Exam 13: Other Public Accounting Services

Shelly's Bank has loaned money to Pete's Auto Supply.The loan is collateralized by inventory.The loan also requires a CPA to observe the count of the inventory and trace sampled items to the vendor invoices in order to determine the value of inventory is not misstated.This service would be

Which of the following procedures would not be performed in a review of financial statements of a nonpublic company?

Extensible Business Reporting Language (XBRL)provides a computer readable identifying tag for each individual item of data.The advantages of XBRL include all of the following except

In a compilation engagement,

Reports on an entity's internal control over financial reporting

When a company uses a service organization to prepare its payroll,the company's auditors

In an agreed-upon procedures engagement,an accountant must

The procedures used in a review engagement are

Attestation engagements may be more difficult than financial statement audits when

Hamell Corporation is making a presentation to a perspective investor.The presentation includes a projection showing that the company's sales will be between $25,000,000 and $27,000,000 within the next three years.Hamell believes the information will be better received if its CPA provides an attestation report on the projection.The CPA should insure that proper disclosure is made to indicate that

When interim financial information is presented as supplementary information accompanying audited financial statements,the auditor should make reference to the information

The phrase "Trust services" refers to

In order to perform a review of interim financial information,the auditor must

The AICPA Assurance Services Executive Committee identified five megatrends that can affect public accounting firms'' business.Which of the following is NOT one of the megatrends they identified?

Which of the following procedures ordinarily should be applied when an independent accountant conducts a review of interim financial information of a publicly held entity?

An auditor's special report on financial statements prepared in conformity with the cash basis of accounting should include a separate explanatory paragraph before the opinion paragraph that

Hamell Corporation is making a presentation to a prospective investor.The presentation includes a projection showing that the company's sales will be between $25,000,000 and $27,000,000 within the next three years.Hamell believes the information will be better received if its CPA provides an attestation report on the projection.In order to provide such a report the CPA must do all of the following EXCEPT

When providing limited assurance that the reviewed financial statements of a nonpublic entity require no material modifications to be in accordance with generally accepted accounting principles,the accountant should

A report on sustainability,as defined by the AICPA,might include all of the following except

AR 90 requires adequate documentation for a review engagement.Which items are required to be documented?