When an independent CPA assists in preparing the financial statements of a publicly held entity, but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond:
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1 .In which of the following circumstances would an auditor be most likely to express an adverse opinion?
A The financial statements are not in conformity with the GAAP rules regarding the capitalization of leases. B Tests of controls show that the entity's internal control is so poor that it cannot be relied upon. C Information comes to the auditor's attention that raises substantial doubt about the en...
2 .Which of the following phrases should be included in the opinion paragraph when an auditor expresses a qualified opinion?When read inconjunction withNote XWith the foregoingexplanation
A Yes........Yes B Yes........No C No.........Yes D No.........No
3 .When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an):
A Disclaimer of opinion. B Regulation S-X exemption. C Report on pro forma financial statements. D Unaudited association report.
4 .When disclaiming an opinion due to a client-imposed scope limitation, an auditor should indicate in a separate paragraph why the audit did not comply with generally accepted auditing standards. The auditor should also omit the:Auditor'sResponsibilityparagraphOpinionparagraph
A Yes........Yes B Yes........No C No.........No D No.........Yes
5 .Restrictions imposed by a retail entity that is a new client prevent an auditor from observing any physical inventories. These inventories account for 40% of the entity's assets. Alternative auditing procedures cannot be applied due to the nature of the entity's records. Under these circumstances, the auditor should express a(an):
A Unmodified opinion with an emphasis-of-matter paragraph. B Qualified opinion. C Adverse opinion. D Disclaimer of opinion.
7 .An auditor may issue a qualified opinion under which of the following circumstances?Lack of sufficientappropriateaudit evidenceRestrictions of thescope of the audit
A No.........No B Yes........No C Yes........Yes D No.........Yes
8 .Jewel, CPA, audited Infinite Co.'s prior-year financial statements. These statements are presented with those of the current year for comparative purposes without Jewel's auditor's report, which expressed a qualified opinion. In drafting the current year's auditor's report, Crain, CPA, the successor auditor, should:I.Not name Jewel as the predecessor auditor.II.Indicate the type of report issued by Jewel.III.Indicate the substantive reasons for Jewel's qualification.
A I, II, and III. B II and III only. C I and II only. D I only.
9 .An entity's comparative financial statements include the financial statements of the prior year that were audited by a predecessor auditor whose report is not presented. If the predecessor's report was qualified, the successor should:
A Explain to the client that comparative financial statements may not be presented under these circumstances. B Indicate the substantive reasons for the qualification in the predecessor auditor's opinion. C Express an opinion only on the current year's financial statements and make no reference to t...
10 .Which of the following procedures would an auditor most likely perform in obtaining evidence about subsequent events?
A Recompute depreciation charges for plant assets sold for substantial gains since the year-end. B Reperform the tests of controls that indicated significant deficiencies in the operation of internal control. C Examine a sample of transactions that occurred since the year-end to verify the effective...
