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What procedure does an auditor do to find litigations or other claims against a client? ___ _______________________________________________________________ Given the following dates, determine the period covered

  1. What procedure does an auditor do to find litigations or other claims against a client?

___ _______________________________________________________________

  1. Given the following dates, determine the period covered by subsequent review of events:
    1. Clients ending balance sheet date 12/31/2018
    2. Audit Report Date 3/15/18
    3. Date Auditor releases client issued financial statements

Date ___a, b, or c___to ___a, b, or c___

  1. During the completion of the audit, standards require a final review for material misstatements. What person (position) from the CPA firm normally performs the final review of the financial statements?

_______________________________________________

  1. Name the 4 Basic Financial Statements required by GAAP in their natural order and explain why they appear in this order (do not forget to explain the natural order!):

1__________________________

2__________________________

3__________________________

4___________________________

  1. A post-balance-sheet review is also known as review for subsequent events?
    1. True
    2. False

  1. Describe in detail the purpose of a Letter of Representation. Give several examples of what would be included in the letter.

  1. The standards for compilations and reviews of financial statements are called
    1. Generally Accepted Accounting Principles Services
    2. Generally Accepted Auditing Standards Services
    3. Statement on Standards for Accounting and Review Services
    4. Statement on Auditing for Review and Compilation Services

  1. Which service can an accountant provide without being independent:
    1. Audit
    2. Compilation
    3. Review

  1. Select the amount of evidence (High, None, Limited): needed for each of the following:
    1. Compilation ________________________
    2. Audit _______________________________
    3. Review ______________________________

  1. In an attestation engagement, the CPA reports on the reliability of information or an assertion made by another party (example: Miss America contest). The attestation standards define 3 levels of engagements and related forms of conclusion. Determine which conclusion (Negative Assurance, Positive Conclusion, Degree of Assurance Varies with Specific Procedures Agreed to and Performed) relates to the correct engagement:

  1. Reviews ___________________________________________________________
  2. Agreed-upon Procedures ______________________________________________
  3. Examinations ________________________________________________________

  1. Describe in detail each of the following and give an example when one would be requested from a client:
    1. Audit
    2. Compilation
    3. Review

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