AUD MCQ 2.1

Question 1

The auditors report on the summary financial statements should include

Answer 1

That the CPA audited and expressed an opinion on the complete financial statements, the date of the auditors report on the complete financial statements type of opinion expressed whether in auditors opinion the financial statements is consistent in all material respects

Question 2

Special Reports

Answer 2

Positive assurance is provided in OCBOA reports, reports on specified elements accounts or items, and reports on special purpose financial presentations to comply with contractual agreements or regulatory provisions.

Question 3

the report on clients compliance

Answer 3

would assuming the report is prepared based on the financial statement would contain restricted use language

Question 4

Titles suitable prepared for statements on cash flow basis

Answer 4

Statement of revenues collected and expenses paid

Question 5

Titles suitable prepared for statements on regulatory basis

Answer 5

OCBOA- Statement of Income regulatory basis

Question 6

Reports on special purpose framework

Answer 6

Compliance with reporting requirements to be filed with specific regulatory agency

Question 7

FS reviewed by an accountant

Answer 7

Should be accompanied with a report stating that a review is substantially less in scope than an audit

Question 8

Analytical procedures

Answer 8

Are not necessary part of a review engagement

Question 9

A accountant standard compilation report

Answer 9

should include the statement that the objective of a compilation is to assist management in presenting financial information in the form of financial statements
The report should state the accountant does not express any form of assurance in the financial statements