Auditing I - Chapter 14

Auditing I - Chapter 14

University

10 Qs

quiz-placeholder

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Auditing I - Chapter 14

Auditing I - Chapter 14

Assessment

Quiz

Other

University

Easy

Created by

David Deandre

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a special purpose framework?

A tax basis of accounting for a set of financial statements that accompany an entity’s tax return.

A standard accounting basis for a set of financial statements that accompany an entity’s annual report.

A cash basis of accounting for a set of financial statements that accompany an entity’s quarterly report.

A regulatory basis of accounting for a set of financial statements that accompany an entity’s IPO prospectus.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What could be a reason for an entity to prepare special purpose financial information?

To meet the requirements of a regulator.

To accompany an entity’s annual report.

To provide information for shareholders’ meeting.

To accompany an entity’s IPO prospectus.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should the auditor's report on the summary financial statements identify?

The detailed financial statements

The summary financial statements on which the auditor is reporting

The auditor's personal opinion on the financial statements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the auditor's report date on the summary financial statements is later than that on the audited financial statements, what should be stated?

The summary financial statements reflect all events occurring after the audited financial statements' report date

The summary financial statements do not reflect the effects of events that occurred subsequent to the audited financial statements' report date

The summary financial statements are a complete substitute for the audited financial statements

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the statement that the summary financial statements do not contain all the disclosures required by the financial reporting framework imply?

Reading the summary financial statements is equivalent to reading the audited financial statements

Reading the summary financial statements is not a substitute for reading the audited financial statements

The summary financial statements are more comprehensive than the audited financial statements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the examination of prospective financial information, the financial information can be in the form of a prospective, which is prepared on the basis of management’s assumptions as to future events (best-estimate assumptions)

True

False

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following is NOT a Related Service Engagement?

Agreed-Upon Procedures

Compilations

Sustainability Reporting

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