Before reporting on the financial statements of a U.S. entity that have been prepared in accordance with a financial reporting framework generally accepted in another country, an auditor practicing in the U.S. should:
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1 .Wilson, CPA, obtained sufficient appropriate audit evidence to render an opinion on Abco's December 31, Year 1, financial statements on March 6, Year 2. A subsequent event requiring adjustment to the Year 1 financial statements occurred on April 10, Year 2. Wilson decides not to dual date the report and completes the extended audit procedures for subsequent events on April 24, Year 2. If the adjustment is made without disclosure of the event, Wilson's report ordinarily should be dated:
A Using dual dating. B April 10, Year 2. C April 24, Year 2. D March 6, Year 2.
2 .After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning the audited financial statements, unless:
A Information, which existed at the report date and may affect the report, comes to the auditor's attention. B Final determinations or resolutions are made of contingencies that had been disclosed in the financial statements. C Information about an event that occurred after the date of the auditor's...
3 .An auditor concludes that a substantive auditing procedure considered necessary during the prior period's audit was omitted. Which of the following factors would most likely cause the auditor promptly to apply the omitted procedure?
A The auditor's opinion on the prior period's financial statements was unmodified. B The source documents needed to perform the omitted procedure are still available. C The omission of the procedure impairs the auditor's present ability to support the previously expressed opinion. D There are no alt...
4 .An auditor is considering whether the omission of the confirmation of investments impairs the auditor's ability to support a previously expressed unmodified opinion. The auditor need not perform this omitted procedure if:
A The results of alternative procedures that were performed compensate for the omission. B The omission is documented in a communication with the audit committee. C The auditor's assessed level of detection risk is low. D No individual investment is material to the financial statements taken as a wh...
5 .When audited financial statements are presented in a client's document containing other information, the auditor should:
A Perform the appropriate substantive auditing procedures to corroborate the other information. B Add an other-matter paragraph to the auditor' s report without changing the opinion on the financial statements. C Read the other information to determine that it is consistent with the audited financia...
7 .When an auditor reports on financial statements prepared on an entity's income tax basis, the auditor's report should:
A Include an explanation of how the results of operations differ from the cash receipts and disbursements basis of accounting. B Not express an opinion on whether the statements are presented in conformity with the comprehensive basis of accounting used. C Disclaim an opinion on whether the statemen...
8 .Harris, CPA, has been asked to audit and report on the balance sheet of Fox Co., but not on the statements of income, retained earnings, or cash flows. This audit will not be performed in conjunction with an audit of the complete set of financial statements. Under these circumstances, Harris may:
A Accept the engagement but should disclaim an opinion because the complete set of financial statements was not audited. B Not accept the engagement because it would be tantamount to rendering a piecemeal opinion. C Accept the engagement because such engagements merely involve special considerations...
9 .Which of the following describes how the objective of a review of financial statements differs from the objective of a compilation engagement?
A In a review engagement, accountants provide reasonable or positive assurance that the financial statements are fairly presented, but a compilation provides limited assurance. B The primary objective of a review engagement is to provide positive assurance that the financial statements are fairly pr...
10 .Which of the following statements is correct regarding a review of a nonpublic entity's financial statements in accordance with Statements on Standards for Accounting and Review Services (SSARS)?
A The accountant must be independent to issue the review report. B The accountant is required to assess the risk of fraud. C An opinion is expressed in the review report. D It is not necessary for the accountant to obtain a management representation letter.
