Simulated Exam Flashcards
if there as been a justifiable change in accounting principle that is inseparable from a change in estimate, how should this be accounted for?
the change would be considered a change in estimate.
in reporting on internal controls what is requried under Govt auditing standards but not require for GAAS
Govt auditing standards requires a description of the scope of the auditors testing of compliance and of internal control. this is not requrie under GAAS
when is it permitted to make reference to the work of a service auditor in my audit rport
only if there was a modification to the auditors opinion, and ot explain modification
when is the successor auditor required to attempt communications with the predecessor auditor
prior to accepting the engagement
the analysis of what account would best aid in verifying all fixed asset have been capitalized
repairs and maintenance
what should a report issued on significant deficiencies on an entity’s IC include during a audit of FS
- indicate that the purpose of the audit was to report on the FS and not to provide assurance on internal control
- include hte definition of significant deficiencies
- include a restriction on the use of report
AICPA independce rule requires what
that a cpa not have direct financial interest in the client, regardless of materiality. this includes covered members’ spouse and children
what is an example of a question. thatt should be asked ot a predecessor after accepting the engagedment?
matters that may facilitate the evaluation of financial reporting consistency between the current and prior periods
what should the auditor do with respect to supplementary info required by teh GASB that is placed outside the basic fs?
apply limited procedures to the info and add an other matter paragraph to the fs audit report
what should the titel of an OCBOA rport be?
“independent auditors report’
what should establish specific audit objectives in writing audit programs
should be developed based on fianncial statement assertions
what is the form of organization and name rule
public practice firms, must be owned by majority of CPAs
what rule is violated when a CPA failed to comply with laws regarding filling their personal tax return on time
acts discreditable rule
