CPA-Auditing 시험 - AICPA실제시험문제와 답 - 1022문항

Question No : 1

Green, CPA, is requested to render an opinion on the application of accounting principles by an entity
that is audited by another CP
A. Green may:
A. Not accept such an engagement because to do so would be considered unethical.
B. Not accept such an engagement because Green would lack the necessary information on which to base an opinion without conducting an audit.
C. Accept the engagement but should form an independent opinion without consulting with the continuing CPA.
D. Accept the engagement but should consult with the continuing CPA to ascertain all the available facts relevant to forming a professional judgment.

정답: D
Explanation:
Choice "d" is correct. A "reporting accountant" (an accountant in public practice who is requested to render an opinion on the application of GAAP by an entity audited by another CPA) may accept the engagement, but should consult with the "continuing CPA" to ascertain the available facts relevant to forming a professional judgment.
Choices "a" and "b" are incorrect. A reporting CPA may accept an engagement to render an opinion on GAAP of an entity audited by another CPA. The reporting CPA should consult with the continuing CPA to obtain pertinent information.
Choice "c" is incorrect. The reporting accountant should consult with the continuing accountant to ascertain all the available, relevant facts.

Question No : 2

The objective of auditing procedures applied to segment information is to provide the auditor with a reasonable basis for concluding whether:

A.The information is useful for comparing a segment of one enterprise with a similar segment of another enterprise.
B.Sufficient audit evidence has been obtained to allow the auditor to be associated with the segment information.
C.A separate opinion on the segment information is necessary due to inconsistent application of accounting principles.
D.The information is presented in conformity with the FASB Statement on segment information.

정답:
Explanation:
Choice "d" is correct. The auditor's objective is to provide a reasonable basis for concluding whether segment information is presented in conformity with GAAP.
Choice "a" is incorrect. The auditor is not required to see that segment information included is comparable to other enterprises.
Choice "b" is incorrect. Sufficient audit evidence must be obtained to ensure that segment information is presented in accordance with GAAP, not to allow the auditor to be associated with such information.
Choice "c" is incorrect. The inclusion of segment information is a GAAP requirement, and a separate opinion is not required.

Question No : 3

If management (of a governmental body) declines to present supplementary information required by the Governmental Accounting Standards Board (GASB), the auditor should issue a(an):

A.Adverse opinion.
B.Qualified opinion with an explanatory paragraph.
C.Unqualified opinion.
D.Unqualified opinion with an additional explanatory paragraph.

정답:
Explanation:
Choice "d" is correct. If management (of a governmental body) declines to present information required by the GASB, the auditor should issue an unqualified opinion with an additional explanatory paragraph.
Choices "a", "b", and "c" are incorrect, per the above.

Question No : 4

An auditor may report on condensed financial statements that are derived from complete audited financial statements if the:

A.Auditor indicates whether the information in the condensed financial statements is fairly stated in all material respects.
B.Condensed financial statements are presented in comparative form with the prior year's condensed financial statements.
C.Auditor describes the additional review procedures performed on the condensed financial statements.
D.Condensed financial statements are distributed only to management and the board of directors.

정답:
Explanation:
Choice "a" is correct. When reporting on condensed financial statements that are derived from complete audited financial statements, the auditor should indicate in his report whether the information in the condensed financial statements is fairly stated in all material respects (in relation to the basic financial statements taken as a whole).
Choices "b" and "d" are incorrect. There is no requirement that the condensed financial statements be presented in comparative form, or that they be distributed only to management and the board of directors (i.e., distribution is not restricted).
Choice "c" is incorrect. The auditor would not perform or describe additional review procedures related to the condensed financial statements.

Question No : 5

When audited financial statements are presented in a client's document containing other information, the auditor should:

A.Perform inquiry and analytical procedures to ascertain whether the other information is reasonable.
B.Add an explanatory paragraph to the auditor’s report without changing the opinion on the financial statements.
C.Perform the appropriate substantive auditing procedures to corroborate the other information.
D.Read the other information to determine that it is consistent with the audited financial statements.

정답:
Explanation:
Choice "d" is correct. The auditor should read the "other information" in a client's document containing audited FS to determine that it is consistent with the audited FS.
Choice "a" is incorrect. Performing analytical procedures or any other procedure is not necessary.
Choice "b" is incorrect. An explanatory paragraph is not required.
Choice "c" is incorrect. The auditor has no obligation to perform any procedure to corroborate "other information" contained in a document such as an annual report.

Question No : 6

Which of the following best describes the auditor's reporting responsibility concerning information accompanying the basic financial statements in an auditor-submitted document?

A.The auditor has no reporting responsibility concerning information accompanying the basic financial statements.
B.The auditor should report on the information accompanying the basic financial statements only if the auditor participated in its preparation.
C.The auditor should report on the information accompanying the basic financial statements only if the auditor did not participate in its preparation.
D.The auditor should report on all the information included in the document.

정답:
Explanation:
Choice "d" is correct. When an auditor submits a document containing audited financial statements to the client or others, the auditor has a responsibility to report on all the information included in the document.
Choice "a" is incorrect. The auditor does have additional reporting responsibilities concerning information that accompanies the basic financial statements in an auditor-submitted document.
Choice “b" is incorrect. The auditor has responsibility to report on any additional information regardless of whether the auditor participated in the preparation of the information.
Choice "c" is incorrect. The auditor has reporting responsibilities regardless of whether the auditor participated in the preparation of the information.

Question No : 7

What is an auditor's responsibility for supplementary information which is outside the basic financial statements, but required by the FASB?

A.The auditor has no responsibility for required supplementary information as long as it is outside the basic financial statements.
B.The auditor's only responsibility for required supplementary information is to determine that such information has not been omitted.
C.The auditor should apply certain limited procedures to the required supplementary information, and report deficiencies in, or omissions of, such information.
D.The auditor should apply tests of details of transactions and balances to the required supplementary information, and report any material misstatements in such information.

정답:
Explanation:
Choice "c" is correct. For additional supplementary information required by the FASB, the auditor should apply certain limited procedures to the information, and report deficiencies in or omissions of such information.
Choice "a" is incorrect. Required supplementary information is considered an essential part of financial reporting, and therefore certain limited procedures should be applied by the auditor.
Choice “b" is incorrect. For additional supplementary information required by the FASB, the auditor should apply certain limited procedures to the information, and report deficiencies in or omissions of such information.
Choice "d" is incorrect. Certain limited procedures should be applied to required supplementary information, but this information need not be audited.

Question No : 8

Investment and property schedules are presented for purposes of additional analysis in an auditor submitted document. The schedules are not required parts of the basic financial statements, but accompany the basic financial statements. When reporting on such additional information, the measurement of materiality is the:

A.Same as that used in forming an opinion on the basic financial statements taken as a whole.
B.Lesser of the individual schedule of investments or schedule of property taken by itself.
C.Greater of the individual schedule of investments or schedule of property taken by itself.
D.Combined total of both the individual schedules of investments and property taken as a whole.

정답:
Explanation:
Choice "a" is correct. When reporting on additional information accompanying the audited financial statements, the measure of materiality would be the same as that used in forming an opinion on the financial statements taken as a whole.
Choices "b", "c", and "d" are incorrect, based on the above.

Question No : 9

In the standard report on condensed financial statements that are derived from a public entity's audited financial statements, a CPA should indicate that the:

A.Condensed financial statements are prepared in conformity with another comprehensive basis of accounting.
B.CPA has audited and expressed an opinion on the complete financial statements.
C.Condensed financial statements are not fairly presented in all material respects.
D.CPA expresses limited assurance that the financial statements conform with GAA

정답:
Explanation:
Choice "b" is correct. The auditor's report on condensed statements derived from audited statements should indicate (1) that the CPA audited and expressed an opinion on the complete financial statements,
(2) the date of the auditor's report on the complete financial statements, (3) the type of opinion expressed, and (4) whether, in the auditor's opinion, the information set forth in the condensed financial statements is fairly stated in all material respects in relation to the complete financial statements from which it was derived.
Choice "a" is incorrect. Condensed financial statements are not prepared in conformity with a comprehensive basis of accounting other than GAAP.
Choice "c" is incorrect. The auditor's report on condensed financial statements does not indicate whether they are fairly presented in all material respects; rather, the report indicates whether they are fairly presented in relation to the complete financial statements.
Choice "d" is incorrect. The auditor does not express an opinion (or provide any assurance) on whether condensed FS conform with GAAP; only whether such statements are fairly stated in relation to the complete FS.

Question No : 10

An auditor concludes that there is a material inconsistency in the other information in an annual report to shareholders containing audited financial statements. The auditor believes that the financial statements do not require revision, but the client is unwilling to revise or eliminate the material inconsistency in the other information. Under these circumstances, what action would the auditor most likely take?

A.Consider the situation closed because the other information is not in the audited financial statements.
B.Issue an "except for" qualified opinion after discussing the matter with the client's audit committee.
C.Disclaim an opinion on the financial statements after explaining the material inconsistency in a separate explanatory paragraph.
D.Revise the auditor's report to include a separate explanatory paragraph describing the material inconsistency.

정답:
Explanation:
Choice "d" is correct. If the auditor discovers a material inconsistency in other information accompanying the audited financial statements, the financial statements do not require revision, and the client refuses to eliminate or revise the inconsistency, the auditor should consider 1) revising the report to include a separate paragraph describing the inconsistency, 2) withholding the report, or 3) withdrawing from the engagement.
Choice "a" is incorrect. Even though the auditor has no responsibility to audit or otherwise corroborate other information accompanying the financial statements, the auditor has a
responsibility to read the other information accompanying the financial statements for consistency and to identify any material misstatements of fact included therein.
Choice "b" is incorrect. A qualified opinion is generally not warranted because the financial statements are fairly stated.
Choice "c" is incorrect. A disclaimer of opinion is generally not warranted because there is no limitation on scope.

Question No : 11

If information accompanying the basic financial statements in an auditor-submitted document has been subjected to auditing procedures, the auditor may include in the auditor's report on the financial statements an opinion that the accompanying information is fairly stated in:

A.Accordance with generally accepted auditing standards.
B.Conformity with generally accepted accounting principles.
C.All material respects in relation to the basic financial statements taken as a whole.
D.Accordance with attestation standards expressing a conclusion about management's assertions.

정답:
Explanation:
Choice "c" is correct. When an auditor submits a document that contains information in addition to the client's basic financial statements, and this information was subjected to auditing procedures, the auditor may include in the auditor's report an opinion that the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. This statement would follow the opinion paragraph in the standard report.
Choice "a" is incorrect. Information in an ASD is not stated in an auditor's report to be in accordance with GAAS. Instead, the auditor would state that the "information has been subjected to the auditing procedures applied in the audit of the basic financial statements..."
Choice "b" is incorrect. The auditor would not state that ASD information was fairly stated in accordance with GAAP. The information in an ASD is in addition to that required by GAAP.
Choice “d" is incorrect. Reports on ASD are not "attest engagements."

Question No : 12

An auditor is engaged to report on selected financial data that are included in a client-prepared document containing audited financial statements.
Under these circumstances, the report on the selected data should:

A.Be limited to data derived from the audited financial statements.
B.Be distributed only to senior management and the board of directors.
C.State that the presentation is a comprehensive basis of accounting other than GAA
D.Indicate that the data are not fairly stated in all material respects.

정답:
Explanation:
Choice "a" is correct. An auditor's report on selected information included in a client-prepared document containing audited financial statements should be limited to data derived from audited financial statements.
Choice "b" is incorrect. It is not necessary to limit distribution of such a report.
Choice "c" is incorrect. Selected financial data is not an "other comprehensive basis of accounting." Choice "d" is incorrect. The auditor indicates whether the selected financial data is fairly stated, in all material respects, in relation to the financial statements from which it has been derived.

Question No : 13

An auditor may report on condensed financial statements that are derived from complete financial statements if the:

A.Condensed financial statements are distributed to stockholders along with the complete financial statements.
B.Auditor describes the additional procedures performed on the condensed financial statements.
C.Auditor indicates whether the information in the condensed financial statements is fairly stated in all material respects in relation to the complete financial statements from which it has been derived.
D.Condensed financial statements are presented in comparative form with the prior year's condensed financial statements.

정답:
Explanation:
Choice "c" is correct. An auditor may report on condensed financial statements that are derived from financial statements that he or she has audited, indicating (1) that he or she has audited and expressed an opinion on the complete financial statements, (2) the date of the auditor's report, (3) the type of opinion expressed, and (4) that the information contained in the condensed financial statements is fairly stated in all material respects in relation to the complete financial statements from which it has been derived.
Choice "a" is incorrect. The condensed financial statements do not have to be distributed to the stockholders.
Choice "b" is incorrect. The audit report on condensed financial statements does not require that additional procedures be described.
Choice "d" is incorrect. Condensed financial statements do not need to be presented in comparative form with the prior year's financial statements.

Question No : 14

When an auditor submits a document containing audited financial statements to a client, and those financial statements include supplementary information required by GAAP, the auditor may choose any of the following options, except:

A.Express an opinion on the information, if he or she has been engaged to examine such information.
B.Express negative assurance on the information, if review procedures have been appropriately performed.
C.Report on whether the information is fairly stated in relation to the financial statements taken as a whole, if appropriate auditing procedures have been applied.
D.Disclaim an opinion on the information.

정답:
Explanation:
Choice "b" is correct. The auditor would not perform a review or express negative assurance on supplementary information required by GAAP that is included in an auditor-submitted document.
Choice “a" is incorrect. The auditor may express an opinion on the information, if he or she has been engaged to examine it.
Choice "c" is incorrect. The auditor may report on whether the information is fairly stated in relation to the financial statements taken as a whole, if appropriate auditing procedures have been applied.
Choice “d" is incorrect. The auditor may disclaim an opinion on the information.

Question No : 15

Which of the following reporting options is least likely with regard to supplementary information that is required by GAAP?

A.The auditor's report on the financial statements makes no reference to the supplementary information.
B.A disclaimer of opinion is issued on supplementary information that is not clearly distinguished from the financial statements and is not marked "unaudited."
C.The auditor's report on the financial statements includes both an opinion on the supplementary information and a statement restricting the use of the report.
D.The auditor's report on the financial statements includes an opinion regarding whether the supplementary information is fairly stated in all material respects in relation to the financial statements taken as a whole.

정답:
Explanation:
Choice "c" is correct. There is no requirement that the auditor's report on supplementary information required by GAAP be restricted.
Choice "a" is incorrect. An auditor is not required to audit supplementary information, and in such cases the auditor's report on the basic financial statements would not generally include a reference to such information.
Choice "b" is incorrect. When supplementary information that is not clearly distinguished from the financial statements is not marked "unaudited," the auditor would generally issue a disclaimer on that information.
Choice "d" is incorrect. When the auditor chooses to apply auditing procedures to the supplementary information, he or she may express an opinion regarding whether the supplementary information is fairly stated in all material respects in relation to the financial statements taken as a whole.

AICPA CPA-Auditing 시험