The primary reason an auditor requests letters of inquiry be sent to a client's attorneys is to provide the auditor with:
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1 .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 ...
2 .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).
3 .An accountant's standard report on a compilation of a projection should not include a statement that:
A There will usually be differences between the projected and actual results. B The accountant has no responsibility to update the report for future events and circumstances. C The compilation of a projection is limited in scope. D The hypothetical assumptions used in the projection are reasonable i...
4 .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...
5 .If an auditor's risk assessment is based on the effective operation of controls, the auditor will likely:
A Apply analytical procedures to both financial data and nonfinancial information to detect conditions that may indicate weak controls. B Perform tests of details of transactions and account balances to identify potential errors and fraud. C Document that the additional audit effort to perform tests...
7 .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.
8 .According to PCAOB standards, which of the following does not represent an example of management bias?
A Selective correction of misstatements brought to management's attention during the audit. B Management decreasing the allowance for doubtful accounts when there has been no change in the level of write-offs during the period. C The identification by management of additional adjusting entries that ...
9 .Selected data pertaining to Lore Co. for the calendar Year 4 is as follows：NumeratorDenominator
A 365...................................Inventory turnover B 365...................................Average inventory C Sales divided by 365........Inventory turnover D Average inventory............Sales divided by 365
10 .With respect to the audit of a nonissuer, significant deficiencies are matters that come to an auditor's attention that should be communicated to an entity's management and those charged with governance because they represent:
A Deficiencies in the design or operation of internal control that are important enough to merit attention by those responsible for oversight of the company's financial reporting. B Disclosures of information that significantly contradict the auditor's going concern assumption. C Material irregulari...
