A CPA in public practice is required to comply with the provisions of the Statements on Standards for Attestation Engagements (SSAE) when:Testifying as an expert witnessin accounting and auditingmatters given stipulated factsCompiling a client's financialprojection that presents ahypothetical course of action
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1 .Which of the following procedures would an accountant least likely perform during an engagement to review the financial statements of a nonissuer in accordance with Statement on Standards for Accounting and Review Services?
A Inquiring of management about actions taken at the board of directors' meetings. B Observing the safeguards over access to and use of assets and records. C Studying the relationships of financial statement elements expected to conform to predictable patterns. D Comparing the financial statements w...
2 .When unaudited financial statements of a nonissuer are presented in comparative form with audited financial statements in the subsequent year, the unaudited financial statements should be clearly marked to indicate their status and:I. The report on the unaudited financial statements should be reissued.II.The report on the audited financial statements should include a separate paragraph describing the responsibility assumed for the unaudited financial statements.
A Either I or II. B II only. C Both I and II. D I only.
3 .Which of the following matters is covered in a typical comfort letter?
A An opinion as to whether the audited financial statements comply in form with the accounting requirements of the SE B Negative assurance concerning whether the entity's internal controls operated as designed during the period being audited. C Positive assurance concerning whether unaudited condens...
4 .Mill, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modern Co. regarding Modern's written assertion about its compliance with contractual requirements to pay royalties. Mill's report on these agreed-upon procedures should contain a (an):
A Opinion about the effectiveness of Modern's internal control activities concerning royalty payments. B Acknowledgment that the sufficiency of the procedures is solely Mill's responsibility. C List of the procedures performed (or reference thereto) and Mill's findings. D Disclaimer of opinion about...
5 .An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided the:
A The accountant takes responsibility for the adequacy of the procedures performed. B Accountant also examines the prospective financial statements. C Provisions of Statements on Standards for Accounting and Review Services (SSARS) are followed. D Distribution (use) of the report is restricted to th...
7 .In establishing the existence and ownership of a long-term investment in the form of publicly-traded stock, an auditor should inspect the securities or:
A Determine that the investment is carried at the lower of cost or market. B Confirm the number of shares owned that are held by an independent custodian. C Correspond with the investee company to verify the number of shares owned. D Inspect the audited financial statements of the investee company.
8 .Which of the following questions would an auditor least likely include on an internal control questionnaire concerning the initiation and execution of equipment transactions?
A Are requests for major repairs approved at a higher level than the department initiating the request? B Are prenumbered purchase orders used for equipment and periodically accounted for? C Are requests for purchases of equipment reviewed for consideration of soliciting competitive bids? D Are proc...
9 .法律关系中，所有权法律关系，不属于（ ）。
A 民事法律关系 B 绝对法律关系 C 行政法律关系 D 调整性法律关系
10 .When control risk is assessed as low for assertions related to payroll, substantive tests of payroll balances most likely would be limited to applying analytical procedures and:
A Observing the distribution of paychecks. B Footing and crossfooting the payroll register. C Recalculating payroll accruals. D Inspecting payroll tax returns.
