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Formative Assessment 8 1. Assurance engagement include the following, except a) An engagement in accordance with the Philippine Standard on Assurance Engagement(s) issued by the Philippine Aud... iting Standards and Practices Council as approved by the Board of Accountancy/Professional Regulation Commission. b) An engagement to perform agreedupon procedures. c) An engagement conducted to provide a moderate level of assurance that the subject matter is plausible in the circumstances. d) An engagement conducted to provide a high level of assurance that the subject matter conforms in all material respects with identified suitable criteria. 2. Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines? a) Professional accountants should consider the ethical requirements as the basic principles which they should follow in performing their work. b) Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails. c) Professional accountants refer to persons who are Certified Public Accountants (CPA) and who hold a valid certificate issued by the Board of Accountancy. d) The Code of Ethics for Professional Accountants in the Philippines is mandatory for all CPAs and is applicable to professional services performed in the Philippines on or after January 1, 2004. 3. Financial interest means a) Any bank account which is used solely for the banking of clients’ monies. b) An interest in an equity or other security, debenture, loan or other debt instrument of an entity, including rights and obligations to acquire such an interest and derivatives directly related to such interest. c) A financial interest beneficially owned through a collective investment vehicle, estate, trust or other intermediary over which the individual or entity has no control. d) Any monies received by a professional accountant in public practice to be held or paid out on the instruction of the person from whom or on whose behalf they are received. 4. Which statement is correct regarding the Code of Ethics for Pro [Show More]

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