Mod AStudent: ___________________________________________________________________________1.Auditing standards apply to work on all audited financial statements and on unaudited financial statements of public and nonpublic companies. True False2.In a review services engagement, an accountant performs some limited procedures to achieve a moderate level of assurance. True False3.A review service provides a basis for expressing an opinion on financial statements. True False4.CPA SysTrust provides assurance that a Web site meets certain criteria. True False5.A compilation report cannot be issued by an accountant who is not independent. True False6.When a new accountant is performing the current-year service, the accountant cannot update the predecessors' report. True False7.When an accountant compiles prescribed forms, the compilation report always must call attention to GAAP departures and disclosure deficiencies. True False8.An accountant associated with personal financial statements would need to give the standard compilation report disclaimer. True False9.Enhanced business reporting (EBR) focuses on improving business reporting by developing a voluntary framework for presentation and disclosure of value drivers. True False10.For a compliance attestation engagement, the auditor accepts responsibility for compliance. True False11.An accountant may report on interim information presented separately from audited financial statements. True False12.Companies that are not subject to SEC regulations can choose to present financial information in accordance with a special purpose framework other than GAAP. True False13.Attestation reports on internal control effectiveness are required to be issued for all nonissuers. True False14.The user auditor can rely on special purpose reports on internal control of a service organization in connection with the evaluation of the client organization. True False15.Management does not have to accept responsibility for the effectiveness of its internal control in order for an accountant to conduct an examination of a client's internal control. True False
16.The AICPA Assurance Services Executive Committee identified five megatrends that can affect public accounting firms' business. Which of the following is notone of the megatrends it identified? A. Information technology.B. The shift from the industrial age to the knowledge age.C. Globalization.D. Merging of corporations creating fewer audit opportunities.
- Spring '12
- Accountant, Auditor's report