A CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements (SSAE) when engaged to:
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1 .An 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 Results of other procedures that were applied tend to compensate for the procedure omitted. B Auditor's previously expressed opinion was qualified because of a departure from GAAP. C Financial statements and auditor's report were not distributed beyond management and the board of directors. D Omis...
2 .In connection with a proposal to obtain a new client, an accountant in public practice is asked to prepare a written report on the application of the requirements of an applicable financial reporting framework to a specific transaction. The accountant's report should include a statement that:
A The guidance provided is for management use only and may not be communicated to the prior or continuing auditors. B Nothing came to the accountant's attention that caused the accountant to believe that the financial reporting framework violated GAAP. C Any difference in the facts, circumstances, o...
3 .Which of the following is true about management representations obtained during an engagement to review the financial statements of a nonissuer?
A Written representations should be addressed to members of management whom the accountant believes are responsible for and knowledgeable about the matters covered in the representation letter. B Written representations from the current management are required for all periods being reported on. C Wr...
4 .What type of analytical procedure would an auditor most likely use in developing relationships among balance sheet accounts when reviewing the financial statements of a nonissuer?
A Trend analysis. B Regression analysis. C Risk analysis. D Ratio analysis.
5 .When performing an engagement to review a nonissuer's financial statements in accordance with Statements on Standards for Accounting and Review Services, an accountant most likely would:
A Restrict the use of the accountant's report. B Ask about actions taken at board of directors' meetings. C Confirm a sample of significant accounts receivable balances. D Obtain an understanding of internal control.
7 .Which of the following controls would a company most likely use to safeguard marketable securities when an independent trust agent is not employed?
A The investment committee of the board of directors periodically reviews the investment decisions delegated to the treasurer. B The chairman of the board verifies the marketable securities, which are kept in a bank safe-deposit box, each year on the balance sheet date. C Two company officials have ...
8 .In performing a count of negotiable securities, an auditor records the details of the count on a security count worksheet. What other information is usually included on this worksheet?
A An evaluation of the client's internal control concerning physical access to the securities. B An analysis of realized gains and losses from the sale of securities during the year. C An acknowledgment by a client representative that the securities were returned intact. D A description of the clien...
9 .A weakness in internal control over recording retirements of equipment may cause an auditor to:
A Select certain items of equipment from the accounting records and locate them in the plant. B Trace additions to the "other assets" account to search for equipment that is still on hand but no longer being used. C Review the subsidiary ledger to ascertain whether depreciation was taken on each ite...
10 .In determining the effectiveness of an entity's internal controls relating to the occurrence assertion for payroll transactions, an auditor most likely would inquire about and:
A Inspect evidence of accounting for prenumbered payroll checks. B Verify the preparation of the monthly payroll account bank reconciliation. C Observe the segregation of duties concerning personnel responsibilities and payroll disbursement. D Recompute the payroll deductions for employee fringe ben...
