Compliance, & Government Audits - CPA Auditing and Attestation (AUD)
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The agreed-upon procedure report should:
The agreed-upon procedure report should:
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All of the elements are included in the terms of the engagement. The engagement must express auditor independence, identify and address and include the identification of the engaging party.
All of the elements are included in the terms of the engagement. The engagement must express auditor independence, identify and address and include the identification of the engaging party.
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Procedures performed under an attestation engagement
Procedures performed under an attestation engagement
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In order to comply with terms of engagement under an attestation, the engagement should meet the intended purpose of the engagement.
In order to comply with terms of engagement under an attestation, the engagement should meet the intended purpose of the engagement.
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Anderson CPA’s entered into an Agreed upon Procedure engagement with Delany Inc. Management of Delany discussed the terms of the engagement with auditors but refused to put the terms in writing. Anderson should:
Anderson CPA’s entered into an Agreed upon Procedure engagement with Delany Inc. Management of Delany discussed the terms of the engagement with auditors but refused to put the terms in writing. Anderson should:
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SSAE 18 requires that the terms of the engagement be in writing. Because management is refusing to express the terms in writing the firm should not accept the engagement and withdraw.
SSAE 18 requires that the terms of the engagement be in writing. Because management is refusing to express the terms in writing the firm should not accept the engagement and withdraw.
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Accepting an engagement to examine an entity's financial projection most likely would be appropriate if the projection were to be distributed to:
Accepting an engagement to examine an entity's financial projection most likely would be appropriate if the projection were to be distributed to:
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Financial projections are hypothetical prospective financial statements. Because the user may need to ask the responsible party questions about the underlying assumptions, financial projections are restricted use reports, whose use is restricted to the responsible party and those third parties with whom the responsible party is negotiating directly.
Financial projections are hypothetical prospective financial statements. Because the user may need to ask the responsible party questions about the underlying assumptions, financial projections are restricted use reports, whose use is restricted to the responsible party and those third parties with whom the responsible party is negotiating directly.
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An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that:
An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that:
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An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that certain conditions are met, including that the use of the report is restricted to the specified parties.
An accountant may accept an engagement to apply agreed-upon procedures to prospective financial statements provided that certain conditions are met, including that the use of the report is restricted to the specified parties.
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Agreed-upon procedures can be performed as long as the following conditions are present:
Agreed-upon procedures can be performed as long as the following conditions are present:
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All of these factors must be present for an agreed-upon procedure engagement to be conducted.
All of these factors must be present for an agreed-upon procedure engagement to be conducted.
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Integrated audits are regulated by the:
Integrated audits are regulated by the:
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Integrated audits are regulated under PCAOB standard number 5.
Integrated audits are regulated under PCAOB standard number 5.
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An integrated audit
An integrated audit
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An integrated audit is not required by private corporations. The integrated audit is performed under PCAOB standards that govern public companies.
An integrated audit is not required by private corporations. The integrated audit is performed under PCAOB standards that govern public companies.
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As described by PCAOB auditing standard number 2, an effective internal control
As described by PCAOB auditing standard number 2, an effective internal control
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According to PCAOB Accounting Standards: “Maintaining effective internal control over financial reporting means that no material weaknesses exist; therefore, the objective of the audit of internal control over financial reporting is to obtain reasonable assurance that no material weaknesses exist as of the date specified in management's assessment.”
According to PCAOB Accounting Standards: “Maintaining effective internal control over financial reporting means that no material weaknesses exist; therefore, the objective of the audit of internal control over financial reporting is to obtain reasonable assurance that no material weaknesses exist as of the date specified in management's assessment.”
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Of the following, which is true regarding PCAOB standards surrounding internal control?
Of the following, which is true regarding PCAOB standards surrounding internal control?
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PCAOB standards surrounding internal control apply only to audits of issuers.
PCAOB standards surrounding internal control apply only to audits of issuers.
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Each of the following types of controls is considered to be an entity-level control, except those:
Each of the following types of controls is considered to be an entity-level control, except those:
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Entity level controls include controls related to the control environment, the risk assessment process, and the policies over risk management policies. Controls regarding the company's annual shareholder meeting are controls related to a specific event rather than the entity as a whole.
Entity level controls include controls related to the control environment, the risk assessment process, and the policies over risk management policies. Controls regarding the company's annual shareholder meeting are controls related to a specific event rather than the entity as a whole.
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Internal control over financial reporting consists of which component?
Internal control over financial reporting consists of which component?
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The components not listed would include Information and communication and control environment. These 5 components make up ICFR.
The components not listed would include Information and communication and control environment. These 5 components make up ICFR.
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An integrated audit
An integrated audit
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An integrated audit is not required by private corporations. The integrated audit is performed under PCAOB standards that govern public companies.
An integrated audit is not required by private corporations. The integrated audit is performed under PCAOB standards that govern public companies.
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Integrated audits are regulated by the:
Integrated audits are regulated by the:
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Integrated audits are regulated under PCAOB standard number 5.
Integrated audits are regulated under PCAOB standard number 5.
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As described by PCAOB auditing standard number 2, an effective internal control
As described by PCAOB auditing standard number 2, an effective internal control
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According to PCAOB Accounting Standards: “Maintaining effective internal control over financial reporting means that no material weaknesses exist; therefore, the objective of the audit of internal control over financial reporting is to obtain reasonable assurance that no material weaknesses exist as of the date specified in management's assessment.”
According to PCAOB Accounting Standards: “Maintaining effective internal control over financial reporting means that no material weaknesses exist; therefore, the objective of the audit of internal control over financial reporting is to obtain reasonable assurance that no material weaknesses exist as of the date specified in management's assessment.”
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Of the following, which is true regarding PCAOB standards surrounding internal control?
Of the following, which is true regarding PCAOB standards surrounding internal control?
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PCAOB standards surrounding internal control apply only to audits of issuers.
PCAOB standards surrounding internal control apply only to audits of issuers.
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Each of the following types of controls is considered to be an entity-level control, except those:
Each of the following types of controls is considered to be an entity-level control, except those:
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Entity level controls include controls related to the control environment, the risk assessment process, and the policies over risk management policies. Controls regarding the company's annual shareholder meeting are controls related to a specific event rather than the entity as a whole.
Entity level controls include controls related to the control environment, the risk assessment process, and the policies over risk management policies. Controls regarding the company's annual shareholder meeting are controls related to a specific event rather than the entity as a whole.
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Internal control over financial reporting consists of which component?
Internal control over financial reporting consists of which component?
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The components not listed would include Information and communication and control environment. These 5 components make up ICFR.
The components not listed would include Information and communication and control environment. These 5 components make up ICFR.
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Government Accounting Standards
Government Accounting Standards
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Under GASB standards the auditor is required to report on internal control. The written report is also required to establish compliance with applicable laws and regulations and may require a duty to report fraud.
Under GASB standards the auditor is required to report on internal control. The written report is also required to establish compliance with applicable laws and regulations and may require a duty to report fraud.
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The Single Audit Act of 1984
The Single Audit Act of 1984
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The single audit act of 1984 requires audits of federal funds received over a threshold of $750,000.
The single audit act of 1984 requires audits of federal funds received over a threshold of $750,000.
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