MULTIPLE-CHOICE QUESTIONS
1. Which of the following are examples of the subject matter of an attestation engagement?
a. Prospective financial information.
b. Physical characteristics, such as the square footage of facilities, or processes within facilities.
c. Historical events, such as the price of a market basket of goods on a certain date.
d. The accuracy of compliance assertions about grants, contracts, and regulations.
e. All of the above.

2. Which of the following is not a critical component of an attestation engagement?
a. Information or a process (the subject matter) on which the assurance service is provided.
b. Criteria for evaluation, such as compliance with regulations.
c. Federal regulatory guidelines.
d. A written attestation report.
e. Sufficient appropriate evidence.

3. In which of the following ways does a review differ from a financial statement audit?
a. A review does not involve obtaining an understanding of the organization's ICFR.
b. A review does not involve assessing fraud risk.
c. A review does not involve testing accounting records by obtaining sufficient appropriate evidence through inspection, observation, confirmation, or examining source documents.
d. A review does not involve a practitioner obtaining assurance that he or she will become aware of all significant matters that would be investigated in an audit.
e. All of the above.

4. Which of the following statements regarding compilations is false?
a. A compilation engagement enables the practitioner to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the practitioner's attention that causes the practitioner to believe that the financial statements are not prepared, in all material respects, in accordance with the applicable financial framework.
b. The objective of a compilation engagement is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.
c. In a compilation, the practitioner is not required to make inquiries or perform procedures to verify, corroborate, or review information provided by the client.
d. In a compilation, the practitioner should read the financial statements, including footnotes, to make sure that they are appropriate in form and free from obvious material misstatement.

5. Which of the following is an appropriate review procedure for interim financial information?
a. Making inquiries.
b. Performing analytical procedures.
c. Reading the minutes of board of directors' meetings.
d. Reading the interim information to consider whether it appears to conform to GAAP.
e. All of the above.

6. Which of the following statements about reporting on interim financial statements is false?
a. The disclosure and reporting requirements for interim financial statements differ from those for annual financial statements.
b. Information disclosed in the latest annual financial statements must be repeated in the interim financial statements, except for continuing contingencies and other uncertainties.
c. The negative assurance provided for interim financial statements should be modified when there is a material departure from GAAP or inadequate disclosure.
d. Interim financial statements should include disclosures about events that occurred since the latest year end, such as changes in accounting principles or estimates and significant changes in financial position.

7. Which of the following are special considerations for reporting?
a. Audits of financial statements prepared in accordance with special-purpose frameworks.
b. Audits of single financial statements and specific elements, accounts, or items of a financial statement.
c. Reporting on compliance with aspects of contractual agreements or regulatory requirements.
d. All of the above.