Which of the following is not true about an auditor's report on a review of interim financial information of a publicly held company?
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1 .Smith, CPA, has been asked to issue a review report on the balance sheet of Cone Company, a nonissuer, and not on the other related financial statements. Smith may do so only if:
A Smith compiles and reports on the related statements of income, retained earnings, and cash flows. B Smith is not aware of any material modifications needed for the balance sheet to conform with GAAP. C Cone is a new client and Smith accepts the engagement after the end of Cone's fiscal year. D Th...
2 .An accountant has been engaged to review a nonissuer's financial statements that contain several departures from GAAP. Management is unwilling to revise the financial statements, and the accountant believes that modification of the standard review report is inadequate to communicate the deficiencies. Under these circumstances, the accountant should:
A Withdraw from the engagement and provide no further services concerning these financial statements. B Express a disclaimer of opinion on the financial statements and advise the board of directors that the financial statements should not be relied on. C Determine the effects of the departures from ...
3 .A CPA started to audit the financial statements of a nonissuer. After completing certain audit procedures, the client requested the CPA to change the engagement to a review because of a scope limitation. The CPA concludes that there is reasonable justification for the change. Under these circumstances, the CPA's review report should include a:
A Description of the auditing procedures that were completed before the engagement was changed. B Reference to the scope limitation that caused the changed engagement. C Statement that a review is substantially less in scope than an audit. D Reference to the CPA's justification for agreeing to chang...
4 .An accountant had begun to audit the financial statements of a nonissuer. Which of the following circumstances most likely would be considered a reasonable basis for agreeing to the entity's request to change the engagement to a compilation?
A The accountant is prevented from examining the minutes of the board of directors' meetings. B The accountant is prohibited from corresponding with the entity's legal counsel. C The entity's principal creditors no longer require the entity to furnish audited financial statements. D The entity's man...
5 .Which of the following applies to an accountant conducting a review of interim financial information?
A The accountant must maintain independence in mental attitude in all matters relating to the engagement. B The accountant must indicate in the report those circumstances in which generally accepted accounting principles have not been consistently observed in the current period in relation to the pr...
7 .The quarterly data required by SEC Regulation S-K have been omitted. Which of the following statements must be included in the auditor's report?
A The auditor will review the selected data during the review of the subsequent quarterly financial data. B The company has not presented the selected quarterly financial data. C The auditor was unable to review the data. D The company's internal control provides an adequate basis to complete the re...
8 .When issuing letters for underwriters, commonly referred to as comfort letters, an accountant may provide negative assurance concerning:
A The compliance of the entity's registration statement with the requirements of the Securities Act of 1933. B The results of procedures performed in compiling the entity's financial forecast. C The conformity of the entity's unaudited condensed interim financial information with generally accepted ...
9 .In an attest engagement, use of the accountant's report should be restricted to specified parties in all of the following situations, except:
A When the criteria used to evaluate the subject matter are appropriate for only a limited number of parties. B When reporting on an assertion about the subject matter instead of reporting directly on the subject matter. C When reporting on an agreed-upon procedures engagement. D When reporting dire...
10 .Which of the following is a professional engagement that a CPA may perform to provide assurance on a system's reliability?
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