An accountant's standard report on a compilation of a projection should not include a statement that:
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1 .On February 9, Brown, CPA, expressed an unmodified opinion on the financial statements of Web Co. On October 9, during a peer review of Brown's practice, the reviewer informed Brown that engagement personnel failed to perform a search for subsequent events for the Web engagement. Brown should first:
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2 .When financial statements include supplementary information which is outside the basic financial statements, but required by GAAP, the auditor may choose any of the following options, except:
A Express an opinion on the information, if he or she has been engaged to examine such information. B Disclaim an opinion on the information. C Express negative assurance on the information, if review procedures have been appropriately performed. D Report on whether the information is fairly stated ...
3 .An auditor determines that the entity is presenting certain supplementary financial disclosures of pension information that are required by the GAS Under these circumstances, the auditor should:
A Compare the required supplementary information for consistency with the audited financial statements. B Add an additional paragraph to the auditor's report that refers to the required supplementary information only if there are problems with the information. C State that the audit is not being per...
4 .Green, CPA, is requested to prepare 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 Green may:
A Not accept such an engagement because to do so would be considered unethical. B Accept the engagement but should consult with the continuing CPA to ascertain all the available facts relevant to forming a professional judgment. C Accept the engagement but should form an independent opinion without ...
5 .A CPA is engaged to examine management's assertion that the entity's schedule of investment returns is presented in accordance with specific criteria. In performing this engagement, the CPA should comply with the provisions of:
A Statements on Standards for Accounting and Review Services (SSARS). B Statements on Standards for Attestation Engagements (SSAE). C Statements on Standards for Consulting Services (SSCS). D Statements on Auditing Standards (SAS).
7 .Which of the following statements best describes why an auditor would use only substantive procedures to evaluate specific relevant assertions and risks?
A Testing the operating effectiveness of the relevant controls would not be efficient. B The relevant internal control components are not well documented. C The cost of substantive procedures will exceed the cost of testing the relevant controls. D The internal auditor already has tested the relevan...
8 .If an auditor's risk assessment is based on the effective operation of controls, the auditor will likely:
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9 .The primary reason an auditor requests letters of inquiry be sent to a client's attorneys is to provide the auditor with:
A Corroboration of the information furnished by management about litigation, claims, and assessments. B A description and evaluation of litigation, claims, and assessments that existed at the balance sheet date. C The probable outcome of asserted claims and pending or threatened litigation. D The at...
10 .Which of the following factors most likely would cause a CPA to decline to accept a new audit engagement?
A Management is unwilling to permit inquiry of its legal counsel. B The CPA is unable to review the predecessor auditor's working papers. C The CPA does not understand the entity's operations and industry. D Management acknowledges that the entity has had recurring operating losses.
