A practitioner's report expressing an opinion on an entity's internal controls should state that the study and evaluation of the internal controls was conducted in accordance with Philippine Standards on Auditing (PSA).Select one:TrueFalse

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)

Audit in accordance with PSAs is conducted on the premise that management and, where appropriate, those charged with governance have responsibilities that are fundamental to the conduct of the audit.Select one:TrueFalse

An audit conducted in accordance with PSAs and relevant ethical requirements enables the auditor to form that opinion.Select one:TrueFalse

It outlines ten (10) minimum standards that auditors should follow. These are grouped into three auditing standards, namely - general standards, fieldwork standards, and reporting standardsSelect one:a.Philippine Standard on Quality Control (PSQC)b.Generally Accepted Accounting Principles (GAAP)c.Generally Accepted Auditing Standards (GAAS)d.Philippine Standards on Auditing (PSA)

According to PSA 400, which of the following is correct regarding internal control system?Select one:a.In the audit of financial statements, the auditor is only concerned with those policies and procedures within the accounting and internal control systems that are relevant to the financial statements.b.The internal control system is confined to those matters which relate directly to the functions of the accounting system.c.A strong environment, by itself, ensure the effectiveness of the internal control system.d.Internal control system refers to all the policies and procedures adopted by the auditor to assist in achieving management's objective.