Chapter 2 - Other Reports

Question 1

Modified Review Report

Answer 1

Only required when there is a departure from GAAP.

Question 2

Compilation Report

Answer 2

REQUIRED by SSARS.

Question 3

SSARS Application.

Answer 3

Applies when accountant prepares, compiles, or reviews financial statements.

Question 4

Mis-titled Statements

Answer 4

Qualified Opinion w/ Modification Paragraph

Question 5

SPECIAL purpose

Answer 5

SPECIAL regulatory agency

Question 6

Compiled statements

Answer 6

Must have compilation report

Question 7

Not Independent

Answer 7

Can still perform compilation

Question 8

SSARS does NOT apply

Answer 8

Personal Financial Statements
Submission to taxing authorities
Litigation Services
Business valuation services

Question 9

Ratio Analysis

Answer 9

Relationships between balance sheet accounts

Question 10

Review Engagement

Answer 10

Based on inquiry and analytical procedures

Question 11

Compilation Report

Answer 11

Disclaim opinion on F/S

Question 12

SSARS

Answer 12

Apply to unaudited F/S of a non-public entity

Question 13

Comfort Letter

Answer 13

OPINION whether AUDITED stmt comply with SEC

Question 14

Comfort Letter

Answer 14

Signed by IA

Question 15

Website confirmation

Answer 15

Attestation Standards

Question 16

Agreed-upon procedures

Answer 16

Statement on limitations

Question 17

Financial Forecast - Financial Projection

Answer 17

General Use - NO General Use

Question 18

Audit vs. Attestation standards

Answer 18

CPA independent in mental attitude

Question 19

Agreed-upon procedures

Answer 19

NO assurance