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AUD 1 > A6 > Flashcards

A6 Flashcards

1
Q

Standard Report issued by accountant after review financials states that

A

The accountant is not aware of any material modifications that should be made to FS

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2
Q

In compilation, if accountant comes to believe that the FS are materially misstated. Accountant should…

A

Obtain the additional or revised information needed to correct the FS.

If client does not provide that then you can withdrawal.

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3
Q

What is one of the MNGMT’s responsibilities in a PREPARATION engagement

A

The accuracy of significant judgements to be used in the preparation of the FS.

Disclosures NO… this is responsibility of accountant in a PREPARATION engagement

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4
Q

What will be included in accountant’s documentation in a COMPILATION engagement

A

1) Discussion w/client regarding proper presentation of gross CF for investment purchase,

2) Engagement Letter

3) A memo to CFO about potentially significant fraud revealed during compilation procedures

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5
Q

Preparation is a …

A

non-attest engagement

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6
Q

examples of attest engagements

A

Audit, Review , Compilation

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AUD 1 (11 decks)

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