Select the necessary words from the list of possibilities to complete the following statements. No answer is used more than once. Statements Answer The tax and cash bases of accounting are considered _ __financial reporting frameworks. Standards for a CPA's association with the audited financial statements of nonissuers are issued by the Auditing Standards Board, 2. whereas standards for the preparation, compilation or review of the annual financial statements of nonissuer companies are issued by the The procedures applied by the CPAs in a review of financial statements consist primarily of inquiries of management and of An engagement designed to provide a report with limited assurance that financial statements are presented in conformity with GAAP is termed a Accounting services designed to provide no assurance or no summary of findings on the financial statements are_ engagements The professional standards of the Accounting and Review Services Committee state that performed when a CPA lacks independence. - compilation may be When CPAs have performed an audit of financial statements, they may be asked to issue a report regarding the client's _with the terms of a contract. 8. Comfort letters help underwriters in fulfilling their obligation to perform a of the securities registration statement. the compiled financial statements for appropriate format and obvious material At a minimum, the accountant misstatements. 10 The balance sheet of an individual is referred to as the statement of financial condition. Of particular concern in the audit of such statements is the assertion of 11. Reviewed financial statements are not modified for changes in Accounting and Review Services Committee accounting principles applying analytical procedures completeness completeness compliance financial statement preparation must read preparation and compilation must read preparation and compilation reasonable investigation review special purpose