7) Reviews are substantially less in scope than an audit means:

a. Analytical procedures are not applied

b. Inquiries were not made

c. Evidence is not gathered

d. All of the above

8) When a review report is modified for a departure from generally accepted accounting principles, the explanatory paragraph

a. Is never include in the opinion

b. Added before the opinion paragraph

c. Added after the opinion paragraph

d. None of the above

9) A review of the annual financial statements is preferred to an audit when

a. Its a public company

b. The user does not insist on having audited financials

c. When revenues are less than $10 million

d. Tax returns are not going to be filed

10) A summary of findings is included in an

a. Agreed upon procedures report

b. Compilation report

c. Examination report

d. Review report

11) The objective of an audit of a grant is to ensure

a. The grantor is solvent

b. The grantee is a college student

c. The grants are non-taxable

d. The grant is used for its intended purpose