ACC 4354 Homework #1 - Chapter 1 For questions 1 to 10, match the type of engagement to the statement. Enter "A", "B", "C" or "D" using the guide below: A-Examination B-Review C-Agreed Upon Procedures D-None 1. When the financial statements are involved, this is referred to as an audit. A 2. The term "we are not aware of any material modifications that should be made" is often included in the report. B 3. The report issued provides a summary of procedures followed and findings. C 4. The report issued provides "reasonable assurance". A 5. The procedures involved are generally limited to inquiry and analytical proceures. B 6. The report issued provides "absolute assurance". D 7. The report issued provides limited assurance". B 8. This type of engagement provides more assurance than a review. A 9. The CPA need not be independent to perform this service. D 10. The report issued would indicate a "negative assurance". B