Exam 21: Assurance,Attestation,amd Internal Auditing Services-professional Judgement Module

During a review of the financial statements of a nonpublic entity,the CPA finds that the financial statements contain a material departure from generally accepted accounting principles.If management refuses to correct the problem,the CPA should

Inquiry and analytical procedures ordinarily performed during a review of a nonpublic entity's financial statements include

May an accountant plan and perform an engagement to compile or review the financial statements of a not-for-profit entity if the accountant is unfamiliar with the specialized industry accounting principles?

Trust Service principles cover

For an auditor to examine management's assertions about the effectiveness of internal control in an attestation engagement,three conditions are necessary.Briefly explain them.

Compilation reports may include

Which of the following are prospective financial statements upon which an accountant may appropriately report for general use?

In your own words,describe how the Institute of Internal Auditors (IIA)defines internal auditing?

A compilation of prospective financial statements involves all of the following except:

An attestation report should state that the use of the report is restricted to specified parties under all of the following circumstances except when:

A CPA's report on agreed-upon procedures related to management's assertion about an entity's compliance with specified requirements should contain

Prospective financial statements may be prepared for

During an engagement to review the financial statements of a nonpublic entity,an accountant becomes aware of a material departure from GAAP.If the accountant decides to modify the standard review report because management will not revise the financial statements,the accountant should

To bridge the gap between a changing business environment and the guidance that was then available,the IIA developed a Professional Practices Framework.This framework consists of two broad categories of guidance.List these categories of guidance and what they include.

When an accountant is not independent of an entity and is requested to perform a compilation of the entity's financial statements,the accountant

Which of the following should be included in an accountant's standard report based upon the review of a nonpublic entity's financial statements?

Electronic commerce is an example of a category of assurance services.

Responding to a question such as "What would happen if..." is an attribute of which of the following types of engagements?

During a review of the financial statements of a nonpublic entity,an accountant becomes aware of inadequate disclosure that is material to the financial statements.If management refuses to correct the financial statement presentations,the accountant should

Independence is one of the general standards for attestation engagements.