CPA Audit Review module 6 - 3

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Joens1313
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293365
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CPA Audit Review module 6 - 3
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2015-01-19 23:03:55
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CPA Audit Review module
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CPA Audit Review module 6 - 3
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  1. The objective of a _____________ is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.
    The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.
  2. The objective of a review is to __________________________________________.
    The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.
  3. The accountant is responsible for conducting a review engagement as per __________________________________.
    The accountant is responsible for conducting a review engagement as per Statements on Standards for Accounting and Review Services issued by the AICPA.
  4. The accountant is responsible for conducting a review engagement as per__________________________________ issued by the AICPA.
    The accountant is responsible for conducting a review engagement as per Statements on Standards for Accounting and Review Services issued by the AICPA.
  5. Can a review be relied upon to disclose errors, fraud or misstatement?
    no
  6. What statement must a review have included in the report
    A statement saying that a review is substantially less in scope the an audit the objective of which is the expression of an opinion: the accountant does not express such an option.
  7. The objective of ________________ financial information is to show what the significant effects on historical information might have been had a consummated or proposed transaction occurred at an earlier date.
    The objective of pro forma financial information is to show what the significant effects on historical information might have been had a consummated or proposed transaction occurred at an earlier date.
  8. The objective of pro forma ___________________________________
    The objective of pro forma financial information is to show what the significant effects on historical information might have been had a consummated or proposed transaction occurred at an earlier date.
  9. If an entity includes financial information with which the accountant is not associated I a report that also includes information with which the accountant is associated __________________________________________
    If an entity includes financial information with which the accountant is not associated I a report that also includes information with which the accountant is associated the information should clearly indicate that the accountant is not associated.
  10. An _______________________is an engagement in which an accountant issues a report designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements against an applicable financial reporting framework.
    An Assurance engagement is an engagement in which an accountant issues a report designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements against an applicable financial reporting framework.
  11. An Assurance engagement is an engagement in which _______________________________
    An Assurance engagement is an engagement in which an accountant issues a report designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements against an applicable financial reporting framework.
  12. An _____________________ is an engagement where an accountant issues an examination a review or an agreed upon procedures report on a subject matter or on an assentation about subject matter that is the responsibility of another party.
    An Attest engagement is an engagement where an accountant issues an examination a review or an agreed upon procedures report on a subject matter or on an assentation about subject matter that is the responsibility of another party.
  13. An Attest engagement is an engagement where an accountant _____________________
    An Attest engagement is an engagement where an accountant issues an examination a review or an agreed upon procedures report on a subject matter or on an assentation about subject matter that is the responsibility of another party.
  14. A compilation of financial statements is an ___________________________
    A compilation of financial statements is an accounting service that involves the preparation of financial statements from client records.
  15. A ___________________________ is an accounting service that involves the preparation of financial statements from client records.
    A compilation of financial statements is an accounting service that involves the preparation of financial statements from client records.
  16. __________________________ is a conclusion by CPA's that after applying limited investigative techniques to certain information they are not aware of the need to modify the presentation of the information
    Limited (negative)assurance is a conclusion by CPA's that after applying limited investigative techniques to certain information they are not aware of the need to modify the presentation of the information
  17. Limited (negative)assurance is __________________________________
    Limited (negative)assurance is a conclusion by CPA's that after applying limited investigative techniques to certain information they are not aware of the need to modify the presentation of the information
  18. _________________________________ is a form of attestation based on inquiry and analytical procedures applied for the purpose of expressing limited assurance that the historical financial statements are presented in accordance with GAAP or some other appropriate basis.
    The Review of financial Statement is a form of attestation based on inquiry and analytical procedures applied for the purpose of expressing limited assurance that the historical financial statements are presented in accordance with GAAP or some other appropriate basis.
  19. The Review of financial Statement is a ___________________________________
    The Review of financial Statement is a form of attestation based on inquiry and analytical procedures applied for the purpose of expressing limited assurance that the historical financial statements are presented in accordance with GAAP or some other appropriate basis.

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