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chapter25
Chapter25
Multiple-ChoiceQuestions
1.
easy
d
ThestandardswhichgoverntheCPA’sassociationwithunauditedfinancialstatementsofprivatecompaniesarethe:
a.AICPA’sCodeofProfessionalConduct.
b.StatementsonAuditingStandards（SASs）.
c.StatementsofStandardsonAttestationEngagements（SSAEs）.
d.StatementsonStandardsforAccountingandReviewServices（SSARS）.
2.
easy
b
ThetwotypesofservicesprovidedinconnectionwiththeStatementsonStandardsforAccountingandReviewServicesare:
a.auditandexaminationservices.
b.compilationandreviewservices.
c.examinationandreviewservices.
d.managementadvisoryservicesandcompilations.
3.
easy
c
StatementsonStandardsforAttestationEngagementsareestablishedbythe:
a.SecuritiesandExchangeCommission.
b.PublicCompanyAccountingOversightBoard.
c.AuditingStandardsBoard.
d.AccountingandReviewServicesCommittee.
4.
easy
c
BecausethesameCPAfirmdoesboththeannualauditandthepubliccompanyinterimfinancialstatementreview,theyarereferredtoas_______.
a.bookkeepers
b.accountants
c.auditors
d.CPAs
5.
easy
b
PractitionerswhoperformreviewsandcompilationsarereferredtointheSSARSstandardsas:
a.bookkeepers.
b.accountants.
c.auditors.
d.CPAs.
6.
easy
c
A（n）_______resultsinaconclusionthatrepresentspositiveassurance.
a.review
b.compilation
c.examination
d.agreeduponprocedureengagement
7.
easy
a
Compilationreportsmaybeofallbutwhichofthefollowingtypes?
a.Compilationwithlimitedindependence.
b.Compilationwithfulldisclosure
c.Compilationwithoutindependence.
d.Compilationthatomitssubstantiallyalldisclosures.
8.
easy
c
Anexaminationresultsinaconclusionthatrepresents_______assurance.
a.limitedassurance
b.negative
c.positive
d.unequivocal
9.
easy
d
ACPAfirmcanissueacompilationreport:
a.onlyifthepartnersareindependent.
b.onlyifallthepartnersandthestaffintheofficeperformingtheengagementareindependent.
c.ifthepartnershavenomaterialordirectimmaterialinterestinclient.
d.evenifitisnotindependent.
10.
easy
b
Whichofthefollowingmeetstheattestationstandards’definitionofanexamination?
a.Preparingacorporation’sannualtaxreturns.
b.Anauditofthefinancialstatements.
c.Areviewofthefinancialstatements.
d.Acompilationofthefinancialstatements.
11.
easy
a
WhichofthefollowingwouldnotbeincludedinaCPA’sreportbaseduponareviewofthefinancialstatementsofanonpublicentity?
a.Astatementthatthereviewwasinaccordancewithgenerallyacceptedauditingstandards.
b.Astatementthatallinformationincludedinthefinancialstatementsistherepresentationofmanagement.
c.Astatementdescribingtheprincipalproceduresperformed.
d.Astatementdescribingtheauditor’sconclusionsbasedupontheresultsofthereview.
12.
easy
a
Thedistributionofwhichofthefollowingtypesofreportsisunrestricted?
a.Examinationsandreviews
b.Reviewsandagreed-uponprocedures
c.Examinationsandagreed-uponprocedures
d.Examinations,reviews,andagreed-uponprocedures
13.
easy
b
Thestatementthat“Nothingcametoourattentionwhichwouldindicatethatthesestatementsarenotfairlypresented”expresseswhichofthefollowing?
a.Disclaimerofanopinion.
b.Negativeassurance.
c.Negativeconfirmation.
d.Sharedopinion.
14.
Forreviews,anaccountantdoeswhichofthefollowing?
easy
d
Obtainanunderstandingofinternalcontrol.
Performtestsofcontrols.
Performtestsoftransactions.
a.
Yes
Yes
No
b.
Yes
No
Yes
c.
No
Yes
Yes
d.
No
No
No
15.
easy
b
AnauditorwhoconductsanexaminationinaccordancewithgenerallyacceptedauditingstandardsandconcludesthatthefinancialstatementsarefairlypresentedinaccordancewithacomprehensivebasisofaccountingotherthanGAAP,shouldissuea:
a.reviewreport.
b.specialreport.
c.qualifiedopinion.
d.disclaimerofopinion.
16.
medium
d
Specificattestationstandardshavebeendevelopedinallbutwhichofthefollowingareas?
a.Proformafinancialinformation.
b.Compliancewithlawsandregulations.
c.Prospectivefinancialstatements.
d.Standardshavebeendevelopedforalloftheabove.
17.
medium
a
Reportsonagreed-uponproceduresareintendedtobedistributed:
a.toonlytheinvolvedparties,whowouldhavetherequisiteknowledgeaboutthoseproceduresandthelevelofassuranceresultingfromthem.
b.toonlytheinvolvedparties,whowouldhavetherequisiteknowledgeaboutthoseproceduresbutnotthelevelofassuranceresultingfromthem.
c.toanypartytowhomtheclientwishes.
d.onlytothestockholdersoftheclient.
18.
medium
a
WhichofthefollowingisnotanareaofemphasisinareviewconductedundertheSSARS?
a.Testsofinternalcontrols.
b.Makeinquiriesofmanagement.
c.Obtainknowledgeoftheclient.
d.Obtainknowledgeoftheaccountingprinciplesandpracticesoftheclient’sindustry.
19.
medium
c
Distributionofwhichofthefollowingtypesofreportsislimited?
a.Audit
b.Review
c.Agreed-uponprocedures
d.Examination
20.
medium
c
Inwhichtypeofreportwouldyoureadthefollowingstatement:
“Webelievethatourexaminationprovidesareasonablebasisforouropinion.”?
a.Review
b.Audit
c.Examination
d.Agreed-uponprocedures
21.
medium
a
WhichofthefollowingformsofreviewarepermissibleunderSSARS?
a.Reviewwithoutpositiveassurance.
b.Reviewonfinancialstatementsthatomitsubstantiallyalldisclosures.
c.ReviewswithoutCPAindependence.
d.Reviewwithoutlimitedprocedures.
22.
medium
Evidenceforareviewengagementconsistsprimarilyof:
a
Inquiries
Analyticalprocedures
Testsofdetails
a.
No
Yes
No
b.
Yes
Yes
No
c.
No
No
Yes
d.
Yes
No
Yes
23.
medium
Whichofthefollowingservicesisperformedundertheattestationstandards?
a
WebTrust
SysTrust
a.
Yes
Yes
b.
No
No
c.
Yes
No
d.
No
Yes
24.（Public）
medium
b
TheSecuritiesandExchangeCommissionrequiresquarterlyfinancialinformationasapartofthe:
a.10-Kreport.
b.10-Qreport.
c.8-Kreport.
d.auditor’sreport.
25.（Public）
medium
d
ThequarterlyreportssubmittedtotheSECbytheclient:
a.havetobeauditedandtheCPAfirmmustbeidentified.
b.donothavetobeaudited,buttheCPAfirmwhichdoestheyear-endauditmustbeidentified.
c.havetobeaudited,buttheCPAfirmdoesnothavetobeidentified.
d.donothavetobeaudited,buttheCPAfirmwhichdoestheyear-endauditmustreviewthequarterlystatementsbeforetheyaresubmittedtotheSEC.
26.
medium
d
TheWebTrustservicerequiresthataCPAupdateitstestingofthee-commerceaspectsofaentity’sWebsiteatleastevery:
a.ninetydays.
b.month.
c.sixmonths.
d.twelvemonths.
27.
medium
b
Reportsondebtcomplianceandsimilarengagementsmaybeissuedasaseparatereportoraspartofareportthatexpressestheauditor’sopiniononthefinancialstatements.Whentheyareissuedasapartofthereportonthefinancialstatements,itisdoneby:
a.addingamiddleparagraphbeforetheopinionparagraph.
b.addingaparagraphaftertheopinionparagraph.
c.addinganadditionalphraseorsentencewithintheopinionparagraph.
d.addingaparagraphbetweentheintroductoryandscopeparagraphs.
28.
medium
a
AuditorsfrequentlyauditstatementsthatwerepreparedonacomprehensivebasisofaccountingotherthanGAAP.Whenthisoccurs:
a.generallyacceptedauditingstandardsapplytotheseengagementsandthereportingrequirementsdiffer.
b.generallyacceptedauditingstandardsapplytotheseengagementsandthereportingrequirementsarethesameaswell.
c.generallyacceptedauditingstandardsdonotapplytotheseexaminationsandthereportingrequirementsdifferalso.
d.generallyacceptedauditingstandardsdonotapplytothisengagementandthereportingrequirementsremainthesamefortheCPA.
29.
medium
d
WhichofthefollowingisnotastandardcontainedinboththeStatementonStandardsforAttestationEngagementsandtheStatementonAuditingStandards?
a.Theexaminationistobeperformedbyapersonhavingadequatetechnicaltraining.
b.Anindependenceinmentalattitudeistobemaintained.
c.Sufficientevidenceistobeobtained.
d.Thepractitionermustobtainasufficientunderstandingoftheclient’sinternalcontrol.
30.
medium
b
Whichofthefollowingisnotoneofthetypesofengagementsandrelatedformsofconclusionsthataredefinedbytheattestationstandards?
a.Reviews.
b.Compilations.
c.Examinations.
d.Agreed-uponprocedures.
31.
medium
a
Whichofthefollowingtypesofengagementreportswouldprovidepositiveassurance?
a.Anexamination.
b.Areview.
c.Anagreed-uponproceduresengagement.
d.Acompilation.
32.
medium
d
Whichofthefollowingisnotoneofthegeneraltypesofprospectivefinancialstatementsincludedintheattestationstandards?
Forecasts
Projections
Earningsestimates
a.
No
No
Yes
b.
No
Yes
No
c.
Yes
Yes
No
d.
Yes
No
Yes
33.
medium
c
Areportonanexaminationis_______astothedistributionbytheclientafteritisissued.
a.restricted
b.limited
c.unrestricted
d.directed
34.
medium
c
Whichareprospectivefinancialstatementsthatpresentanentity’sexpectedfinancialposition,resultsofoperations,andcashflows,tothebestoftheresponsibleparty’sknowledgeandbelief?
a
Forecasts
Projections
a.
Yes
Yes
b.
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