Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Preparation is a …

A

non-attest engagement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

examples of attest engagements

A

Audit, Review , Compilation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

AUD 1 (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions