Which of the following procedures is not usually performed by the accountant during a review engagement of a nonissuer? Last Updated on February 1, 2022 by Admin 3
Explanation:
Last Updated on February 2, 2022 by Admin 3
Explanation:
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Get faster at matching terms Terms in this set (16)Which of the following statements is false with respect to management representation letters on a review engagement? The accountant acknowledges his or her responsibility for the fair presentation in the financial statements of financial position, results of operations, and cash flows. In a review engagement with comparative financial statements, the accountant must obtain representations from management for which of the following? All financial statements and periods covered by the accountant's review report Which of the following statements would not normally be included in a representation letter for a review of interim financial information? We understand that a review consists principally of performing analytical procedures and making inquiries about the interim financial information. Which of the following procedures is not usually performed by the accountant during a review engagement of a nonissuer? Communicating any material weaknesses discovered during the consideration of internal control The procedure of an accountant making inquiries about events subsequent to the date of the financial statements that would have a material effect on the financial statements is: required for a review only. The procedure of an accountant making inquiries concerning actions taken at the board of directors' meeting is: required for a review only. When performing an engagement to review the financial statements of a nonissuer, an accountant most likely would: ask about actions taken at board of directors' meetings. Which of the following procedures would an accountant most likely perform when reviewing the financial statements of a nonissuer? Ask management about the entity's procedures for recording transactions Which of the following procedures should an accountant perform during an engagement to review the financial statements of a nonissuer? Obtaining a representation letter from members of management Which of the following procedures is an accountant required to perform when reviewing the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS)? Obtain a management representation letter Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonissuer? Reading the financial statements to consider whether they are free of obvious mistakes in the application of accounting principles The procedure, "The accountant should request written representation from members of management who have appropriate responsibilities for the financial statements..," is: required for a review only. An accountant is asked to issue a review report on the balance sheet, but not on other related statements. The scope of the inquiry and analytical procedures has not been restricted, but the client failed to provide a representation letter. Which of the following should the accountant issue under these circumstances? A. B. C. D. D
The procedure, "The accountant should send a letter of inquiry to the entity's attorney to corroborate the information furnished by management concerning litigation," is: not required for either a compilation or a review. Under which of the following circumstances would an accountant most likely conclude that it is necessary to withdraw from an engagement to review a nonissuer's financial statements? The entity declines to provide the accountant with a signed representation letter. Which of the following procedures regarding notes payable would an accountant most likely perform during a nonissuer's review engagement? Making inquiries of management regarding maturities, interest rate, and collateral Sets with similar termsCompilation and Review of Financial Statements36 terms Youstina_George Audit 7 - Compilation and Reviews - Part 144 terms Jonathan_Castro4 Unit 1949 terms hannah_r_bingham AUD - CPA Exam - Accounting and Review Services108 terms vuhanguyen316 Sets found in the same folderAUD 6: A Firm's System of Quality Control26 terms accountingmajor1 Audit Chapter 747 terms sheapearson AUD 5: Determine the Nature and Scope of Engagement13 terms accountingmajor1 Module 356 terms emilee_traylor Other sets by this creatorAUD 5: Prepare Communication15 terms accountingmajor1 AUD 5: Reports on Reviews16 terms accountingmajor1 AUD 5: Reports on Compilations22 terms accountingmajor1 AUD 5: Obtain and Document Evidence to Form a Basi…21 terms accountingmajor1 Other Quizlet setsInformation Extraction from Intraoral Radiographs26 terms martincd2 Comm History Final76 terms borisalvarado8 Psych/ Mental Health Exam 2 Ch. 10, 15, 16, 14, 25…182 terms malloryann2 IHS Midterm43 terms vtfermin
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Which of the following procedures should an accountant perform during an engagement to review the financial statements of a Nonissuer?Which of the following procedures should an accountant perform during an engagement to review the financial statements of a non issuer? An accountant performing a review should obtain a client representation letter from the owner, manager, or chief executive officer, and, if appropriate, the chief financial officer.
Which of the following procedures is not usually performed by the accountant during 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.
What procedures are required on a review engagement?The review procedures that the practitioner is required to perform include: Inquiries on the accounting practices used by the company. Representations from management on the accuracy of the financial statements. Management responsibility for internal control systems.
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Which of the following procedures is usually performed by the accountant in a review engagement of a Nonissuer?
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