Which of the following describes how the objective of a review of financial statements differs from the objective of a compilation engagement?
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1 .An auditor is considering whether the omission of the confirmation of investments impairs the auditor's ability to support a previously expressed unmodified opinion. The auditor need not perform this omitted procedure if:
A The results of alternative procedures that were performed compensate for the omission. B The omission is documented in a communication with the audit committee. C The auditor's assessed level of detection risk is low. D No individual investment is material to the financial statements taken as a wh...
2 .When audited financial statements are presented in a client's document containing other information, the auditor should:
A Perform the appropriate substantive auditing procedures to corroborate the other information. B Add an other-matter paragraph to the auditor' s report without changing the opinion on the financial statements. C Read the other information to determine that it is consistent with the audited financia...
3 .Before reporting on the financial statements of a U.S. entity that have been prepared in accordance with a financial reporting framework generally accepted in another country, an auditor practicing in the U.S. should:
A Be certified by the appropriate auditing or accountancy board of the other country. B Notify management that the auditor is required to disclaim an opinion on the financial statements. C Receive a waiver from the auditor's state board of accountancy to perform the engagement. D Understand the appl...
4 .When an auditor reports on financial statements prepared on an entity's income tax basis, the auditor's report should:
A Include an explanation of how the results of operations differ from the cash receipts and disbursements basis of accounting. B Not express an opinion on whether the statements are presented in conformity with the comprehensive basis of accounting used. C Disclaim an opinion on whether the statemen...
5 .Harris, CPA, has been asked to audit and report on the balance sheet of Fox Co., but not on the statements of income, retained earnings, or cash flows. This audit will not be performed in conjunction with an audit of the complete set of financial statements. Under these circumstances, Harris may:
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7 .Which of the following statements is correct regarding a review of a nonpublic entity's financial statements in accordance with Statements on Standards for Accounting and Review Services (SSARS)?
A The accountant must be independent to issue the review report. B The accountant is required to assess the risk of fraud. C An opinion is expressed in the review report. D It is not necessary for the accountant to obtain a management representation letter.
8 .When an accountant is not independent with respect to an entity, which of the following types of compilation reports may be issued?
A A compilation report may be issued if the engagement is upgraded to a review. B A compilation report with special wording that notes the accountant's lack of independence may be issued. C The standard compilation report may be issued, regardless of independence. D A compilation report with negativ...
9 .Financial statements of a nonissuer compiled without audit or review by an accountant should be accompanied by a report stating that:
A The accountant has not audited or reviewed the financial statements. B A compilation primarily includes applying analytical procedures to management's financial data and making inquiries of company management. C The scope of the accountant's procedures has not been restricted in testing the financ...
10 .To compile financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services, an accountant should:
A Make inquiries of significant customers, vendors, and creditors. B Review bank statement reconciliations. C Obtain a general understanding of the client's business transactions. D Identify material misstatements in the financial statements.
