A5 FINAL

Question 1

What engagements are excluded from attest engagements subject to attestation standards?

Answer 1

Excludes services performed in accordance with SSARS

Question 2

Are all control deficiencies reported to TCWG?

Answer 2

NO, only those determined to be sig deficiencies and material weaknesses are required to be communicated

Question 3

What assertion will a report on internal control over compliance include?

Answer 3

Disclaimer of opinion on internal control over compliance

Question 4

Does the auditor accept more or less responsibilities under GAGAS than GAAS?

Answer 4

More under GAGAS than GAAS - since it relies on compliance that might affect financial statements AND IC

Question 5

What statement should be included in a practitioners report on Application of AUP?

Answer 5

Statement referring to stds established by the AICPA

Question 6

When are TOC required (3)?

Answer 6

1. risk assessment includes explanation of operation effectiveness of controls over compliance
2. Substantive procedures do not provide enough evidence to support a conclusion
3. TOC are REQUIRED for governmental audits

Question 7

What should the auditor do in a GAGAS audit if important info is excluded from the audit report due to confidential resons?

Answer 7

Disclose in the report that certain information has been omitted and the reasons that make the omissions were necessary

Question 8

How does GAS differ from GAAS in terms of reporting stds?

Answer 8

Reporting stds require auditor to describe the scope of auditors tests of compliance w/ laws and regulations

Question 9

What are the 3 types of engagements that are outlined by the GAO in GAS?

Answer 9

1. Financial audits
2. attest engagements
3. performance audits

Question 10

What is an audit documentation requirement that an auditor should follow when auditing in accordance with GAS?`

Answer 10

documentation should contain sufficient info so that supplemental oral explanations are not required

Question 11

What does a single audit represent?

Answer 11

Combined audit of both an entity’s financial statements and federal financial assistance programs.

Question 12

What are the guidelines that auditors follows in a single audit?

Answer 12

Governed by Single Audit act and 2 CFR 200

Question 13

What paragraph in the audit report includes that portion on compliance with aspects contractual agreements?

Answer 13

Other matter paragraph

Question 14

What type of disclaimer should be included in a report of AUP?

Answer 14

Disclaimer of responsibility for sufficiency of those procedures

Question 15

What type of use are financial projections?

Answer 15

Limited use only