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When engaged to compile the financial statements of a nonpublic
entity, an accountant is required to possess a level of knowledge of
the entity's accounting principles and practices.
This requirement most likely will include obtaining a general
understanding of the
Question 13
When a qualified opinion results from a limitation on the scope of
the audit, the situation should be described in an explanatory
paragraph
Question 14
The standard report issued by an accountant after reviewing the
financial statements of a nonpublic entity states that
Question 15
Which of the following phrases would an auditor most likely include
in the auditor's report when expressing a qualified opinion because
of inadequate disclosure?
Question 16
A client has capitalizable leases but refuses to capitalize them in the
financial statements. Which of the following reporting options does
an auditor have if the amounts pervasively distort the financial
statements?
Question 17
Wolf is auditing an entity's compliance with requirements
governing a major federal financial assistance program in
accordance with Government Auditing Standards. Wolf detected
noncompliance with requirements that have a material effect on the
program.
Wolf's report on compliance should express