Our Lady of Fatima University

ACCTG 16

SET 1

AUDITING THEORY PRELIM REVIEWER

Multiple Choice Questions

1)Which of the following engagements is covered by the Framework for Assurance Engagements?

1. 1. Consulting engagements
   2. Preparation of tax returns
   3. Independent financial statements audit
   4. Agreed-upon procedures

2. Independent auditing can best be described as a
   1. Subset or branch of accounting.
   2. Professional activity that measures and communicates financial accounting data.
   3. A discipline or professional activity that attests to the fair presentation of financial statements.
   4. Regulatory activity that prevents the issuance of improper financial information.

3. An auditor should not render a report on:
   1. Client internal control.
   2. Management performance.
   3. The achievability of forecasts.
   4. Quarterly financial information.

4. The assumption underlying an audit of financial statements is that  they  will  be used by
   1. Different groups for different purposes.
   2. The general public in making investment decisions.
   3. The board of directors as basis of declaring cash dividends.
   4. The regulatory agencies to verify information that is relevant to their supervisory functions.

5. On every audit engagement, the CPA should comply with applicable PSAs
   1. Without exception.
   2. Except in examinations that result in a qualified report.

evidence.

1. Sufficiency
2. Relevance
3. Reliability
4. Appropriateness

7. Which of the following best describes due care?
   1. Reasonable infallibility
   2. Tact in avoiding legal liability
   3. Requisite skill and diligence
   4. Freedom from undue influence

8. Users      of     financial      statements      demand independent audit because
   1. Users demand assurance that fraud does not exist.
   2. Management may not be objective in reporting.
   3. Users      expect     auditors     to     correct management errors.
   4. Management relies on the auditor to improve internal control.

9. An audit of financial  statements  is conducted to determine if the
   1. Organization is operating efficiently and effectively
   2. Client's internal control is functioning as intended.
   3. Auditee is following specific procedures or rules set down by some higher authority
   4. Overall financial statements are stated in accordance with an identified financial reporting framework.

10. An audit designed to determine the extent to which the desired results of an activity established by the legislative or other authorizing body are being achieved.
    1. Economy audit
    2. Efficiency audit
    3. Program results audit
    4. Financial-related audit

11. Which of the following methods is most commonly used to reduce information risk?
    1. Allow users to verify information.
    2. Allow all users to prepare the statements.
    3. Users      share      information       risk      with management.
    4. Have       the      financial       statements audite

12. Which of the following best describes the primary purpose of audit procedures?
    1. To detect errors or fraud
    2. To   comply     with    generally     accounting principles
    3. To    gather      sufficient,     appropriate evidence
    4. To    verify     the     accuracy      of     account balances

13. It is essential that users regard CPA firms as:
    1. Competent.
    2. Unbiased.
    3. Technically proficient.
    4. All of the above

14. Which of the following is least likely an application of maintaining an attitude of professional skepticism?
    1. The auditor is alert to audit evidence that contradicts or brings into question the reliability of documents or management representations.
    2. In planning and performing an audit, the auditor assumes that management is dishonest.
    3. The auditor makes a critical assessment, with a questioning mind, of the validity of audit evidence obtained.
    4. The auditor does not consider representations from management as substitute for obtaining sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the audit opinion.

15. Which of the following is not one of the concepts in the framework of  auditing theory?
    1. Evidence
    2. Ethical conduct
    3. Fair presentation
    4. Conflict of interest

16. To raise the standards of the profession, the Philippine Accountancy Act of 2004 requires that the CPA profession be integrated under the rules to be established by
    1. The PICPA.
    2. The Board of Accountancy.
    3. The           Professional            Regulation Commission.
    4. The Government Association of CPAs.

17. Management assertions are
    1. Stated in the footnotes to the financial statements.
    2. Provided to the auditor in the assertions letter, but are not disclosed in the financial statements of the entity.
    3. Implied or express representations about the accounts in the financial statements.
    4. Explicitly  expressed  representations about the financial statements.

18. In performing a financial statement audit, which of the following would  an  auditor least likely consider?
    1. Internal control.
    2. Compliance with GAAP.
    3. Fairness of the financial statement amounts.
    4. Quality of management’s business decisions.

19. When the CPA is not independent, the CPA is precluded from issuing a
    1. Review report.
    2. Compilation report.
    3. Tax planning report.
    4. Management advisory report.

20. The risk that the auditor will fail to uncover a material misstatement is eliminated
    1. If client has effective internal control.
    2. If client follows PFRS.
    3. When the auditor has complied with PSA.
    4. Under no circumstances.

21. No matter how competent a CPA may be, his opinion on financial statements will be of little value to those who rely on him unless he
    1. Issues an unqualified opinion
    2. Maintains his independence.
    3. Maintains a program of continuing education

1. 4. Serves      his     clients     with     professional concern of their best interests.

22. An audit can have a significant effect on
    1. Business risk.
    2. Information risk.
    3. The risk-free interest rate.
    4. All of these.

23. In government auditing, the three elements of expanded scope auditing are
    1. Goal analysis, audits of operations, audit of systems.
    2. Financial and compliance, economy and efficiency, program results.
    3. Pre-audit, post-audit, internal audit.
    4. National        government         audit,       local government audit, corporation audit.

24. Which of the following types of audits are most similar?
    1. Operational audits and compliance audit.
    2. Internal audits and independent financial statement audits.
    3. Independent financial statement audits and operational audits.
    4. Compliance audits and independent financial statement audits.

25. If it is probable that the judgment of a reasonable person  would  have  been changed or influenced by the omission or misstatement of information, then the information is
    1. Relevant.
    2. Pervasive.
    3. Material.
    4. Significant.

26. Which of the following is not among the factors that result to limitations of audit?
    1. Use of testing
    2. Human error
    3. Going      concern      problem      of     the assurance client
    4. Evidence is basically persuasive rather than conclusive

27. Which of the following services is not within the area of public accounting?
    1. Attest function
    2. Taxation service
    3. Write-up work for one client
    4. Management advisory services

28. An audit committee must be comprised of outside directors. Which of the following is considered an outside director?
    1. A consultant to the company.
    2. A member of company management.
    3. The company's independent auditor.
    4. A  retired  executive      from another company.

29. "The auditor would ordinarily expect to find evidence to support management representations and not assume  that  they are necessarily correct". This is an example of:
    1. Due diligence.
    2. Unprofessional behavior.
    3. An attitude of professional skepticism.
    4. A rule in the code of  Professional Conduct.

30. The audit process is
    1. Regulated by the PICPA
    2. Performed only by CPAs
    3. The only service a CPA is allowed to perform by law
    4. A       special       application        of      the scientific method of inquiry

31. In determining the scope and nature of services to  be performed  in public practice, a CPA firm should
    1. Have in place internal control procedures
    2. Only perform accounting related services
    3. Require independence for all services performed
    4. Determine that the performance of all services is consistent with the firm's members' role as professionals.

32. Which of the following is not an assurance that the auditors give to the parties who rely on the financial statements?
    1. Auditors give assurance that the financial statements are accurate.
    2. Auditors know how the amounts and disclosures in the financial statements were produced.
    3. Auditors gathered enough evidence to provide a reasonable basis for forming an opinion.
    4. If the evidence allows the auditors to do

so, auditors give assurance in the form of opinion, as to whether the financial statements taken as a whole are fairly presented in conformity with GAAP.

33. Auditing     standards      differ     from     auditing procedures in that procedures relate to
    1. Audit judgments.
    2. Audit principles.
    3. Acts to be performed.
    4. Measures of performance.

34. Choose one of the following which would describe best  the  phrase  "generally accepted auditing standards":
    1. They identify the policies and procedures for the conduct of the audit.
    2. They define the nature and extent of the auditor's responsibilities.
    3. They provide guidance to  the  auditor with respect to planning the audit and writing the audit report.
    4. They set forth a measure a measure of the quality of the performance of audit procedures.

35. Auditing includes both a(an)
    1. Evaluation   process    and    a    reporting process.
    2. Investigative          process         and         a reporting process.
    3. Documentation      process       and        an evaluation process.
    4. Documentation process and a reporting process.

36. The    audit    committee     of    the    board     of directors of a company is responsible for
    1. Hiring the auditor
    2. The audit workpapers
    3. Preparing the financial statements
    4. Independence and obtaining evidence

37. Which of the following types of audits would be intended to determine whether a governmental entity is following sound procurement practices?
    1. Program audit
    2. Operational audit
    3. Compliance audit
    4. Financial statement audit

38. Which of the following is the authoritative body designated to promulgate auditing standards?
    1. BOA
    2. PICPA
    3. FRSC
    4. AASC

39. Which of the following statements is true?
    1. An independent auditor must be a CPA.
    2. Compliance audits are conducted to determine adherence to rules and regulations set by the auditor.
    3. An audit, if properly conducted, ensures that fraud is prevented.
    4. After conducting an audit and release of the auditor’s report, the primary responsibility on the fairness of the financial statements is shifted to the auditor.

40. The Philippine Standards on Assurance Engagements (PSAEs) are to be applied in
    1. The audit or review of historical financial information.
    2. Assurance engagements dealing with historical financial information.
    3. Compilation engagements and agreements to apply agreed-upon procedures to information.
    4. Assurance engagements dealing with subject matters other than historical financial information.

41. The Philippine Standards on Quality Control (PSQCs) are to be applied to
    1. Assurance engagements only.
    2. Review engagements only.
    3. Compilation     and    review     engagements only.
    4. All    services     that     fall    under     the AASC's engagement standards.

42. These statements are issued by the AASC to provide interpretive guidance and practical assistance to auditors in the implementation of PSAs and to promote good practice.
    1. PREPSs
    2. PAEPs
    3. PAPSs
    4. PRSPSs

43. For the  purpose  of  expressing  negative

assurance in the review report, the practitioner should obtain sufficient appropriate evidence primarily through

1. 1. Inquiry and confirmation
   2. Confirmation and tests of controls
   3. Inquiry and analytical procedures
   4. Analytical procedures and substantive tests of details of transactions and account balances

44. The BOA vice-chairman shall be
    1. Appointed by the PRC
    2. Elected by BOA members
    3. Appointed     by     the    President     of    the Philippines
    4. Appointed       by        the       PRC        upon recommendation by the PICPA

45. The term of BOA vice-chairman is
    1. One year.
    2. Three years subject to renewal.
    3. At the discretion of BOA members.
    4. Same with the term of BOA chairman.

46. An audit designed to evaluate the efficiency and effectiveness of an organization or some or part thereof would not come under the title of
    1. Performance audit.
    2. Compliance audit.
    3. Management audit.
    4. Operational audit.

47. In financial statement audits, the  audit should be conducted in accordance with
    1. PAS / PFRS
    2. Generally accepted auditing standards
    3. Philippine Standards on Auditing
    4. Code of Ethics for CPAs in the Philippines

48. Which of the following statements does not properly describe an element of the theoretical framework of auditing?
    1. Remoteness of users.
    2. An audit benefits the public.
    3. The data to be audited are verifiable.
    4. Auditor should maintain independence with respect to the audit client.

49. The statement that the reviewer "is  not aware of any material modification that should be made to the financial statements

in order for them to be in conformity with GAAP" is known as:

1. 1. Positive assurance.
   2. Reasonable assurance.
   3. Negative assurance.
   4. Negligent performance.

50. An independent audit aids in the communication of economic data  because the audit
    1. Lends credibility to the financial statements.
    2. Confirms the accuracy of management's financial representation.
    3. Guarantees that financial data are fairly presented.
    4. Assures the readers of financial statements that any fraudulent activity has been corrected.

51. The purpose of an audit of financial statements is to
    1. Obtain an absolute level  of  assurance that the financial statements as a whole are free from material misstatement.
    2. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework.
    3. Enhance the degree of confidence of intended users in the financial statements.
    4. Assure the future viability of the entity by expressing an opinion on the entity's financial statements.

52. Inherent limitations in an audit stem from the following factors except
    1. Use of testing.
    2. Incompetence of the auditor.
    3. Internal control limitation.
    4. Most audit evidence is persuasive rather than conclusive.

53. Auditing services may include which of the following?
    1. Attesting to financial statements
    2. Evaluation of a division’s performance for management
    3. Examination       of     the     economy       and efficiency of governmental operations

1. 4. All of the above

54. The review of unaudited financial statements consists of:
    1. Inquiry        of       management         and analytical procedures.
    2. Inquiry          of         management            and documentation of internal controls.
    3. Analytical procedures and compliance with laws and regulations.
    4. Internal        control        evaluation         and management representation.

55. The Philippine Standards on Auditing issued by AASC:
    1. Apply to  independent  examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.
    2. Need to be applied on all audit related.
    3. Must not apply to other related activities of auditors.
    4. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit.

56. In the case of an audit of financial statements, which of the  following  would not be a valid criterion in ascertaining the degree of  correspondence  between assertions and established criteria?
    1. International Accounting Standards
    2. Philippine Accounting Standards
    3. Philippine Standards on Auditing
    4. Philippine Financial Reporting Standards

57. Which of the following statements about independent financial statement audit is correct?
    1. The audit  of  financial  statements relieves management of  its responsibilities for die financial statements.
    2. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement.
    3. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency with

which management has conducted the affairs of the entity.

1. 4. The procedures required to conduct an audit  in  accordance  with  PSAs  should be determined by  the  client  who engaged the services of the auditor.

58. The reason an independent auditor gathers evidence is to
    1. Detect fraud
    2. Evaluate management
    3. Evaluate internal controls
    4. Form an opinion on the financial statements

59. The auditor communicates the  results  of his or her work through the medium of the
    1. Engagement letter.
    2. Audit report.
    3. Management letter.
    4. Audited financial statements.

60. The expertise that distinguishes auditors from accountants is in the
    1. Ability to interpret PAS/PFRS.
    2. Accumulation and interpretation of evidence.
    3. Ability to interpret generally accepted accounting principles.
    4. Requirement       to     possess       education beyond the bachelor's degree.

61. The market for auditing services is driven by
    1. The regulatory authority of the Securities and Exchange Commission.
    2. A    demand     by     external     users     of financial statements.
    3. Pronouncements issued by the Auditing and Assurance Standards Council.
    4. Congress.

62. An independent audit is  important  to readers of financial statements because it
    1. Provides a measure of management's stewardship function
    2. Objectively examines and reports on        management's    financial statements
    3. Reports on the accuracy of information in the financial statements
    4. Measures  and  communicates  the financial data included in financial statements

63. Independent auditing can best be described as
    1. A branch of accounting.
    2. A regulatory function that prevents the issuance of improper financial information.
    3. A professional activity that  measures and communicates financial and business data.
    4. A discipline which attests to the results of accounting and other functional operations and data.

64. The primary purpose of an independent financial statement audit is to
    1. Provide a basis for assessing management's performance
    2. Comply with government regulatory requirements
    3. Assure management that the financial statements are unbiased and free from material error
    4. Provide users with an unbiased opinion about the fairness of information reported in the financial statements

65. The criteria for evaluating quantitative information vary. For example, in  the  case of an independent audit of financial statements by CPA firms, the criteria are usually the:
    1. Philippine Standards on Auditing
    2. Philippine         Financial          Reporting Standards
    3. National  Internal Revenue  Code
    4. Securities and Exchange Commission Regulations

66. A profession is distinguished by certain characteristics including:
    1. Mastery of a particular intellectual skill, acquired by training and education.
    2. Adherence by its members to a common code of values and conduct established by its administrating body, including maintaining an outlook which  is essentially objective.
    3. Acceptance of a duty to society as a whole.
    4. All of these.

67. Professional judgment:

1. 1. Is not used in making decisions about materiality and audit risk.
   2. Is necessary in the evaluation of management's judgments in applying the entity's applicable financial reporting framework.
   3. Should be exercised in planning and performing an audit of financial statements but need not be  docu- mented.
   4. Can be used as the justification for the decisions made by the auditor that are not supported by the facts and circumstances of the engagement.

68. The auditor's judgment concerning  the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of
    1. Generally accepted auditing standards which include the concept of materiality
    2. Generally            accepted            accounting principles.
    3. Philippine         Financial          Reporting Standards
    4. Quality control

69. One of the conditions that give rise to a demand for an external audit of financial statements is expertise. Which of the following best describes the meaning of expertise as used in this context?
    1. Auditors usually rely  on  the  work  of an expert as a  basis  for  evaluating some assertions embodied  in  the financial statements.
    2. Users usually lack the necessary expertise to verify the reliability of the financial information.
    3. As experts, auditors are expected to detect all material misstatements in the financial statements.
    4. The readers of the financial statements must  possess  the   necessary   expertise to be able to understand the financial statements.

70. Regulation     of    the    accounting     profession include:
    1. Public Regulation as provided for in the Philippine Accountancy Act of 2004.
    2. Regulation within the profession, through the implementation of the Code of Ethics.

1. 3. Regulation within the firm, through the implementation of a system of quality control.
   4. All of these.

71. This body is created to assist the BOA in the attainment of the objective to continually upgrade accounting education in the Philippines, thus making Filipino  CPAs globally competitive.
    1. PICPA CPE Council
    2. Education Technical Council
    3. Accounting Teachers' Conference
    4. Association of CPAs in Education

72. Which of the following is not a requirement for a person applying for the CPA Board Examinations?
    1. Good moral character
    2. Degree of BS Accountancy
    3. Natural-born Filipino citizen
    4. No conviction of any criminal offense involving moral turpitude.

73. Its function is to conduct a quality review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration.
    1. Quality Review Board
    2. Quality Review Group
    3. Board of Quality Reviewers
    4. Quality Review Committee

74. Which of the following is the accredited national professional organization of CPAs?
    1. IFAC
    2. ASC
    3. AASB
    4. PICPA

75. The ETC shall be composed of
    1. 7 members.
    2. 8 members.
    3. 15 members
    4. 14 members

76. Which of the following does not have representations in the FRSC?
    1. PICPA
    2. BIR
    3. BOI
    4. BOA

77. A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than years after becoming a sole proprietor.
    1. 1
    2. 2
    3. 3
    4. 4

78. The death, or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than    days from the date of such death, dissolution or liquidation.
    1. 15
    2. 30
    3. 60
    4. 90

79. It refers to the inculcation, assimilation and acquisition of knowledge, skills, proficiency and ethical and moral values, after the

.initial registration of a professional  that raise and enhance  the  professional's technical skills and competence.

1. 1. Professional Development
   2. Continuing Professional Education
   3. Continuing Professional Development
   4. Professional Growth and Development

80. The following statements relate to CPE credit units. Which is incorrect?
    1. One credit hour of CPE program, activity or source shall be equivalent to one (1) credit unit.
    2. Any excess credit units in one year  may be carried over to the succeeding years within the three-year period.
    3. The total CPE credit units for registered accounting professionals shall be sixty

(60) credit units for three (3) years, provided that a minimum of fifteen (15) credit units shall be earned in each year.

1. 4. Excess credit units earned may be carried over to the next three-year period including credit units earned for doctoral and master's degrees.

81. The following statements relate to the exemption from CPE requirements. Which is false?
    1. A registered professional shall be permanently exempted from CPE

requirements upon reaching the  age  of 65 years old.

1. 2. A registered professional shall be permanently exempted from CPE requirements upon reaching the age of 60 years old.
   3. A registered professional who is working or  practicing  his/her  profession  abroad shall be temporarily exempted from compliance with CPE requirements during the    period    of    his/her    stay    abroad provided  that  he/she  has    been    out  of the country for at least two years immediately prior to the date of renewal.
   4. A registered professional  who  is furthering his/her studies abroad shall be temporarily exempted from compliance with CPE requirements during the period of   his/her   stay   abroad   provided   that he/she has been out of the country for at least two years immediately prior to the date of renewal.

82. Which of the  following  statements concerning a CPA's disclosure of confidential client information is ordinarily correct?
    1. Disclosure should not be made even  if such disclosure will protect the CPA's professional interests in  legal proceedings.
    2. Disclosure should be made only if there is a legal, or professional duty to make the disclosure.
    3. Disclosure may be made  to  any party on consent of the client.
    4. Disclosure may be made to any government agency without subpoena.

.

83. This refers to those persons who hold a valid certificate issued by the Board of Accountancy.
    1. Senior accounting practitioner.
    2. Professional accountant.
    3. Professional accountant in  public practice.
    4. Audit associate.

84. The     principle      of     professional       behavior requires a CPA to
    1. Be      straightforward        and      honest      in performing professional services.
    2. Perform professional services with due care, competence and diligence.

1. 3. Be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity.
   4. Act in a manner consistent with the good reputation of the  profession and refrain from any conduct which might bring discredit to the profession.

85. This fundamental principle requires a  CPA not to use or disclose information acquired during the course of performing professional services without proper and specific authority.
    1. Objectivity.
    2. Professional Behavior.
    3. Professional Competence and Due care.
    4. Confidentiality.

86. Which of the following is not a ground for suspension or removal of members of BOA?
    1. Negligence in the performance of duties, or lack of professional competence.
    2. Intolerance      of     violations      of     the Philippine Accountancy Act.
    3. Final judgment of crimes involving moral turpitude.
    4. Rigging of the CPA licensure examination results.

87. The     Professional       Regulatory       Board      of Accountancy consists of:
    1. 1 Chairman and 4 members.
    2. 1 Chairman and 5 members.
    3. 1 Chairman and 6 members.
    4. 1 Chairman and 7 members.

88. The Chairman and the members of the BOA shall be appointed by the:
    1. Commissioner of the SEC.
    2. President of the PICPA.
    3. President of the Republic of the Philippines.
    4. Retiring     chairman      of    the    Board      of Accountancy.

89. Members      of    the    Professional      Regulatory Board of Accountancy shall serve for:
    1. Three years, subject to renewal.
    2. Seven years, not subject to renewal.
    3. Three           years,            subject           to reappointment.

1. 4. Three years, not subject to reappointment.

90. Which of the following is not mentioned as a power of the Board?
    1. To monitor the conditions affecting the practice of accountancy.
    2. To supervise the registration, licensure and practice of accountancy.
    3. To sentence to imprisonment CPAs who have been found guilty of violations of the Accountancy Act.
    4. To issue, suspend, revoke, or  reinstate the Certificate of Registration for the practice of the accountancy profession.

91. Which of the following is the sectoral organization for CPAs in Public Practice?
    1. ACPACI
    2. ACPAPP
    3. ACPAE
    4. GACPA

92. This is the standard-setting body  that replaces the Accounting Standards Council (ASC) and is tasked to develop and issue standards which will represent generally accepted accounting principles in the Philippines:
    1. Accounting Standards Board.
    2. Financial             Reporting             Standards Committee.
    3. Financial Reporting Standards Council.
    4. Auditing and Assurance Standards Council.

93. This standard-setting body replaces the Auditing Standards and Practices Council (ASPC) and is tasked to develop and issue Philippine Standards on Auditing and related Interpretations:
    1. Accounting Standards Board.
    2. Financial             Reporting             Standards Committee.
    3. Financial Reporting Standards Council.
    4. Auditing and Assurance Standards Council.

94. The Chairpersons of the FRSC and the AASC shall be appointed by:
    1. The Philippine Institute of Certified Public Accountants.

1. 2. The President of the Republic of the Philippines.
   3. The   Professional   Regulatory   Board          of Accountancy.
   4. The           Professional            Regulation Commission.

95. A candidate successfully passes the Board exams if he/she obtains
    1. A general average of sixty-five percent (65%).
    2. A general average  of  seventy-five percent (75%).
    3. A general average  of  seventy-five percent (75%) in at least a  majority  of the subjects given in the Board exams.
    4. A general average of seventy-five percent (75%), with no grades lower than sixty-five percent (65%) in any given subject.

96. In the event  a candidate  obtains the rating of seventy-five percent (75%) and above in at least a majority of  subjects  as provided for in RA9298, and one subject has a rating of 64%, he shall be considered as:
    1. A failed candidate.
    2. A conditioned candidate.
    3. A successful passer of the CPA Board exams.
    4. Cannot be determined without additional information

97. A certificate under seal, bearing  a registration number, issued to an individual, by the PRC, upon recommendation by the BOA, signifying that the individual has complied with all the legal and procedural requirements for such issuance:
    1. Certificate of accreditation
    2. Certificate of registration
    3. Certificate of quality review
    4. Certificate of identification

98. This bears the registration number, date of issuance with an expiry date, due  for periodic renewal, duly signed by the Chairperson of the PRC and issued  by  the PRC to a registered CPA upon payment of the registration fees:
    1. Certificate of registration
    2. Certificate of accreditation
    3. Professional identification card
    4. Professional tax receipt