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Detail Form
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1.
Which of the following situations would not result in restricted use language being included in an auditor's special report?
2.
Which of the following is true about management representations obtained during an engagement to review the financial statements of a nonissuer?
3.
An accountant compiles unaudited financial statements that are not expected to be used by a third party. The accountant may decline to issue a compilation report provided:
I. Each page of the financial statements is clearly marked to restrict its use.
II. A written engagement letter is used to document the understanding with the client.
III. A written representation letter is obtained from the client's management.
I. Each page of the financial statements is clearly marked to restrict its use.
II. A written engagement letter is used to document the understanding with the client.
III. A written representation letter is obtained from the client's management.
4.
An accountant has compiled the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS).
The financial statements are expected to be used by a third party. Does SSARS require that the compilation report be printed on the accountant's letterhead and that the report be manually signed by the accountant?
The financial statements are expected to be used by a third party. Does SSARS require that the compilation report be printed on the accountant's letterhead and that the report be manually signed by the accountant?
5.
An accountant is required to comply with the provisions of Statements on Standards for Accounting and Review Services when:
I. Reproducing client-prepared financial statements without modification, as an accommodation to a client.
II. Preparing standard monthly journal entries for depreciation and expiration of prepaid expenses.
I. Reproducing client-prepared financial statements without modification, as an accommodation to a client.
II. Preparing standard monthly journal entries for depreciation and expiration of prepaid expenses.
6.
If requested to perform a review engagement for a nonissuer in which an accountant has an immaterial direct financial interest, the accountant is:
7.
Kell engaged March, CPA, to submit to Kell a written personal financial plan containing unaudited personal financial statements. March anticipates omitting certain disclosures required by GAAP because the engagement's sole purpose is to assist Kell in developing a personal financial plan. For March to be exempt from complying with the requirements of SSARS 1, Compilation and Review of Financial Statements, Kell is required to agree that the:
8.
When providing limited assurance that the financial statements of a nonissuer require no material modifications to be in accordance with generally accepted accounting principles, the accountant should:
9.
What type of analytical procedure would an auditor most likely use in developing relationships among balance sheet accounts when reviewing the financial statements of a nonissuer?
10.
Compiled financial statements should be accompanied by an accountant's report stating that: