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Audit & Assurance > Module A - Other Public Accounting Service > Flashcards

Module A - Other Public Accounting Service Flashcards

1
Q

assurance engagements are services that…

A

improve quality of information

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2
Q

attestation info is any info…

A

management is putting together

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3
Q

attestation engagements report on…

A

subject matter or assertion about subject matter

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4
Q

in attestation engagements, other party acknowledges responsibility for…

A

subject matter or assertion

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5
Q

examination is a…

A

high level of assertion

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6
Q

assertion based examination:

A

evaluate a written assertion

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7
Q

direct examination:

A

evaluate something other than written assertion

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8
Q

review is a ____ level of assertion

A

limited

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9
Q

for agreed-upon procedures, level of assurance depends upon…

A

procedures performed

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10
Q

three types of engagements

A

examination, review, agreed-up procedures

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11
Q

attestation standards are similar to…

A

fundamental auditing principles

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12
Q

4 attestation standards

A

practitioners knowledge about subject matter, suitable criteria, evaluation of internal control not required, restricted distributions

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13
Q

for attestation standards, what is not required?

A

evolution of internal control

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14
Q

for service organizations, who provides services related to controls to who?

A

service organization to user entity

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15
Q

service auditor provides SOC report on controls to who?

A

user entity auditor

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16
Q

service organizations are organizations that…

A

process transactions that are relevant to client’s internal control over financial reporting

17
Q

user auditors may require…

A

assurance on internal controls implements at service organizations

18
Q

for issuers, required report on…

A

operating effectiveness of internal control over financial reporting

19
Q

for non issuers, requirements to…

A
  1. obtain understanding of design of internal controls
  2. requirement to determine operating effectiveness of internal controls (if chosen to rely on internal controls)
20
Q

SOC type 1 includes

A

description of IC, design of IC

21
Q

SOC type 2 includes

A

description of IC, design of IC, and operating effectiveness of IC

22
Q

agreed upon procedures engagements typically would be contacted to…

A

do only one procedure

23
Q

agreed upon procedures engagements scopes are usually…

A

less than an audits

24
Q

in a agreed upon procedures engagements report, you…

A
  1. identify parties and describe specific procedures performed
  2. note an examination not performed and disclaim an opinion
  3. provide a summary of findings
  4. may limit use of report to specified parties
25
Q

agreed upon procedures engagements are not an…

A

examination

26
Q

prospective financial information (PFI) mainly focuses on…

A

forecasts or projections

27
Q

PFI info represents…

A

the financial position, results of operations, and cash flows for some period of time in the future

28
Q

two types of PFI

A

financial forecasts, financial projections

29
Q

financial forecasts is a PFI based on…

A

expected conditions and courses of action

30
Q

financial projections are based on..

A

the occurrence of one or more hypothetical events that change existing business structure

31
Q

two types of use/ distribution of report

A

general use, restricted use

32
Q

general use if for _____ only

A

financial forecasts

33
Q

general use presents to…

A

a large number of users

34
Q

restricted use presents to…

A

only users whom the entity is negotiating

35
Q

projection is always _____ use

A

restricted

36
Q

examination of PFI expresses opinion on…

A

presentation of PFI and reasonableness of assumptions

37
Q

for agreed-up procedures on PFI, modify report to…

A

describe scope the engagement and provide a summary of findings (rather than an opinion on the presentation and reasonableness of assumptions)

38
Q

examination of PFI includes

A
  1. identifies PFI examined by accountant
  2. enagment conducted in accordance with AICPA attestation standards
  3. expresses opinion on presentation of PFI and reasonableness of assumptions
  4. indicated that differences between PFI and actual results may occur
  5. if a projection, identify hypothetical assumptions and limit use of report

Audit & Assurance (12 decks)

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