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Which of the following procedures ordinarily should be applied when an independent accountant conducts a review of interim financial information of a publicly held entity?

05 / 03 / 2018 Assignment

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An auditor should examine minutes of board of directors’ meetings: (Points : 2)
Through the date of his report.
Only at the beginning of the audit.
Through the date of the financial statements.
On a test basis.

Question 15. 15. An auditor’s program to examine long-term debt should include steps that require: (Points : 2)
Investigating credits to the bond interest income account.
Inspecting the accounts payable subsidiary ledger.
Examining bond trust indentures.
Verifying the existence of the bondholders.

Question 16. 16. Which of the following procedures ordinarily should be applied when an independent accountant conducts a review of interim financial information of a publicly held entity? (Points : 2)
Read the minutes of the board of directors’ meetings.
Perform cut-off tests for cash receipts and disbursements.
Verify changes in key account balances.
Inspect the open purchase order file.

Question 17. 17. Which of the following conditions or events most likely would cause an auditor to have su
bstantial doubt about an entity’s ability to continue as a going-concern? (Points : 2)
Research and development projects are postponed.
Quarterly stock dividends have replaced annual cash dividends.
Significant related-party transactions are pervasive.
Continuing cash flows from operating activities are negative.

Question 18. 18. Which of the following actions by a CPA most likely violates the profession’s ethical standards? (Points : 2)
Retaining client records after the client has demanded their return.
Purchasing a segment of an insurance company’s business that performs actuarial services for employee benefit plans.
Compiling the financial statements of a client that employs the CPA’s spouse as a bookkeeper.
Arranging with a financial institution to collect notes issued by a client in payment of fees due.

Question 19. 19. When there has been a change in accounting principles, but the effect of the change on the comparability of the financial statements is not material, the auditor should: (Points : 2)
Explicitly concur that the change is preferred.
Refer to the change in an explanatory paragraph.
Not refer to consistency in the auditor’s report.
Refer to the change in the opinion paragraph.

Question 20. 20. Which of the following characteristics most likely would heighten an auditor’s concern about the risk of intentional manipulation of an entity’s financial statements? (Points : 2)
Several members of management recently purchased additional shares of the entity’s stock.
Turnover of senior accounting personnel is less than the industry average.
The rate of change in the entity’s industry is slow.
Management places significant emphasis on meeting earnings projections.


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