Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

The attestation standards prohibit the examination of prospective financial statements.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following engagements is most likely to consider security,availability,processing integrity,confidentiality and privacy relating to a system?

Accepted Answer

A) Internal control over financial reporting. 
B) Trust Services. 
C) WebsiteAsssociate. 
D) Financial statement audit. 
A) Internal control over financial reporting. 
B) Trust Services. 
C) WebsiteAsssociate. 
D) Financial statement audit.

Question 4

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 an agreed-upon procedures engagement.Each statement may relate to none,one or more services. \[\begin{array} { | l | c | c | c | } 
\hline \text { Statement } & \text { Examination } & \text { Review } & \begin{array} { c } 
\text { Agreed-upon } \
\text { procedures }
\end{array} \
\hline \text { 1. Independence is required. } & \mathbf {  } & \mathbf {  } & \mathbf {  } \
\hline \begin{array} { l } 
\text { 2. The report issued includes a list of } \
\text { prosedures performed and a summary of } \
\text { findings. }
\end{array} & & & \mathbf {  } \
\hline \begin{array} { l } 
\text { 3. Subject matter is required for the } \
\text { engagement. }
\end{array} & \mathbf {  } & \mathbf {  } & \mathbf {  } \
\hline \text { 4. The report includes limited assurance. } & & \mathbf {  } & \
\hline \text { 5. The report includes negative assurance. } & & \mathbf {  } & \
\hline \begin{array} { l } 
\text { 6. Materially misstated client information } \
\text { leads to either a qualified or adverse opinion. }
\end{array} & \mathbf {  } & & \
\hline \begin{array} { l } 
\text { 7. Specified parties agree on the nature of the } \
\text { procedures. }
\end{array} & & & \mathbf {  } \
\hline
\begin{array} { l } 
\text { 8. This form of association is not available for } \
\text { a financial forecast. }
\end{array} & & \mathbf {  } & \
\hline
\end{array}\]

Accepted Answer

\[\begin{array} { | l | c | c | c | } 
\

Question 5

When reporting upon a review engagements 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

When performing an attestation examination engagement,the standards do not require which of the following?

Accepted Answer

A) Assertion. 
B) Practitioner independence. 
C) Subject matter. 
D) Suitable criteria. 
A) Assertion. 
B) Practitioner independence. 
C) Subject matter. 
D) Suitable criteria.

Question 7

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 8

A practitioner's unqualified (unmodified)opinion based upon an examination may ordinarily be on: $$\begin{array} { c c c } 
& \text { Subject Matter} & \text{ Assertion }\
\text { A) } & \text { Yes } & \text { Yes } \
\text { B) } & \text { Yes } & \text { No } \
\text { C) } & \text { No } & \text { Yes } \
\text { D) } & \text { No } & \text { No }
\end{array}$$

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

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

The attestation standards prohibit the examination of prospective financial statements.

Which of the following engagements is most likely to consider security,availability,processing integrity,confidentiality and privacy relating to a system?

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

When performing an attestation examination engagement,the standards do not require which of the following?

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

A practitioner's unqualified (unmodified)opinion based upon an examination may ordinarily be on: Subject Matter Assertion 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 Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Internal, Operational, and Compliance Auditing

Probability-Proportion-To-Size Sampling

Filters

Exam 20: Additional Assurance Services: Other Information

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

The attestation standards prohibit the examination of prospective financial statements.

Which of the following engagements is most likely to consider security,availability,processing integrity,confidentiality and privacy relating to a system?

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

When performing an attestation examination engagement,the standards do not require which of the following?

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

A practitioner's unqualified (unmodified)opinion based upon an examination may ordinarily be on: Subject Matter Assertion 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 Report

Integrated Audits of Public Companies

Additional Assurance Services: Historical Financial Information

Internal, Operational, and Compliance Auditing

Probability-Proportion-To-Size Sampling

Filters