19729. Multiple Choice Questions Select the best answer for each of the following and explain fully the reason for your selection. of. Which of the following is not typically performed when the auditors are performing a review of client ?nancial statements? (I) Analytical procedures applied to ?nancial data. (2) Inquiries about signi?cant subsequent events. (3) Con?rmation of accounts receivable. (4) Obtaining an understanding of accounting principles followed in the client?s industry. b. Which of the following must be obtained in a review of anonpublic company? Engagement Letter Representation Letter (1) Yes Yes (2) Yes No (3) No Yes (4) No No c. A CPA who is not independent may perform which of the following services for a non? public company? . Compilation Review (1) ? Yes Yes (2) Yes No (3) No Yes (4) No No d. When perfonning a review of a nonpublic company, which is least likely to be included in audi- tor inquiries of management members with responsibility for ?nancial and accounting matters? (1) Subsequent events. (2) Signi?cant journal entries and other adjustments. (3) Connnunications with related parties. (4) Unusual or complex situations a?ecting the ?nancial statements. 9. The proper report by an auditor relating to summarized ?nancial statements includes: (1) A statement about the type of opinion expressed in the prior year. (2) An adverse opinion. (3) An opinion on whether the summarized information is fairly stated in all material respects in relation to the basic ?nancial statements. (4) No assurance on the information. f. Conceming interim quarterly ?nancial statements, management of public companies: (1) Must engage CPAs to audit the statements. (2) Must engage CPAs to review the statements. (3) May choose to engage CPAs to review the statements. (4) May not engage CPAs to become associated with the statements. A proper compilation report on ?nancial statements that emit note disclosures: Eye (1) Includes an adverse opinion. (2) Includes a disclaimer of opinion on the accuracy of such note disclosures. (3) Indicates that management has omitted such information. (4) Indicates that note disclosures are not necessary for those not informed about such matters.
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