The three types of attestation services are: a. Audits, review, and compilations b. Reviews, compilations, and other attestation services c. Audits, compilations, and other attestation services d. Audits, reviews, and other attestation services

The three types of attestation services are:
a. Audits, review, and compilations
b. Reviews, compilations, and other
attestation services
c. Audits, compilations, and other
attestation services
d. Audits, reviews, and other
attestation services
by

1 Answer

Answer :

Audits, reviews, and other
attestation services
by

Related questions

The three commonly-sought types of assurance services are a. Audits, reviews, and compilations. b. Audits, reviews, and other assurance services. c. Audits, compilations, and other assurance services. d. Reviews, compilations, and other assurance services

Description : The three commonly-sought types of assurance services are a. Audits, reviews, and compilations. b. Audits, reviews, and other assurance services. c. Audits, compilations, and other assurance services. d. Reviews, compilations, and other assurance services

Last Answer : Audits, reviews, and other assurance services.

The Framework of Philippine Standards on Auditing distinguishes audits from related services. Related services include all of the following, except a. Reviews. b. Compilations. c. Agreed-upon procedures. d. Management consulting.

Description : The Framework of Philippine Standards on Auditing distinguishes audits from related services. Related services include all of the following, except a. Reviews. b. Compilations. c. Agreed-upon procedures. d. Management consulting.

Last Answer : Management consulting.

Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. Benchmarks to be used on all audits, reviews, and compilations. c. Maximum standards which denote excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.

Description : Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. ... excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.

Last Answer : Minimum standards of performance which must be achieved on each audit engagement.

The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. Contains basic principles, essential procedures, and related guidance for the performance of assurance engagements. c. Establishes standards and provides procedural requirements for the performance of assurance engagements. d. Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Description : The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. ... of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Last Answer : Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

A CPA should maintain objectivity and be free of conflicts of interest when performing: a. All attestation services, but not other professional services. b. All attestation and tax services, but not other professional services. c. Audits, but not any other professional services. d. All professional services

Description : A CPA should maintain objectivity and be free of conflicts of interest when performing: a. All attestation services, but not other professional services. b. All attestation and tax services, ... professional services. c. Audits, but not any other professional services. d. All professional services

Last Answer : All professional services

Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

Description : Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

Last Answer : Management consulting.

Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by attesting to the fairness of the client's assertions. d. A review provides positive assurance by attesting the reliability of the client's assertions

Description : Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by ... d. A review provides positive assurance by attesting the reliability of the client's assertions

Last Answer : Accounting services do not provide attestation

Which of the following services provides positive assurance through attestation? a. Tax services b. Review c. Auditing d. Accounting services

Description : Which of the following services provides positive assurance through attestation? a. Tax services b. Review c. Auditing d. Accounting services

Last Answer : Auditing

This is the traditional service provided by CPA firms. a. Tax services b. Compilation c. Reviews d. Audits

Description : This is the traditional service provided by CPA firms. a. Tax services b. Compilation c. Reviews d. Audits

Last Answer : Audits

For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Last Answer : Tax returns preparation

For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Description : For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Last Answer : All of the above

For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Description : For which of the following services is a CPA professional not required to be independent? a. Tax returns preparation b. Audits of historical financial statements c. Review engagement d. Examination of a forecast

Last Answer : Tax returns preparation

For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Description : For which of the following services is a CPA professional required to be independent? a. Audits of historical financial statements b. Review services c. Examination of prospective financial statements d. All of the above

Last Answer : All of the above

Non-assurance engagements include all of the following services, except: a. Agreed-upon procedures engagements. b. Compilations of financial or other information. c. Management and tax consulting. d. Examination of prospective financial information

Description : Non-assurance engagements include all of the following services, except: a. Agreed-upon procedures engagements. b. Compilations of financial or other information. c. Management and tax consulting. d. Examination of prospective financial information

Last Answer : Examination of prospective financial information

An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of financial statements of listed entitiesd. For all types of audits, regardless of the subject matter of the engagement..

Description : An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of ... listed entities. d. For all types of audits, regardless of the subject matter of the engagement.

Last Answer : For all audits of financial statements of listed entities

The predominant type of attestation service performed by CPAs is: a. Audit. b. Review. c. Compilationd. Management consulting

Description : The predominant type of attestation service performed by CPAs is: a. Audit. b. Review. c. Compilation d. Management consulting

Last Answer : Audit

An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm. a. Attestation engagement b. Peer review engagement c. Quality control engagement d. Quality assurance engagemen

Description : An engagement in which a CPA firm arranges for a critical review of its practices by another CPA firm. a. Attestation engagement b. Peer review engagement c. Quality control engagement d. Quality assurance engagemen

Last Answer : Peer review engagement

For assurance engagements which are neither audits nor reviews of historical financial information, the following standard applies: a. PSAs b. PSAEs c. PSREs d. PSRSs

Description : For assurance engagements which are neither audits nor reviews of historical financial information, the following standard applies: a. PSAs b. PSAEs c. PSREs d. PSRSs

Last Answer : PSAEs

In the preparation of an audit program, which of the following items is not essential? a. Assessment of inherent risk b. The preparation of a budget identifying the costs of resources needed c. A review of material from prior audits d. An understanding of controls established by management

Description : In the preparation of an audit program, which of the following items is not essential? a. Assessment of inherent risk b. The preparation of a budget identifying the costs of resources needed c. A review of material from prior audits d. An understanding of controls established by management

Last Answer : The preparation of a budget identifying the costs of resources needed

Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Description : Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Last Answer : Scope of services

Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Description : Which of the following is the single feature that most clearly distinguishes auditing, attestation, and assurance: a. CPA's approach to the service. b. Type of service. c. Scope of services. d. Training necessary to perform the service

Last Answer : Scope of services.

Which one of the following contingent fee is allowed? a. All services performed by a CPA film. b. Non-attestation services. c. Non-attestation services, unless the CPA firm was also performing attestation services for the same client. d. Attestation services

Description : Which one of the following contingent fee is allowed? a. All services performed by a CPA film. b. Non-attestation services. c. Non-attestation services, unless the CPA firm was also performing attestation services for the same client. d. Attestation services

Last Answer : Non-attestation services, unless the CPA firm was also performing attestation services for the same client

Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Referral fees on audit jobs. b. Competitive bidding on audit jobs. c. Contingent fees on audit jobs. d. Commissions for obtaining client services on audit jobs

Description : Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Referral fees on audit jobs. b. Competitive bidding on audit jobs. c. Contingent fees on audit jobs. d. Commissions for obtaining client services on audit jobs

Last Answer : Competitive bidding on audit jobs

Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Competitive bidding on audit jobs. b. Contingent fees on audit jobs. c. Commissions for obtaining client services on audit jobs. d. Referral fees on audit jobs.

Description : Which of the following activities is not prohibited for the CPA firm's attestation service clients? a. Competitive bidding on audit jobs. b. Contingent fees on audit jobs. c. Commissions for obtaining client services on audit jobs. d. Referral fees on audit jobs.

Last Answer : Competitive bidding on audit jobs

Which one of the following contingent fee is allowed? a. All services performed by a CPA firm. b. Non-attestation services. c. Non-attestation services, unless the CPA firm was also performing attestation services for the same client. d. Attestation services

Description : Which one of the following contingent fee is allowed? a. All services performed by a CPA firm. b. Non-attestation services. c. Non-attestation services, unless the CPA firm was also performing attestation services for the same client. d. Attestation services

Last Answer : Non-attestation services, unless the CPA firm was also performing attestation services for the same client.

The confidential relationship applies to a. All services provided by CPAs. b. Only audit and attestation services. c. Audit and tax services, but no MAS services. d. Audit and MAS services, but not tax services

Description : The confidential relationship applies to a. All services provided by CPAs. b. Only audit and attestation services. c. Audit and tax services, but no MAS services. d. Audit and MAS services, but not tax services

Last Answer : All services provided by CPAs

In performing attestation services, a CPA will normally: a. Recommend uses for information. b. Improve the quality of information, or its context, for decision makers. c. Perform market analyses and cost estimates. d. States a conclusion about a written assertion

Description : In performing attestation services, a CPA will normally: a. Recommend uses for information. b. Improve the quality of information, or its context, for decision makers. c. Perform market analyses and cost estimates. d. States a conclusion about a written assertion

Last Answer : States a conclusion about a written assertion

Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Description : Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Last Answer : Assurance services.

The confidential relationship applies to a. All services provided by CPAs.b. Only audit and attestation services. c. Audit and tax services, but no MAS services. d. Audit and MAS services, but not tax services

Description : The confidential relationship applies to a. All services provided by CPAs. b. Only audit and attestation services. c. Audit and tax services, but no MAS services. d. Audit and MAS services, but not tax services

Last Answer : All services provided by CPAs.

These are independent professional services that improve the quality of information for decision-making. a. Audit services b. Assurance services c. Attestation services d. Management consultancy

Description : These are independent professional services that improve the quality of information for decision-making. a. Audit services b. Assurance services c. Attestation services d. Management consultancy

Last Answer : Assurance services

Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Description : Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Last Answer : Assurance services

PSRE 2400 (Engagements to Review Financial Statements), as amended by the AASC in February 2008, applies to a. Reviews of any historical financial information of an audit client. b. Reviews of historical financial or other information by a practitioner other than the entity's auditor. c. Reviews of historical financial or other information of an audit client. d. Reviews of any historical financial information by a practitioner other than the entity's auditor.

Description : PSRE 2400 (Engagements to Review Financial Statements), as amended by the AASC in February 2008, applies to a. Reviews of any historical financial information of an audit client. b. Reviews of ... d. Reviews of any historical financial information by a practitioner other than the entity's auditor.

Last Answer : Reviews of any historical financial information by a practitioner other than the entity's auditor.

An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal control is functioning as designed. c. Provides only a limited assurance that the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Description : An accountant who reviews the financial statements should issue a report stating that a review a. Is substantially less in scope than an audit. b. Provides negative assurance that the internal ... the financial statements are fairly presented. d. Is substantially more in scope than a compilation

Last Answer : Is substantially less in scope than an audit.

Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles? a. Operational audit b. Compliance audit c. Performance audit d. Financial statement audit

Description : Which of the following types of audits is performed to determine whether an entity's financial statements are fairly stated in conformity with generally accepted accounting principles? a. Operational audit b. Compliance audit c. Performance audit d. Financial statement audit

Last Answer : Financial statement audit

Which of the following types of audits is performed most frequently by CPAs on a fee basis and for more than one client? a. Government audits b. Compliance audits c. Internal audits d. Financial statement audits

Description : Which of the following types of audits is performed most frequently by CPAs on a fee basis and for more than one client? a. Government audits b. Compliance audits c. Internal audits d. Financial statement audits

Last Answer : Financial statement audits

Which of the following types of audits would be intended to determine whether a governmental entity is following sound procurement practices? a. Program audit b. Operational audit c. Compliance audit d. Financial statement audit

Description : Which of the following types of audits would be intended to determine whether a governmental entity is following sound procurement practices? a. Program audit b. Operational audit c. Compliance audit d. Financial statement audit

Last Answer : Compliance audit

Which of the following types of audits are most similar? a. Operational audits and compliance audit. b. Internal audits and independent financial statement audits. c. Independent financial statement audits and operational audits. d. Compliance audits and independent financial statement audits

Description : Which of the following types of audits are most similar? a. Operational audits and compliance audit. b. Internal audits and independent financial statement audits. c. Independent financial statement audits and operational audits. d. Compliance audits and independent financial statement audits

Last Answer : Compliance audits and independent financial statement audits

Compilation is an example of which one of the following types of services? a. Auditing b. Review c. Consulting d. Accounting

Description : Compilation is an example of which one of the following types of services? a. Auditing b. Review c. Consulting d. Accounting

Last Answer : Accounting

In government auditing, the three elements of expanded scope auditing are a. Goal analysis, audits of operations, audit of systems. b. Financial and compliance, economy and efficiency, program results. c. Pre-audit, post-audit, internal audit. d. National government audit, local government audit, corporation audit

Description : In government auditing, the three elements of expanded scope auditing are a. Goal analysis, audits of operations, audit of systems. b. Financial and compliance, economy and efficiency, program ... , post-audit, internal audit. d. National government audit, local government audit, corporation audit

Last Answer : Financial and compliance, economy and efficiency, program results.

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

Positive assurance is expressed through: a. Attestation b. Declarationc. Conclusiond. Stating whether anything has come tothe auditor's attention that indicates thatthe financial statements are notpresented fairly

Description : Positive assurance is expressed through: a. Attestation b. Declaration c. Conclusion d. Stating whether anything has come to the auditor's attention that indicates that the financial statements are not presented fairly

Last Answer : Attestation

Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards? a. The attestation standards do not permit an attest engagement to be part of a business acquisition study or a feasibility study. b. The attestation standards provide a framework for the attest function beyond historical financiastatements.c. The requirement that the practitioner beindependent in mental attitude is omittedfrom the attestation standard.d. None of the standards of fieldwork ingenerally accepted auditing standardsare included in the attestation standards

Description : Which of the following is a conceptual difference between the attestation standards and generally accepted auditing standards? a. The attestation standards do not permit an attest engagement ... standards of fieldwork in generally accepted auditing standards are included in the attestation standards

Last Answer : The attestation standards provide a framework for the attest function beyond historical financial statements.

Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus on providing assurance on the assertions contained in the financial statements of a public company. c. Review engagements focus on providing advice in a three-party contract. d. Review engagements focus on providing limited assurance on financial statements of a private company

Description : Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus ... d. Review engagements focus on providing limited assurance on financial statements of a private company

Last Answer : Review engagements focus on providing limited assurance on financial statements of a private company

Which of the following best describes the purpose of the engagement letter? a. The engagement letter conveys to management the detailed steps to be applied in the audit process. b. The engagement letter relieves the auditor of some responsibility for the exercise of due care. c. By clearly defining the nature of the engagement, the engagement letter helps avoid and resolve misunderstandings between CPA andclient regarding the precise nature of the work to be performed and the type of report to be issued. d. The engagement letter should be signed by both the client and the CPA and should be used only for independent audits

Description : Which of the following best describes the purpose of the engagement letter? a. The engagement letter conveys to management the detailed steps to be applied in the audit process. b. The engagement letter ... be signed by both the client and the CPA and should be used only for independent audits

Last Answer : By clearly defining the nature of the engagement, the engagement letter helps avoid and resolve misunderstandings between CPA and client regarding the precise nature of the work to be performed and the type of report to be issued

Financial statements audits: a. Reduce the cost of capital b. Report on compliance with laws and regulations c. Assess management's efficiency d. Overlook information risk

Description : Financial statements audits: a. Reduce the cost of capital b. Report on compliance with laws and regulations c. Assess management's efficiency d. Overlook information risk

Last Answer : Reduce the cost of capital

.In financial statement audits, the audit process should be conducted in accordance with a. The audit program b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Description : .In financial statement audits, the audit process should be conducted in accordance with a. The audit program b. Philippine Accounting Standards c. Philippine Standards on Auditing d. Philippine Financial Reporting Standards

Last Answer : Philippine Standards on Auditing

The need for independent audits of financial statements can be attributed to all of the following conditions except: a. Validity b. Remoteness c. Consequence d. Complexity of subject matter

Description : The need for independent audits of financial statements can be attributed to all of the following conditions except: a. Validity b. Remoteness c. Consequence d. Complexity of subject matter

Last Answer : Validity