Compilations Flashcards
1
Q
What kind of assurance does an auditor provide on compilations?
A
No assurance is provided for compilations on the reliability of FS
2
Q
Is independence required for compilation?
A
NO
3
Q
Does city and state where the accountant practices need to be included in the report?
A
Yes
4
Q
After identifying related party transactions what should the auditor do?
A
Make sure they were approved by the board
5
Q
When are tests of controls required?
A
when the A wishes to assess the ROMM at a low level
6
Q
An integrated audit under SOX requires an opinion on what?
A
FS and internal control
7
Q
When should the compilation report be dated?
A
When the compilation procedures are completed
