b Apply to the state insurance commission for an ad visory opinion c Issue a

B apply to the state insurance commission for an ad

This preview shows page 10 - 12 out of 15 pages.

b.Apply to the state insurance commission for an ad-visory opinion. 115. A CPA is permitted to accept a separate engagement(not in conjunction with an audit of financial statements) to audit an entity’sSchedule ofSchedule of accounts receivableroyalties 116. Financial information is presented in a printed form that prescribes the wording of the independent auditor’sreport. The form is not acceptable to the auditor because the form calls for statements that are inconsistent with the audi-tor’s responsibility. Under these circumstances, the auditormost likely would
Background image
117. A registration statement filed with the SEC contains the reports of two independent auditors on their audits of financial statements for different periods. The predecessor auditor who audited the prior period financial statements generally should obtain a letter of representation from the a.Successor independent auditor. b.Client’s audit committee.c.Principal underwriter.d.Securities and Exchange Commission. 118. Which of the following statements is correct concern- ing letters forunderwriters, commonly referred to as comfort letters? 119. Comfort letters ordinarily are signed by the client’s a. 120. Comfort letters ordinarily are addressed to a.
Background image
Image of page 12

You've reached the end of your free preview.

Want to read all 15 pages?

  • Fall '16
  • lord eddie aguilar

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture