Questions as attatched. 80% answers correct is okay
Questions as attatched. 80% answers correct is okay
ATTACHMENT PREVIEW
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1)
Which of the following appropriately represent
the order of assurance given for a 1) review, 2)
compilation, and 3) audit?
A
Limited assurance, no assurance, and positive assurance.
B
Positive assurance, no assurance, and limited assurance.
C
Limited assurance, positive assurance, and no assurance.
D
No assurance, limited assurance, and positive assurance.
2)
The standard report contains a representation
from the accountant that
A
His/her responsibility is to conduct the review in accordance with SSARS.
B
The financial statements are fairly presented.
C
A review is substantially greater in scope than an audit.
D
The financial statements are his/her responsibility.
3)
Which of the following would
not
normally sign a
management representation letter?
A
The CFO.
B
The owner.
C
The CEO.
D
The client’s attorney.
4)
An accountant has developed an expectation
using an analytical procedure and has compared
it with management’s reported balance. What is
the next step?
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B
Determine if the expectation is materially different from management’s reported balance.
C
Apply substantive tests to determine the causes for any differences.
D
Apply additional supporting analytical procedures.
5)
The accountant should design and perform
analytical procedures based on all the following
except
A
The risk of material misstatement.
B
The time allocated to the engagement.
C
Knowledge of the client.
D
Understanding of the client’s industry.
6)
The management representation letter should be
dated as of
A
The date of the last analytical procedure developed.
B
The date of the financial statements.
C
The date of the accountant’s review report.
D
The date of the last inquiry made to management.
7)
After performing inquiries and analytical
procedures, the accountant believes the financial
statements may be materially misstated. Which of
the following additional procedures would
not
likely be performed?
A
Obtain written statements from the Board of Directors.
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