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|What should be included for the Auditor's address?
|The City and State where located
|What is Management Responsible for in regards to the Financial Statements?
|Preparation and Fair Presentation of Financial Statements in accordance with the Applicable Financial Reporting Framework
|What is Management Responsible for in regards to Internal Control?
|Internal Control Design, Implementation, Maintenance
|What are the headings in the Audit Report for an Unmodified Opinion?
|(TIM-AA) Title; Introduction; Management Responsibility; Auditor Responsibility; Audit Opinion
|What are the headings in the Audit Report for an Modified Opinion?
|(TIMA-BA) Title; Introduction; Management Responsibility; Auditor Responsibility; Basis for (Modified) Opinion; Audit Opinion
|In an Unmodified Opinion with Emphasis-of-Matter / Other-Matter sections, what is the order of the headings?
|(TIM-AA EMO) Title; Introduction; Management Responsibility; Auditor Responsibility; Audit Opinion; Emphasis-of-Matter; Other-Matter
|What are the requirements for referencing a Component Auditor in the Audit Report?
|Component Financial Statements must be prepared using same Financial Reporting Framework as the Group Financial Statements; Component Auditor must have performed audit in accordance with GAAS or PCAOB Standards.
|What must the Group Engagement Partner do if they assume responsibility for the Component Auditor's work?
|Perform additional audit procedures; Be involved in Component Auditors work; Perform Risk Assessment procedures; Assess Risk of Material Misstatement
|What standards govern SSARS engagements?
|Compilations are governed by SSARS (Statements on Standards for Accounting and Review Services)
|Which clients can have compilation engagements?
|Non-SEC (non-public) registrants only.
|What is a Compilation?
|Accountant puts together financial statements with information PROVIDED BY MANAGEMENT. No opinion is expressed and no assurances are given. Independence is not required.
|What disclosures are required for Compilation engagements?
|Disclosures not necessary must state that they are not included
|What standards govern Review engagements?
|SSARS (Statements on Standards for Accounting and Review Services)
|What type of assurance is given in a Review engagement?
|Reviews give limited assurance.
|What procedures are required for Review engagements?
|Analytical procedures are required for reviews. Compare results to documented predictions.
|What is a Review engagement?
|Financial statements are presented with no opinion expressed- and limited assurances are given. Independence is required for a review engagement.
|What is a Forecast?
|A prospective financial statement that uses normal circumstances. General and limited use allowed.
|What is a Projection?
|A prospective financial statement using hypothetical situations. Only limited use by the client is allowed.
|What are the requirements for Agreed Upon Procedures?
|Independence is required; Only limited use by the client is allowed.
|What disclosures are required for remote likelihood of losses?
|No disclosure required.
|What disclosure is required for a probable loss contingency?
|Accrue if estimable. Emphasis-of-Matter paragraph if not estimable.
|What disclosure is made if a loss contingency is reasonably possible?
|Auditor assesses need for Emphasis-of-Matter paragraph based on loss likelihood.
|How is a gain contingency reported?
|Gain contingencies are not reported.
|How does an immaterial GAAP issue affect the audit opinion?
|It doesn't. Opinion is Unmodified.
|How does a very material GAAP issue affect the Audit Report?
|Modified-Adverse Opinion is issued. Emphasis-of-Matter paragraph is added after Opinion paragraph.
|How do GAS standards compare to GAAS?
|GAS is more strict than GAAS.
|What is required under the Single Audit Act?
|An audit performed under governmental auditing standards (GAS). A report on internal control is required. GAAS and GAS don't require the I/C report.