Question 1

When a CPA is associated with a forecast,all of the following should be disclosed except the:

Accepted Answer

A) Sources of information. 
B) Character of the work performed by the CPA. 
C) Major assumptions in the preparation of the forecast. 
D) Probability of achieving estimates. 
A) Sources of information. 
B) Character of the work performed by the CPA. 
C) Major assumptions in the preparation of the forecast. 
D) Probability of achieving estimates.

Question 2

Attestation risk,like audit risk consists of three components-inherent risk,control risk,and detection risk.

Accepted Answer

A) True 
 B)False

Question 3

Under which principles is a cybersecurity engagement is currently being developed by the AICPA?

Accepted Answer

A) Generally Accepted Auditing Standards. 
B) Government Cybersecurity Principles. 
C) Assurance Procedures Standards. 
D) Trust Services Principles and Criteria 
A) Generally Accepted Auditing Standards. 
B) Government Cybersecurity Principles. 
C) Assurance Procedures Standards. 
D) Trust Services Principles and Criteria

Question 4

The party responsible for assumptions identified in the preparation of prospective financial statements is usually:

Accepted Answer

A) A third-party lending institution. 
B) The client's management. 
C) The reporting accountant. 
D) The client's independent auditor. 
A) A third-party lending institution. 
B) The client's management. 
C) The reporting accountant. 
D) The client's independent auditor.

Question 5

When reporting upon a review engagement on an entity's management discussion and analysis,the report is ordinarily:

Accepted Answer

A) A general use report. 
B) A restricted use report. 
C) Required to include a disclaimer of opinion. 
D) Included with the entity's report on internal control over financial reporting. 
A) A general use report. 
B) A restricted use report. 
C) Required to include a disclaimer of opinion. 
D) Included with the entity's report on internal control over financial reporting.

Question 6

Which of the following are required on all attestation engagements?  
$\begin{array} { c c c } 
&\quad\text {Suitable Criteria }&\text { Subject Matter }\\end{array}$ 
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.   $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \text {  No }
\end{array}$

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 7

Assurance services improve the quality of information or its context for decision makers.

Accepted Answer

A) True 
 B)False

Question 8

SysTrust engagements relate only to database systems.

Accepted Answer

A) True 
 B)False

Question 9

A CPA service relating to clients who are senior citizens is referred to as:

Accepted Answer

A) ElderAssure. 
B) PrimePlus/ElderCare Services. 
C) Elder Care Plus. 
D) Prime of Life Care. 
A) ElderAssure. 
B) PrimePlus/ElderCare Services. 
C) Elder Care Plus. 
D) Prime of Life Care.

Question 10

Quantum,CPA,was engaged by a group of oil and gas royalty recipients to apply agreed-upon procedures to financial data supplied by Ziphar Co.regarding Ziphar's written assertion about its compliance with contractual requirements to pay royalties.Quantum's report on these agreed-upon procedures should contain a(n):

Accepted Answer

A) Disclaimer of opinion about the fair presentation of Ziphar's financial statements. 
B) List of the procedures performed (or reference thereto)and Quantum's findings. 
C) Opinion about the effectiveness of Ziphar's internal control activities concerning royalty payments. 
D) Acknowledgment that the sufficiency of the procedures is solely Quantum's responsibility. 
A) Disclaimer of opinion about the fair presentation of Ziphar's financial statements. 
B) List of the procedures performed (or reference thereto)and Quantum's findings. 
C) Opinion about the effectiveness of Ziphar's internal control activities concerning royalty payments. 
D) Acknowledgment that the sufficiency of the procedures is solely Quantum's responsibility.

Question 11

Assurance services performed for decision makers may address the:  
$\begin{array} { c c c } 
& \text { Quality of information }& \text { Context of information }\\end{array}$
A. $\begin{array} { c c c }  \quad\quad\quad\text { Yes } &\quad\quad\quad\quad\quad\quad\quad \text { Yes } \\end{array}$ 
B.  $\begin{array} { c c c }\quad\quad\quad \text { Yes } &\quad\quad\quad\quad \quad\quad\quad\text {  No } \\end{array}$
C.  $\begin{array} { c c c } \quad\quad\quad\text {  No } & \quad\quad\quad\quad\quad\quad\quad\text {Yes } \\end{array}$
D.  $\begin{array} { c c c }\quad\quad\quad \text { No } &\quad\quad\quad\quad \quad\quad\quad\text {  No }
\end{array}$

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 12

Criteria that are objective and permit reasonably consistent measurement for assurance services purposes are referred to as:

Accepted Answer

A) Examination criteria. 
B) General purpose criteria. 
C) Special purpose criteria. 
D) Suitable criteria. 
A) Examination criteria. 
B) General purpose criteria. 
C) Special purpose criteria. 
D) Suitable criteria.

Question 13

Following are a set of statements.For each statement,indicate with an "X" whether it is correct with respect to an examination,a review,and/or an agreed-upon procedures engagement.Each statement may relate to none,one or more services.

Accepted Answer

The answer of Following are a set of statements.For each...

Question 14

Under the attestation standards,in which of the following circumstances is a review report least likely to be issued?

Accepted Answer

A) Criteria are agreed-upon or only available to specified users. 
B) Established criteria exist,but other criteria are used. 
C) The subject matter departs from the criteria. 
D) A significant limitation on the scope of the engagement has occurred. 
A) Criteria are agreed-upon or only available to specified users. 
B) Established criteria exist,but other criteria are used. 
C) The subject matter departs from the criteria. 
D) A significant limitation on the scope of the engagement has occurred.

Question 15

When a financial forecast fails to disclose a significant assumption used to prepare that forecast,which of the following reports become appropriate?  
$$\begin{array} { c c } 
\text { Qualified } & \text { Adverse } \
\text { Yes } & \text { Yes } \
\text { Yes } & \text { No } \
\text { No } & \text { Yes } \
\text { No } & \text { No }
\end{array}$$

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

When a CPA is associated with a forecast,all of the following should be disclosed except the:

Attestation risk,like audit risk consists of three components-inherent risk,control risk,and detection risk.

Under which principles is a cybersecurity engagement is currently being developed by the AICPA?

The party responsible for assumptions identified in the preparation of prospective financial statements is usually:

When reporting upon a review engagement on an entity's management discussion and analysis,the report is ordinarily:

Which of the following are required on all attestation engagements? Suitable Criteria Subject Matter A. Yes Yes B. Yes No C. No Yes D. No No

Assurance services improve the quality of information or its context for decision makers.

SysTrust engagements relate only to database systems.

A CPA service relating to clients who are senior citizens is referred to as:

Assurance services performed for decision makers may address the: Quality of information Context of information A. Yes Yes B. Yes No C. No Yes D. No No

Criteria that are objective and permit reasonably consistent measurement for assurance services purposes are referred to as:

Following are a set of statements.For each statement,indicate with an "X" whether it is correct with respect to an examination,a review,and/or an agreed-upon procedures engagement.Each statement may relate to none,one or more services.

Under the attestation standards,in which of the following circumstances is a review report least likely to be issued?

When a financial forecast fails to disclose a significant assumption used to prepare that forecast,which of the following reports become appropriate? Qualified Adverse Yes Yes Yes No No Yes 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

When a CPA is associated with a forecast,all of the following should be disclosed except the:

Attestation risk,like audit risk consists of three components-inherent risk,control risk,and detection risk.

Under which principles is a cybersecurity engagement is currently being developed by the AICPA?

The party responsible for assumptions identified in the preparation of prospective financial statements is usually:

When reporting upon a review engagement on an entity's management discussion and analysis,the report is ordinarily:

Which of the following are required on all attestation engagements? Suitable Criteria Subject Matter A. Yes Yes B. Yes No C. No Yes D. No No

Assurance services improve the quality of information or its context for decision makers.

SysTrust engagements relate only to database systems.

A CPA service relating to clients who are senior citizens is referred to as:

Assurance services performed for decision makers may address the: Quality of information Context of information A. Yes Yes B. Yes No C. No Yes D. No No

Criteria that are objective and permit reasonably consistent measurement for assurance services purposes are referred to as:

Following are a set of statements.For each statement,indicate with an "X" whether it is correct with respect to an examination,a review,and/or an agreed-upon procedures engagement.Each statement may relate to none,one or more services.

Under the attestation standards,in which of the following circumstances is a review report least likely to be issued?

When a financial forecast fails to disclose a significant assumption used to prepare that forecast,which of the following reports become appropriate? Qualified Adverse Yes Yes Yes No No Yes 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