A2

Question 1

Special considerations

Answer 1

Special purpose framework (not GAAP)
Audit of single FS
Reporting on compliance
Summary financial statements

Question 2

Special purpose framework

Answer 2

Cash basis
Tax basis
Regulatory basis
Contractual basis

Question 3

Levels of services

Answer 3

Preparation (non A, non issuers)
Compilation (attest)
Review (limited assurance, attest - inquiry and analytics)

Question 4

SSARS

Answer 4

Statements on standards for accounting and review services

Question 5

Elements

Answer 5

3 party (cpa, mgmt, user)
Reporting framework
Statements or info
Evidence (review ONLY)
Each pager

Question 6

Documentation in preparation

Answer 6

EL
Significant findings
Communication with mgmt re fraud and compliance
FS

Question 7

Compilation requirements

Answer 7

Knowledge of industry
Understanding of business
Reading the FS
Noncompliance

Question 8

Review requirements

Answer 8

Understanding with client

Learn business
Inquiries (internal)
Analytics
Review - other

Client rep letter
Professional judgement
Communicate result

No test of controls, no fraud, no predecessor

Question 9

Aware of fraud

Answer 9

Report to mgmt