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1. If you have determined that your client may not be able to continue in business beyond next year what type of report would you issue? a. Qualified...

1. If you have determined that your client may not be able to continue in business beyond next year what type of report would you issue?
a. Qualified
b. Unqualified
c. Adverse
d. Disclaimer



2. Which of the following reports provides the least assurance?
a. Audit
b. Review
c. Compilation
d. None of the above



3. If you perform an audit then find that you are not independent of the client which is correct?
a. You issue a disclaimer
b. You withdraw from the engagement
c. You downgrade your audit to a lesser engagement
d. None of the above


4. Which type of report would provide the greatest level of assurance?
a. Audit
b. Review
c. Compilation
d. Comfort letter


5. Which of the following reports would not require a scope paragraph?
a. Review
b. Disclaimer due to scope limitation
c. Compilation
d. Qualified due to scope limitation




6. Which type of report issues a negative assurance?
a. Audit
b. Review
c. Compilation
d. Agreed upon procedures examination



7. If an audit report refers to another auditor that performed part of the audit what does this represent?
a. A qualified report
b. Splitting responsibility for the audit
c. An adverse opinion
d. Does not mean anything just a reference


8. Which statement is true?
a. A compilation only provides limited assurance
b. A four paragraph audit report indicates an qualified or adverse report
c. A review is performed in conformity with GAAS
d. A review does not involve understanding the internal control system



9. What is meant by “three pass technique.”
A A technique whereby the auditor examines internal control three
times during the audit.
B. A technique discussed during chat to approach MC CPA questions
C. The follow-up method when you do not receive responses to positive
confirmations
D. None of the above.



10. Which statement is true?
A. Compilations reports contain a conditional opinion
B. If during a review you find the internal control is very weak you do not
accept the engagement
C. Reviews are generally used for interim reporting
D. None of the above are true statements

1. If you have determined that your client may not be able to continue in business beyond next year what type of report would you issue? a. Qualified b. Unqualified c. Adverse d. Disclaimer 2. Which of the following reports provides the least assurance? a. Audit b. Review c. Compilation d. None of the above 3. If you perform an audit then find that you are not independent of the client which is correct? a. You issue a disclaimer b. You withdraw from the engagement c. You downgrade your audit to a lesser engagement d. None of the above 4. Which type of report would provide the greatest level of assurance? a. Audit b. Review c. Compilation d. Comfort letter 5. Which of the following reports would not require a scope paragraph? a. Review b. Disclaimer due to scope limitation c. Compilation d. Qualified due to scope limitation 6. Which type of report issues a negative assurance? a. Audit
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b. Review c. Compilation d. Agreed upon procedures examination 7. If an audit report refers to another auditor that performed part of the audit what does this represent? a. A qualified report b. Splitting responsibility for the audit c. An adverse opinion d. Does not mean anything just a reference 8. Which statement is true? a. A compilation only provides limited assurance b. A four paragraph audit report indicates an qualified or adverse report c. A review is performed in conformity with GAAS d. A review does not involve understanding the internal control system 9. What is meant by “three pass technique.” A A technique whereby the auditor examines internal control three times during the audit. B. A technique discussed during chat to approach MC CPA questions C. The follow-up method when you do not receive responses to positive confirmations D. None of the above. 10. Which statement is true? A. Compilations reports contain a conditional opinion B. If during a review you find the internal control is very weak you do not accept the engagement C. Reviews are generally used for interim reporting D. None of the above are true statements
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1. If you have determined that your client may not be able to continue in business
beyond next year what type of report would you issue?
a. Qualified
b. Unqualified
c. Adverse
d. Disclaimer 2....

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