46) Which of the following services provides the lowest level of assurance on a financial statement? 46) A) audit B) review C) Neither service provides assurance on financial statements. D) Each service provides the same level of assurance on financial statements. 47) In which type of service does the CPA assemble the financial statements but provide no assurance 47) to third parties? A) audit B) compilation C) bookkeeping D) review 48) If most or all users' decisions that are based on the financial statements are likely to be 48) significantly affected, the materiality level is A) pervasive B) material. C) unrestricted D) risky 49) One objective of an operational audit is to 49) A) determine if the auditee is in compliance with GAAP B) report on the entity's relative success in attaining profit maximization C) determine whether the financial statements fairly present the entity's operations. D) make recommendations for improving performance 50) Which one of the following is not true regarding the A merican Institute of Certified Public 50) Accountants peer review requirement? A) A CPA firm must develop and adhere to quality control standards B) Firms required to be registered with and inspected by the PC AOB are exempt C) Peer reviews are mandatory D) A CPA firm will lose AICPA eligibility if a peer review is not performed