Which of the following is not true about the relationship between quality control standards and professional standards such as GAAS?
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1 .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.
2 .A CPA is engaged to examine an entity's financial forecast. The CPA believes that several significant assumptions do not provide a reasonable basis for the forecast. Under these circumstances, the CPA should issue a(an):
A Adverse opinion. B Qualified opinion. C Unmodified opinion with an explanatory paragraph. D Pro forma opinion.
3 .A practitioner has been engaged to apply agreed-upon procedures in accordance with Statements on Standards for Attestation Engagements (SSAE) to prospective financial statements. Which of the following conditions must be met for the practitioner to perform the engagement?
A The practitioner and specified parties agree upon the procedures to be performed by the practitioner. B The practitioner reports on the criteria to be used in the determination of findings. C The prospective financial statements include a summary of significant accounting policies. D The practitio...
4 .An accountant who accepts an engagement to compile a financial projection most likely would make the client aware that the:
A Accountant's responsibility to update the projection for future events and circumstances is limited to one year. B Engagement does not include an evaluation of the support for the assumptions underlying the projection. C Projection may not be included in a document with audited historical financia...
5 .Auditors conducting an audit in accordance with the Single Audit Act use a risk-based approach designed to:
A Focus the audit on high-risk programs. B Reduce audit risk by providing an equal opportunity for all expended federal dollars to be tested. C Focus the audit on grants related to large federal programs. D Reduce audit risk by providing an equal opportunity for all grants to be tested.
7 .The annual financial statements of a publicly held company have been audited, and its interim financial statements have been reviewed. Which of the following is true about the application of professional standards to this review?
A Statements on Standards for Accounting and Review Services apply. B None of the other statements are true. C Both PCAOB standards and SSARS apply. D PCAOB standards apply.
8 .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. Quarterly reports are required to be filed with the SE C Quarterly reports are required to be filed with the SEC. D The accountant is performing an...
9 .Which of the following procedures ordinarily should be applied when an independent accountant conducts a review of interim financial information of a publicly held entity?
A Perform cut-off tests for cash receipts and disbursements. B Verify changes in key account balances. C Inspect the open purchase order file. D Read the minutes of the board of directors' meetings.
10 .Green, CPA, is aware that Green's name is to be included in the annual report of National Company, a publicly-held entity, because Green has audited the annual financial statements included therein. National's quarterly financial statements are also contained in the annual report. Green has not audited but has reviewed these interim financial statements. Green should request that:I.Green's name not be included in the annual report.II.The interim financial statements be marked as unaudited.
A Both I and II. B Either I or II. C I only. D II only.
