AT - RA 9298 Red Sirug Page 8

0.
Section 34 of the IRR provides that a foreign CPA shall not be allowed to practice accountancy in the
Philippines unless he/she can prove, in the manner provided by the rules of court that, by specific
provision of law, the country of which he/she is a citizen, subject or national admits Filipino citizens to the
practice of the same profession without restriction. Which of the following statements
AT – RA 9298 Red Sirug Page 8
concerning foreign reciprocity is incorrect?

a. A foreign CPA should submit an authentic or authenticated copy of the law on reciprocity of his/her
country/state officially translated in the English language.
b. If the letter/document and the copy of the law submitted by a foreign CPA are satisfactory to the
BOA, he/she shall be allowed to practice accountancy in the Philippines but has to apply for
accreditation to do so.
c. A foreign CPA who desires to practice accountancy in the Philippines shall
present/submit a letter or any document signed and under official seal by the appro
priate official of his/her country/state requesting the Chairman of the PRC to allow
him/her to practice accountancy in the Philippines.
d. By express provision of the law of a foreign CPA's country/state, Filipino CPAs are allowed to practice
accountancy in his/her country/state on terms of strict and absolute equality with the citizens or
subjects of said country or state.
91. The following documents are to be submitted by a foreign applicant whose letter/document and the copy
of the law on foreign reciprocity of his/her country/state are satisfactory to the BOA, except
a. The original or certified copy of any official documents issued by the Bureau of Immigration and
Deportation allowing the applicant to enter and reside in the Philip
pines.
b. Certificate of Registration or its equivalent stating that the foreign applicant is duly
registered or licensed CPA or its equivalent in his/her country/state.
c. Certificate of Religious Affiliation.
d. Original or authenticated copy of transcript of records or equivalent document of the course for
licensure examination where he/she studied duly authorized or accredited by his/her
country/state.
92. Any person who shall violate any of the provisions of the Philippines Accountancy Act or any of its IRR
promulgated by the Board of Accountancy subject to the approval of the PRC, shall upon conviction, be
punished by
a. Lethal injection
b. A fine of not more than P50,000
c. Imprisonment for a period not exceeding two years
d. A fine of not less than P50,000 or by imprisonment for a period not exceeding two years
or both
93. The following statements relate to roster of CPAs. Identify the incorrect statement.
a. A roster showing the names and place of business of all registered CPAs shall be prepared and
updated by the Board.
b. Copies of the roster shall be made available to any party as may be deemed necessary.
c. The Board, upon approval of the Commission, may delegate the preparation of this roster to the
APO.
d. The publication of the roster in the official gazette or in any major news paper of
public circulation shall be deemed
compliance with the requirement of RA 9298.
94. The PICPA shall renew its certificate of accreditation once every:
a. Two years
b. Three years
c. four years
d. five years
95. Affixing the CPA's seal and signature on the auditor's report is an indication of:
a. CPA's acceptance of responsibility for the financial statements audited.
b. Compliance by the CPA of the requisite accounting and auditing standards and rules.
c. CPA's accreditation to practice public
accountancy.
d. Fair presentation of financial statements audited.
96. The following statements relate to the submission of nominations to the Board of Accountancy. Which is
correct?
a. The Accredited National Professional
Organization of CPAs (APO) shall submit its
nominations to the President of the Philippines not later than sixty (60) days prior to the expiry
of the term of an incumbent chair
man or member.
b. The APO shall submit its nominations to the PRC not later than thirty (30) days prior to the expiry of
the term of an incumbent chairman or
member.
c. If the APO fails to submit its own nominee(s) to the PRC within the required period, the PRC in
consultation with the Board of Accountancy shall submit to the President of the Philippines a list of
five (5) nominees for each position.
d. There should be adequate documentation to show the qualifications and primary field
of professional activity each nominee.
97. Which of the following statements about working paper is correct?

a. Working papers prepared by a CPA including those prepared and submitted by the client
are the personal property of the auditor and the client has no right to these working
papers.
b. Working papers may substitute the client's accounting records.
c. Working papers should not serve as a reference source for the clients accounting records.
d. Working papers are subject to confidentiality rules and they cannot be shown to third parties in any
circumstances.
98. The following statements relate to RA 9298. Identify the incorrect statement.
a. Implementing rules and regulations shall take effect 15 days following its publication in the official
gazette or in any daily newspapers of general circulation.
b. Any person who shall violate any of the provisions of RA No. 9298 or the IRR shall upon
conviction, be punished by a fine of not more than P50,000.00 or by
imprisonment for a period not exceeding 2 years or both.

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AT – RA 9298 Red Sirug Page 8

concerning foreign reciprocity is incorrect?

97. Which of the following statements about working paper is correct?

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