In the Philippine setting, the standards that are relevant in the conduct of the CPA profession are, exceptSelect one:a.Generally Accepted Auditing Standards (GAAS)b.Generally Accepted Accounting Principles (GAAP)c.Philippine Standards on Auditing (PSA)d.Philippine Standard on Quality Control (PSQC)
Question
In the Philippine setting, the standards that are relevant in the conduct of the CPA profession are, exceptSelect one:a.Generally Accepted Auditing Standards (GAAS)b.Generally Accepted Accounting Principles (GAAP)c.Philippine Standards on Auditing (PSA)d.Philippine Standard on Quality Control (PSQC)
Solution
The standards that are relevant in the conduct of the CPA profession in the Philippine setting are:
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Generally Accepted Auditing Standards (GAAS): These are the standards that auditors follow when conducting audits. They provide guidelines on the planning, execution, and reporting of audit engagements.
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Generally Accepted Accounting Principles (GAAP): These are the principles that govern the preparation and presentation of financial statements. They ensure that financial information is reliable, relevant, and comparable.
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Philippine Standards on Auditing (PSA): These are the standards issued by the Philippine Institute of Certified Public Accountants (PICPA) that auditors in the Philippines must adhere to. They provide specific guidance on auditing procedures and practices.
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Philippine Standard on Quality Control (PSQC): This standard sets out the requirements for a CPA firm's quality control system. It ensures that the firm has appropriate policies and procedures in place to provide high-quality services to clients.
Therefore, the correct answer is: except b. Generally Accepted Accounting Principles (GAAP).
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