Exam 13: Other Public Accounting Services

Industry trade associations and regulatory agencies often use __________________________________ to specify the ____________________________ and _____________________________ of accounting information required for special purposes.

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

When the current-year service is being performed by a new accountant,the _____________________________ can be asked to ___________________________ the prior report.

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

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?

Which of the following procedures does an accountant ordinarily perform in a compilation engagement of a nonpublic entity?

An accountant should reissue (not update)the prior year's report when

Engagements to perform ______________ - ______________ procedures are not considered audits because they have a ______________________________.

Enhanced business reporting (EBR)focuses on improving business reporting by developing a voluntary framework for presentation and disclosure of value drivers and nonfinancial measures of performance.The advantages of EBR include all of the following except

Complete the key words,names,and phrases in the following accountant's report on a review of financial statements (balance sheet and statements of income,comprehensive income,retained earnings,and cash flows)of a nonissuer. We have ___________ the accompanying _____________ of Dandy Company as of December 31,2012 and 2011,and the _____________________________________ ___________________________.A review includes primarily applying ________ _____________ to management's ______________ and making ________________ __________.A review is substantially ____________________ than an audit,the objective of which is the ___________________ regarding the financial statements ___________________.Accordingly,we _____________________________. _______________ is responsible for the ____________________________ of the financial statements ______________________________________________ and for designing,implementing,and __________________________ relevant to the preparation and fair presentation of the financial statements. Our responsibility is to ___________________ in accordance with ____________ _____________________________________ issued by the American Institute of Certified Public Accountants.Those standards _________________________ to obtain _______________ that there are _____________________ that should be made to the financial statements.We believe that the ___________________ provide a ___________________ for our report. Based on our review,we are ________ of any ________________ that should be made to the accompanying financial statements in order for them to be in ____________ ________________________________.

Reports on an entity's internal control over financial reporting

Assurance services are _______________________________ professional services that improve the _____________________________ of information,or its ____________________________,for decision makers.

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.Reviews of unaudited financial statements of a nonissuer B.Compilations of financial statements C.Reviews of unaudited interim financial statements of a public company D.Reports on financial statements prepared according to a special purpose framework. E.Reports on compliance with contractual agreements or regulatory requirements. F.Reports on elements,accounts,or items of a financial statement ____ 1.The information should conform to the accounting principles in ASC 270,"Interim Financial Reporting." ____ 2."In our opinion,the schedule of accounts receivable referred to above presents fairly,in all material respects." ____ 3.They are limited to presenting in the form of financial statements information that is the representation of management. ____ 4.As described in Note 2,these financial statements were prepared on the cash receipts and disbursements basis of accounting. ____ 5.They present a reasonable basis for expressing limited assurance that no material modifications should be made to the statements

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 that it

B Harper is surfing the Internet and finds a great pair of rollerblades at a really low price.He has never heard of the company and is concerned that the product he ordered may not be the product he receives.Harper may be more willing to place an order with this company if

Compiled financial statements of a nonpublic entity should be accompanied by a report stating that

In an agreed-upon procedures engagement,an accountant must

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

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

In providing assurance services to clients,public accounting firms are building on their reputations for