Wiley Test Bank - Reporting

Question 1

When qualifying an opinion because of insufficiency of audit evidence, an auditor should refer to the situation in the:

Answer 1

scope paragraph.

Question 2

Before reissuing a previously issued report from a prior period, the predecessor auditor should:

Answer 2

obtain a representation letter from the successor auditor.

Question 3

Engagement based on an entity’s internal control over financial reporting.

Answer 3

SOC 1.

service organization controls

Question 4

Reports based on having performed a SysTrust engagement for a service organization:

Answer 4

SOC 3

Question 5

Attestation standards on MD&A include:

Answer 5

• Completeness
• Consistency with the F/S
• Occurrence
• Presentation & Disclosure

Question 6

“Unaudited” info when included with historical F/S?

Answer 6

Interim information

Question 7

A written assertion is generally not required for:

Answer 7

agreed-upon procedures engagements.

Question 8

Four criteria for Trust Services Principle:

Answer 8

• policies
• communications
• procedures
• monitoring

Question 9

The AICPA organization established to identify, develop, and communicate new assurance opportunities to CPAs is the:

Answer 9

Assurance Services Executive Committee