48) An accountant who reviews the financial statements of a nonpublic entity should issue a report stating that a review A) is substantially equivalent in scope to an audit. B) is substantially less in scope than an audit. C) is substantially more in scope than a compilation. D) provides only minimal assurance that the financial statements are fairly presented. 49) All of the following are steps that should be performed in a review engagement except for A) assess fraud risk B) understand the company's ownership structure C) read the company's financial statements D) perform analytical procedures 50) One of the first steps that should be performed for a review of a nonpublic entity's financial statements is to A) read the financial statements B) obtain knowledge of the accounting principles and practices of the client's industry C) inquire whether management has omitted substantially all of the disclosures required by applicable accounting standards D) apply analytical procedures to provide limited assurance that no material modifications should be made to the financial statements 51) Each page of the financial statements reviewed for a nonpublic entity should include the reference A) "These financial statements are unaudited." B) "We express no assurance on these financial statements." C) "See independent accountant's review report." D) "See the audit opinion for the review procedures performed." 52) The last paragraph of the accountant's review report A) details the responsibilities of management B) details the responsibilities of the accountant C) expresses limited assurance in the form of negative assurance D) lists the analytical procedures performed 53) Statements on Standards for Accounting and Review Services (SSARS) govern the CPA's association with unaudited financial statements of nonpublic companies. (A) True and (B) False 54) When performing a review (SSARS review) of financial statements, the accountant is required to obtain a letter of representation from management. (A) True and (B) False 55) The Securities and Exchange Commission requires quarterly financial information as a part of the A) 10-K report. B) 10-Q report. C) 8-K report. D) auditor's report. 56) In a WebTrust attestation engagement the client engages a CPA to provide what level of assurance that the company's website complies with Trust Services categories? A) absolute B) reasonable C) limited D) moderate BC 57) The service auditor's Type 2 report contains A) an opinion on the reasonableness of the financial statements B) the two opinions about the description and suitability of the design of controls that are issued in a Type 1 report plus an additional opinion about the operating effectiveness of controls throughout the period C) an opinion only on the operating effectiveness of the controls D) an opinion on the service company's website

muria a ienven Al read be tirancial mrawemants Bocounting stantor di to the firancial statements 4. Phese financi ef thatements 30 inajdited " B) "Whe express no asscrimce on thest feraocug thatements. C) = Bes independent accountant's ievitw inpert. D) "Sed ithe ajdit opirion for the teview proceduces perfoumed " 520) The last paragraph of the accountants revew report A) dechils the reiponsibit tes of inanagement B) dehis the rotponstalies of the acoountant Q) expresses lim ted assurance in the form of negative assumince Bi lists the analytical pocibdutes performed 53) Stalements on Standards to Accounting and Revew Servites (SSKPS) givem the CPAis nsooufich With unaudied financia sibinments of nonpublic compinies (A) Tris and (B) Falso at ietter of representation from managemant (A). True and (B) False A) 10 Kreport B) 10-8 report. C) bucirepart. B) atuditor's repert. 56) In a WhobTrust attestafion engagement the client engages a CPA to provide what level ol asquraror that the company's website complies with Trust Servioes categories? A) abschule B) stesonable C) limaled B) moderale. 57) The service alidicor's Iype 2 report contains A) an opinion oa the reasonableness of the financial staternents B) the two opinions about the descripton and sutablity of the design of oontrols that are bsued io a Type 1 report plus an additionat opinion about the operating elfectiveness of controis throughout the period C) an opinion only on the operating eftectiveness of the controls D) an opirion on the servise compainy's website