Uncategories Which of the following procedures is not included in a review engagement of a nonpublic entity? Show
a.Inquiries of management.  1. Assurance provided by a review is substantially less than an audit. Which of the following statements is true regarding these services? C. A review requires less evidence than an audit. 2.When performing an engagement to review a nonpublic entity's financial statements, an accountant most likely would: Ask about actions taken at board of director's meetings. 3.Performing inquiry and analytical review procedures is the preliminary basis for a CPA to issue b. review report 4. Which of the following procedures is not included in a review engagement on a non- public entity? a. Communicating any material weaknesses discovered during the study and evaluation of internal accounting control. 5.A review does not provide assurance that the CPA will become aware of all significant matters that would be disclosed in an audit. However, if the CPA becomes aware that information coming to his attention is incorrect, incomplete, or otherwise unsatisfactory, he should a.Perform the additional procedures he deems necessary to achieve limited assurance 6.If the CPA has reason to believe that the information subject to review may be materially misstated, the CPA should a.Carry out additional or more extensive procedures. 7.The review of a company's financial statements by a CPA firm a. Is substantially less in scope of procedures than an audit. 8. A practitioners unmodified report on a review of the financial statements of a nonpublic entity should state that a. Nothing has come to the practitioner's attention thas causes the practitioner to believe that the financial statements are not presented fairly, in all material respects in accordance with PFRS. CHAPTER 17 MULTIPLE CHOICE d1.Which of the following is generally more important in a review than in a compilation? a.Determining the accounting basis on which the financial statements are to be presented. b.Gaining familiarity with industry accounting principles and practices. c.Obtaining a signed engagement letter. d.Obtaining a signed representation letter.(AICPA ADAPTED) d2.Which of the following procedures is not included in a review engagement on a nonpublic entity? a.Inquiries of management. b.Inquiries regarding events subsequent to the balance sheet date. c.Any procedures designed to identify relationships among data that appear to be unusual. d.A study and evaluation of internal control structure.(AICPA ADAPTED) c3.When auditing a public entity's financial statements that include segment information, the auditor should a. Make certain the segment information is labeled "unaudited" and determine that the information is consistent with audited information. b.Make certain the segment information is labeled "unaudited" and perform only analytical review procedures on the segment information. c.Audit the segment information and, if the information is adequate and in conformity with GAAP, do not make reference to the segment information in the auditor's report. d.Audit the segment information and, if the information is adequate and in conformity with GAAP, refer to the segment information in the auditor's report.(AICPA ADAPTED) a4.If management chooses to place supplementary information required by the FASB in footnotes attached to the financial statements, this information should be clearly marked as a.Unaudited. b.Supplementary information required by the FASB. c.Disclosures required by the FASB. d.Audited financial data required by GAAP.(AICPA ADAPTED) b5.Which of the following best describes the auditor's responsibility for "other information" included in the annual report to stockholders, which contains financial statements and the auditor's report? a.The auditor has no obligation to read the "other information." b.The auditor has no obligation to corroborate the "other information" but should read the "other information" to determine whether it is materially inconsistent with the financial statements. c.The auditor should extend the examination to the extent necessary to verify the "other information." d.The auditor must modify the auditor's report to state that the "other information is unaudited" or "not covered by the auditor's report."(AICPA ADAPTED) d6.When an independent audit report is incorporated by reference in a SEC registration statement, a prospectus that includes a statement about the independent accountant's involvement should refer to the independent accountant as a.Auditor of the financial reports. b.Management's designate before the SEC. c.Certified preparer of the report. d.Expert in auditing and accounting.(AICPA ADAPTED) 119 Which of the following procedures is not usually performed by the accountant in a review engagement of a nonpublic entity?Which of the following procedures is not usually performed by the accountant in a review engagement of a nonpublic entity? Communicating any material weaknesses discovered during the study and evaluation of internal control.
Which of the following should not be included in an accountant's standard report based up the compilation of an entity's financial statements?Which of the following should not be included in an accountant's standard report based upon the compilation of an entity's financial statements? A statement that the accountant does not express an opinion but expresses only limited assurance on the financial statements.
Which of the following procedures would an auditor ordinarily perform during the review of subsequent events?Which of the following procedures would an auditor ordinarily perform during the review of subsequent events? A reading of the available minutes of meetings of stockholders, directors, or other committees for the subsequent-events period.
Which of the following is least likely included in audit engagement letter?Arrangement concerning the involvement of other auditors or experts in some aspects of the audit. An audit engagement letter least likely includes a. A reference to the inherent limitation of an audit that some material misstatements may remain undiscovered.
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Which of the following procedures is not included in a review engagement of a nonpublic entity?
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