Question 1

Trust Services are a part of the AICPA's vision that increases trust in annual historical financial statements.

Accepted Answer

A) True 
 B)False

Question 2

Many new assurance services are performed in accordance with Statements on:

Accepted Answer

A) Standards for Attestation Services. 
B) Generally Accepted Assurance Standards. 
C) Auditing Standards. 
D) Accounting for other Assurance Services. 
A) Standards for Attestation Services. 
B) Generally Accepted Assurance Standards. 
C) Auditing Standards. 
D) Accounting for other Assurance Services.

Question 3

The AICPA has outlined auditor reports based on three services that may be provided on service organization controls (SOC).The type most directly related to SysTrust is:

Accepted Answer

A) SOC 1. 
B) SOC SYS. 
C) SOC 3. 
D) SOC OC. 
A) SOC 1. 
B) SOC SYS. 
C) SOC 3. 
D) SOC OC.

Question 4

Suitable criteria in an attestation engagement may be available:  
$\begin{array}{lll}&\text { Publicly } & \text { In CPA's Repor } \
\text { A } & \text { Yes } & \text { Yes } \
\text { B. } & \text { Yes } & \text { No } \
\text { C. } & \text { No } & \text { Yes } \
\text { D. } & \text { No } & \text { No }
\end{array}$

Accepted Answer

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

Question 5

The five principles of a reliable system considered in a Trust Services engagement include confidentiality,availability,processing integrity,privacy,and:

Accepted Answer

A) Control. 
B) Security. 
C) Relevance. 
D) Reliability. 
A) Control. 
B) Security. 
C) Relevance. 
D) Reliability.

Question 6

The type of service organization control (SOC)report that is for general use is:

Accepted Answer

A) SOC 1. 
B) SOC 2. 
C) SOC 3. 
D) SOC 4. 
A) SOC 1. 
B) SOC 2. 
C) SOC 3. 
D) SOC 4.

Question 7

Of the following,which is most likely to be the subject matter of an attestation engagement?

Accepted Answer

A) Physical characteristics. 
B) Suitable criteria. 
C) Attestation risk. 
D) Absolute assurance. 
A) Physical characteristics. 
B) Suitable criteria. 
C) Attestation risk. 
D) Absolute assurance.

Question 8

Which of the following is correct concerning a service auditor and a SysTrust report?

Accepted Answer

A) They both result in restricted use reports. 
B) A client must engage the CPA to perform both services as neither may be selected independently of the other. 
C) They both address system reliability. 
D) They represent different names for the same service. 
A) They both result in restricted use reports. 
B) A client must engage the CPA to perform both services as neither may be selected independently of the other. 
C) They both address system reliability. 
D) They represent different names for the same service.

Question 9

The Warren Corporation wants to enhance the market value of its stock by including in its annual report a financial forecast for the next year.They also would like to have their auditors examine the forecast.
a.Define a financial forecast.
b.Is an examination of a financial forecast similar in scope to a review of financial statements? Explain.

Accepted Answer

a.A financial forecast is "an estimate o

Question 10

The organization that was established to identify,develop,and communicate new assurance service opportunities is the:

Accepted Answer

A) Assurance Services Executive Committee. 
B) Attestation Standards Board. 
C) Auditing Standards Board. 
D) Counsel of Executives. 
A) Assurance Services Executive Committee. 
B) Attestation Standards Board. 
C) Auditing Standards Board. 
D) Counsel of Executives.

Question 11

A Type 2 service auditor's report addresses:

Accepted Answer

A) Only management's description and design of its controls. 
B) Management's description and design of its controls and control operating effectiveness. 
C) Only control operating effectiveness. 
D) Control operating effectiveness and primary assertion reliability. 
A) Only management's description and design of its controls. 
B) Management's description and design of its controls and control operating effectiveness. 
C) Only control operating effectiveness. 
D) Control operating effectiveness and primary assertion reliability.

Question 12

Which of the following is not currently an acceptable form of association with prospective financial statements?

Accepted Answer

A) Compilation. 
B) Review. 
C) Agreed-upon procedures. 
D) Examination. 
A) Compilation. 
B) Review. 
C) Agreed-upon procedures. 
D) Examination.

Question 13

Which of the following is a prospective financial statement for general use upon which a practitioner may appropriately report?

Accepted Answer

A) Financial projection. 
B) Partial presentation. 
C) Pro forma financial statement. 
D) Financial forecast. 
A) Financial projection. 
B) Partial presentation. 
C) Pro forma financial statement. 
D) Financial forecast.

Question 14

Which attest engagement aligns most directly with a financial statement audit in terms of assurance provided?

Accepted Answer

A) Agreed-upon procedures. 
B) Evaluation. 
C) Examination. 
D) Review. 
A) Agreed-upon procedures. 
B) Evaluation. 
C) Examination. 
D) Review.

Question 15

An international information format designed specifically for business information is:

Accepted Answer

A) ERP. 
B) XML. 
C) Integrated Systems Format. 
D) XBRL. 
A) ERP. 
B) XML. 
C) Integrated Systems Format. 
D) XBRL.

Question 16

Which of the following is least likely to be included in an agreed-upon procedures attestation engagement report?

Accepted Answer

A) The specified party takes responsibility for the sufficiency of procedures. 
B) Use of the report is restricted. 
C) Limited assurance on the information presented. 
D) A summary of procedures performed. 
A) The specified party takes responsibility for the sufficiency of procedures. 
B) Use of the report is restricted. 
C) Limited assurance on the information presented. 
D) A summary of procedures performed.

Question 17

When a practitioner examines projected financial statements,the practitioner's report should include a separate paragraph that:

Accepted Answer

A) Describes the limitations on the usefulness of the presentation. 
B) Provides an explanation of the differences between an examination and a review. 
C) States that the accountant is responsible for events and circumstances for a period not exceeding one year after the report's date. 
D) Disclaims an opinion on whether the assumptions provide a reasonable basis for the projection. 
A) Describes the limitations on the usefulness of the presentation. 
B) Provides an explanation of the differences between an examination and a review. 
C) States that the accountant is responsible for events and circumstances for a period not exceeding one year after the report's date. 
D) Disclaims an opinion on whether the assumptions provide a reasonable basis for the projection.

Question 18

Negative assurance is most likely to be provided in a practitioner's report with:

Accepted Answer

A) A compilation report. 
B) Agreed-upon procedures having been performed. 
C) An examination report with an adverse opinion. 
D) A review report, 
A) A compilation report. 
B) Agreed-upon procedures having been performed. 
C) An examination report with an adverse opinion. 
D) A review report,

Question 19

Practitioners may report on either an assertion about the subject matter or on the subject matter itself for most attestation engagements.

Accepted Answer

A) True 
 B)False

Question 20

Independence is required for attestation services related to:  
$\begin{array} { c c c } 
& \text {Historical financial statements} & \text {  Other attestation engagements   } \\end{array}$ 
A. $\begin{array} { c c c }  \quad\quad\quad\text { Yes } &\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text { Yes } \\end{array}$ 
B.  $\begin{array} { c c c }\quad\quad\quad \text { Yes }  &\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad \text {  No } \\end{array}$
C.  $\begin{array} { c c c } \quad\quad\quad\text {  No } & \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text {Yes } \\end{array}$
D.   $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \quad\quad\quad\quad\quad\quad\quad\quad\quad\text {  No }
\end{array}$

Accepted Answer

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

Trust Services are a part of the AICPA's vision that increases trust in annual historical financial statements.

Many new assurance services are performed in accordance with Statements on:

The AICPA has outlined auditor reports based on three services that may be provided on service organization controls (SOC).The type most directly related to SysTrust is:

Suitable criteria in an attestation engagement may be available: Publicly In CPA's Repor A Yes Yes B. Yes No C. No Yes D. No No

The five principles of a reliable system considered in a Trust Services engagement include confidentiality,availability,processing integrity,privacy,and:

The type of service organization control (SOC)report that is for general use is:

Of the following,which is most likely to be the subject matter of an attestation engagement?

Which of the following is correct concerning a service auditor and a SysTrust report?

The organization that was established to identify,develop,and communicate new assurance service opportunities is the:

A Type 2 service auditor's report addresses:

Which of the following is not currently an acceptable form of association with prospective financial statements?

Which of the following is a prospective financial statement for general use upon which a practitioner may appropriately report?

Which attest engagement aligns most directly with a financial statement audit in terms of assurance provided?

An international information format designed specifically for business information is:

Which of the following is least likely to be included in an agreed-upon procedures attestation engagement report?

When a practitioner examines projected financial statements,the practitioner's report should include a separate paragraph that:

Negative assurance is most likely to be provided in a practitioner's report with:

Practitioners may report on either an assertion about the subject matter or on the subject matter itself for most attestation engagements.

Independence is required for attestation services related to: Historical financial statements Other attestation engagements A. Yes Yes B. Yes No C. No Yes D. No No

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: Historical Financial Information

Internal, operational, and Compliance Auditing

Filters

Exam 20: Additional Assurance Services: Other Information

Trust Services are a part of the AICPA's vision that increases trust in annual historical financial statements.

Many new assurance services are performed in accordance with Statements on:

The AICPA has outlined auditor reports based on three services that may be provided on service organization controls (SOC).The type most directly related to SysTrust is:

Suitable criteria in an attestation engagement may be available: Publicly In CPA's Repor A Yes Yes B. Yes No C. No Yes D. No No

The five principles of a reliable system considered in a Trust Services engagement include confidentiality,availability,processing integrity,privacy,and:

The type of service organization control (SOC)report that is for general use is:

Of the following,which is most likely to be the subject matter of an attestation engagement?

Which of the following is correct concerning a service auditor and a SysTrust report?

The organization that was established to identify,develop,and communicate new assurance service opportunities is the:

A Type 2 service auditor's report addresses:

Which of the following is not currently an acceptable form of association with prospective financial statements?

Which of the following is a prospective financial statement for general use upon which a practitioner may appropriately report?

Which attest engagement aligns most directly with a financial statement audit in terms of assurance provided?

An international information format designed specifically for business information is:

Which of the following is least likely to be included in an agreed-upon procedures attestation engagement report?

When a practitioner examines projected financial statements,the practitioner's report should include a separate paragraph that:

Negative assurance is most likely to be provided in a practitioner's report with:

Practitioners may report on either an assertion about the subject matter or on the subject matter itself for most attestation engagements.

Independence is required for attestation services related to: Historical financial statements Other attestation engagements A. Yes Yes B. Yes No C. No Yes D. No No

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: Historical Financial Information

Internal, operational, and Compliance Auditing

Filters