Exam 20: Other Assurance and Nonassurance Services

As part of the conduct of a review engagement, which of the following procedures would be appropriate for assessing the ending value of accounts payable?

Which of the following items includes criteria for accepting a compilation engagement?

A compilation presents information, in the form of financial statements, that is the representation of management. The public accountant who prepares the compilation undertakes to express

Outline the three performance standards of CICA Handbook section 5025, "Standards for Assurance Engagements."

Thermos Inc. is having its financial statements audited by Pilott & Levy, a PA firm. Leon Levy is the auditor in charge of the audit. The accountable party in this assurance engagement is

The Locker Building is a new apartment building in a Vancouver suburb. In order to receive a subsidy from the municipality, it needs to prove that it has complied with the city's new rules about "green efficiency." The "green efficiency" rules are described on the municipality's website and list the requirements a building must meet to be considered green and efficient. Your firm, with the help of an environmental scientist, has been asked to perform a direct reporting engagement for the Locker Building. The suitable criteria in this case are the

What is an auditor's responsibility for supplementary information that is outside the basic financial statements but required by accounting guidelines?

Which of the following components of an engagement letter would apply to both a review engagement and a compilation engagement?

Which of the following engagements would most likely be a compilation engagement?

Which of the following is a professional standard that must be followed by an accountant when conducting a compilation engagement?

As part of the conduct of a review engagement, which of the following procedures would be appropriate for assessing the ending value of inventory?

A review engagement includes

Describe the professional standards that must be followed when undertaking a compilation engagement as specified by the CICA Handbook.

Prior to accepting an engagement to examine a financial forecast or projection included in a prospectus or other public offering document, the public accountant should

Which of the following components of an engagement letter would apply to both a review engagement and a compilation engagement?

Richard is performing a compilation engagement. Richard is concerned that the information is

As part of a loan agreement that it is thinking of obtaining, Always Quick Manufacturing Limited has decided that it will use accounts receivable and inventory as security for working capital funds. The bank has indicated that in addition to an annual financial statement audit, it would require quarterly assurance on the accounts receivable and inventory amounts. The type of assurance required has not been stated. The bank has told Jose, the owner of the company, that he would need to provide a detailed inventory list and an aged accounts receivable trial balance on the fifteenth of each month for the information as at the preceding month end. Jose would like to know what his alternatives are. Required: Your partner is going to meet with Jose next week and would like you to prepare a memo to file that will be used as part of the meeting. Draft a brief memo that includes a list of alternative types of engagements that could be used to provide assurance on the accounts receivable and inventory balances.

An engagement for applying specified auditing procedures to financial information other than financial statements provides no assurance. This results in

Which of the following matters would be addressed in a report on the results of applying specified auditing procedures to financial information other than financial statements?