utlly all disclosures required by GAAP, the accountant should indicate in the complation report that the financial statements 7. When an accountant is engaped to compile a nonpublic entity's financial statements that omit might influence users' conclusions about the business, if the disclosures were included B. are prepared in conformity with a comprehensive basis of accounting other than GAAP are not compiled in acoordance with Statements on Standards for Accounting and Review Services. A. C. 0. are special-purpose financial statements that are not comparable to those of prior periods 8. Planning the audit does not involve which of the foilowing? b) a planning meeting a) development of an audit program d) consideration of materiality 9) The procedures used in a review engagement are: A. physical examination, reperformance, and obtaining a management representation leter B. analytical procedures, reperformance, and obtaining a management representation letter c analytical procedures, inquiry, and obtaining a management representation letter D. physical examination, inquiry, and obtaining a management representation leter. 10. When a company uses a service organization to prepare its payroll the company's auditors: A. have no obligation concerning the internal controis at the service organization. B. need to understand the internal controls over the transaction regardless of the location of the control. C. must audit the internal controls at the service organization. D. should include the audit report of the service company's auditors with their auditors' report 11) The purpose of the internal audit's evaluation of the effectiveness of existing risk management processes is to determine that A) Management has planned and designed the process to provide reasonable assurance of achieving objectives and goals. B) Management directs processes to provide reasonable assurance of achieving objectives and goals C) The organization's objectives and goals wil be achieved efficiently and economically. D) The organization's objectives and goals will be achieved in an accurate and timely manner and with minimal use of resources. 12) Senior management has ordered a compliance audit of the organization's employee benefits package. Which of the following do both the chief audit executive and senior management consider a primary engagement objective? A. The level of the organizational contributions is adequate to meet the program's demands. B. Individual programs are operating in accordance with contractual requirements and govenment regulations C. Participation levels support continuation of individual programs D. Benefits payments, when appropriate, are accurate and timely 13) If an auditor of a public company cannot find guidance issued by the PCAOB on a particular a matter, the auditor should generally seek guidance from which of the following sources? a) b) c) d) Statements on auditing standards Statements on standards for accounting and review services Regulations issued by the Securities and Exchange Commission The AICPA Code of Professional Conduct utlly all disclosures required by GAAP, the accountant should indicate in the complation report that the financial statements 7. When an accountant is engaped to compile a nonpublic entity's financial statements that omit might influence users' conclusions about the business, if the disclosures were included B. are prepared in conformity with a comprehensive basis of accounting other than GAAP are not compiled in acoordance with Statements on Standards for Accounting and Review Services. A. C. 0. are special-purpose financial statements that are not comparable to those of prior periods 8. Planning the audit does not involve which of the foilowing? b) a planning meeting a) development of an audit program d) consideration of materiality 9) The procedures used in a review engagement are: A. physical examination, reperformance, and obtaining a management representation leter B. analytical procedures, reperformance, and obtaining a management representation letter c analytical procedures, inquiry, and obtaining a management representation letter D. physical examination, inquiry, and obtaining a management representation leter. 10. When a company uses a service organization to prepare its payroll the company's auditors: A. have no obligation concerning the internal controis at the service organization. B. need to understand the internal controls over the transaction regardless of the location of the control. C. must audit the internal controls at the service organization. D. should include the audit report of the service company's auditors with their auditors' report 11) The purpose of the internal audit's evaluation of the effectiveness of existing risk management processes is to determine that A) Management has planned and designed the process to provide reasonable assurance of achieving objectives and goals. B) Management directs processes to provide reasonable assurance of achieving objectives and goals C) The organization's objectives and goals wil be achieved efficiently and economically. D) The organization's objectives and goals will be achieved in an accurate and timely manner and with minimal use of resources. 12) Senior management has ordered a compliance audit of the organization's employee benefits package. Which of the following do both the chief audit executive and senior management consider a primary engagement objective? A. The level of the organizational contributions is adequate to meet the program's demands. B. Individual programs are operating in accordance with contractual requirements and govenment regulations C. Participation levels support continuation of individual programs D. Benefits payments, when appropriate, are accurate and timely 13) If an auditor of a public company cannot find guidance issued by the PCAOB on a particular a matter, the auditor should generally seek guidance from which of the following sources? a) b) c) d) Statements on auditing standards Statements on standards for accounting and review services Regulations issued by the Securities and Exchange Commission The AICPA Code of Professional Conduct