When an accountant issues to an underwriter a comfort letter containing comments on data that have not been audited, the underwriter most likely will receive:
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1 .An accountant has been asked to issue a review report on the balance sheet of a nonissuer but not to report on the other basic financial statements. The accountant may not do so:
A If the review of the balance sheet discloses material departures from GAAP. B If the scope of the inquiry and analytical procedures has been restricted. C Because compliance with this request would result in a violation of the ethical standards of the profession. D Because compliance with this req...
2 .In accordance with Statements on Standards for Accounting and Review Services, when providing limited assurance that the financial statements of a nonissuer require no material modifications to be in accordance with GAAP, the accountant should:
A Understand the accounting principles of the industry in which the entity operates. B Communicate with the audit committee regarding material weaknesses in internal control. C Assess the risk of material misstatement in the financial statements due to fraud. D Perform tests of controls to evaluate ...
3 .Gole, CPA, is engaged to review the Year 2 financial statements of North Co., a nonissuer. Previously, Gole audited North's Year 1 financial statements and expressed an unmodified opinion. Gole decides to include a separate paragraph in the Year 2 review report because North plans to present comparative financial statements for Year 2 and Year 1. This separate paragraph should indicate that:
A No auditing procedures were performed after the date of the Year 1 auditor's report. B There are justifiable reasons for changing the level of service from an audit to a review. C The Year 1 auditor's report may no longer be relied on. D The Year 2 review report is intended solely for the informat...
4 .Before accepting an engagement to compile or review the financial statements of a nonissuer, which of the following specific inquiries should a successor accountant consider making to the predecessor accountant?
A How would you describe the integrity of the owner? B How did you assess inherent risk and control risk? C What evaluation did you make of any accounting estimates? D How cooperative was the owner’s lawyer in providing a legal opinion?
5 .In which case would the accountant be least likely to perform a review of interim financial information under PCAOB standards?
A Selected quarterly financial data is included in an annual report. B Quarterly financial data is included in the financial statements of a nonissuer. C Quarterly reports are required to be filed with the SEC. D The accountant is performing an initial audit of financial statements that include sele...
7 .An entity engaged a CPA to determine whether the client's web sites meet defined criteria for standard business practices and controls over transaction integrity and information protection. In performing this engagement, the CPA should comply with the provisions of:
A Statements on Auditing Standards. B Statements on Standards for Management Consulting Services. C Statements on Standards for Attestation Engagements. D Statements on Assurance Standards.
8 .An attest engagement is one in which a CPA is engaged to:
A Testify as an expert witness in accounting, auditing, or tax matters, given certain stipulated facts. B Issue an examination, a review, or an agreed-upon procedures report on subject matter, or on an assertion about the subject matter, that is the responsibility of another party. C Provide tax adv...
9 .An examination of a financial forecast is a professional service that involves:
A Assuming responsibility to update management on key events for one year after the report's date. B Evaluating the preparation of a financial forecast and the support underlying management's assumptions. C Compiling or assembling a financial forecast that is based on management's assumptions. D Lim...
10 .An accountant has been engaged to examine pro forma adjustments that show the effects on previously audited historical financial statements due to a proposed disposition of a significant portion of an entity's business. Other than the procedures previously applied to the historical financial statements, the accountant is required to:Reevaluate the entity'sinternal control overfinancial reportingDetermine that the computationsof the pro forma adjustmentsare mathematically correct
A Yes........No B No.........Yes C Yes........Yes D No.........No
