Homework Answers
In performing an attest engagement, a CPA typically reports on subject matter other than traditional financial statements.
An attest engagement is one in which a practitioner issues an examination, a review, or an agreed-upon procedures report on subject matter, or an assertion about the subject matter, that is the responsibility of another party. The report should state the practitioner’s conclusion about the subject matter or the assertion which relates to the criteria against the subject matter that was evaluated.
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In performing an attest engagement, a CPA typically o Assesses the risks of material misstatement of...
An attestation engagement is a professional service in which a CPA A. Reports on financial statements...
An attestation engagement is a professional service in which a CPA A. Reports on financial statements prepared on an other comprehensive basis of accounting. B. Assess control risk at a low level. C. Expresses a written conclusion about an assertion or subject matter that is responsibility of another party. D. Provides extensive management consulting advice.
You are an auditor who is charged with the assessment of the risks of material misstatement...
You are an auditor who is charged with the assessment of the risks of material misstatement (RMM) for your client. Before you can assess the RMMs at a low level, you must test the operating effectiveness of controls. You must obtain this assurance regardless of whether the client's controls are manual or automated. Select from the option list provided whether the procedure is a test of controls, a substantive test, or neither for each procedure below. Each choice may be...
The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the...
The question reads: The Engagement Letter for Oceanview Marine Company is missing 2 pieces. Make the needed changes/additions directly on the Engagement Letter. LILTS BERGER & ASSOCIATES 4-1 Certified Public Accountants CW 11/23/2018 Ocean City, Florida 33140 October 30, 2018 Mr. Donald Phillips, President 36 Clearwater Lake Road Ocean City, Florida 33140 Dear Mr. Phillips: You have requested that we audit the financial statements of Oceanview Marine Company, which comprise the balance sheet for December 31, 2018, and the related...
For the following independent situations, assume you are the audit partner on the engagement. For each...
For the following independent situations, assume you are the audit partner on the engagement. For each situation, using the framework for reporting decisions, identify the appropriate audit report from the list below and briefly explain your choice. a) Unmodified opinion b) Unmodified opinion with material uncertainty related to going concern paragraph c) Unmodified opinion with emphasis of matter or other matter paragraph d) Qualified opinion - inappropriate accounting policy or material misstatement e) Qualified opinion - scope limitation f) Disclaimer...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements and internal control. Howard Smythe, the partner in charge of the audit, drafted the following unqualified report: Report of Independent Registered Public Accounting Firm (Comment a) To the shareholders and the board of directors (Comment b) of Casa Royale, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheets of Casa Royale, Inc. (the "Company") as of December 31, 20X7 and...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the following statements Answer The purpose of an audit conducted in accordance with generally accepted auditing standards statements are presented tairly, in all material respects, in accordance with the applicable | The serialy numbered pronouncements issued by the Audeng Standards Board of the ACPA is to provide financial statement users with an opinion by the auditor on whether the financial 2 as generally accepted auditing...
rious 1-35. Match the following definitions (or partial definitions) of the various types of services to...
rious 1-35. Match the following definitions (or partial definitions) of the various types of services to the appropriate term. Each term may be used once or not at all. Definition (or Partial Definition) Service A government agency authorized to regulate companies seeking approval to issue securities for sale to the public. a. American Institute of Certified Public Accountants 1. b. A representation or declaration made by the responsible party typically management of the entity 2. Assertion 3. Financial Accounting 4....
The list of answers are: Adverse Agreed- Upon Procedures Assertions Attestation Risk Consistent Measurements Control Criteria...
The list of answers are:
Adverse
Agreed- Upon Procedures
Assertions
Attestation Risk
Consistent Measurements
Control Criteria
Financial Forecast
Quantitative or Qualitative (nonquantitative)
Responsible Party
SOC 3
Trust Services
Select the necessary words from the list of possibilities to complete the following statements. Statements Answer To present a report that includes an assertion about internal control over compliance, management should evaluate the company's internal control using some appropriate User and preparer needs regarding issues of security, availability, processing integrity, online privacy,...
Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and...
Patel, CPA, has completed the audit of the financial statements of Bellamy Corporation as of and for the year ended December 31, 2016. Patel also audited and reported on the Bellamy financial statements for the prior year. Patel drafted the following report for 2016: We have audited the balance sheet and statements of income and retained earnings of Bellamy Corporation as of December 31, 2016. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements...
Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements and internal control. Howard Smythe, the partner in charge of the audit, drafted the following unqualified report: Report of Independent Registered Public Accounting Firm (Comment a) To the shareholders and the board of directors (Comment b) of Casa Royale, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheets of Casa Royale, Inc. (the "Company") as of December 31, 20X7 and...
You are an auditor who is charged with the assessment of the risks of material misstatement (RMM) for your client. Before you can assess the RMMs at a low level, you must test the operating effectiveness of controls. You must obtain this assurance regardless of whether the client's controls are manual or automated. Select from the option list provided whether the procedure is a test of controls, a substantive test, or neither for each procedure below. Each choice may be...
For the following independent situations, assume you are the audit partner on the engagement. For each situation, using the framework for reporting decisions, identify the appropriate audit report from the list below and briefly explain your choice. a) Unmodified opinion b) Unmodified opinion with material uncertainty related to going concern paragraph c) Unmodified opinion with emphasis of matter or other matter paragraph d) Qualified opinion - inappropriate accounting policy or material misstatement e) Qualified opinion - scope limitation f) Disclaimer...
Chapter 2 Completion Questions Select the necessary words from the list of possibities to complete the following statements Answer The purpose of an audit conducted in accordance with generally accepted auditing standards statements are presented tairly, in all material respects, in accordance with the applicable | The serialy numbered pronouncements issued by the Audeng Standards Board of the ACPA is to provide financial statement users with an opinion by the auditor on whether the financial 2 as generally accepted auditing...
rious 1-35. Match the following definitions (or partial definitions) of the various types of services to the appropriate term. Each term may be used once or not at all. Definition (or Partial Definition) Service A government agency authorized to regulate companies seeking approval to issue securities for sale to the public. a. American Institute of Certified Public Accountants 1. b. A representation or declaration made by the responsible party typically management of the entity 2. Assertion 3. Financial Accounting 4....
The list of answers are:
Adverse
Agreed- Upon Procedures
Assertions
Attestation Risk
Consistent Measurements
Control Criteria
Financial Forecast
Quantitative or Qualitative (nonquantitative)
Responsible Party
SOC 3
Trust Services
Select the necessary words from the list of possibilities to complete the following statements. Statements Answer To present a report that includes an assertion about internal control over compliance, management should evaluate the company's internal control using some appropriate User and preparer needs regarding issues of security, availability, processing integrity, online privacy,...
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