ACL is an example of

ACL is an example of
Answer

An EDI software package
An IT software package
Software that allows auditors to retrieve data from client systems
A type of networking

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For an engagement in which the auditor performs a set of agreed-upon procedures, the auditor should do any of the following except
Answer

Compare the procedures to be applied to the specified users’ written requirements
Discuss the procedures with a representative of the users
Perform procedures similar to those applied in a review engagement
Review contracts or correspondence from the specified users

Before issuing a report on the compilation of ?nancial statements of a nonpublic entity, the accountant should
Answer

Apply analytical procedures to selected financial data to discover any material misstatements
Corroborate at least a sample of the assertions management has embodied in the financial statements
Inquire of the client’s personnel whether the financial statements omit substantially all disclosures
Read the financial statements to consider whether the financial statements are free from obvious material errors

When an auditor reports on ?nancial statements prepared on an entity’s income tax basis, the auditor’s
report should
Answer

Disclose that the statements are not intended to conform with generally accepted accounting principles
Disclaim an opinion on whether the statements were examined in accordance with generally accepted
auditing standards
Not express an opinion on whether the statements are presented in conformity with the comprehensive
basis of accounting used
Include an explanation of how the results of operations differ from the cash receipts and disbursements
basis of accounting

An auditor will use the IT test data method in order to gain certain assurances with respect to the
Answer

Input data
Machine capacity
Procedures contained within the program
Degree of keypunching accuracy

An auditor’s study and evaluation of the internal accounting control system made in connection with an
annual audit is usually not suficient to express an opinion on an entity’s system because
Answer

The evaluation of weaknesses is subjective enough that an auditor should not express an opinion on the
internal accounting controls alone
The audit cost-benefit relationship permits an auditor to express only reasonable assurance that the system
operates as designed
Management may change the internal accounting controls to correct weaknesses
Only those controls on which an auditor intends to rely are reviewed, tested, and evaluated

Apply analytical procedures to selected financial data to discover any material misstatements
Corroborate at least a sample of the assertions management has embodied in the financial statements
Inquire of the client’s personnel whether the financial statements omit substantially all disclosures
Read the financial statements to consider whether the financial statements are free from obvious material errors

When an auditor reports on ?nancial statements prepared on an entity’s income tax basis, the auditor’s
report should
Answer

Disclose that the statements are not intended to conform with generally accepted accounting principles
Disclaim an opinion on whether the statements were examined in accordance with generally accepted
auditing standards
Not express an opinion on whether the statements are presented in conformity with the comprehensive
basis of accounting used
Include an explanation of how the results of operations differ from the cash receipts and disbursements
basis of accounting

An auditor will use the IT test data method in order to gain certain assurances with respect to the
Answer

Input data
Machine capacity
Procedures contained within the program
Degree of keypunching accuracy

An auditor’s study and evaluation of the internal accounting control system made in connection with an
annual audit is usually not suficient to express an opinion on an entity’s system because
Answer

The evaluation of weaknesses is subjective enough that an auditor should not express an opinion on the
internal accounting controls alone
The audit cost-benefit relationship permits an auditor to express only reasonable assurance that the system
operates as designed
Management may change the internal accounting controls to correct weaknesses
Only those controls on which an auditor intends to rely are reviewed, tested, and evaluated