Reporting

Question 1

A type of accounting service that provides a positive opninon with reasonable assurance on whether assertions folow the appropriate criteria

Answer 1

Examinations

Question 2

A type of accounting service that provides a report that includes limited assurance (negative assurance) with the phrase “I am not aware of any material modifications taht should be made” is included
–limited to internal inquirities and analytical procedures

Answer 2

Reviews

Question 3

A type of accounting service that results in a report that provides a summary of findings–less in scope than an examination, and the report disclaims a positive opinion on the finanical statements

Answer 3

Agreed-upon procedure

Question 4

A type of accounting service that provides no assurance in the report

Answer 4

Compilation

Question 5

Auditor’s reports that are inteded only for specified parties

Answer 5

Restricted-use reports

Question 6

Auditors’ reports that are not restricted to specified parties—ex. audit reports on financial statements prepared in accordance with GAAP

Answer 6

General-use reports

Question 7

A type of opinoin that is not allowed when issuing a disclaimer or adverse opinion that idenfties certain accounts that ARE properly stated

Answer 7

Piecemeal opinion

Question 8

A circumstance for which it is NOT appropriate to refer ar eader of an audtior’s report to a financial statement note for details

Answer 8

Scope limitation–since not presented in notes

Question 9

Restrictions on the actions of the auditor that prevent the auditor from performing procedures as planned–may be imposed by client or circumstances

Answer 9

Scope limations

Question 10

A non-audit accountant association that is available to the FEW issuer firms that are not required to have a nannual audit that results in a simple disclaimer of opinion and the financial statements being read for obvious material misstatements

Answer 10

Unaudited statements

Question 11

A declaration about whether the subject matter is presented in accordance with certain criteria–an attest report should be restricted in circumstances in which a written one is not obtained

Answer 11

Assertion

Question 12

A prediction about the future based on what is expected to occur under normal circumstances—may be prepared for general or limited use–cannot be used for reviews

Answer 12

Forecast

Question 13

A prediction about the future based on what is expected to occur given one more hypothetical assumption–may only be prepared for limited use–cannot be used for reviews

Answer 13

Projection

Question 14

Adjustments made to historical financial statements propsectively for hte effects of an actual or proposed transaction–an accountant may either review or examine the information

Answer 14

Pro forma financial information

Question 15

Services designed to provide infomration system business assurance and advisory services that instill confidence in an organization, system, or other entity by improving the quality or context of informaiton for decision makers–developed by the AICPA’S Ssurance Services Executive Committee

Answer 15

Trust services

Question 16

A type of trust service that provides assurance on electronic commerce (including Web sites) ; the CPA is engaged to examine BOTH that a client complied withthe criteria and that it maintained effective controls over the system

Answer 16

WebTrust

Question 17

A trust service that provides assurance on any defined electronic system; CPA is engaged to examine only that a client maintained effective controls over hte system

Answer 17

SysTrust

Question 18

A type of Service organzation control report that are intended primarily for hte use of user auditors and the company that uses the services of the organzation–prupose is to report on service organization controls over finanical reporting, particularly on those controls likely to be relvant to user entties’ financial statements

Answer 18

SOC 1

Question 19

A service organization control report that is restricted in use and reports on controls at a service organization related to security, availability, processing integrity, confidentiality, and/or privacy

Answer 19

SOC 2

Question 20

A service organization control report that reports on controls realted to security avilability, processing, integrity, confidentiality, and/or privacy, but is general in use and is a SysTrust report

Answer 20

SOC 3

Question 21

A report that address whether hte description of the controls at a service org is fairly presented and wehther the contorls described are suitably designed

Answer 21

Type 1

Question 22

A type of report on a service org that includes the information in a Type 1 report and an opinon on whether hte controls were operating effectively

Answer 22

Type 2

Question 23

An audit engagement that involves testing and reporting on whether an organization has complied with the requirements of various laws, regulations, contracts, and grants

Answer 23

Compliance auditing

Question 24

Referred to as teh “yellow book” that provides additional guidance for compliance auditing

Answer 24

Government Auditing Standards (GAS)

Question 25

Audits that is required for govr governmental entities for which no law requires either a GAS or Single Audit, and not-for profits

Answer 25

Audits conducted in accordance with GAAS

Question 26

A type of audit required for certain organizations that receive federal financial assistance that requires reporting on the financial statements, internal control, and compliance with laws and regulations

Answer 26

Audits conducted in accordance with Generall Accepted Government Auditing Standards (GAGAS)

Question 27

Either financial forecasts or financial projections, including summaries of significant assumptions and accounting policies

Answer 27

Prospective forecasts

Question 28

A presentaiton of prospective financial information that excludes one or more of the items required for prospective financial statements

Answer 28

Partial presentations

Question 29

Prospective financial statements that prsent the responsible party’s beliefs about the entitty’s expected financial position, results of perations, and cash flows

Answer 29

Financial forecasts

Question 30

Prospective financial statementsthat present expected results, tohte best of the responsible party’s knowledge and belief given one or more hypothetical assumption

Answer 30

Financial projection