Which of the following is not one of the general principles governing the audit of financial statements? a. The auditor should conduct the audit in accordance with PSA. b. The auditor should comply with the Philippine Code of Professional Ethics. c. The auditor should plan and perform the audit with an attitude of professional skepticism. d. The auditor should obtain sufficient appropriate evidence primarily through inquiry and analyticaprocedures to be able to draw reasonable conclusions.l

Which of the following is not one of the
general principles governing the audit of
financial statements?
a. The auditor should conduct the audit in
accordance with PSA.
b. The auditor should comply with the
Philippine Code of Professional Ethics.
c. The auditor should plan and perform
the audit with an attitude of
professional skepticism.
d. The auditor should obtain sufficient
appropriate evidence primarily
through inquiry and analytical
procedures to be able to draw
reasonable conclusions.
by

1 Answer

Answer :

The auditor should obtain sufficient
appropriate evidence primarily
through inquiry and analytical
procedures to be able to draw
reasonable conclusions
by

Related questions

Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material misstatement due to fraud throughout the audit. b. Conduct a discussion by the audit team of the risks of material misstatement due to fraud. c. Conduct inquiries of the audit committee as to their views about the risks of fraud and their knowledge of any fraud or suspected fraud. d. Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Description : Which of the following is not required by PSA No. 315, "Consideration of Fraud in a Financial Statement Audit"? a. Conduct a continuing assessment of the risks of material ... professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Last Answer : Conduct the audit with professional skepticism, which includes an attitude that assumes balances are incorrect until verified by the audito

Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk. b. Eliminate the professional judgment in resolving audit issues. c. Have a measure of the quality of audit performance. d. To reduce the audit program to be prepared by the auditor.

Description : Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk ... of audit performance. d. To reduce the audit program to be prepared by the auditor.

Last Answer : Have a measure of the quality of audit performance.

Which of the following statements about fraud or error is incorrect? a. The responsibility for the prevention and detection of fraud and error rests with management. b. The auditor should plan and perform the audit with an attitude of professional skepticism, recognizing that conditions or events may be found that fraud or error may exist. c. The likelihood of detecting fraud is ordinarily higher than that of detecting error. d. The auditor is not and can not be held responsible for the prevention of fraud and error

Description : Which of the following statements about fraud or error is incorrect? a. The responsibility for the prevention and detection of fraud and error rests with management. b. The auditor should plan and perform ... . The auditor is not and can not be held responsible for the prevention of fraud and error

Last Answer : The likelihood of detecting fraud is ordinarily higher than that of detecting error.

The auditor would ordinarily expect to find evidence to support management representations and not assume that they are necessarily correct". This is an example of: a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. A rule in the code of Professional Conduct.

Description : The auditor would ordinarily expect to find evidence to support management representations and not assume that they are necessarily correct". This is an example of: a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. A rule in the code of Professional Conduct.

Last Answer : An attitude of professional skepticism.

Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conductthe audit with an attitude ofa. Professional responsiveness.b. Conservative advocacy.c. Professional skepticism.d. Objective judgment

Description : Given that an audit in accordance with generally accepted auditing standards is influenced by the possibility of materiaerrors and fraud, the auditor should conduct the audit with an ... . Professional responsiveness. b. Conservative advocacy. c. Professional skepticism. d. Objective judgment

Last Answer : Professional skepticism.

For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of accounting principles or any auditing and reporting standards discussed with management. b. Confirmation of material accounts receivable balance at the end of the year. c. Planned audit procedure to obtain sufficient appropriate audit evidence regarding opening balances. d. Assignment of firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks

Last Answer : Confirmation of material accounts receivable balance at the end of the year.

What will an auditor who has been proposed for an audit engagement usually do prior to accepting a new client? a. Draft the financial statements of the client as a measure of goodwilb. With the permission from the prospective client, contact the predecessor auditor to determine if there are any disagreements between the client and the audit firms. c. Obtain the potential client's permission to talk to the former auditor and review work papers. d. Perform a peer review on the potential client in accordance with professional standardsl

Description : What will an auditor who has been proposed for an audit engagement usually do prior to accepting a new client? a. Draft the financial statements of the client as a measure of goodwill b ... review work papers. d. Perform a peer review on the potential client in accordance with professional standards

Last Answer : With the permission from the prospective client, contact the predecessor auditor to determine if there are any disagreements between the client and the audit firms

When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increased professional skepticism. b. Decline to accept or perform the audit. c. Review the client’s financial reports. d. Obtain information about the client’s business and the industry where it operates

Description : When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increased professional skepticism. b. Decline to accept ... reports. d. Obtain information about the client's business and the industry where it operates

Last Answer : Decline to accept or perform the audit.

The auditor is required to comply with all PSAs relevant to the audit of an entity's financial statements. A PSA is relevant to the audit when: I. The PSA is in effecII. The circumstances addressed by the PSA exist. a. I only b. II only c. Either I or II d. Both I and IIt

Description : The auditor is required to comply with all PSAs relevant to the audit of an entity's financial statements. A PSA is relevant to the audit when: I. The PSA is in effect II. The circumstances addressed by the PSA exist. a. I only b. II only c. Either I or II d. Both I and II

Last Answer : Both I and II

The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit. c. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Description : The Philippine Standards on Auditing issued by AASC a. Need to be applied on all audit related. b. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, ... for the purpose of expressing an opinion. d. Must not apply to other related activities of auditors

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion.

The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion. b. Need to be applied on all audit related. c. Must not apply to other related activities of auditors. d. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even though such a departure may result to more effective achievement of the objective of an audit

Description : The Philippine Standards on Auditing issued by AASC: a. Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an ... though such a departure may result to more effective achievement of the objective of an audit

Last Answer : Apply to independent examination of financial statements of any entity when such an examination is conducted for the purpose of expressing an opinion

In financial statement audits, the audit should be conducted in accordance with a. PAS / PFRS b. Generally accepted auditing standards c. Philippine Standards on Auditing d. Code of Ethics for CPAs in the Philippines

Description : In financial statement audits, the audit should be conducted in accordance with a. PAS / PFRS b. Generally accepted auditing standards c. Philippine Standards on Auditing d. Code of Ethics for CPAs in the Philippines

Last Answer : Philippine Standards on Auditing

The reason why an auditor accumulates evidence is to a. Defend himself in the event of a lawsuit. b. Justify the conclusions he has otherwise reached. c. Satisfy the requirements of the bureau of internal revenue. d. Enable him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

Description : The reason why an auditor accumulates evidence is to a. Defend himself in the event of a lawsuit. b. Justify the conclusions he has otherwise reached. c. Satisfy the requirements of the ... him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

Last Answer : Enable him to reach conclusions about the fairness of the financial statements and issue an appropriate audit report

An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. Understand the events and transactions that may have an effect on the client's financial statements. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Description : An auditor obtains an understanding of the entity and its environment in order to a. Make constructive suggestions concerning improvements to the client's internal control. b. ... misstated. d. Develop an attitude of professional skepticism concerning management's financial statement assertion

Last Answer : Understand the events and transactions that may have an effect on the client's financial statements

The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or fraud. a. Objectivity and integrity b. Professional c. Independence is mental attitude d. Sufficient appropriate evidence

Description : The practitioner makes a critical assessment of validity of audit evidence, with a questioning mind and being alert to conditions which may indicate possible misstatement due to error or ... integrity b. Professional skepticism c. Independence is mental attitude d. Sufficient appropriate evidence

Last Answer : Professional skepticism

Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement. c. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conductedthe affairs of the entity.d. The procedures required to conduct anaudit in accordance with PSAs shouldbe determined by the client whoengaged the services of the auditor

Description : Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An ... with PSAs should be determined by the client who engaged the services of the auditor

Last Answer : The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conducted the affairs of the entity.

A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.

Description : A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.

Last Answer : Future improvements to accomplish management’s goals.

The Code of Ethics contains both general ethical principles that are aspirational in character and also a: a. List of violations that would cause the automatic suspension of the CPA’s license. b. Description of the CPA’s procedures for responding to an inquiry from trial board. c. Set of specific, mandatory rules describing levels of conduct the CPA must observe. d. List of specific crimes that would be considered as acts discreditable to the profession.

Description : The Code of Ethics contains both general ethical principles that are aspirational in character and also a: a. List of violations that would cause the automatic suspension of the CPA's license. b ... observe. d. List of specific crimes that would be considered as acts discreditable to the profession.

Last Answer : Set of specific, mandatory rules describing levels of conduct the CPA must observe

Which of the following statements does not properly describe a limitation of an audit? a. Many audit conclusions are made on the basis of examining a sample of evidence. b. The work, under taken by the auditor is permeated by judgment. c. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence. d. Many financial statement assertions cannot be audited

Description : Which of the following statements does not properly describe a limitation of an audit? a. Many audit conclusions are made on the basis of examining a sample of evidence. b. The ... weaknesses can cause auditors to overlook pertinent evidence. d. Many financial statement assertions cannot be audited

Last Answer : Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Which of the following statements does not properly describe a limitation of an audit? a. Many financial statement assertions cannot be audited. b. Many audit conclusions are made on the basis of examining a sample of evidence. c. The work, under taken by the auditor is permeated by judgment. d. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Description : Which of the following statements does not properly describe a limitation of an audit? a. Many financial statement assertions cannot be audited. b. Many audit conclusions are made on the ... permeated by judgment. d. Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

Last Answer : Fatigue and human weaknesses can cause auditors to overlook pertinent evidence

A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. b. To comply with technical standards and ethics requirements. c. To comply with the quality review of amember body or professional bodyd. To respond to an inquiry or investigationby a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.

Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in an organization. b. Application of generally accepted accounting principles results in a fair presentation of financial statements. c. When examining financial data foropinion thereon, the auditor actsexclusively in the capacity of an auditor.d. In collecting evidence, auditorsshould maintain an attitude of trustabout their clients' assertions. the purpose of expressing an independent

Description : Which of the following is an incorrect statement relating to the theoretical framework of auditing? a. Effective internal control structure reduces the probability of fraud or irregularities in ... collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

Last Answer : In collecting evidence, auditors should maintain an attitude of trust about their clients' assertions.

What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal control. b. Assume responsibility for assuring that the entity complies with applicable laws and regulations. c. Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported. d. Design the audit to provide reasonable assurance that the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Description : What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal ... the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Last Answer : Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported.

Reasonable assurance means: a. Gathering of all available corroborating evidence for the auditor to conclude that there are no material misstatements in the financial statements, taken as a whole. b. Gathering of the audit evidence necessary for the auditor to conclude that the financial statements, taken as a whole, are free from any misstatements. c. Gathering of the audit evidence necessary for the auditor to conclude that the financial statements are free of material unintentional misstatements. d. Gathering of the audit evidence necessary for the auditor to conclude that there are no material misstatements in the financial

Description : Reasonable assurance means: a. Gathering of all available corroborating evidence for the auditor to conclude that there are no material misstatements in the financial statements, taken as a whole. ... necessary for the auditor to conclude that there are no material misstatements in the financial

Last Answer : Gathering of the audit evidence necessary for the auditor to conclude that there are no material misstatements in the financial statements, taken as a whole

The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

Description : The audit of historical financial statements should be conducted by the CPA professionals in accordance with a. The auditor's judgment. b. The audit program. c. Philippine Financial Reporting Standards. d. Philippine Standards on Auditing

Last Answer : Philippine Standards on Auditing

An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on alinternal control procedures a. That would aid in preventing fraud. b. Documented in the flowchart. c. Considered to be weaknesses that might allow errors to enter the accounting system. d. Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.l

Description : An auditor is required to obtain a basic understanding of the client's internal control to plan the audit. The auditor may then decide to perform tests of controls on all internal control ... to be strengths for which the auditor desires further reduction in the assessed level of control risk.

Last Answer : Considered to be strengths for which the auditor desires further reduction in the assessed level of control risk.

The auditor should not assume that management is dishonest, but the possibility of dishonesty must be considered." This is an example of a. Expectation gap. b. An attitude of professional skepticism. c. Due diligence. d. An ethical requirement

Description : The auditor should not assume that management is dishonest, but the possibility of dishonesty must be considered." This is an example of a. Expectation gap. b. An attitude of professional skepticism. c. Due diligence. d. An ethical requirement

Last Answer : An attitude of professional skepticism.

CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for Professional Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Description : CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for ... Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Last Answer : AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances

Description : Which of the following best describes the primary purpose of audit procedures? a. To detect errors or fraud b. To comply with generally accounting principles c. To gather sufficient, appropriate evidence d. To verify the accuracy of account balances

Last Answer : To gather sufficient, appropriate evidence

Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of significant interests in the affairs of an audit client. c. Possessing the ability to act with integrity and objectivity. d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Description : Which of the following most completely describes how independence has been defined by the CPA profession? a. Performing an audit from the viewpoint of the public. b. Avoiding the appearance of ... . d. Possessing the ability to act professionally and accordance with a professional code of ethics.

Last Answer : Possessing the ability to act with integrity and objectivity.

The audit should not assume that management is dishonest, but the possibility of dishonesty must be considered." This is an example of a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. An ethical requirement

Description : The audit should not assume that management is dishonest, but the possibility of dishonesty must be considered." This is an example of a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. An ethical requirement

Last Answer : An attitude of professional skepticism.

Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial statements. b. Test the adequacy of internal control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Description : Audit programs generally include procedures to test actual transactions and resulting balances. These procedures are primarily designed to a. Detect irregularities that result in misstated financial ... control. c. Gather corroborative evidence. d. Obtain information of informative disclosures

Last Answer : Gather corroborative evidence

Which of the following statements reflects an auditor's responsibility for detecting fraud and error? a. An auditor is responsible for detecting employee errors and simple fraud, but not for discovering fraud involving employee collusion or management overrideAn auditor should design the auditto provide reasonable assurance ofdetecting errors and fraud that arematerial to the financial statements.c. An auditor should plan the audit to detecterrors and fraud that are caused bydepartures from the applicable FRF.d. An auditor is not responsible fordetecting errors and fraud unless theapplication of PSAs and PAPs would resultin such detection

Description : Which of the following statements reflects an auditor's responsibility for detecting fraud and error? a. An auditor is responsible for detecting employee errors and simple fraud, but not for ... detecting errors and fraud unless the application of PSAs and PAPs would result in such detection

Last Answer : An auditor should design the audit to provide reasonable assurance of detecting errors and fraud that are material to the financial statements.

.Which of the following fee arrangements is in violation of the Code of Professional Conduct? a. A fee based on whether the CPA's report on the client's financial statements results in the approval of a bank loan. b. A fee based on the outcome of a bankruptcy proceeding. c. A fee based on the nature of the service rendered and the CPA's particulaexpertise instead of the actual time spent on the engagement. d. A fee based on the fee charged by the prior auditor.r

Description : .Which of the following fee arrangements is in violation of the Code of Professional Conduct? a. A fee based on whether the CPA's report on the client's financial statements results in the approval of a ... actual time spent on the engagement. d. A fee based on the fee charged by the prior auditor.

Last Answer : A fee based on whether the CPA's report on the client's financial statements results in the approval of a bank loan

Under the Code of Ethics, a CPA may not: a. Perform bookkeeping services for an audit client. b. Perform advisory services for an audit client. c. Have any direct financial interest in a client during the period covered by the financial statements. d. Having any joint, closely held investments with a principal stockholder of an audit client during the period of audit engagement which is not material in relation to his ne

Description : Under the Code of Ethics, a CPA may not: a. Perform bookkeeping services for an audit client. b. Perform advisory services for an audit client. c. Have any direct financial interest in a client ... of an audit client during the period of audit engagement which is not material in relation to his ne

Last Answer : Have any direct financial interest in a client during the period covered by the financial statements.

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently applied. b. Maintain an impartial attitude on all matters which come under his review. c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Determine accounting practices that were consistently ... . c. Determine the materiality of items. d. Insist on all matters regarding audit procedures.

Last Answer : Maintain an impartial attitude on all matters which come under his review.

The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit procedures. b. Determine the materiality of items. c. Determine accounting practices that were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Description : The Code of Professional Ethics states, in part, that a CPA should maintain integrity and objectivity. Objectivity refers to the CPA's ability to a. Insist on all matters regarding audit ... were consistently applied. d. Maintain an impartial attitude on all matters which come under his review

Last Answer : Maintain an impartial attitude on all matters which come under his review

An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list the procedures performed. b. The auditor is also the entity's continuing auditor. c. The financial statements are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Description : An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list ... are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Last Answer : Use of the report is restricted