When issuing letters for underwriters, commonly referred to as comfort letters, an accountant may provide negative assurance concerning:
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1 .A CPA started to audit the financial statements of a nonissuer. After completing certain audit procedures, the client requested the CPA to change the engagement to a review because of a scope limitation. The CPA concludes that there is reasonable justification for the change. Under these circumstances, the CPA's review report should include a:
A Description of the auditing procedures that were completed before the engagement was changed. B Reference to the scope limitation that caused the changed engagement. C Statement that a review is substantially less in scope than an audit. D Reference to the CPA's justification for agreeing to chang...
2 .An accountant had begun to audit the financial statements of a nonissuer. Which of the following circumstances most likely would be considered a reasonable basis for agreeing to the entity's request to change the engagement to a compilation?
A The accountant is prevented from examining the minutes of the board of directors' meetings. B The accountant is prohibited from corresponding with the entity's legal counsel. C The entity's principal creditors no longer require the entity to furnish audited financial statements. D The entity's man...
3 .Which of the following applies to an accountant conducting a review of interim financial information?
A The accountant must maintain independence in mental attitude in all matters relating to the engagement. B The accountant must indicate in the report those circumstances in which generally accepted accounting principles have not been consistently observed in the current period in relation to the pr...
4 .Which of the following is not true about an auditor's report on a review of interim financial information of a publicly held company?
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5 .The quarterly data required by SEC Regulation S-K have been omitted. Which of the following statements must be included in the auditor's report?
A The auditor will review the selected data during the review of the subsequent quarterly financial data. B The company has not presented the selected quarterly financial data. C The auditor was unable to review the data. D The company's internal control provides an adequate basis to complete the re...
7 .In an attest engagement, use of the accountant's report should be restricted to specified parties in all of the following situations, except:
A When the criteria used to evaluate the subject matter are appropriate for only a limited number of parties. B When reporting on an assertion about the subject matter instead of reporting directly on the subject matter. C When reporting on an agreed-upon procedures engagement. D When reporting dire...
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A MAS AssurAbility. B MAS AttestSure. C CPA SysTrust. D CPA WebMaster.
9 .In performing an attest engagement, a CPA typically:
A Provides management consulting advice. B Issues a report on subject matter (or on an assertion about subject matter) that is the responsibility of another party. C Supplies litigation support services. D Assesses control risk at a low level.
10 .Prospective financial information presented in the format of historical financial statements that omit either gross profit or net income is deemed to be a:
A Partial presentation. B Financial projection. C Financial forecast. D Projected balance sheet.
