Resut) Inthe Licensure Examination SUP 1+ PASSED General! average of 25%, with no grade (owertbon soe any sje "a? "90 SEATON ce maja majo a ead eel A Tene crt NC a Stig Sata se trae ated Yee Nal be of examinavons less.fe/she submits evidence to the Entsfoction of the Board that ‘he/she-enfoled’ in anc Completed. at least 24 unis of subjects given In the Teensure examination Conditional and cemoval examinations shall be counted as ne comaiste examination Greed plonat halnet Page 1 of 1: Tag ~flalyele Bigenperrtncto emit ol lh wre i tie meg Fas arte us oth feat ‘Www. Drtc.com.DhD fmt Vokuat fy. pten Ino BL saan distiok Kime “Gabe f et Issuance of Certicate ‘ef “Regisration (CoR) and professional Identification Card (PIC) — Sek) 70. ~SCC(? Alceaisiot be issued to examinees who pass the licensure epee ee ee eg eee eam eae ate ra tne

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