Analytical procedures are an essential part of CPA engagements on financial statement: \(\begin{array} { c c c } &\quad\text { Compilation }&\text { Preparation }\\\end{array}\) A. \(\begin{array} { c c c } \quad\quad\quad\text { Yes } &\quad\quad\quad\quad \text { Yes } \\\end{array}\) B. \(\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad \text { No } \\\end{array}\) C. \(\begin{array} { c c c } \quad\quad\quad\text { No } & \quad\quad\quad\quad\text {Yes } \\\end{array}\) D. \(\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \text { No } \end{array}\)

A) Option A B) Option B C) Option C D) Option D A) Option A B) Option B C) Option C D) Option D

Exam 19: Additional Assurance Services: Historical Financial Information

When the auditors have performed an audit and are asked to report on the client's compliance with aspects of contractual agreements,which of the following is correct?

(Multiple Choice)

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Question 41

The auditors should take exception to assets presented at their estimated current values in personal financial statements.

(True/False)

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Question 42

Which of the following would be used on a review engagement?

(Multiple Choice)

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Question 43

During a review of the financial statements of a nonpublic entity,the CPA finds that the financial statements contain a material departure from generally accepted accounting principles.If management refuses to correct the financial statement presentations,the CPA should:

(Multiple Choice)

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Question 44

In which of the following engagements is independence required?

(Multiple Choice)

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Question 45

One may envision a continuum of assurance ranging from absolute assurance to no assurance.In between may be reasonable assurance,limited assurance,and a summary of findings with no other assurance. a.What level of assurance is provided in the CPA's report by each of the following types of engagements? -Examinations -Audits -Review -Agreed-upon procedures -Compilations and financial statement preparation b.What type of assurance is provided on financial statements prepared following a special purpose basis of accounting other than generally accepted accounting principles?

(Essay)

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Question 46

A CPA should not normally refer to which one of the following subjects in a "comfort letter" to underwriters?

(Multiple Choice)

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Question 47

Interim information of public companies:

(Multiple Choice)

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Question 48

The accountants' compilation report should be dated as of the date of:

(Multiple Choice)

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Question 49

Which of the following would not be included in a CPA's report based upon a review of the financial statements of a nonpublic entity?

(Multiple Choice)

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Question 50

An auditor's report would be designated as a report on financial statements following a special purpose financial reporting framework for financial statements when they are:

(Multiple Choice)

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Question 51

Inquiry and analytical procedures ordinarily performed during a review of a nonpublic entity's financial statements include:

(Multiple Choice)

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Question 52

Financial statements that are developed from and summarize the overall information presented in audited financial statements are referred to as:

(Multiple Choice)

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Question 53

When a U.S.-based organization prepares financial statements which are for use in another country,a U.S.report,modified to reflect the accounting principles of the other country,may be issued.

(True/False)

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Question 54

Analytical procedures are an essential part of CPA engagements on financial statement: Compilation Preparation A. Yes Yes B. Yes No C. No Yes D. No No

(Multiple Choice)

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Question 55

Which of the following types of services is most likely to result in a report that is restricted to specified parties?

(Multiple Choice)

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Question 56

Items a through j present various phrases or characteristics that may apply to audits,reviews,and compilations.Place an X in the cell if the phrase or characteristic applies to the listed service:

(Short Answer)

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Question 57

When auditors are engaged to make an assertion on a report filed on a printed form designed by authorities,and they believe the assertion is not justified,the auditors should:

(Multiple Choice)

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Question 58

An assertion that is particularly difficult to audit with respect to personal financial statements is:

(Multiple Choice)

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Question 59

An audit opinion on tax basis financial statements is an example of an opinion on financial statements that follow a special purpose financial reporting framework.

(True/False)

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Question 60

Showing 41 - 60 of 65

When the auditors have performed an audit and are asked to report on the client's compliance with aspects of contractual agreements,which of the following is correct?

The auditors should take exception to assets presented at their estimated current values in personal financial statements.

Which of the following would be used on a review engagement?

During a review of the financial statements of a nonpublic entity,the CPA finds that the financial statements contain a material departure from generally accepted accounting principles.If management refuses to correct the financial statement presentations,the CPA should:

In which of the following engagements is independence required?

A CPA should not normally refer to which one of the following subjects in a "comfort letter" to underwriters?

Interim information of public companies:

The accountants' compilation report should be dated as of the date of:

Which of the following would not be included in a CPA's report based upon a review of the financial statements of a nonpublic entity?

An auditor's report would be designated as a report on financial statements following a special purpose financial reporting framework for financial statements when they are:

Inquiry and analytical procedures ordinarily performed during a review of a nonpublic entity's financial statements include:

Financial statements that are developed from and summarize the overall information presented in audited financial statements are referred to as:

When a U.S.-based organization prepares financial statements which are for use in another country,a U.S.report,modified to reflect the accounting principles of the other country,may be issued.

Analytical procedures are an essential part of CPA engagements on financial statement: Compilation Preparation A. Yes Yes B. Yes No C. No Yes D. No No

Which of the following types of services is most likely to result in a report that is restricted to specified parties?

Items a through j present various phrases or characteristics that may apply to audits,reviews,and compilations.Place an X in the cell if the phrase or characteristic applies to the listed service:

When auditors are engaged to make an assertion on a report filed on a printed form designed by authorities,and they believe the assertion is not justified,the auditors should:

An assertion that is particularly difficult to audit with respect to personal financial statements is:

An audit opinion on tax basis financial statements is an example of an opinion on financial statements that follow a special purpose financial reporting framework.

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Audit Planning, understanding the Client, assessing Risks, and Responding

Internal Control

Consideration of Internal Control in an Information Technology Environment

Audit Sampling

Cash and Financial Investments

Accounts Receivable, notes Receivable, and Revenue

Inventories and Cost of Goods Sold

Property,plant,and Equipment: Depreciation and Depletion

Accounts Payable and Other Liabilities

Debt and Equity Capital

Auditing Operations and Completing the Audit

Auditors Reports

Integrated Audits of Public Companies

Additional Assurance Services: Other Information

Internal, operational, and Compliance Auditing

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