An accountant has been asked to issue a review report on the balance sheet of a nonissuer but not to report on the other basic financial statements. The accountant may not do so:
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1 .An accountant has been engaged to compile pro forma financial statements. During the accountant's acceptance procedures, it is discovered that the accountant is not independent with respect to the company. What action should the accountant take with regard to the compilation?
A The accountant should discuss the lack of independence with legal counsel to determine whether it is appropriate to accept the engagement. B The accountant should disclose the lack of independence in the accountant's compilation report. C The accountant should compile the pro forma financial state...
2 .In reviewing the financial statements of a nonissuer, an accountant is required to modify the standard review report for which of the following matters?Inability to assess the riskof material misstatementdue to fraudDiscovery of significantdeficiencies in the design ofthe entity's internal control
A Yes........Yes B No.........Yes C No.........No D Yes........No
3 .Which of the following is not true about documentation requirements related to a review of a nonissuer's financial statements?
A A management representation letter should be included in the documentation files. B Written documentation from a compilation engagement may be used to provide support for the review report. C The auditor must document evidence obtained about the operating effectiveness of controls. D Documentation...
4 .Which of the following procedures most likely would be performed in a review engagement of a nonissuer's financial statements in accordance with Statements on Standards for Accounting and Review Services?
A Examining subsequent cash receipts. B Observing a year-end inventory count. C Making inquiries of management. D Assessing the internal control system.
5 .The standard accountant’s report issued after reviewing the financial statements of a nonissuer in accordance with SSARS should state that the:
A Accountant has no responsibility to update the report for circumstances occurring after the date of the report. B Accountant does not express an opinion or any other form of assurance on the entity’s internal control system. C Accountant is not aware of any material modifications that should be ...
7 .In accordance with Statements on Standards for Accounting and Review Services, when providing limited assurance that the financial statements of a nonissuer require no material modifications to be in accordance with GAAP, the accountant should:
A Understand the accounting principles of the industry in which the entity operates. B Communicate with the audit committee regarding material weaknesses in internal control. C Assess the risk of material misstatement in the financial statements due to fraud. D Perform tests of controls to evaluate ...
8 .Gole, 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 1 auditor's report may no longer be relied on. D The Year 2 review report is intended solely for the informat...
9 .Before accepting an engagement to compile or review the financial statements of a nonissuer, which of the following specific inquiries should a successor accountant consider making to the predecessor accountant?
A How would you describe the integrity of the owner? B How did you assess inherent risk and control risk? C What evaluation did you make of any accounting estimates? D How cooperative was the owner’s lawyer in providing a legal opinion?
10 .In which case would the accountant be least likely to perform a review of interim financial information under PCAOB standards?
A Selected quarterly financial data is included in an annual report. B Quarterly financial data is included in the financial statements of a nonissuer. C Quarterly reports are required to be filed with the SEC. D The accountant is performing an initial audit of financial statements that include sele...
