CPA Audit Review module 6 - 2

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Joens1313
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CPA Audit Review module 6 - 2
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2015-01-19 00:08:07
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CPA Audit Review module 6 - 2
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  1. List the procedures used in a reveiw
    Analyitcal Procedures

    Obtain written representation from management and perform other procedures

    Inquires of management members with responsibility for financial and accounting matters.
  2. In a review engagement the accountant should accumulate evidence to obtain a limited level of assurance.
    In a ________________ the accountant should accumulate evidence to obtain a limited level of assurance.
  3. In a review engagement the accountant should accumulate evidence to obtain a limited level of assurance.
    In a review engagement the accountant should accumulate evidence to obtain a _______________of assurance.
  4. For a review, each page of the financial statements should include a reference such as "_____________________________"
    For a review, each page of the financial statements should include a reference such as "See Accountants Review Report"
  5. AICPA pronouncements apply to ______________
    AICPA pronouncements apply to nonissuers
  6. ______________ pronouncements apply to nonissuers
    AICPA pronouncements apply to nonissuers
  7. PCAOB pronouncements apply to _____________
    PCAOB pronouncements apply to issuers
  8. ____________ pronouncements apply to issuers
    PCAOB pronouncements apply to issuers
  9. A CPA should not submit unaudited financial statements of a non issuer unless at a minimum they perform a ___________________.
    A CPA should not submit unaudited financial statements of a non issuer unless at a minimum they perform a compilation.
  10. A _______________________ is an engagement in which an accountant expresses a conclusion designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of the financial statements against the applicable financial reporting framework.
    A Assurance Engagement is an engagement in which an accountant expresses a conclusion designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of the financial statements against the applicable financial reporting
  11. A Assurance Engagement is ........................
    A Assurance Engagement is an engagement in which an accountant expresses a conclusion designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of the financial statements against the applicable financial reporting
  12. ____________________________ is a set of criteria used to determine measurement recognition, presentation and disclosure of all material items appearing in the financial statements.
    Financial reporting framework is a set of criteria used to determine measurement recognition, presentation and disclosure of all material items appearing in the financial statements.
  13. Financial reporting framework is a set of criteria used to determine measurement .....................
    Financial reporting framework is a set of criteria used to determine measurement recognition, presentation and disclosure of all material items appearing in the financial statements.
  14. A compilation is what kind of engagement?
    a attest engagement
  15. What is the objective of a compilation?
    To assist management in presenting financial information in the form of financial statements, information that is the representation of management, without undertaking to obtain any assurance that there are no material modification that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.
  16. What is the objective of a review?
    to obtain limited assurance that there are no material modification that should be made tot he financial statements in order for the statements to e in conformity with the applicable financial reporting framework
  17. A review engagement is a _____________________ as well as a attest engagement.
    A review engagement is a assurance engagement as well as a attest engagement.
  18. A review engagement is a assurance engagement as well as a ____________________.
    A review engagement is a assurance engagement as well as a attest engagement.
  19. in a review the accountant should accumulate review evidence to obtain a ________________ level of assurance.
    in a review the accountant should accumulate review evidence to obtain a limited level of assurance.
  20. in a ________________ the accountant should accumulate review evidence to obtain a limited level of assurance.
    in a review the accountant should accumulate review evidence to obtain a limited level of assurance.
  21. For a compilation the accountant has ___________________________________________ about the accuracy or completeness of financial statements
    For a compilation the accountant has no responsibility to obtain evidence about the accuracy or completeness of financial statements
  22. For a ____________________ the accountant has no responsibility to obtain evidence about the accuracy or completeness of financial statements
    For a compilation the accountant has no responsibility to obtain evidence about the accuracy or completeness of financial statements
  23. For a review the accountant has procedures designed to accumulate enough evidence that will provide a reasonable basis for __________________________ that there are no material modifications needed.
    For a review the accountant has procedures designed to accumulate enough evidence that will provide a reasonable basis for obtaining limited assurance that there are no material modifications needed.
  24. For a _______________ the accountant has procedures designed to accumulate enough evidence that will provide a reasonable basis for obtaining limited assurance that there are no material modifications needed.
    For a review the accountant has procedures designed to accumulate enough evidence that will provide a reasonable basis for obtaining limited assurance that there are no material modifications needed.
  25. If a complication is not expected to be used by a 3rd party, the accountant should state that in the __________________________.
    If a complication is not expected to be used by a 3rd party, the accountant should state that in the engagement letter.
  26. If a complication is not expected to be used by a 3rd party, the accountant should state that in the _____________________.
    If a complication is not expected to be used by a 3rd party, the accountant should state that in the engagement letter.
  27. When the accountant is engaged to report o completed statements or submits financial statements that are reasonably expected to be used by a 3rd party the financial statement should be accompanied by a _____________.
    When the accountant is engaged to report o completed statements or submits financial statements that are reasonably expected to be used by a 3rd party the financial statement should be accompanied by a compilation report.
  28. When the accountant is engaged to report o completed statements or submits financial statements that are reasonably expected to be used by a _______________ the financial statement should be accompanied by a compilation report.
    When the accountant is engaged to report o completed statements or submits financial statements that are reasonably expected to be used by a 3rd party the financial statement should be accompanied by a compilation report.
  29. Each page of the compiled statements should included a reference such as "________________________report"
    Each page of the compiled statements should included a reference such as "See Accountants compilation report"
  30. if an accountant, working on a compilation report, elects to disclose reasons for a lack of independence, ______________________.
    if an accountant, working on a compilation report, elects to disclose reasons for a lack of independence, they must disclose all of them.
  31. if an accountant, working on a ________________ report, elects to disclose reasons for a lack of independence, they must disclose all of them.
    if an accountant, working on a compilation report, elects to disclose reasons for a lack of independence, they must disclose all of them.
  32. When a compilation is not expected to be used by a 3rd party, a __________________ is not required.
    When a compilation is not expected to be used by a 3rd party, a complication report is not required.
  33. When a compilation is not expected to be used by a 3rd party, it must be indicated in the engagement letter.
    When a compilation is not expected to be used by a 3rd party, it must be indicated in the ___________________________.
  34. When a compilation is not expected to be used by a 3rd party, a reference must be on each page of the financial statements must be added restricting their use, such as "_____________________________."
    When a compilation is not expected to be used by a 3rd party, a reference must be on each page of the financial statements must be added restricting their use, such as "Restricted for Management Use Only."
  35. When a compilation is not expected to be used by a 3rd party, a reference must be on each page of the ______________________ must be added restricting their use, such as "Restricted for Management Use Only."
    When a compilation is not expected to be used by a 3rd party, a reference must be on each page of the financial statements must be added restricting their use, such as "Restricted for Management Use Only."
  36. If a complication report is to be restricted, it should state the following.

    1. ___________________

    2. _______________________

    3. __________________________
    If a complication report is to be restricted, it should state the following.

    1. State that the report is intended solely for informational use of specified parties

    2. identify those specified parties

    3. Say that report is not intended for and should not be used by anyone other then the specified parties.
  37. If a complication report is to be restricted, it should state the following.

    1. ________________

    2. identify those specified parties

    3. Say that report is not intended for and should not be used by anyone other then the specified parties.
    If a complication report is to be restricted, it should state the following.

    1. State that the report is intended solely for informational use of specified parties

    2. identify those specified parties

    3. Say that report is not intended for and should not be used by anyone other then the specified parties.
  38. If a complication report is to be restricted, it should state the following.

    1. State that the report is intended solely for informational use of specified parties

    2. _________________

    3. Say that report is not intended for and should not be used by anyone other then the specified parties.
    If a complication report is to be restricted, it should state the following.

    1. State that the report is intended solely for informational use of specified parties

    2. identify those specified parties

    3. Say that report is not intended for and should not be used by anyone other then the specified parties.
  39. If a complication report is to be restricted, it should state the following.

    1. State that the report is intended solely for informational use of specified parties

    2. identify those specified parties

    3. __________________
    If a complication report is to be restricted, it should state the following.

    1. State that the report is intended solely for informational use of specified parties

    2. identify those specified parties

    3. Say that report is not intended for and should not be used by anyone other then the specified parties.

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