Question 44 (2 points) You are performing a review of a client's financial statements and notice a departure from GAAP. Your review report will be Question 44 options: Qualified if departure is not pervasive. Adverse if departure is pervasive. Unmodified with appropriate footnote disclosure. Except for in the fourth paragraph. Question 45 (2 points) The following documents are required on a review: Question 45 options: Engagement letter Attorney letter Representation letter Both a and c above Question 46 (2 points) A CPA firm is not independent with respect to a client. For which level(s) of service can the CPA still release a report, providing the lack of independence is disclosed: Question 46 options: Audits Reviews Compilations Both b and c above Question 48 (2 points) The least likely procedure you would perform on a compilation would be: Question 48 options: Gain an understanding of the client's industry Prepare the client's financial statements Obtain an engagement letter Perform analytical procedures Question 49 (2 points) You are performing a compilation of a client's financial statements and notice a departure from GAAP. Your compilation report will be Question 49 options: Qualified if departure is not pervasive Adverse if departure is pervasive Unmodified with appropriate footnote disclosure Prepared to include a discussion of the departure in a separate paragraph of the compilation report Question 27 (2 points) Due to recurring operating losses and working capital deficiencies, an auditor has substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time. The notes to the financial statements do not adequately disclose the substantial doubt situation and the auditor believes the omission fundamentally affects the users' understanding of the financial statements. Question 27 options: Unmodified - standard Unmodified with an emphasis-of-matter paragraph Qualified Adverse Question 28 (2 points) An auditor reporting on group financial statements decides not to take responsibility for the work of a component auditor who audited a 70% owned subsidiary and issued an unqualified opinion. The total assets and revenues of the subsidiary are 5% and 8%, respectively, of the total assets and revenues of the entity being audited. Question 28 options: Unmodified with an emphasis-of-matter paragraph Qualified Adverse Disclaimer