A5

Question 1

If unable to obtain a management representation letter, what should an auditor do?

Answer 1

They should withdraw

Question 2

used to select controls in integrated audit

Answer 2

top-down approach

Question 3

what is the primary purpose of engagement of internal control?

Answer 3

assessing control tisk

Question 4

In integrated audit, auditor should determine weather components are

Answer 4

1. Present and functioning in design, implementation, and operation
2. operating together in integrated manner

Question 5

what opinion do material weaknesses result in?

Answer 5

adverse opinion

Question 6

what is the auditor required to communicate with governance?

Answer 6

planned scope, auditor’s responsibility, and significant findings

Question 7

what opinion does a scope limitation garner?

Answer 7

withdrawal or disclaimer

Question 8

what service will be used in audit engagements

Answer 8

SAS, PCAOB

Question 9

what service is used in attestation engagements?

Answer 9

SSAE

Question 10

what service is used for preparation, compilation, and Review

Answer 10

SSARS

Question 11

Services of attestation

Answer 11

1. agreed-upon procedures
2. Financial forecasts+ projections
3. Pro forma financial statements
4. Compliance attestations
5. management discussion and analysis
6. Reporting on controls at service organizations

Question 12

concepts of Attestation CAPE CORP

Answer 12

Compliance
acceptance+ continuance
Precondition
Engagement documentation
Change in terms of engagement
Other practitioners work
Responsibility of quality control
Professional skepticism+ judgement

Question 13

what does practitioner’s report need to include?

Answer 13

procedures performed, related findings, and materiality thresholds

Question 14

what should be listed in practitioner’s report?

Answer 14

specific procedures

Question 15

who should make inquiries about accounting principles used in preparation of prospective FS?

Answer 15

accountant

Question 16

Evaluating financial forecast includes

Answer 16

Evaluating presentation, support, presentation of FS with AICPA, and issuing examination report

Question 17

when should an auditor disclaim an opinion?

Answer 17

when they can’t perform certain procedures

Question 18

reports internal controls over financial reporting

Answer 18

SOC 1 Report

Question 19

Reports on internal control on trust services

Answer 19

SOC 2 Report

Question 20

Can help auditor obtain understanding of a control

Answer 20

Type 1 report

Question 21

help obtain information about internal control

Answer 21

Type 2 Report

Question 22

what is objective of auditor’s examination with entity compliance?

Answer 22

to issue opinion or assertion

Question 23

what should an auditor do when examining entity compliance?

Answer 23

determine existence of supplementary audit requirements, perform risk assessments, and prepare report with required documentation

Question 24

what is auditor responsibility when reporting on GAGAS

Answer 24

1. compliance with laws, rules, and regulations
2. internal control over financial reporting

Question 25

3 types of engagements defined by governmental standards

Answer 25

Financial audit, attest engagement, performance audits

Question 26

what does GAAS primarily apply to?

Answer 26

audits using federal assistance and government organizations

Question 27

who should fraud be directly reported to in GAGAS?

Answer 27

audit committee

Question 28

How long does auditor and audit retain documentation for

Answer 28

3 years

Question 29

single audit

Answer 29

includes separate evaluation of materiality for each major program

Question 30

program audit

Answer 30

used when expenditures are under one program

Question 31

what opinion is given in noncompliances

Answer 31

qualified/ adverse

Question 32

Five reports for GAAS+ GAGAS

Answer 32

1, GAAS
2. SEFA
3. GAGAS
4. Single audit Report
5. schedule of findings and questioned costs