CPA-06291Kell engaged March, CPA, to submit to Kell a written personal financial plan containing unaudited personal financial statements. March anticipates omitting certain disclosures required by GAAP because the engagement's sole purpose is to assist Kell in developing a personal financial plan. For March to be exempt from complying with the requirements of SSARS on compilation and review of financial statements, Kell is required to agree that the:
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1 .CPA-02360Under U.S. auditing standards, when an auditor believes there is substantial doubt about the ability of an entity to continue as a going concern, all of the following should be included in the audit documentation, except:
A The effect of the auditor's conclusion on the auditor's report. B The conditions that gave rise to the substantial doubt. C The auditor's conclusion about whether substantial doubt remains or is alleviated. D Management's conclusion regarding whether substantial doubt remains or is alleviated.
2 .CPA-03110Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?
A Inquiring as to whether any unusual adjustments were made after year-end. B Confirming a sample of material accounts receivable established after year-end. C Investigating personnel changes in the accounting department occurring after year-end. D Comparing the financial statements being reported o...
3 .CPA-03138An auditor is considering whether the omission of a substantive procedure considered necessary at the time of an audit may impair the auditor's present ability to support the previously expressed opinion. The auditor need not apply the omitted procedure if the:
A Financial statements and auditor's report were not distributed beyond management and the board of directors. B Results of other procedures that were applied tend to compensate for the procedure omitted. C Omission is due to unreasonable delays by client personnel in providing data on a timely basi...
4 .CPA-02729Field is an employee of Gold Enterprises. Hardy, CPA, is asked to express an opinion on Field's profit participation in Gold's net income. Hardy may accept this engagement only if:
A Gold's financial statements are prepared in conformity with GAAP. B Hardy also audits Gold's income statement and balance sheet. C Hardy's report is available for distribution to Gold's other employees. D Field owns controlling interest in Gold.
5 .CPA-06290If requested to perform a review engagement for a nonissuer in which an accountant has an immaterial direct financial interest, the accountant is:
A Independent because the financial interest is immaterial and, therefore, may issue a review report. B Not independent and, therefore, may not issue a review report. C Not independent and, therefore, may issue a review report, but may not issue an auditor's opinion. D Not independent and, therefore...
7 .CPA-03381Gole, CPA, is engaged to review the Year 2 financial statements of North Co., a nonissuer. Previously, Gole audited North's Year 1 financial statements and expressed an unmodified opinion. Gole decides to include a separate paragraph in the Year 2 review report because North plans to present comparative financial statements for Year 2 and Year 1. This separate paragraph should indicate that:
A No auditing procedures were performed after the date of the Year 1 auditor's report. B There are justifiable reasons for changing the level of service from an audit to a review. C The Year 2 review report is intended solely for the information of management and the board of directors. D The Year 1...
8 .CPA-03383When unaudited financial statements of a nonissuer are presented in comparative form with audited financial statements in the subsequent year, the unaudited financial statements should be clearly marked to indicate their status and:I. The report on the unaudited financial statements should be reissued.II. The report on the audited financial statements should include a separate paragraph describing the responsibility assumed for the unaudited financial statements.
A Either I or II. B II only. C I only. D Both I and II.
9 .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:
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10 .CPA-02445A CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements (SSAE) when engaged to:
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