Which of the following is not a purpose of the client letter of representation?

To impress upon the audit firm its responsibility for the audit

To impress upon management its responsibility for the financial statement assertions

To remind management of potential misstatements or omissions in the financial statements

To document the responses from management to inquiries about various aspects of the audit

For an entity's financial statements to be presented fairly in accordance with an applicable financial reporting framework, the framework selected should:

Be U.S. GAAP, for all audits performed in the United States.

Be approved by the Auditing Standards Board or the appropriate industry subcommittee.

Include an adequate description of the framework in the financial statements.

Match the reporting framework used by most other entities within the entity's particular industry.

In May, Year 4, an auditor reissues the auditor's report on the Year 2 financial statements at a continuing client's request. The Year 2 financial statements are not restated and the auditor does not revise the wording of the report. The auditor should:

Dual date the reissued report.

Use the release date of the reissued report.

Use the original report date on the reissued report.

Use the current-period auditor's report date on the reissued report.

The audit step most likely to reveal the existence of contingent liabilities is

a review of vouchers paid during the month following the year-end.

accounts payable confirmations.

mortgage-note confirmation.

an inquiry directed to legal counsel.

The standards that govern the CPAs association with unaudited financial statements are

AICPAs Code of Professional Conduct.

Statements on Auditing Standards.

Statements on Standards on Attestation Engagements.

Statements on Standards for Accounting and Review Services.

Which of the following reporting options is least likely with regard to supplementary information that is required by GAAP?

The auditor's report on the financial statements includes an other-matter paragraph stating that the auditor has applied the required procedures.

A disclaimer of opinion is issued on supplementary information.

The auditor's report on the financial statements includes both an opinion on the supplementary information and a statement restricting the use of the report.

The auditor's report on the financial statements includes an opinion regarding whether the supplementary information is fairly stated in all material respects in relation to the financial statements taken as a whole.