A CPA?

A.may never accept an engagement to compile financial statements that omit the statement of cash flows and/or substantially all disclosures required by US GAAP.

B. may accept an engagement to compile financial statements that omit the statement of cash flows as long as the financial statements include substantially all disclosures required by US GAAP.

C. may accept an engagement to compile financial statements that omit the all substantially all of the disclosures required by US GAAP as long as the statement of cash flows is presented.

D. None of the above.

For good internal control?

A. the treasurer should only prepare check

B. the treasurer should only sign checks

C. an auditor the controller should prepare and sign checks

D. the treasurer should prepare and sign checks

A review engagement consists of?

	A.	Only inquiries of management.
	B.	Only analytical procedures applied to financial data.
	C.	Only inquiries of management and analytical procedures applied to nonfinancial data.
	D.	Inquiries of management and analytical procedures applied to financial and nonfinancial data.

Lapping is?

	A.	involves misappropriation of assets only
	B.	intention distortion and manipulation of accounts receivable balances only
	C.	involves both misappropriation of assets andintentional distortion and manipulation of accounts receivable balances
	D.	None of the above

If a client uses FIFO for part of its inventory and LIFO for the other part of its inventory, the auditor should issue a (an)?

	A.	adverse opinion
	B.	qualified opinion
	C.	disclaimer of opinion
	D.	unmodified or unqualified opinion

A client might intentionally capitalize repairs and maintenance in order to ?

	A.	decrease net income
	B.	increase net income
	C.	make the For good internal control, an entity should balance sheet look better
	D.	increase net income and make the _balance sheet look better

	A.	For good internal control, an entity should? always purchase goods from its customary supplier
	B.	periodically review which vendors to make purchases from
	C.	always purchase goods from out-of-state vendors to avoid being charged sales tax
	D.	None of the above