Question

Multiple Choice
1. An assurance report on information can provide assurance about the information’s
a. Reliability.
b. Relevance.
c. Timeliness.
d. All of the above.

2. Which of the following professional services would be considered an attest engagement?
a. A management consulting engagement to provide IT advice to a client.
b. An engagement to report on compliance with statutory requirements.
c. An income tax engagement to prepare federal and state tax returns.
d. Compilation of financial statements from a client’s accounting records.

3 An accountant may accept an engagement to apply agreed- upon procedures to prospective financial statements, provided that
a. The prospective financial statements are also examined.
b. Responsibility for the adequacy of the procedures performed is taken by the accountant.
c. Negative assurance is expressed on the prospective financial statements taken as a whole.
d. Distribution of the report is restricted to the specified users.
4. Which of the following statements concerning prospective financial statements is correct?
a. Only a financial forecast would normally be appropriate for limited use.
b. Only a financial projection would normally be appropriate for general use.
c. Any type of prospective financial statement would normally be appropriate for limited use.
d. Any type of prospective financial statement would normally be appropriate for general use.

5. When compiling the financial statements of a non- public entity, an accountant should
a. Review agreements with financial institutions for restrictions on cash balances.
b. Understand the accounting principles and practices of the entity’s industry.
c. Inquire of key personnel concerning related parties and subsequent events.
d. Perform ratio analyses of the financial data of comparable prior periods. LO 21- 8 21-

6. Which of the following statements is correct concerning both an engagement to compile and an engagement to review a non- public entity’s financial statements?
a. The accountant is not required to obtain an understanding of internal control.
b. The accountant must be independent in fact and appearance.
c. The accountant expresses no assurance on the financial statements. d. The accountant should obtain a written management representation letter.

7. The standard report issued by an accountant after reviewing the financial statements of a non- public entity states that
a. A review includes assessing the accounting principles used and significant estimates made by management.
b. A review includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
c. The accountant is not aware of any material modifications that should be made to the financial statements.
d. The accountant does not express an opinion or any other form of assurance on the financial statements.

8. Financial statements of a non- public entity that have been reviewed by an accountant should be accompanied by a report stating that
a. The scope of the inquiry and the analytical procedures performed by the accountant have not been restricted.
b. All information included in the financial statements is the representation of the management of the entity.
c. A review includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
d. A review is greater in scope than a compilation, the objective of which is to present financial statements that are free of material misstatements.

9. The general accreditation granted by the Institute of Internal Auditors is known as the
a. CFE.
b. CGAP.
c. CFSA.
d. CIA.

10. Which of the following is not one of the general areas of the IIA’s International Standards for the Professional Practice of Internal Auditing?
a. Performance standards.
b. Implementation standards.
c. Ethical standards.
d. Attribute standards.
11. The four principles of the IIA Code of Ethics are
a. Confidentiality, competency, objectivity, and integrity.
b. Objectivity, independence, compliance, and due diligence.
c. Honesty, integrity, independence, and competency.
d. Integrity, confidentiality, independence, and compliance.
12. Which of the following is not a Trust Services principle?
a. Processing integrity.
b. Online privacy.
c. Digital certificate authorization.
d. Availability.

13. Which of the following assurances is not provided by an unqualified opinion on a Type 2 SysTrust report?
a. There are procedures to protect the system against unauthorized physical access.
b. The financial statements created by the system are free of material misstatements.
c. The documented system availability objectives, policies, and standards have been communicated to authorized users and controls are functioning as documented.
d. Documented system processing integrity objectives, policies, and standards have been communicated to authorized users and controls are functioning as documented.
14. PrimePlus engagements are mainly designed to
a. Provide guidance to assisted- living care facilities to enhance quality of life for the elderly.
b. Provide guidance to health care providers in giving high- quality health care.
c. Assist the elderly to maintain their financial independence and desired lifestyle as they age.
d. Assist the elderly in perfecting their shuffleboard techniques.

15. Which of the following is not a type of PrimePlus service?
a. Assurance services.
b. Consulting/ facilitating services.
c. Direct services.
d. Systems design services.



$1.99
Sales1
Views121
Comments0
  • CreatedSeptember 22, 2014
  • Files Included
Post your question
5000