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Flashcards in Mod 6 Wrong Answers Deck (13):
0

When reproducing client prepared financial statements, without modification, as an accommodation to a client, an accountant is...

Not required to comply with the provisions of SSARS

1

The Statements on Standards for Accounting and Review services apply when a CPA...

Submits unaudited financial statements of a nonissuer entity to
Their client or to others

2

SSARS do not apply when accountant has...

Typed client prepared financial statements, without modification,
As an accommodation to the client

3

SSARS apply when an account has generated, through the use of computer software...

Financial statements prepared in accordance with a comprehensive
Basis of accounting other than GAAP

4

To compile financial statements the accountant should...5

1 possess general understanding of nature of entity's business
Transactions
2 the form of its accounted records
3 stated qualifications of accounting personnel
4 accounting basis on which financial statements are presented
5 form an content of financial statements

5

Risk factors relating to misstatements arising from illegal acts is...

Not a consideration in a compilation

6

A CPA's reporting responsibility when current year financial statements are compiled while the preceding year's financial statements were audited. A separate paragraph in the report should indicate that:

The financial statements of...

The prior year were audited

7

A CPA's reporting responsibility when current year financial statements are compiled while the preceding year's financial statements were audited. A separate paragraph in the report should indicate:

The date of...

The previous report

8

A CPA's reporting responsibility when current year financial statements are compiled while the preceding year's financial statements were audited. A separate paragraph in the report should indicate:

The type of...


Opinion expressed

9

A CPA's reporting responsibility when current year financial statements are compiled while the preceding year's financial statements were audited. A separate paragraph in the report should indicate:

If the opinion was...


Other than unmodified, the substantive reasons therefor

10

A CPA's reporting responsibility when current year financial statements are compiled while the preceding year's financial statements were audited. A separate paragraph in the report should indicate:

That no...


Auditing procedures were performed after the date of the previous
Report

11

when current year financial statements are compiled while the preceding year's financial statements were audited. A CPA does not...



Indicate reasons for changing from an audit to a compilation

12

What is the CPA's reporting responsibility when an audit engagement for a nonissuer has been changed to a review engagement because of what the CPA believes to be a reasonable restricting on the scope of the audit?

The CPA should neither include reference to the original
engagement nor to the scope limitation