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ANSWER NO. 4

4. Match the following singular elements of OCS (Column 1) which could be attained by the adoption of the following tim's policies (Column 2). Column 1 a. Consultation b. Hiring C. Assigning d. Supervision c. independence f. Professional development g. Advancement h. Continuance of client i, Inspection Column 2 1. Accounting firms should encourage their personnel to seek assistance and advice from persons having appropriate levels of knowledge, competence, judgment, and authority 2. Accounting firms should put up a research center and/or library. 3. Accounting firms should encourage their personnel to assist each other at every work level. 4. Accounting firms should encourage their staff to attend seminars, conferences, workshops, and even postgraduate studies with some financial help from the firm. 5. Accounting firms should promote their personnel not only on the basis of seniority but also work performance and achievements. 6. Accounting firms should see to it their staff comply with Section 8 of the Code of Professional Ethics 7. Accounting firms should hire only competent, skilled, and trainable employees. 8. Accounting firm should give their personnel assignments best suited to their competence and temperaments. 9. Accounting firms should monitor all policies and procedures of the other QCS elements to make sure they are applied and effectively. 10. Accounting firms should seek to continue only with clients that have regards for honesty and integrity. odont it here in the 5. What do you understand by peer review? Do you want to adopt it here in the Philippines? Why and why not? 6. Josephine Bartolome passed the CPA board examination recently. She topped the board with a rating of 94%. She graduated as summa cum laude. She is teaching basic accounting subjects in her alma mater. If you were the personnel-in-charge at SGV & Co., what occupational rank are you going to give her if she can be drawn away from the academe and join the field of auditing? Explain your answer in the light of GAAS no. 1 or GAS no. 1. 4. Match the following singular elements of OCS (Column 1) which could be attained by the adoption of the following tim's policies (Column 2). Column 1 a. Consultation b. Hiring C. Assigning d. Supervision c. independence f. Professional development g. Advancement h. Continuance of client i, Inspection Column 2 1. Accounting firms should encourage their personnel to seek assistance and advice from persons having appropriate levels of knowledge, competence, judgment, and authority 2. Accounting firms should put up a research center and/or library. 3. Accounting firms should encourage their personnel to assist each other at every work level. 4. Accounting firms should encourage their staff to attend seminars, conferences, workshops, and even postgraduate studies with some financial help from the firm. 5. Accounting firms should promote their personnel not only on the basis of seniority but also work performance and achievements. 6. Accounting firms should see to it their staff comply with Section 8 of the Code of Professional Ethics 7. Accounting firms should hire only competent, skilled, and trainable employees. 8. Accounting firm should give their personnel assignments best suited to their competence and temperaments. 9. Accounting firms should monitor all policies and procedures of the other QCS elements to make sure they are applied and effectively. 10. Accounting firms should seek to continue only with clients that have regards for honesty and integrity. odont it here in the 5. What do you understand by peer review? Do you want to adopt it here in the Philippines? Why and why not? 6. Josephine Bartolome passed the CPA board examination recently. She topped the board with a rating of 94%. She graduated as summa cum laude. She is teaching basic accounting subjects in her alma mater. If you were the personnel-in-charge at SGV & Co., what occupational rank are you going to give her if she can be drawn away from the academe and join the field of auditing? Explain your answer in the light of GAAS no. 1 or GAS no. 1

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