Chapter 20 - Additional Assurance Services: Other Information

Chapter 20 - Additional Assurance Services: Other Information
Chapter 20 Additional Assurance Services: Other Information

True / False Questions
1. Assurance services improve the quality of information or its conte t for decision ma!ers. "rue #alse
2. Attestation services are similar$ %ut &o %eyond assurance services in scope of procedures and reportin&. "rue #alse
'. Independence is required for the performance of all assurance services. "rue #alse
(. )ractitioners may report on either an assertion a%out the su%*ect matter$ or on the su%*ect matter for most attestation en&a&ements. "rue #alse
+. Attestation ris!$ li!e audit ris! consists of three components--inherent ris!$ control ris!$ and su%stantiation ris!. "rue #alse
,. "he attestation standards prohi%it the e amination of prospective financial statements. "rue #alse
-. A practitioner may %e en&a&ed to perform a revie. of mana&ement/s discussion and analysis for an annual or an interim period. "rue #alse
20-1
0. A 1e%"rust seal assures consumers that they .ill %e satisfied .ith their purchases. "rue #alse
2. "rust Services are a part of the AIC)A/s vision that increased trust in annual historical financial statements is necessary. "rue #alse
10. Sys"rust en&a&ements relate only to data%ase systems. "rue #alse
Multiple Choice Questions
11. 1hich of the follo.in& is least li!ely to %e included in an a&reed-upon procedures attestation en&a&ement report3 A. "he specified party ta!es responsi%ility for the sufficiency of procedures. 4. 5se of the report is restricted. C. 6imited assurance on the information presented. 7. A summary of procedures performed.
12. Conditions e ist that result in a material deviation from the criteria a&ainst .hich the su%*ect matter .as evaluated durin& an e amination performed follo.in& the attestation standards. "he C)A/s conclusion may %e on:
A. Option A 4. Option 4 C. Option C 7. Option 7
20-2
1'. Suita%le criteria in an attestation en&a&ement may %e availa%le:
1(. 1hen performin& an attestation e amination en&a&ement$ .hich of the follo.in& is not al.ays required3 A. Assertion. 4. )ractitioner independence. C. Su%*ect matter. 7. Suita%le criteria.
1+. 1hich of the follo.in& en&a&ements is most li!ely to consider availa%ility$ security$ inte&rity$ and maintaina%ility of a company/s computer systems3 A. Internal control over financial reportin&. 4. "rust Services. C. 1e%site Asssociate. 7. #inancial statement audit.
1,. 1hich of the follo.in& are "rust Services principles3
20-'
1-. 1hich of the follo.in& is the least li!ely to %e considered su%*ect matter of an attestation en&a&ement3 A. Assertion. 4. 4ehavior. C. 8istorical event. 7. Systems and processes.
10. Arel$ C)A$ .as en&a&ed %y a &roup of royalty recipients to apply a&reed-upon procedures to financial data supplied %y 9odit Co. re&ardin& 9odit/s .ritten assertion a%out its compliance .ith contractual requirements to pay royalties. Arel/s report on these a&reed-upon procedures should contain a :an;. A. 7isclaimer of opinion a%out the fair presentation of 9odit/s financial statements. 4. 6ist of the procedures performed :or reference thereto; and Arel/s findin&s. C. Opinion a%out the effectiveness of 9odit/s internal control activities concernin& royalty payments. 7. Ac!no.led&ment that the sufficiency of the procedures is solely Arel/s responsi%ility.
12. Assurance services performed for decision ma!ers may address the:
20. 1hich of the follo.in& is not necessarily an attest en&a&ement3 A. An elder care en&a&ement. 4. A 1e%"rust en&a&ement. C. An e amination of internal control over financial reportin& for a nonpu%lic company. 7. A revie. of mana&ement/s discussion and analysis.
20-(
21. 1hich of the follo.in& are required on all attestation en&a&ements3
22. 1hich of the follo.in& is notcurrently an accepta%le form of association .ith prospective financial statements3 A. Compilation. 4. <evie.. C. A&reed-upon procedures. 7. = amination.
2'. 1hen a practitioner e amines pro*ected financial statements$ the practitioner/s report should include a separate para&raph that: A. 7escri%es the limitations on the usefulness of the presentation. 4. )rovides an e planation of the differences %et.een an e amination and a revie.. C. States that the accountant is responsi%le for events and circumstances for a period not e ceedin& one year after the report/s date. 7. 7isclaims an opinion on .hether the assumptions provide a reasona%le %asis for the pro*ection.
2(. 1hich of the follo.in& is correct relatin& to an en&a&ement to apply a&reed-upon procedures to prospective financial statements3 A. 5se of the report is restricted to the specified users. 4. Such en&a&ements are permissi%le for forecasts %ut not for pro*ections. C. <esponsi%ility for the adequacy of the procedures performed is ta!en %y the practitioner. 7. Such en&a&ements are not permissi%le under the professional standards.
20-+
2+. 1hen a financial forecast fails to disclose a si&nificant assumption used to prepare that forecast$ .hich of the follo.in& reports %ecome appropriate3
2,. 1hen reportin& upon a revie. en&a&ements on an entity/s mana&ement discussion and analysis$ the report is ordinarily: A. A &eneral use report. 4. A restricted use report. C. <equired to include a disclaimer of opinion. 7. Included .ith the entity/s report on internal control over financial reportin&.
2-. 1hen mana&ement presents a .ritten assertion on internal control effectiveness$ it evaluates the company/s internal control usin& reasona%le criteria for internal control$ referred to as. A. Control environment criteria. 4. "one criteria. C. Control criteria 7. Inte&rated criteria.
20. 1hen compared to the consideration of internal control for purposes of an audit$ an e amination of mana&ement/s assertion a%out the effectiveness of an entity/s internal control for a nonpu%lic company may %e e pected to require a:n;: A. Increased scope of tests of %alances. 4. Increased scope of tests of controls. C. >reater reliance upon analytical procedures. 7. Increased emphasis on fairness of future presentation.
20-,
22. 1hich of the follo.in& is least li!ely to result in modification of an opinion on mana&ement/s assertion a%out the effectiveness of an entity/s internal control3 A. Si&nificant circumstance imposed scope limitations. 4. Si&nificant mana&ement imposed scope limitations. C. <eporta%le conditions that are not also material .ea!nesses in internal control 7. 9aterial .ea!nesses in internal control.
'0. )rovidin& assurance usin& a series of reports provided simultaneously or shortly after the related information is released is referred to as: A. Continuous auditin&. 4. Serial auditin&. C. Systems relia%ility auditin&. 7. Simultaneity auditin&.
'1. "he or&ani?ation esta%lished to identify$ develop and communicate ne. assurance service opportunities is the: A. Assurance Services = ecutive Committee. 4. Attestation Standards %oard. C. Auditin& Standards 4oard. 7. Counsel of = ecutives.
'2. 9any ne. services assurance services are performed in accordance .ith Statements on A. Standards for Attestation Services. 4. >enerally Accepted Assurance Standards. C. Auditin& Standards. 7. Accountin& for other Assurance Services.
20--
''. Independence is required .hen performin&:
'(. A practitioner/s unqualified opinion %ased upon an e amination may ordinarily %e on:
'+. 1hich attest en&a&ement ali&ns most directly .ith a financial statement audit in terms of assurance provided3 A. A&reed-upon procedures. 4. =valuation. C. = amination. 7. <evie..
',. "he 1e%"rust en&a&ement relates most directly to A. #inancial statements maintained on the Internet. 4. 8ealth care facilities. C. <is! assurance procedures. 7. =lectronic commerce systems.
20-0
'-. 5nder the attestation standards$ in .hich of the follo.in& circumstances is a revie. report least li!ely to %e issued3 A. Criteria are a&reed-upon or only availa%le to specified users. 4. =sta%lished criteria e ist$ %ut other criteria are used. C. "he su%*ect matter departs from the criteria. 7. A si&nificant limitation on the scope of the en&a&ement has occurred.
'0. "o accept an en&a&ement to e amine a client/s 97@A for annual financial statements$ the practitioners ordinarily must have: A. Audited the most recent financial statement period to .hich the 97@A applies. 4. 7etermined that the client reports to the Securities and = chan&e Commission. C. )erformed a detailed analysis of the client/s controls over decision ma!in&. 7. <evie.ed the quarterly 97@A information.
'2. A C)A .ho .ishes to perform a 1e%"rust en&a&ement need not: A. A&ree to adhere to the 1e%"rust professional standards. 4. )articipate in a quality assurance pro&ram. C. )ass an e amination on 1e%"rust principles and criteria. 7. "a!e continuin& education courses on the 1e%"rust pro&ram.
(0. "he five principles of a relia%le system considered in a "rust Services en&a&ement include$ availa%ility$ security$ processin& inte&rity$ online privacy$ and: A. Control 4. Confidentiality. C. <elevance. 7. <elia%ility.
(1. 1hen a C)A is associated .ith a forecast$ all of the follo.in& should %e disclosed except the: A. Sources of information. 4. Character of the .or! performed %y the C)A. C. 9a*or assumptions in the preparation of the forecast. 7. )ro%a%ility of achievin& estimates.
20-2
(2. 1hich of the follo.in& is a prospective financial statement for &eneral use upon .hich a practitioner may appropriately report3 A. #inancial pro*ection. 4. )artial presentation. C. )ro forma financial statement. 7. #inancial forecast.
('. "he party responsi%le for assumptions identified in the preparation of prospective financial statements is usually: A. A third-party lendin& institution. 4. "he client/s mana&ement. C. "he reportin& accountant. 7. "he client/s independent auditor.
((. >iven one or more hypothetical assumptions$ a responsi%le party may prepare an entity/s e pected financial position$ results of operations$ and chan&es in financial position. Such prospective financial statements are !no.n as: A. )ro forma financial statements. 4. #inancial pro*ections. C. )artial )resentation. 7. #inancial forecasts.
(+. Acceptin& an en&a&ement to e amine an entity/s financial pro*ection most li!ely .ould %e appropriate if the pro*ection .ere to %e distri%uted to: A. All employees .ho .or! for the entity. 4. )otential stoc!holders .ho request a prospectus or a re&istration statement. C. A %an! .ith .hich the entity is ne&otiatin& for a loan. 7. All stoc!holders of record as of the report date.
(,. 1hen an accountant compiles a financial forecast$ the accountant/s report should include a:an; A. = planation of the differences %et.een a financial forecast and a financial pro*ection. 4. Caveat that the prospective results of the financial forecast may not %e achieved. C. Statement that the accountant/s responsi%ility to update the report is limited to one year. 7. 7isclaimer of opinion on the relia%ility of the entity/s internal controls.
20-10
ssa! Questions
(-. "he 1arren Corporation .ants to enhance the mar!et value of its stoc! %y includin& in its annual report a financial forecast for the ne t year. "hey also .ould li!e to have their auditors e amine the forecast. a. 7efine a financial forecast. %. Is an e amination of a financial forecast similar in scope to a revie. of financial statements3 = plain.
(0. )ractitioners may %e en&a&ed to attest to an entity/s internal control over financial reportin&. a. Comment on the accuracy of this statement: Accountants may %e en&a&ed to e amine$ revie.$ or perform a&reed-upon procedures on an entity/s internal control over financial reportin&. %. 7escri%e the nature of the four para&raphs included in an accountant/s e amination report on internal control over financial reportin&. c. 7escri%e t.o circumstances in .hich practitioners .ould issue an e amination report that is other than the unqualified standards report on internal control.
20-11
Chapter 20 Additional Assurance Services: Other Information Ans.er Aey
True / False Questions
1. Assurance services improve the quality of information or its conte t for decision ma!ers. T"#
Difficulty: Easy
2. Attestation services are similar$ %ut &o %eyond assurance services in scope of procedures and reportin&. FA$S
Difficulty: Medium
'. Independence is required for the performance of all assurance services. T"#
Difficulty: Medium
(. )ractitioners may report on either an assertion a%out the su%*ect matter$ or on the su%*ect matter for most attestation en&a&ements. T"#
Difficulty: Medium
+. Attestation ris!$ li!e audit ris! consists of three components--inherent ris!$ control ris!$ and su%stantiation ris!. FA$S
Difficulty: Medium
20-12
,. "he attestation standards prohi%it the e amination of prospective financial statements. FA$S
Difficulty: Medium
-. A practitioner may %e en&a&ed to perform a revie. of mana&ement/s discussion and analysis for an annual or an interim period. T"#
Difficulty: Medium
0. A 1e%"rust seal assures consumers that they .ill %e satisfied .ith their purchases. FA$S
Difficulty: Easy
2. "rust Services are a part of the AIC)A/s vision that increased trust in annual historical financial statements is necessary. FA$S
Difficulty: Medium
10. Sys"rust en&a&ements relate only to data%ase systems. FA$S
Difficulty: Medium
Multiple Choice Questions
20-1'
11. 1hich of the follo.in& is least li!ely to %e included in an a&reed-upon procedures attestation en&a&ement report3 A. "he specified party ta!es responsi%ility for the sufficiency of procedures. 4. 5se of the report is restricted. C% 6imited assurance on the information presented. 7. A summary of procedures performed.
Difficulty: Medium
12. Conditions e ist that result in a material deviation from the criteria a&ainst .hich the su%*ect matter .as evaluated durin& an e amination performed follo.in& the attestation standards. "he C)A/s conclusion may %e on:
A. Option A &% Option 4 C. Option C 7. Option 7
Difficulty: Medium
1'. Suita%le criteria in an attestation en&a&ement may %e availa%le:
A% Option A 4. Option 4 C. Option C 7. Option 7
Difficulty: Hard
20-1(
1(. 1hen performin& an attestation e amination en&a&ement$ .hich of the follo.in& is not al.ays required3 A% Assertion. 4. )ractitioner independence. C. Su%*ect matter. 7. Suita%le criteria.
Difficulty: Hard
1+. 1hich of the follo.in& en&a&ements is most li!ely to consider availa%ility$ security$ inte&rity$ and maintaina%ility of a company/s computer systems3 A. Internal control over financial reportin&. &% "rust Services. C. 1e%site Asssociate. 7. #inancial statement audit.
Difficulty: Medium
1,. 1hich of the follo.in& are "rust Services principles3
Difficulty: Hard
20-1+
1-. 1hich of the follo.in& is the least li!ely to %e considered su%*ect matter of an attestation en&a&ement3 A% Assertion. 4. 4ehavior. C. 8istorical event. 7. Systems and processes.
Difficulty: Medium
10. Arel$ C)A$ .as en&a&ed %y a &roup of royalty recipients to apply a&reed-upon procedures to financial data supplied %y 9odit Co. re&ardin& 9odit/s .ritten assertion a%out its compliance .ith contractual requirements to pay royalties. Arel/s report on these a&reed-upon procedures should contain a :an;. A. 7isclaimer of opinion a%out the fair presentation of 9odit/s financial statements. &% 6ist of the procedures performed :or reference thereto; and Arel/s findin&s. C. Opinion a%out the effectiveness of 9odit/s internal control activities concernin& royalty payments. 7. Ac!no.led&ment that the sufficiency of the procedures is solely Arel/s responsi%ility.
Difficulty: Medium
12. Assurance services performed for decision ma!ers may address the:
Difficulty: Medium
20-1,
20. 1hich of the follo.in& is not necessarily an attest en&a&ement3 A% An elder care en&a&ement. 4. A 1e%"rust en&a&ement. C. An e amination of internal control over financial reportin& for a nonpu%lic company. 7. A revie. of mana&ement/s discussion and analysis.
Difficulty: Hard
21. 1hich of the follo.in& are required on all attestation en&a&ements3
Difficulty: Medium
22. 1hich of the follo.in& is notcurrently an accepta%le form of association .ith prospective financial statements3 A. Compilation. &% <evie.. C. A&reed-upon procedures. 7. = amination.
Difficulty: Medium
20-1-
2'. 1hen a practitioner e amines pro*ected financial statements$ the practitioner/s report should include a separate para&raph that: A% 7escri%es the limitations on the usefulness of the presentation. 4. )rovides an e planation of the differences %et.een an e amination and a revie.. C. States that the accountant is responsi%le for events and circumstances for a period not e ceedin& one year after the report/s date. 7. 7isclaims an opinion on .hether the assumptions provide a reasona%le %asis for the pro*ection.
Difficulty: Hard
2(. 1hich of the follo.in& is correct relatin& to an en&a&ement to apply a&reed-upon procedures to prospective financial statements3 A% 5se of the report is restricted to the specified users. 4. Such en&a&ements are permissi%le for forecasts %ut not for pro*ections. C. <esponsi%ility for the adequacy of the procedures performed is ta!en %y the practitioner. 7. Such en&a&ements are not permissi%le under the professional standards.
Difficulty: Medium
2+. 1hen a financial forecast fails to disclose a si&nificant assumption used to prepare that forecast$ .hich of the follo.in& reports %ecome appropriate3
A. Option A 4. Option 4 C% Option C 7. Option 7
Difficulty: Hard
20-10
2,. 1hen reportin& upon a revie. en&a&ements on an entity/s mana&ement discussion and analysis$ the report is ordinarily: A. A &eneral use report. &% A restricted use report. C. <equired to include a disclaimer of opinion. 7. Included .ith the entity/s report on internal control over financial reportin&.
Difficulty: Medium
2-. 1hen mana&ement presents a .ritten assertion on internal control effectiveness$ it evaluates the company/s internal control usin& reasona%le criteria for internal control$ referred to as. A. Control environment criteria. 4. "one criteria. C% Control criteria 7. Inte&rated criteria.
Difficulty: Easy
20. 1hen compared to the consideration of internal control for purposes of an audit$ an e amination of mana&ement/s assertion a%out the effectiveness of an entity/s internal control for a nonpu%lic company may %e e pected to require a:n;: A. Increased scope of tests of %alances. &% Increased scope of tests of controls. C. >reater reliance upon analytical procedures. 7. Increased emphasis on fairness of future presentation.
Difficulty: Hard
22. 1hich of the follo.in& is least li!ely to result in modification of an opinion on mana&ement/s assertion a%out the effectiveness of an entity/s internal control3 A. Si&nificant circumstance imposed scope limitations. 4. Si&nificant mana&ement imposed scope limitations. C% <eporta%le conditions that are not also material .ea!nesses in internal control 7. 9aterial .ea!nesses in internal control.
Difficulty: Hard
20-12
'0. )rovidin& assurance usin& a series of reports provided simultaneously or shortly after the related information is released is referred to as: A% Continuous auditin&. 4. Serial auditin&. C. Systems relia%ility auditin&. 7. Simultaneity auditin&.
Difficulty: Easy
'1. "he or&ani?ation esta%lished to identify$ develop and communicate ne. assurance service opportunities is the: A% Assurance Services = ecutive Committee. 4. Attestation Standards %oard. C. Auditin& Standards 4oard. 7. Counsel of = ecutives.
Difficulty: Medium
'2. 9any ne. services assurance services are performed in accordance .ith Statements on A% Standards for Attestation Services. 4. >enerally Accepted Assurance Standards. C. Auditin& Standards. 7. Accountin& for other Assurance Services.
Difficulty: Medium
20-20
''. Independence is required .hen performin&:
Difficulty: Medium
'(. A practitioner/s unqualified opinion %ased upon an e amination may ordinarily %e on:
Difficulty: Medium
'+. 1hich attest en&a&ement ali&ns most directly .ith a financial statement audit in terms of assurance provided3 A. A&reed-upon procedures. 4. =valuation. C% = amination. 7. <evie..
Difficulty: Easy
20-21
',. "he 1e%"rust en&a&ement relates most directly to A. #inancial statements maintained on the Internet. 4. 8ealth care facilities. C. <is! assurance procedures. '% =lectronic commerce systems.
Difficulty: Easy Source: AICPA
'-. 5nder the attestation standards$ in .hich of the follo.in& circumstances is a revie. report least li!ely to %e issued3 A. Criteria are a&reed-upon or only availa%le to specified users. 4. =sta%lished criteria e ist$ %ut other criteria are used. C. "he su%*ect matter departs from the criteria. '% A si&nificant limitation on the scope of the en&a&ement has occurred.
Difficulty: Hard
'0. "o accept an en&a&ement to e amine a client/s 97@A for annual financial statements$ the practitioners ordinarily must have: A% Audited the most recent financial statement period to .hich the 97@A applies. 4. 7etermined that the client reports to the Securities and = chan&e Commission. C. )erformed a detailed analysis of the client/s controls over decision ma!in&. 7. <evie.ed the quarterly 97@A information.
Difficulty: Hard
'2. A C)A .ho .ishes to perform a 1e%"rust en&a&ement need not: A. A&ree to adhere to the 1e%"rust professional standards. 4. )articipate in a quality assurance pro&ram. C% )ass an e amination on 1e%"rust principles and criteria. 7. "a!e continuin& education courses on the 1e%"rust pro&ram.
Difficulty: Medium
20-22
(0. "he five principles of a relia%le system considered in a "rust Services en&a&ement include$ availa%ility$ security$ processin& inte&rity$ online privacy$ and: A. Control &% Confidentiality. C. <elevance. 7. <elia%ility.
Difficulty: Medium
(1. 1hen a C)A is associated .ith a forecast$ all of the follo.in& should %e disclosed except the: A. Sources of information. 4. Character of the .or! performed %y the C)A. C. 9a*or assumptions in the preparation of the forecast. '% )ro%a%ility of achievin& estimates.
Difficulty: Medium Source: AICPA
(2. 1hich of the follo.in& is a prospective financial statement for &eneral use upon .hich a practitioner may appropriately report3 A. #inancial pro*ection. 4. )artial presentation. C. )ro forma financial statement. '% #inancial forecast.
('. "he party responsi%le for assumptions identified in the preparation of prospective financial statements is usually: A. A third-party lendin& institution. &% "he client/s mana&ement. C. "he reportin& accountant. 7. "he client/s independent auditor.
Difficulty: Easy Source: AICPA
20-2'
((. >iven one or more hypothetical assumptions$ a responsi%le party may prepare an entity/s e pected financial position$ results of operations$ and chan&es in financial position. Such prospective financial statements are !no.n as: A. )ro forma financial statements. &% #inancial pro*ections. C. )artial )resentation. 7. #inancial forecasts.
(+. Acceptin& an en&a&ement to e amine an entity/s financial pro*ection most li!ely .ould %e appropriate if the pro*ection .ere to %e distri%uted to: A. All employees .ho .or! for the entity. 4. )otential stoc!holders .ho request a prospectus or a re&istration statement. C% A %an! .ith .hich the entity is ne&otiatin& for a loan. 7. All stoc!holders of record as of the report date.
Difficulty: Hard Source: AICPA
(,. 1hen an accountant compiles a financial forecast$ the accountant/s report should include a:an; A. = planation of the differences %et.een a financial forecast and a financial pro*ection. &% Caveat that the prospective results of the financial forecast may not %e achieved. C. Statement that the accountant/s responsi%ility to update the report is limited to one year. 7. 7isclaimer of opinion on the relia%ility of the entity/s internal controls.
20-2(

ssa! Questions
(-. "he 1arren Corporation .ants to enhance the mar!et value of its stoc! %y includin& in its annual report a financial forecast for the ne t year. "hey also .ould li!e to have their auditors e amine the forecast. a. 7efine a financial forecast. %. Is an e amination of a financial forecast similar in scope to a revie. of financial statements3 = plain. a. A financial forecast is Ban estimate of the most pro%a%le financial position$ results of operations$ and chan&es in financial position for one or more future periods.B %. Co. An e amination of a financial forecast involves an e tensive e amination of the assumptions underlyin& the forecast$ to satisfy the C)As that mana&ement has identified all !ey assumptions and that the assumptions are suita%ly supported.
Difficulty: Medium
20-2+
(0. )ractitioners may %e en&a&ed to attest to an entity/s internal control over financial reportin&. a. Comment on the accuracy of this statement: Accountants may %e en&a&ed to e amine$ revie.$ or perform a&reed-upon procedures on an entity/s internal control over financial reportin&. %. 7escri%e the nature of the four para&raphs included in an accountant/s e amination report on internal control over financial reportin&. c. 7escri%e t.o circumstances in .hich practitioners .ould issue an e amination report that is other than the unqualified standards report on internal control. a. A C)A may e amine or perform a&reed-upon procedures on an entity/s internal control over financial reportin&$ %ut a revie. of this information is not allo.ed. %. A C)A/s report on internal control contained the follo.in& four para&raphs: "he first para&raph is an introductory para&raph that descri%es the assertion %ein& e amined. "he second para&raph is a scope para&raph that descri%es the nature of an e amination of an entity/s internal control over financial reportin&. "he third para&raph descri%es the inherent limitations of internal control. "he fourth para&raph e presses the C)A/s opinion on mana&ement/s assertion a%out internal control. c. Internal control reports are modified for the follo.in& reasons :only t.o required;: A qualified report is issued .hen the scope of the accountant/s procedures has %een restricted. A disclaimer of opinion is issued .hen the scope of the accountant/s procedures has %een restricted %y the client$ or severely limited %y the circumstances. An adverse report is issued .hen the accountants %ecome a.are of a material .ea!ness that is not ac!no.led&ed in mana&ement/s report. A modified report is issued .hen the accountants %ecome a.are of a material .ea!ness that is ac!no.led&ed in mana&ement/s report.
Difficulty: Medium
20-2,

Chapter 20 - Additional Assurance Services: Other Information

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Chapter 20 - Additional Assurance Services: Other Information

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Chapter 20 - Additional Assurance Services: Other Information