Which of the following is least likely to be included in an examination report related to a financial projection?
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1 .CPA-02799The objective of performing analytical procedures in planning an audit is to identify the existence of:
A Acts of noncompliance with laws and regulations that went undetected because of internal control weaknesses. B Unusual transactions and events. C Recorded transactions that were not properly authorized. D Related party transactions.
2 .CPA-03482An audit performed in accordance with 2 CFR 200 single audit will expand the auditor's responsibilities beyond generally accepted auditing standards. The auditor's expanded responsibilities include:
A Performance of additional procedures to test and report on compliance with laws, rules, regulations and provisions of contracts or grant agreements that have a direct and material effect on major federal award programs. B Performance of additional procedures to test and report on compliance with l...
3 .A client decides not to make an auditor's proposed adjustments that collectively are not material, and wants the auditor to issue the report based on the unadjusted numbers. Which of the following statements is correct regarding the financial statement presentation?
A The financial statements contain unadjusted misstatements that should result in a qualified opinion. B The financial statements are free from material misstatement, and no disclosure is required in the notes to the financial statements. C The financial statements are free from material misstatemen...
4 .A registration statement filed with the SEC contains the reports of two independent auditors on their audits of financial statements for different periods. The predecessor auditor who audited the prior-period financial statements generally should obtain a letter of representation from the:
A Successor independent auditor. B Securities and Exchange Commission. C Principal underwriter. D Client's audit committee.
5 .Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonpublic entity in accordance with Statements on Standards for Accounting and Review Services (SSARS)?
A Perform a physical inventory observation. B Confirm account balances. C Assess control risk. D Obtain a management representation letter.
7 .An auditor should obtain knowledge of a client's information and communication system in order to understand each of the following, except:
A The process used to prepare financial statements. B The means used by an entity to communicate financial reporting roles to its staff. C The means used by an entity to ensure that management directives are carried out. D How transactions are initiated, processed, and reported.
8 .Which of the following audit techniques ordinarily would provide an auditor with the least assurance about the operating effectiveness of an internal control activity?
A Inquiry of client personnel. B Observation of client personnel. C Inspection of documents and reports. D Preparation of system flowcharts.
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