As part of an engagement to conduct a peer review of a CPA firm, you are reviewing the policies and procedures [including checklists] of the firm in relation to the compliance with the GAAS.For each policy/procedure described in the questions, select the appropriate standard that it relates to andcategory of standard.

Question 1 - "Each partner has to sign off on a quarterly basis, compliance of continuous education for CPAs under his/her supervision. Choose the appropriate GAAS Standard and Category for the policy/ procedure"

Training and proficiency- Feildwork Standard

Due professional care- General standard

Training and proficiency- General Standard

Independence- General standard

Question 2 - Bank confirmations must be sent to all banks the company has accounts. Letters must be resent in case of non-receipt of confirmations. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Consistency - Feildwork standard

Obtain corroborative evidence- Fieldwork standard

Planning and supervision- Fieldwork standard

Training and proficiency- Feildwork Standard

Question 3 - An inspection of purchase orders should be conducted to determine if there have been issued to approved vendors. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Due professional care- General standard

Planning and supervision- Fieldwork standard

Disclosure- Reporting standard

Assess internal controls- Fieldwork standard

Question 4 - Every audit workpaper should contain names and initials of the preparer and reviewer along with the respective dates. . Choose the appropriate GAAS Standard and Category for the policy/ procedure

Training and proficiency- Feildwork Standard

Planning and supervision- Fieldwork standard

Disclosure- Reporting standard

Due professional care- General standard

Question 5 - Engagement partners are not allowed hold shares in any of the audit clients of the firm. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Due professional care- General standard

Compliance to accounting principles- Reporting standard

Disclosure- Reporting standard

Independence- General standard

Question 6 - Casting and calculation checks should be completed on the financial statements prior to the partner s signature on the audit report. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Due professional care- Feildwork Standard

Disclosure- Reporting standard

Due professional care- General standard

Training and proficiency- Feildwork Standard

Question 7 - Review the accounting policies in notes to the financial statements. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Compliance to accounting principles- Reporting standard

Consistency - Reporting standard

Express an opinion - Reporting standard

Disclosure- Reporting standard

Question 8 - Preparing A list of changes in accounting policies during the year documenting the management justifications, if any. Choose the appropriate GAAS Standard and Category for the policy/ procedure"

Express an opinion - Reporting standard

Compliance to accounting principles- Reporting standard

Disclosure- Reporting standard

Consistency - Reporting standard

Question 9 - Review the communication from the client attorney to determine any probable and estimable contingent liabilities to be accrued for in the financial statements.. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Consistency - Reporting standard

Compliance to accounting principles- Reporting standard

Disclosure- Reporting standard

Express an opinion - Reporting standard

Question 10 - A list of audit adjustments not accepted by the management summarizing the impact on financial statements.. Choose the appropriate GAAS Standard and Category for the policy/ procedure

Disclosure- Reporting standard

Consistency - Reporting standard

Express an opinion - Reporting standard

Compliance to accounting principles- Reporting standard