Question 1

A CPA service relating elderly clients is referred to as:

Accepted Answer

A)  ElderAssure. 
B)  PrimePlus/ElderCare Services. 
C)  Elder Care Plus. 
D)  Prime of Life Care. 
A)  ElderAssure. 
B)  PrimePlus/ElderCare Services. 
C)  Elder Care Plus. 
D)  Prime of Life Care.

Question 2

Arel, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modit Co. regarding Modit's written assertion about its compliance with contractual requirements to pay royalties. Arel's report on these agreed-upon procedures should contain a(n):

Accepted Answer

A)  Disclaimer of opinion about the fair presentation of Modit's financial statements. 
B)  List of the procedures performed (or reference thereto) and Arel's findings. 
C)  Opinion about the effectiveness of Modit's internal control activities concerning royalty payments. 
D)  Acknowledgment that the sufficiency of the procedures is solely Arel's responsibility. 
A)  Disclaimer of opinion about the fair presentation of Modit's financial statements. 
B)  List of the procedures performed (or reference thereto) and Arel's findings. 
C)  Opinion about the effectiveness of Modit's internal control activities concerning royalty payments. 
D)  Acknowledgment that the sufficiency of the procedures is solely Arel's responsibility.

Question 3

Which of the following is not currently an acceptable form of association with prospective financial statements?

Accepted Answer

A)  Compilation. 
B)  Review. 
C)  Agreed-upon procedures. 
D)  Examination. 
A)  Compilation. 
B)  Review. 
C)  Agreed-upon procedures. 
D)  Examination.

Question 4

Trust Services assure consumers that they will be satisfied with their purchases.

Accepted Answer

A) True 
 B)False

Question 5

To accept an engagement to examine a client's MD&A for annual financial statements, the practitioners ordinarily must have:

Accepted Answer

A)  Audited the most recent financial statement period to which the MD&A applies. 
B)  Determined that the client reports to the Securities and Exchange Commission. 
C)  Performed a detailed analysis of the client's controls over decision making. 
D)  Reviewed the quarterly MD&A information. 
A)  Audited the most recent financial statement period to which the MD&A applies. 
B)  Determined that the client reports to the Securities and Exchange Commission. 
C)  Performed a detailed analysis of the client's controls over decision making. 
D)  Reviewed the quarterly MD&A information.

Question 6

Which of the following is least likely to be structured as an attest engagement?

Accepted Answer

A)  An elder care engagement. 
B)  A SysTrust engagement. 
C)  An examination of internal control over financial reporting for a nonpublic company. 
D)  A review of management's discussion and analysis. 
A)  An elder care engagement. 
B)  A SysTrust engagement. 
C)  An examination of internal control over financial reporting for a nonpublic company. 
D)  A review of management's discussion and analysis.

Question 7

A practitioner may be engaged to perform a review of management's discussion and analysis for an annual or an interim period.

Accepted Answer

A) True 
 B)False

Question 8

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

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

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

SysTrust engagements relate only to database systems.

Accepted Answer

A) True 
 B)False

Question 11

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.

A CPA service relating elderly clients is referred to as:

Arel, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modit Co. regarding Modit's written assertion about its compliance with contractual requirements to pay royalties. Arel's report on these agreed-upon procedures should contain a(n):

Which of the following is not currently an acceptable form of association with prospective financial statements?

Trust Services assure consumers that they will be satisfied with their purchases.

To accept an engagement to examine a client's MD&A for annual financial statements, the practitioners ordinarily must have:

Which of the following is least likely to be structured as an attest engagement?

A practitioner may be engaged to perform a review of management's discussion and analysis for an annual or an interim period.

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

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

SysTrust engagements relate only to database systems.

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

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Planning the Audit; Linking Audit Procedures to Risk

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

Filters

Exam 20: Additional Assurance Services: Other Information

A CPA service relating elderly clients is referred to as:

Arel, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modit Co. regarding Modit's written assertion about its compliance with contractual requirements to pay royalties. Arel's report on these agreed-upon procedures should contain a(n):

Which of the following is not currently an acceptable form of association with prospective financial statements?

Trust Services assure consumers that they will be satisfied with their purchases.

To accept an engagement to examine a client's MD&A for annual financial statements, the practitioners ordinarily must have:

Which of the following is least likely to be structured as an attest engagement?

A practitioner may be engaged to perform a review of management's discussion and analysis for an annual or an interim period.

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

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

SysTrust engagements relate only to database systems.

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

The Role of the Public Accountant in the American Economy

Professional Standards

Professional Ethics

Legal Liability of Cpas

Audit Evidence and Documentation

Planning the Audit; Linking Audit Procedures to Risk

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

Filters