Exam 13: Other Public Accounting Services

Auditors can gain sufficient understanding of the internal controls at a service organization by

Review work on unaudited financial statements consists primarily of conducting inquiries,performing analytical procedures,and obtaining a management representation letter.List the typical procedures accountants would perform on a review engagement.

What is the appropriate name for an assurance service provided by a CPA regarding a client's commercial Internet site with reference to the principles of privacy,security,processing integrity,availability,and confidentiality?

Attestation engagements include

During a review engagement,which of the following is NOT a required inquiry of management?

At a minimum,in order to comply with PCAOB AS 5,an auditor of a public company that has material transactions processed by a service organization would have to request from the service organization

The reporting standards for an attestation are different from that of an audit because they require

Which of the following steps is NOT required in performing a compliance attestation engagement?

This question is related to other public accounting services and reports.For each statement,description,or phrase (1-5),indicate the related type of engagement or report (A-F). A. Reports on elements, accounts, or items of a financial statement. B. Reports on compliance with contractual agreements or regulatory requirements. C. Reports on the agreed-upon procedures. D. Reports on internal control. E. Reviews of unaudited financial statements of a nonissuer. F. Compilations of financial statements. ___ 1. Management issues a separate report containing assertions. ___ 2. In our opinion, the schedule of inventory referred to above presents fairly, in all material respects. ___ 3. It is substantially less in scope than an audit in accordance with generally accepted auditing standards. ___ 4. Examination or agreed-upon procedures about conforming to the rules and regulations of a regulatory agency. ___ 5. The report identifies specific users and describes, in detail, the procedures specified by the users.

When an accountant is engaged to compile a nonpublic entity's financial statements that omit substantially all disclosures required by GAAP,the accountant should indicate in the compilation report that the financial statements

Which of the following best describes an engagement to report on an entity's internal control over financial reporting for a nonpublic company?

Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonpublic entity?

Which of the following account titles would not be appropriate for a company that prepared its financial statements using the tax basis of accounting?

Which of the following is NOT a condition that must be met before an accountant can conduct an engagement concerning a nonpublic entity's internal control over financial reporting?

Many individuals are apprehensive about using the Internet to purchase items.This apprehension mainly arises from users' concerns about

Other Comprehensive Basis of Accounting (OCBOA)includes all of the following EXCEPT

The accountant's standard report for a compilation service would not include a statement that