1. When planning and performing an engagement of the audit of special-purpose financial statements, the auditor is not required to obtain an understanding of the entity's selection and application of accounting policies.
2. An appropriate description of findings in an agreed-upon procedures engagement would state "Nothing came to my attention as a result of applying that procedure."
3. Prospective financial statements are either financial forecasts or financial projections.
4. The audit of financial statements includes serious consideration of the possibility of fraud; the primary purpose of a forensic engagement is to detect, investigate, and document a situation in which fraud almost certainly exists.
5. Examples of procedures that would be conducted in a forensic engagement include sampling and analytical review, based on materiality.
6. Sustainability reporting includes voluntary corporate disclosures about sustainability initiatives, plans, and associated outcomes.
7. The terms non-financial reporting, corporate social responsibility reporting, and triple bottom-line reporting are each sustainability-related terms.

  • CreatedSeptember 22, 2014
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