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Flashcards: CPA Auditing and Attestation (AUD)

An enterprise engaged a CPA to audit its financial statements in accordance with GAS because of the provisions of government grant funding agreements. Under these circumstances, the CPA is required to report on the enterprise's internal controls either in the report on the financial statements or in:

A letter to the government funding agency

A separate report

The notes to the financial statements

The report on the performance audit

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Flashcards: CPA Auditing and Attestation (AUD)

Your answer:

A letter to the government funding agency

Your answer:

The notes to the financial statements

Your answer:

The report on the performance audit

Correct answer:

A separate report

Explanation:

The report on the audit of the financial statements should describe the scope of the auditor's testing of compliance with laws and regulations and internal control over financial reporting and should either present the results of those tests or refer to a separate report containing that info.

Flashcards: CPA Auditing and Attestation (AUD)

If new info becomes available that could require a reevaluation of the quantitative level of materiality applied during an audit of an issuer, then the auditor should:

Not change the materiality level once it has been established

Lower the materiality level but not raise it

Raise the materiality level but not lower it

Raise or lower the materiality level as appropriate to the situation

Report an Error Copyright Notice

Flashcards: CPA Auditing and Attestation (AUD)

If new info becomes available that could require a reevaluation of the quantitative level of materiality applied during an audit of an issuer, then the auditor should:

Your answer:

Not change the materiality level once it has been established

Your answer:

Lower the materiality level but not raise it

Your answer:

Raise the materiality level but not lower it

Correct answer:

Raise or lower the materiality level as appropriate to the situation

Explanation:

If new information becomes available that could require a reevaluation of the quantitative level of materiality applied during an audit of an issuer, then the auditor should raise or lower the materiality level as appropriate to the situation.

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All CPA Auditing and Attestation (AUD) Resources

Flashcards: CPA Auditing and Attestation (AUD)

Flashcards: CPA Auditing and Attestation (AUD)

Flashcards: CPA Auditing and Attestation (AUD)

Flashcards: CPA Auditing and Attestation (AUD)

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