Which of the following is not true about documentation requirements related to a review of a nonissuer's financial statements?
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1 .If information accompanying the basic financial statements has been subjected to auditing procedures, the auditor may include in the auditor's report on the financial statements an opinion that the accompanying information is fairly stated in:
A Conformity with generally accepted accounting principles. B Accordance with attestation standards expressing a conclusion about management's assertions. C Accordance with generally accepted auditing standards. D All material respects in relation to the financial statements as a whole.
2 .Blue, CPA, has been asked to issue a written report on the application of the requirements of an applicable financial reporting framework to a specific transaction by an entity that is audited by another CP Blue may accept this engagement, but should:
A Consult with the continuing CPA to obtain information relevant to the transaction. B Notify the entity that the report is for the general use of all interested parties. C Disclaim any opinion that the hypothetical application of the applicable financial reporting framework conforms with generally ...
3 .Which of the following representations does an accountant make implicitly when issuing the standard report for the compilation of a nonissuer's financial statements?
A The accountant does not express any assurance on the financial statements. B A compilation consists principally of inquiries and analytical procedures. C The accountant is independent with respect to the entity. D The financial statements have not been audited.
4 .An accountant has been engaged to compile pro forma financial statements. During the accountant's acceptance procedures, it is discovered that the accountant is not independent with respect to the company. What action should the accountant take with regard to the compilation?
A The accountant should discuss the lack of independence with legal counsel to determine whether it is appropriate to accept the engagement. B The accountant should disclose the lack of independence in the accountant's compilation report. C The accountant should compile the pro forma financial state...
5 .In reviewing the financial statements of a nonissuer, an accountant is required to modify the standard review report for which of the following matters?Inability to assess the riskof material misstatementdue to fraudDiscovery of significantdeficiencies in the design ofthe entity's internal control
A Yes........Yes B No.........Yes C No.........No D Yes........No
7 .Which of the following procedures most likely would be performed in a review engagement of a nonissuer's financial statements in accordance with Statements on Standards for Accounting and Review Services?
A Examining subsequent cash receipts. B Observing a year-end inventory count. C Making inquiries of management. D Assessing the internal control system.
8 .The standard accountant’s report issued after reviewing the financial statements of a nonissuer in accordance with SSARS should state that the:
A Accountant has no responsibility to update the report for circumstances occurring after the date of the report. B Accountant does not express an opinion or any other form of assurance on the entity’s internal control system. C Accountant is not aware of any material modifications that should be ...
9 .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...
10 .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 ...
