Exam 19: Additional Assurance Services: Historical Financial Information

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When a U.S.-based organization prepares financial statements which are for use in another country,a U.S.report,modified to reflect the accounting principles of the other country,may be issued.

(True/False)

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Question 21

Personal financial statements may be compiled or reviewed,but they should not be audited.

(True/False)

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Question 22

An auditor is reporting on cash basis financial statements.These statements are best referred to in his opinion by which of the following descriptions?

(Multiple Choice)

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Question 23

Financial statements that are developed from and summarize the overall information presented in audited financial statements are referred to as

(Multiple Choice)

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Question 24

Which of the following statements is correct with respect to an audit report issued for financial statements to be used primarily outside of the United States?

(Multiple Choice)

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Question 25

The auditors should not accept an engagement to issue a compilation report on financial information presented in a prescribed form.

(True/False)

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Question 26

Which of the following is accurate relating to audit reports on tax basis financial statements?

(Multiple Choice)

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Question 27

In which of the following types of reports do the auditors express negative assurance?

(Multiple Choice)

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Question 28

Whenever a report filed on a printed form designed by authorities,call upon the independent auditors to make an assertion that the auditors believe is not justified,the auditors should:

(Multiple Choice)

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Question 29

Which of the following is correct when a company is issuing summary financial statements developed from audited financial statements?

(Multiple Choice)

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Question 30

Which of the following is an auditor least likely to inquire about when performing a review of a nonpublic company?

(Multiple Choice)

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Question 31

Each page of the financial statements compiled by an accountant should include a reference such as:

(Multiple Choice)

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Question 32

Which of the following would be used on a review engagement?

(Multiple Choice)

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Question 33

Which of the following procedures is usually the first step in reviewing the financial statements of a nonpublic entity?

(Multiple Choice)

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Question 34

In which of the following types of reports do accountants provide no explicit assurance?

(Multiple Choice)

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Question 35

Which of the following would not be included in a CPA's report based upon a review of the financial statements of a nonpublic entity?

(Multiple Choice)

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Question 36

Letters to underwriters should not contain negative assurances.

(True/False)

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Question 37

A compilation of financial statement provides limited assurance regarding the financial statements.

(True/False)

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Question 38

The balance sheet for an individual may be titled a Statement of Financial Condition.

(True/False)

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Question 39

A modification of the CPA's report on a review of the interim financial statements of a publicly-held company would be necessitated by which of the following?

(Multiple Choice)

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Question 40

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Exam 19: Additional Assurance Services: Historical Financial Information

When a U.S.-based organization prepares financial statements which are for use in another country,a U.S.report,modified to reflect the accounting principles of the other country,may be issued.

Personal financial statements may be compiled or reviewed,but they should not be audited.

An auditor is reporting on cash basis financial statements.These statements are best referred to in his opinion by which of the following descriptions?

Financial statements that are developed from and summarize the overall information presented in audited financial statements are referred to as

Which of the following statements is correct with respect to an audit report issued for financial statements to be used primarily outside of the United States?

The auditors should not accept an engagement to issue a compilation report on financial information presented in a prescribed form.

Which of the following is accurate relating to audit reports on tax basis financial statements?

In which of the following types of reports do the auditors express negative assurance?

Whenever a report filed on a printed form designed by authorities,call upon the independent auditors to make an assertion that the auditors believe is not justified,the auditors should:

Which of the following is correct when a company is issuing summary financial statements developed from audited financial statements?

Which of the following is an auditor least likely to inquire about when performing a review of a nonpublic company?

Each page of the financial statements compiled by an accountant should include a reference such as:

Which of the following would be used on a review engagement?

Which of the following procedures is usually the first step in reviewing the financial statements of a nonpublic entity?

In which of the following types of reports do accountants provide no explicit assurance?

Which of the following would not be included in a CPA's report based upon a review of the financial statements of a nonpublic entity?

Letters to underwriters should not contain negative assurances.

A compilation of financial statement provides limited assurance regarding the financial statements.

The balance sheet for an individual may be titled a Statement of Financial Condition.

A modification of the CPA's report on a review of the interim financial statements of a publicly-held company would be necessitated by 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

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: Other Information

Internal, Operational, and Compliance Auditing

Probability-Proportion-To-Size Sampling

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