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CPA -Audit > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

What is a piecemeal opinion? And how should it be expressed?

A

Piecemeal opinions are opinions on parts of the financial statements, when those parts constitute a major portion of the financial statements. Piecemeal opinions are not appropriate if the auditor has disclaimed an opinion or issued an adverse opinion, because they may overshadow the auditor’s opinion on the financials as a whole. An opinion on specified elements that does not constitute a piecemeal opinion may be expressed, but should not accompany the disclaimer of opinion or adverse opinion.

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2
Q

An auditor may report on summary financial statements that are derived from complete financial statements if he or she indicates:

A

(1) the auditor has audited or expressed an opinion on the complete financial statements; (2) the date of the auditor’s report; (3) the type of opinion expressed; and (4) that the information contained in the summary financial statements is fairly stated in all material respects in relation to the complete financial statements from which it has been derived.

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3
Q

How should financial statements prepared in accordance with a comprehensive basis of accounting other than GAAP that are not suitably titled be expressed in an auditor’s report?

A

Financial statements prepared in accordance with a comprehensive basis of accounting other than GAAP that are not suitably titled require a qualified opinion with a basis for modification paragraph.

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4
Q

How would a report using the special purpose framework be expressed?

A

A report using the special purpose framework required by the regulatory agency would be issued and include an opinion paragraph that contains an unmodified opinion on the special purpose financial statements and a reference to the special purpose framework used to prepare the financial statements. The report would also contain an other-matter paragraph restricting the use of the auditor’s report.

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5
Q

When is it appropriate for the auditor to report on one basic financial statement and not the others?

A

When the auditor obtains an understanding of the purpose for which the single financial statement is prepared, the intended users, and the steps taken by management to determine that the applicable financial reporting framework is acceptable in the circumstances.

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6
Q

What type of assurance would a report on compliance in connection with audited financial statements provide?

A

Only negative assurance on compliance. This type of report differs from a separate compliance audit and attestation engagement.

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7
Q

What type of assurance would a special-purpose report provide?

A

A positive opinion may be rendered in some types of special reports.

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8
Q

A description of how a basis for financial statements differed from GAAP should be included in the:

A

Notes to the financial statements.

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9
Q

Which professional standards would be applied to a review of the interim financial statements of a publicly held company?

A

PCAOB standards apply.

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10
Q

What is not a required procedure in an engagement to review the interim financial information of a publicly held entity?

A

A review of interim financial information is not designed to provide information regarding an entity’s ability to continue as a going concern. Even if such information comes to the accountant’s attention, the accountant is not required to corroborate with it.

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11
Q

If a report on a review of interim financial information is presented in a registration statement, the prospectus should include:

A

a statement that the report is not a “report” or “part of” the registration statement. The accountant should also read the other portions of the registration statement to ensure that his or her name is not mentioned in a way that indicates greater responsibility than he/she intends.

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12
Q

What should an auditor do when audited financial statements are presented in comparative form with unaudited financial statements from a prior year?

A

The auditor should either reissue the report on the unaudited financial statements or include a separate paragraph in the current year report describing the responsibility assumed for the unaudited statements.

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13
Q

What is a comfort letter?

A

A comfort letter is a letter containing negative assurance from the CPA to the underwriter or certain other requesting parties just before the registration of the client’s securities.

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14
Q

Are prospective financial statements appropriate for general use?

A

A financial forecast is appropriate for general use, but a financial projection is not.

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15
Q

Which four areas do auditors address in special consideration engagements?

A

Special consideration engagements include:

  1. Audits of financial statements prepared in accordance with a special purpose framework
  2. Audits of single financial statements and specific elements, accounts, or items of a financial statement
  3. Reporting on compliance with aspects of contractual or regulatory requirements associated with audited financials
  4. Engagements to report on summary financial statements
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16
Q

Give examples of special purpose frameworks.

A

Cash basis, tax basis, regulatory basis, contractual basis, and any other basis of accounting that uses a definite set of logical, reasonable criteria that is applied to all material items appearing in the financial statements

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17
Q

Which of the following elements should be included in the auditor’s report when financial statements are prepared on the cash or tax basis?

  1. Description of purpose for which special purpose financial statements are prepared
  2. Emphasis-of-matter paragraph alerting readers about the preparation in accordance with a special purpose framework
  3. Other-matter paragraph restricting the use of the auditor’s report
A

An emphasis of matter paragraph alerting readers about the preparation in accordance with a special purpose framework should be included in the auditor’s report for financial statements prepared on the cash or tax basis.

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18
Q

Which of the following elements should be included in the auditor’s report when financial statements are prepared on the regulatory basis (not for general use) and contractual basis?

  1. Description of purpose for which special purpose financial statements are prepared
  2. Emphasis-of-matter paragraph alerting readers about the preparation in accordance with a special purpose framework
  3. Other-matter paragraph restricting the use of the auditor’s report
A

An auditor’s report for financial statements prepared on the regulatory basis (not for general use) or contractual basis should include:

  1. Description of purpose for which special purpose financial statements are prepared
  2. Emphasis-of-matter paragraph alerting readers about the preparation in accordance with a special purpose framework
  3. Other-matter paragraph restricting the use of the auditor’s report
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19
Q

Which of the following elements should be included in the auditor’s report when financial statements are prepared on the regulatory basis (for general use)?

  1. Description of purpose for which special purpose financial statements are prepared
  2. Emphasis-of-matter paragraph alerting readers about the preparation in accordance with a special purpose framework
  3. Other-matter paragraph restricting the use of the auditor’s report
A

An auditor’s report for financial statements prepared on the regulatory basis for general use should include the description of purpose for which special purpose financial statements are prepared.

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20
Q

What should be included in an emphasis-of-matter paragraph included in a special purpose framework (other than regulatory basis financial statements intended for general use)?

A

The auditor’s report should include an emphasis-of-matter paragraph that:

  1. indicates that the financial statements are prepared in accordance with applicable special purpose framework
  2. refers to the note to the financial statements that describes that framework
  3. states that the special purpose framework is a basis of accounting other than GAAP
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21
Q

What type of information should an auditor gather prior to auditing a single financial statement or a specific element of a financial statement?

A

The auditor should obtain an understanding of the:

  1. purpose for preparing the single financial statement or specific element of a financial statement;
  2. intended users; and
  3. steps taken by mgmt. to ensure that the applicable financial reporting framework is acceptable under the circumstances
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22
Q

What are some of the limitations surrounding an auditor’s report on a single financial statement, or a specified element, account, or item of a financial statement?

A
  1. If the item is based on stockholder’s equity, the auditor should perform procedures necessary to express an opinion about financial position.
  2. If the item is based on net income, the auditor should perform procedures necessary to express an opinion about financial position and results of operations.
  3. If an adverse opinion or disclaimer of opinion was issued, the auditor may not report on items that constitute a major portion of the financial statements (The auditor may report on non-major items, but such reports should not accompany the report on the financial statements).
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23
Q

Under U.S. auditing standards, when may an auditor issue a special report on a client’s compliance with contractual agreements or regulatory requirements?

A

Under U.S. auditing standards, the auditor:

  1. must have audited the client’s financial statements and expressed an unmodified or qualified opinion (i.e., no adverse opinion or a disclaimer); and
  2. may only give negative assurance on the compliance
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24
Q

What type of opinion can an auditor issue on summary financial statements and when is that opinion appropriate?

A

The auditor may issue either an unmodified opinion or an adverse opinion on the summary financial statements, but cannot issue a qualified opinion due to the summarized nature of the financials.

An unmodified opinion is appropriate when the auditor concludes that the summary financial statements are consistent, in all material respects, with the corresponding audited financial statements.

An adverse opinion is appropriate when the summary financial statements are not consistent, in all material respects, with the audited financial statements, and management does not make the necessary changes.

25
Q

Name the five elements of preparation, compilation, and review engagements

A
  1. A three-party relationship (mgmt., the accountant, and the intended users)
  2. Financial reporting framework
  3. Financial statements or financial information
  4. Sufficient, appropriate evidence (review only)
  5. Written communication or report
26
Q

Preparation, compilation, and review standards require that an accountant establish an understanding with the client as to the services to be performed. What should be included in this understanding?

A

An engagement letter is presumptively mandatory and should include:

  1. a description of the services to be performed
  2. the objectives of the engagement
  3. Mgmt’s responsibilities and the accountant’s responsibilities
  4. Identification of the applicable financial reporting framework
  5. An explanation of the limitations of the service, including a statement that:
    - the engagement cannot be relied upon to disclose errors, fraud, or noncompliance with laws and regulations; and
    - the entity will be informed of any information indicating that fraud or noncompliance with laws and regulations have occurred.
  6. A description of other accounting services, if any, to be performed
  7. For preparation: agreement by mgmt. that each page of the financial statements will include a statement indicating no assurance or a disclaimer will be issued by AICPA
  8. For compilation and review: the expected report to be issued.
27
Q

According to Statements on Standards for Accounting and Review Services, who must sign the engagement letter?

A

The accountant, or accountant’s firm, and management or those charged with governance.

28
Q

Identify the performance requirements that are necessary when engaged to perform a preparation engagement.

A
  1. Obtain an engagement letter
  2. Possess knowledge of and understanding of the entity’s financial reporting framework
  3. Prepare the financial statements
  4. Include a statement on each page of the financial statements that “no assurance is provided” or issue a disclaimer
29
Q

Identify the performance requirements that are necessary when engaged in a compilation.

A

When performing a compilation, the accountant must:

  1. Obtain an engagement letter
  2. Possess knowledge of the accounting principles and practices of the client’s industry.
  3. Have a general understanding of the client’s business
  4. Read the compiled financial statements to determine if appropriate in form and free from obvious material errors.
  5. Follow up with mgmt. when aware of fraud or noncompliance with laws and regulations, going concern issues, or subsequent events. The accountant should consider the impact of the follow-up on the financial statements, evaluate mgmt. conclusions, and consider the effect on the compilation report.
  6. Issue a compilation report.
30
Q

What should be included in an accountant’s report on a compilation of a nonissuer’s financial statements?

A

A standard compilation report includes the following in one paragraph:

  1. Mgmt is responsible for the financial statements
  2. Identify the entity, financial statements, and date covered by financial statements.
  3. Performed the compilation engagement in accordance with SSARS.
  4. Did not audit or review the financial statements
  5. Not required to perform any procedures to verify the accuracy or completeness of the information
  6. Do not express an opinion, a conclusion, nor provide any assurance on financial statements
  7. Signature
  8. City and state (this may be indicated in the letterhead)
  9. Date of the report
31
Q

What are the reporting requirements with respect to compiled financial statements when:

  1. Substantially all disclosures are omitted?
  2. Only limited disclosures are included?
  3. The auditor lack independence?
A

Statements that omit substantially all disclosures:

  1. The accountant can only report if the omission is not intended to mislead expected users
  2. The report must clearly indicate the omission
  3. The compilation report should be modified by including an additional paragraph disclosing the omissions.

Statements that include only limited disclosures:
1. Notes should be labeled “Selected Information - Substantially All Disclosures Required by GAAP Are Not Included.”

Statements when the accountant lack independence:
1. The last paragraph of the report should disclose the lack of independence.

The auditor is permitted, but not required, to disclose the reason(s) for the independence impairment.

32
Q

What are the performance requirements applicable to a review engagement? U LIAR CPA

A

The performance requirements applicable to a review are:
U- Understanding with client must be established.
L- Learn and/or obtain sufficient knowledge of the entity’s business
I- Inquiries should be addressed to the appropriate individuals
A- analytical procedures should be performed
R- Review- other procedures should be performed
C-Client representation letter should be obtained from mgmt.
P- Professional judgment should be used to evaluate results
A- Accountant should communicate results

33
Q

What should be included in an accountant’s report on a review of a nonissuer’s financial statement?

A
  1. Title (“Independent Accountant’s Review Report”), addressee, signature, city, state, and date
  2. Intro paragraph:
    - the entity, financial statements, and dates
    - the financial statements have been reviewed
    - a review includes inquiry and analytical procedures
    - a review is less in scope than an audit and the accountant does not express an opinion
  3. Mgmt responsibility paragraph:
    - Mgmt is responsible for the financial statements and internal control
  4. Accountant’s Responsibility Paragraph:
    - Conducting the engagement in accordance with SSARS
    - Perform procedures to obtain limited assurance
    - Procedures provide a reasonable basis for report
  5. Accountant’s Conclusion Paragraph
    - The accountant is not aware of any material modifications that should be made to the financial statements (other than any indicated in the report).
34
Q

Which of the following is (are) required in a preparation, compilation, and review of financial statements?

A

Preparation: engagement letter, knowledge of accounting principles/client’s business, read the financial statements, and evaluate/document results

Compilation: engagement letter, knowledge of accounting principles/client’s business, read the financial statements, evaluate/document results, and create report

Review: engagement letter, knowledge of accounting principles/client’s business, read the financial statements, evaluate/document results, create report, inquiries with organization, analytical procedures, and client representation letter.

35
Q

Which SSARS engagements require determination of independence? What are the effects of independence on reporting?

A

A compilation and review require determination of independence.

  1. Compilation: Although independence is not required to perform a compilation, independence must be evaluated since it is an attest service. Lack of independence must be disclosed in the compilation report.
  2. Review: Determination of independence is required since it is an attest service. A review report may only be issued when the accountant is independent.
  3. Note: A preparation is a non-attest service, and therefore, does not require evaluation of independence.
36
Q

If during the course of an engagement the client requests a change in the engagement (i.e., audit to review), what are some acceptable and unacceptable reasons for the change?

A

Acceptable reasons for change:

  1. Change in client requirements
  2. Misunderstanding as to the nature of services being performed
  3. Scope limitation but accountant determines change reasonable

Unacceptable reasons for change:

  1. Current engagement would uncover errors or fraud
  2. Client is attempting to create misleading or deceptive financial statements
  3. Scope limitation (client refusing to provide a signed representation letter or not allowing correspondence with client legal counsel).
37
Q

In a review or compilation engagement, an accountant may become aware of a material departure from the applicable financial reporting framework. If the financial statements are not revised, what options does the accountant have?

A

Modify the report. If the accountant believes modification of the report is appropriate, a separate paragraph disclosing the departure should be added to the end of the report.

-OR-

Withdraw from the engagement. If the accountant believes disclosure in the report would not be adequate to indicate deficiencies in the financial statements, he or she should withdraw from the engagement.

38
Q

If an accountant has reviewed the prior period statements but compiled the current period statements, what are his or her reporting options?

A

The accountant has provided a lower level of service: review to compilation.

Reporting options include:

  1. Issuing a compilation report on the current period statements with a paragraph added to describe the responsibility assumed for the prior period statements; or
  2. reissuing (not updating) the review report on the prior period

The reissued report may be combined with or presented separately from the compilation report on the current period.

Either the added paragraph (from the first option above) or the reissued report should include the original date and state that no review procedures have been performed since that date.

39
Q

If an accountant has audited prior period statements, but compiled or reviewed current period statements, what are his/her reporting options?

A

When the level of service decreases from an audit to a review or compilation, the accountant should either reissue the prior period report or include an additional paragraph in the current period report. Such an additional paragraph should indicate:

  1. that prior period statements were audited;
  2. the date of the previous report(s);
  3. the opinions expressed, and if other than unmodified, the reasons for modification; and
  4. that no auditing procedures have been performed since the previous report date.
40
Q

What procedures should be performed in a review of the interim financial information of a publicly held company? U LIAR CPA

A

Auditing standards require the accountant to perform the following:

U- Understanding with client must be established.
L- Learn and/or obtain sufficient knowledge of the entity’s business, including internal controls
I- Inquiries should be addressed to the appropriate individuals
A- Analytical procedures should be performed
R- Review - other procedures should be performed
C-Client representation letter should be obtained from mgmt.
P- Professional judgment should be used to evaluate results
A- Auditor should communicate results.

41
Q

What should be included in an auditor’s report on the review of interim financial statements of a non-issuer?

A
  1. Title (includes the word “independent”), addressee, signature, location, date
  2. Intro paragraph:
    - the entity, financial statements, and dates
    - the interim financial statements have been reviewed
  3. Mgmt’s responsibility paragraph:
    - fair presentation of the interim financial information and internal controls are the responsibility of mgmt.
  4. Auditor’s responsibility paragraph:
    - Conduct the interim financial review in accordance with US GAAS
    - the review consists principally of analytical procedures and inquiry
    - a review of interim financial statements is less in scope than an audit, which expresses an opinion on the financial statements as a whole, whereas an interim financial review expresses no such opinion
  5. Concluding Section paragraph (with appropriate heading):
    - A statement about whether the auditor is aware of any material modifications that should be made for the interim financial information to be in accordance with the applicable financial reporting framework
42
Q

What type of information should an auditor promptly communicate to mgmt. during a review of interim financial information and what action should the auditor take if mgmt. fails to appropriately respond?

A

The auditor should promptly communicate to mgmt. if:

  • material modifications need to be made to interim financial information to be in accordance with the applicable financial reporting framework
  • The issuer filed quarterly reports (10-Q or 10-QSB) prior to the review being completed.
  • The nonissuer issued interim financial information prior to the completion of the review (when the review is required).

When mgmt. does not appropriately respond, the auditor should inform those responsible for corporate governance, and, if they fail to adequately respond, consider resigning or consulting legal counsel.

43
Q

What is a comfort letter and what types of assurance are provided within it?

A

A comfort letter is a letter from the CPA to underwriters. It provides:

  1. positive assurance regarding the CPA’s independence and whether the financial statements comply as to form in all material respects with the applicable requirements of the SEC Act.
  2. negative assurance regarding unaudited financial statements, capsule financial information, changes in certain financial statement items, and compliance of certain nonfinancial statement information with SEC requirements
  3. A list of procedures and findings (no assurance) regarding pro forma financial information, forecasts, and other financial information.
44
Q

A comfort letter should not comment or provide assurance on what type of information?

A

The comfort letter (auditor) should not include comments or assurances on: market risk sensitive instruments, qualitative disclosures.

45
Q

Define an attestation engagement

A

An attestation engagement is one in which a practitioner (CPA) is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on a subject matter, or on an assertion about the subject matter, that is the responsibility of another party (usually management).

46
Q

List six major attestation services.

A

Reports on:

  1. Agreed-upon procedures
  2. Financial forecasts and projections
  3. Pro forma financial statements
  4. Internal control over financial reporting
  5. Compliance with statutory, regulatory, or contractual requirements
  6. Management’s Discussion & Analysis
47
Q

What are the five general attestation standards? TIPPY

A 
Training
Independence
Performance (due professional care)
Professional knowledge of subject matter
Your belief that the assertion is capable of evaluation against criteria that are suitable and available to users.
48
Q

What are the two fieldwork attestation standards?

A
  1. Planning and supervision

2. Appropriate, sufficient evidence

49
Q

What are the four reporting attestation standards?

A
  1. Identify the Subject matter or the assertion being reported on and the character of the engagement
  2. Disclose significant reservations about the engagement
  3. Express conclusions about the subject matter or the assertion in relation to the established or stated criteria
  4. Restrict use of the report to specified parties when:
    - the criteria are appropriate for or available to only a limited number of parties
    - reporting on subject matter and a written assertion has not been provided
    - Reporting on an agreed-upon procedures engagement
50
Q

How are attestation standards different from GAAS?

A
  1. Attestation standards are broader in scope than GAAS
  2. Attestation standards have a different conceptual focus: No reference is made to GAAP or to financial statements
  3. Attestation standards provide a level of assurance below that provided by a GAAS audit
  4. Attestation standards provide for services tailored to the needs of the user, who may directly participate in specifying either the nature and scope of the engagement or the criteria against which the assertions are measured.
51
Q

What levels of assurance may be provided by attestation engagements?

A
  1. Examination: A positive opinion, high level of assurance, generally based on a variety of procedures, including search, verification, inquiry, and analysis
  2. Review (“negative assurance”): Moderate level of assurance, generally based on inquiry and analytical procedures
  3. Agreed-Upon Procedures: No assurance, but procedures and findings are listed.
52
Q

Identify the seven conditions that must exist in order to perform an agreed-upon procedures attestation engagement. I AM SURE

A
  1. Independence of the practitioner
  2. Agreement of the parties
  3. Measurability and consistency of subject matter
  4. Sufficiency of the procedures
  5. Use of report restricted to specified parties
  6. Responsibility of subject matter is with client
  7. Engagements to perform agreed-upon procedures on prospective financial statements must include a summary of significant assumptions
53
Q

List some of the key elements in a report on an engagement to apply agreed-upon procedures.

A
  1. A title, signature, and date.
  2. Identification of the specified parties, the subject matter, the character of the engagement, and the responsible party.
  3. A statement that the subject matter is the responsibility of the responsible party.
  4. A statement that the procedures performed were those agreed to by the specified parties.
  5. A statement that the specified parties (and not the accountant) are responsible for the sufficiency of the procedures.
  6. A statement that the engagement was conducted in accordance with AICPA attestation standards.
  7. A list of procedures performed and related findings.
  8. A statement that the practitioner did not conduct an examination, a disclaimer of opinion, and a statement that if additional procedures had been performed, other matters might have been reported.
  9. A statement of restrictions on the use of the report.
  10. Where applicable, reservations or restrictions concerning procedures or findings.
54
Q

What is the difference between a financial forecast and a financial projection?

A

A financial forecast reflects, to the best of the responsible party’s knowledge, the expected financial results of a future period based on expected conditions and expected courses of action. A forecast is appropriate for general or limited use.

A financial projection is based on hypothetical assumptions and reflects a “what if” scenario. A projection is appropriate for limited use only.

55
Q

In what three ways might the CPA be associated with prospective financial statements?

A

The practitioner may:

  1. Compile prospective financial statements
  2. Apply agreed-upon procedures to prospective financial statements
  3. Examine prospective financial statements

Note that a review of prospective financial statements is not allowed.

56
Q

What should be included in the accountant’s report on a compilation of prospective financial statements?

A
  1. Identification of prospective financial statements
  2. A statement that the practitioner has compiled prospective financial statements in accordance with AICPA attestation standards.
  3. A statement that a compilation is limited in scope and does not enable the practitioner to express an opinion or any other form of assurance on statements.
  4. A caveat that the prospective results may not be achieved.
  5. A statement that the practitioner assumes no responsibility to update the report for events and circumstances occurring after the date of the report.
  6. the signature of the practitioner’s firm and the date of the report.
57
Q

How does an examination of prospective financial statements differ from the application of agreed-upon procedures?

A

An examination:

  • is broader and more substantial in scope and responsibility than an agreed-upon procedures engagement
  • includes the expression of an opinion as to whether the statements are presented in conformity with AICPA guidelines and whether the underlying assumptions provide a reasonable basis for the statements.
58
Q

What type of engagement can an accountant perform on pro forma financial statements and what procedures are necessary for a pro forma financial statements engagement?

A

The accountant can conduct either an examination or review of pro forma financial statements.

The accountant should perform the following procedures in a pro forma financial statements engagement:

  • Obtain an understanding of the future or hypothetical event and evaluate the pro forma adjustments and assumptions pertaining to the adjustments
  • Obtain written representations from management
  • Make reference to the financial statements from which the historical information was derived, and indicate whether the financial statements were audited or reviewed.

CPA -Audit (6 decks)

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