Per Philippine Accountancy Act of 2004, a non-CPA is prohibited to engage in professional management advisory services. 2. The overriding consideration for MAS engagement is competence so that a CPA MAS practitioner need not be concerned with independence in his relations with his client. 3. CPAs have historically been business consultants to their clients. 4. The primary purpose of MAS is to improve the client firms' use of its capabilities and resources to achieve the objectives of the firm. 5. Documentation is not as essential in an MAS engagement as it is in an audit engagement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

True or False. If false, explain.

1. Per Philippine Accountancy Act of 2004, a non-CPA is prohibited to engage in professional management advisory services.

2. The overriding consideration for MAS engagement is competence so that a CPA MAS practitioner need not be concerned with independence in his relations with his client.

3. CPAs have historically been business consultants to their clients.

4. The primary purpose of MAS is to improve the client firms' use of its capabilities and resources to achieve the objectives of the firm.

5. Documentation is not as essential in an MAS engagement as it is in an audit engagement.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Organizational Ethics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education