Superfast Mini Questions Flashcards
1
Q
If requested to perform a compilation engagement for a nonissuer in which an accountant has an immaterial direct financial interest, the accountant is
A
Not independent, and therefore, may issue a compilation report, but may not issue a review report
2
Q
Can a CPA not be independent and perform a compilation engagement? A review?
A
Yes. No.
3
Q
Define Integrated audit
A
An auditor is engaged to perform an audit of managements assessment of the effectiveness of internal control over financial reporting that is integrated with an audit of the FS (PCAOB Auditing standard 5)
