In performing an attest engagement, a CPA typically:
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1 .While auditing the financial statements of a nonissuer, a CPA was requested to change the engagement to a review in accordance with Statements on Standards for Accounting and Review Services (SSARS) because of a scope limitation. If the CPA believes the client's request is reasonable, the CPA's review report should:I. Refer to the scope limitation that caused the change.II.Describe the auditing procedures that have already been applie
A I only. B Neither I nor II. C II only. D Both I and II.
2 .Moore, CPA, has been asked to issue a review report on the balance sheet of Dover Co., a nonissuer. Moore will not be reporting on Dover's statements of income, retained earnings, and cash flows. Moore may issue the review report provided the:
A Specialized accounting principles and practices of Dover's industry are disclosed B Scope of the inquiry and analytical procedures has not been restricted. C Balance sheet is presented in a prescribed form of an industry trade association. D Balance sheet is not to be used to obtain credit or dist...
3 .Accepting an engagement to compile a financial projection most likely would be inappropriate if the projection is to be distributed to:
A The entity's principal stockholder, to the exclusion of the other stockholders. B A financial institution in a loan application. C Potential stockholders in an offering statement. D A state or federal regulatory agency.
4 .An attest engagement is one in which a CPA is engaged to:
A Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed. B Assemble the financial statements of a nonissuer based on the assumptions of the entity's management without expressing any assurance. C Testify as an expert witness in accounting, audi...
5 .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 Observing a year-end inventory count. B Making inquiries of management. C Examining subsequent cash receipts. D Assessing the internal control system.
7 .Which of the following matters is an auditor required to communicate to those charged with governance?
A The auditor's preliminary judgments about materiality levels. B The process used by management in formulating sensitive accounting estimates. C The justification for performing substantive procedures at interim dates. D The basis for his or her assessment of control risk.
8 .Which of the following statements is correct concerning an auditor's required communication with those charged with governance?
A This communication should include disagreements with management about significant audit adjustments, whether or not satisfactorily resolved. B If matters are communicated in writing, the report is appropriate for general use. C If matters are communicated in writing, the report is required to be d...
9 .Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?
A All material weaknesses are significant deficiencies. B An auditor need not identify and communicate material weaknesses separately from significant deficiencies. C An auditor should report immediately material weaknesses and significant deficiencies discovered during an audit. D All significant d...
10 .Which of the following statements is correct concerning statistical sampling in tests of controls?
A As the population size increases, the sample size should increase proportionately. B In determining tolerable rate, an auditor considers detection risk and the sample size. C There is an inverse relationship between the expected population deviation rate and the sample size. D Deviations from spec...
