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Items a through j present various phrases or characteristics that may apply to audits, reviews, and compilations. On your answer sheet place an X in
Items a through j present various phrases or characteristics that may apply to audits, reviews, and compilations. On your answer sheet place an X in the cell if the phrase or characteristic applies to the listed service:
Part | Phrase or characteristic | Audit | Revie | Compilation |
A | Independence is required | |||
B | Report provides reasonable assurance | |||
C | Report provides reasonable assurance | |||
D | Consists primarily of inquiries and analytical procedures. | |||
E | Only performed on financial statements of nonpublic companies. | |||
F | Report states that the financial statements are the responsibility (or representation) of the companys management. | |||
G | Report provides no explicit assurance | |||
H | Requires performance of analytical procedures. | |||
I | Report states that financial statements were prepared on a basis consistent with the preceding year. | |||
J | Requires a report modification for substantial doubt about going concern status. |
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