1) What is the correct term for financial statements that are developed from information presented in audited financial statements?

Agreed-upon procedure statements Compiled financial statements Reviewed financial statements Summary financial statements

2) Which of the following statements is true regarding audit reports on tax-basis financial statements?

Emphasis-of-matter paragraph is omitted from the report Financial statement purpose is disclosed in the notes Modified opinions are the only appropriate reports Use of the report does not have to be restricted

3)

Which of the following would be least likely to be included in an engagement report for an agreed-upon procedures attestation?

Level of responsibility for procedures performed Limited assurance on presented information Summary of procedures performed Use of the report is restricted

4)

What is the accountant's responsibility regarding compiled financial statements when a third party will be relying on those statements?

Accountants must issue a compilation report. Accountants must issue a written engagement letter. Accountants must mark each page as "Restricted for Management's Use Only." Accountants must record all appropriate disclosures in the notes.