A6 FINAL

Question 1

What should be included in the documentation of a preparation

Answer 1

ENGAGEMENT LETTER

Question 2

In comparison to an audit, what should be included in a review report?

Answer 2

that a Review is substantially less in scope than an audit

Question 3

According to the general standards rule of AICPA - An independent audit must ___?

Answer 3

Have adequate technical training as an auditor

Question 4

What is an example of a matter needed to be emphasized in a review report?

Answer 4

Emphasize whether the entity has significant transactions with related parties

Question 5

A CPA not in public accounting still needs to follow which rules of conduct?

Answer 5

Integrity and objectivity

Question 6

Why is it importance that the CPA profession has ethical stds and means for ensuring it is observe?

Answer 6

A distinguishing mark of a profession is its acceptance of responsibility to the public

Question 7

Who does the AICPA code of professional conduct apply to?

Answer 7

Any service that a member of AICPA performs, including compilations and reviews

Question 8

What amount of direct financial interest in a client would impair the auditor?

Answer 8

ANY… YOU IDIOT

Question 9

What is the accountants responsibility with regard to controlling a clients distribution of restricted use review reports?

Answer 9

Accountant has no responsibility for controlling a clients distribution of restricted-use reports

Question 10

What is true regarding comments from underwriters?

Answer 10

Letters for underwriters give negative assurance on unaudited interim FS