In performing an attest engagement, a CPA performs all of the following EXCEPT:

a.gathers evidence to support the assertions.

b. objectively assesses the measurements of assertions.

relies on management statements.

objectively assesses the communications of the individual making the assertions.

When an investigation of the discovery of facts existing at the report date confirms the existence of the fact and the auditor believes the information is important to those relying or likely to rely on the financial statements, the auditor should immediately:

take steps to prevent future reliance on the audit report.

resign from the engagement.

notify the audit committee.

notify the SEC or other regulatory agency.

Section 18 liability is relatively narrow in scope because it relates only to a false or misleading statement in documents filed with the:

FASB

AICPA

SEC

IRS

The specific audit objective for the audit of investments, investment revenues, and realized and unrealized gains and losses, are reported at proper amounts, relates to the:

existence or occurrence assertion.

rights and obligations assertion.

completeness assertion.

valuation or allocation assertion.

The audit objective, The accounts receivable balance represents gross claims on customers and agrees with the sum of the accounts receivable subsidiary ledger is derived from the assertion of:

completeness.

existence or occurrence.

valuation or allocation.

rights and obligations.

All sales, cash receipts, and sales adjustments are accurately valued using GAPP and correctly journalized, summarized, and posted. These actions are transaction objectives for:

accurancy

completeness

occurance

cutoff

Which of the following is NOT among the specific auditing procedures the auditor performs to obtain additional audit evidence?

making subsequent events review

obtaining client representation letter

reading minutes of meetings

reviewing evidence concerning litigation, claims, and assessments

The expenditure cycle would include:

payments by check.

the purchase of another entitys stocks.

payroll transactions.

the purchase of treasury stock.

The use of the computer to compare production hours to direct labor hours on daily production reports relates to the:

valuation or allocation assertion.

rights and obligations assertion.

completeness assertion.

existence or occurrence assertion.