International accountancy quiz question from test

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International accountancy quiz question from test

Inquiry and analytical procedures ordinarily performed during a review of a nonpublic entity's financial statements include Inquiries concerning actions taken at meetings of the owners and those charged with governance. Analytical procedures designed to test the accounting records by obtaining corroborating evidential matter.

Inquiries designed to identify significant deficiencies in the internal control structure. Analytical procedures concerning management's assertions regarding continued existence. Procedures performed during a review consist primarily of inquiries of management and the performance of analytical procedures.

Inquiries concerning actions taken at meetings of the owners and those charged with governance would commonly be performed during a review. If a change in accounting principle has occurred and the auditor concurs with the change, the only requirement that must be met is to refer to the change in an emphasis-of-matter paragraph following an otherwise unmodified opinion.

It is not necessary for the auditor to concur explicitly with the change nor is it appropriate for the opinion to be qualified as a result of the change. Which of the following is correct relating to compiled financial statements when third-party reliance upon those statements is anticipated?

A compilation report must be issued. Omission of note disclosures is unacceptable. An opinion on fairness of financial statement presentations is required.

International accountancy quiz question from test

Each page of the financial statements should have restrictions such as "Restricted for Management's Use Only".

This answer is correct because when third-party reliance is anticipated, an accountant must issue a compilation report. The framework most likely to be used by management in its internal control assessment under requirements of the Sarbanes-Oxley Act of is the COSO internal framework.

COSO enterprise risk management framework. FASB 37 internal control definitional framework. AICPA internal control analysis manager. The COSO internal control framework is by far the most frequently used one.

When an accountant compiles a client's financial statements accompanied by supplemental information, which of the following is a required element of the accountant's separate report on the supplemental information? A statement that the information has been compiled from information that is the representation of management without audit or review.

A list of the procedures performed by the accountant during the compilation. A statement that the accountant did not become aware of any material modifications that should be made to the information.

A confirmation of the independence of the accountant with respect to the information presented. The report should further state that the supplementary information was not audited or reviewed since it was compiled and that no assurance of any type is provided.Accounting Test Paper Questions with Answers On 20 questions on Multiple Choice Question Section A: Questions On True or False True False Accounting Test Paper Questions with Answers On Accounting For Depreciation Of Fixed Assets _____ (Page 2) [If you need more questions and answers E-books on subjects like bookkeeping, financial.

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