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___31. Each page of the financial information compiled by the accountant should include the following reference, except
a. Unaudited.
b. Complied without audit or review
c. Refer to compilation report
d. Compiled, negative assurance expressed
___32. When compiling an entitys financial statements, an accountant would be least likely to
a. Obtain an acknowledgment from management of its responsibility for the financial statements.
b. Perform analytical procedures designed to identify relationships that appear to be unusual.
c. Plan the work.
d. Read the compiled financial statements and consider whether they appear to include adequate disclosure.
___33. Which of the following should not be included in an accountants report based upon the compilation of an entitys financial
statements?
a. A statement that a compilation of the companys financial statements was made in accordance with PSRS applicable to
compilation engagements.
b. A statement that management is responsible for the financial statements.
c. A statement that the accountant has not audited or reviewed the statements.
d. A statement that the accountant does not express an opinion but provides only negative assurance on the statements.
___34. An examination of a financial forecast is a professional service that involves
a. Assuming responsibility to update management on key events for one year after the reports date.
b. Compiling or assembling a financial forecast that is based on managements assumptions.
c. Limiting the distribution of the accountants report to management and the board of directors.
d. Evaluating the preparation of a financial forecast and the support underlying managements assumptions.
___35. When the examination of prospective financial information is affected by conditions that preclude application of one or more
procedures necessary in the circumstances, the auditor should withdraw from the engagement or
a. Disclaim the opinion
b. Express an adverse opinion
c. Express a qualified opinion
d. Issue an unmodified opinion
___36. The report on an examination of prospective financial information should include
a. A statement that the accountant is responsible for the prospective financial information, including the assumptions on which it
is based.
b. A statement of positive assurance as to whether the assumptions provide a reasonable basis for the prospective financial
information.
c. Appropriate caveats concerning the achievability of the results indicated by the prospective financial information.
d. A statement that the examination was conduced in accordance with PSA.
___37. Which of the following statements concerning an examination of prospective financial information is incorrect?
a. The auditor should consider the period of time covered by the financial information.
b. The auditor should obtain a sufficient level of knowledge of the business to be able to evaluate whether all significant
assumptions required for the preparation of the prospective financial information have been identified.
c. The auditor need not obtain written representations from management.
d. The auditor should consider the extent to which reliance on the entitys historical financial information is justified.
___38. When the accountant believes that the presentation and disclosure of the prospective financial information is not adequate, the
auditor should
a. Express a qualified or adverse opinion
b. Withdraw from the engagement
c. Either A or B
d. Neither A nor B
___39. In performing a compilation of financial statements of an entity, the accountant decides that modification of the report is not
adequate to indicate deficiencies in the financial statements taken as a whole, and the client is not willing to correct the deficiencies.
The accountant should therefore
a. Express an adverse audit opinion
b. Express a qualification of the negative assurance
c. Withdraw from the engagement
d. Perform a review of the financial statements
___40. Which of the following is least likely to be included in an agreed-upon procedures engagement report?
a. Identification of the purpose for which the agreed upon procedures were performed.
b. A summary of procedures performed.
c. Limited assurance on the information presented.
d. Use of the report is restricted.