Random

Question 1

Piecemeal Opinion

Answer 1

an opinion on a specific element of the statements when an auditor has disclaimed an opinion or expressed an adverse opinion on the statements as a whole.A piecemeal opinion is not acceptable because it contradicts the disclaimer or adverse opinion.

Question 2

CAVECROC

Answer 2

Completeness
Accuracy
Valuation & Allocation
Existence
Cutoff
Rights & Obligations
Occurrence
Classification & Understandability

Question 3

Source to Record

Answer 3

Completeness

Question 4

Record to Source

Answer 4

Existence & Ocurrence

Question 5

An inability to obtain sufficient appropriate evidence. The possible effects of the scope limitation are material and pervasive.

Answer 5

Disclaimer of Opinion

Question 6

An inability to obtain sufficient appropriate evidence. The possible effects of the scope limitation are material but not pervasive.

Answer 6

Qualified Opinion

Question 7

Opinion expressed when a material misstatement exists that has material and pervasive effects on the financial statements.

Answer 7

Adverse Opinion

Question 8

Opinion expressed when statement of cash flows is omitted.

Answer 8

Qualified Opinion

Question 9

Opinion expressed when a material misstatement exists that has material but not pervasive effects on the financial statements.

Answer 9

Qualified Opinion

Question 10

Which parts of the auditor’s report are changed when an adverse opinion is expressed?

Answer 10

Auditor’s responsibility section and Opinion paragraph

Question 11

Services Performed under SSAEs

Answer 11

Agreed-upon procedures and examination

Question 12

Describe the standards for preparation, compilation, and review of financial statements for non-issuers (private companies)

Answer 12

SSARs - Statement on Standards for Accounting and Review Services

Question 13

The objective of a review of interim financial information (IFI) of a non-issuer.

Answer 13

to provide the auditor with a basis for reporting on whether material modifications should be made for such information to conform with the applicable financial reporting framework, that is, to provide negative assurance

Question 14

In regards to prospective financial statements, a practitioner may not accept what kind of engagement?

Answer 14

A review.

Question 15

A review consists of..

Answer 15

A review consists primarily of making inquiries of management, applying analytical procedures, and obtaining a management representation letter.