Which of the following procedures should an accountant perform during an engagement to compile prospective financial statements?
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1 .When an accountant issues to an underwriter a comfort letter containing comments on data that have not been audited, the underwriter most likely will receive:
A A disclaimer on prospective financial statements. B Negative assurance on capsule information. C Positive assurance on supplementary disclosures. D A limited opinion on "pro forma" financial statements.
2 .An entity engaged a CPA to determine whether the client's web sites meet defined criteria for standard business practices and controls over transaction integrity and information protection. In performing this engagement, the CPA should comply with the provisions of:
A Statements on Auditing Standards. B Statements on Standards for Management Consulting Services. C Statements on Standards for Attestation Engagements. D Statements on Assurance Standards.
3 .An attest engagement is one in which a CPA is engaged to:
A Testify as an expert witness in accounting, auditing, or tax matters, given certain stipulated facts. B Issue an examination, a review, or an agreed-upon procedures report on subject matter, or on an assertion about the subject matter, that is the responsibility of another party. C Provide tax adv...
4 .An examination of a financial forecast is a professional service that involves:
A Assuming responsibility to update management on key events for one year after the report's date. B Evaluating the preparation of a financial forecast and the support underlying management's assumptions. C Compiling or assembling a financial forecast that is based on management's assumptions. D Lim...
5 .An accountant has been engaged to examine pro forma adjustments that show the effects on previously audited historical financial statements due to a proposed disposition of a significant portion of an entity's business. Other than the procedures previously applied to the historical financial statements, the accountant is required to:Reevaluate the entity'sinternal control overfinancial reportingDetermine that the computationsof the pro forma adjustmentsare mathematically correct
A Yes........No B No.........Yes C Yes........Yes D No.........No
7 .According to the Committee of Sponsoring Organizations (COSO) of the Treadway Commission, which of the following components of enterprise risk management addresses an entity's assignment of authority and responsibility?
A Monitoring. B Control activities. C Information and communication. D Internal environment.
8 .Accepting an engagement to compile a financial projection for a publicly held company most likely would be inappropriate if the projection were to be distributed to:
A A labor union with which the entity is negotiating a contract. B A bank with which the entity is negotiating for a loan. C The principal stockholder, to the exclusion of the other stockholders. D All stockholders of record as of the report date.
9 .Able Corporation owns numerous businesses along the coast of Florida. The company's management has identified business interruption events as a potential risk resulting from storm damages caused by hurricanes. Management is so fearful of the possibility of storm damage that they elect to divest the company of virtually all properties on the Florida coast. Able's response to potential risks is known as:
A Acceptance. B Reduction. C Avoidance. D Sharing.
10 .Which of the following is true about the auditor's use of an internal auditor and a specialist?
A The auditor must assess the competency of both the internal auditor and the specialist. B A specialist may be related to the client, but an internal auditor may not. C The auditor may share responsibility for the audit report with a specialist who is deemed to be both objective and competent, but ...
