CPA-02701A successor auditor most likely would make specific inquiries of the predecessor auditor regarding:
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1 .CPA-03417The objective of a review of interim financial information of a public entity is to provide an accountant with a basis for reporting whether:
A Material modifications should be made to conform with generally accepted accounting principles. B The financial statements are presented fairly in accordance with generally accepted accounting principles. C The financial statements are presented fairly in accordance with standards of interim repor...
2 .CPA-02445A CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements (SSAE) when engaged to:
A Review management's discussion and analysis (MD&A) prepared pursuant to rules and regulations adopted by the SEC . B Audit financial statements that the client prepared for use in another country. C Provide the client with a financial statement format that does not include dollar amounts. D Report...
3 .CPA-02499A CPA's report on agreed-upon procedures related to management's assertion about an entity's compliance with specified requirements should contain:
A An opinion about whether management's assertion is fairly stated. B An acknowledgment of responsibility for the sufficiency of the procedures. C A statement of limitations on the use of the report. D Negative assurance that control risk has not been assessed.
4 .CPA-02512Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards?
A The requirement that the practitioner be independent in mental attitude is omitted from the attestation standards. B The attestation standards provide a framework for the attest function beyond historical financial statements. C The attestation standards do not permit an attest engagement to be pa...
5 .CPA-02671Which of the following factors most likely would cause a CPA to decide not to accept a new audit engagement?
A Management's disregard of its responsibility to maintain an adequate internal control environment. B Management's refusal to permit the CPA to perform substantive tests before the year-end. C The CPA's inability to determine whether related party transactions were consummated on terms equivalent t...
7 .CPA-02734An internal auditor's work would most likely affect the nature, timing, and extent of an independent CPA's auditing procedures when the internal auditor's work relates to assertions about the:
A Existence of fixed asset additions. B Valuation of intangible assets. C Existence of contingencies. D Valuation of related party transactions.
8 .CPA-02838Which of the following is least likely to aid the auditor in evaluating the risk of improper revenue recognition due to fraud?
A Comparison of revenue reported by month and by product line for the current and prior years. B Comparison of sales volume, as determined from recorded revenue amounts, with production capacity. C Analysis of sales commissions over the most recent five-year period. D Trend analysis of revenues and ...
9 .CPA-02899During the annual audit of Ajax Corp., a publicly held company, Jones, CPA, a continuing auditor, determined that illegal political contributions had been made during each of the past seven years, including the year under audit. Jones notified the board of directors about the illegal contributions, but they refused to take any action because the amounts involved were immaterial to the financial statements.Jones should reconsider the intended degree of reliance to be placed on the:
A Letter of audit inquiry to the client's attorney. B Preliminary judgment about materiality levels. C Management representation letter. D Prior year's audit plan.
10 .CPA-02591Which of the following characteristics most likely would be indicative of check kiting?
A Frequent ATM checking account withdrawals. B Low average balance compared to high level of deposits. C Many large checks that are recorded on Mondays. D High turnover of employees who have access to cash.
