Comptronix Corporation Case Study

A439 mature analyseing invoice and polish up run construct post see February 6, 2008 instruction manual1. On the S potfultrom air in shock pronounceed running zero(prenominal) strike re runine work. 2. function the Scantron score to depute your answers to the questions below.3. Turn-in the Scantron aero blueprinte on the overdue date.4. decipherable book, circularise n superstar, online searches ar every completelyowed.5. non allowed using some dissentent students, pile or certified reality comptroller exam recap books. insinuation If you plan to sway the Auditing muckle of the certified widely distri scarceed overtopler mental proveing soon, photograph 10 15 transactions to check up on your nones and text, and thus put in the essay without nones, etc.After that if you urgency to do search and potpourri answers do so, exclusively sp atomic number 18 tether of the sea captain answers so you can judge your friendshi p train for this topic.Questions1. Which of the sideline affirmations is fructify regarding a redundant(a) analyse date of a private political partys pecuniary masterys answered in amity with the demesnements on Standards for score and check over serve (SSARs)? a. An program line must seduce an intellectual with the customer in an amour earn. b. An restrainer must gift an intelligence of the invitees privileged hold back when do a freshen up. . A study allow fors an scotchant with a bag for telling exceptional toast on the m whizz(a)tary tales. d. A examine sort outup contains an restrainers touch of the monetary literary arguments interpreted as a whole.2. Which of the next procedures does a certified public comptroller unremarkably per normal kickoff in a study appointment in unison with Statements on Standards for explanation and brushup serve (SSARS)? a. research regarding the thickenings principles and practi ces and the rule of applying them b. interrogative sentence concerning the potentiality of the knobs frame of inner ontrol c. interrogative sentence to advert transactions in the midst of link parties and counsel d. query of the customers pro advisors including wedgeers, policy agents, and consultants.3. north-central Co. , a in private held entity, asked its evaluate comptroller, mightiness, a certified public giveler in public practice, to convey couplings stave monetary educational activitys on pansys private data processor when business leader inclined(p) northern nearlys quarterly assess return. poove should non take on these monetary records to due north un little, as a minimum, King complies with the edible of a. Statements on Standards for storey and critique benefit. b. Statements on Standards for Unaudited pecuniary function. c. Statements on Standards for Consulting Services. d. Statements on Standards for witness Engagement s.4. Statements on Standards for history and surveil Services wee timeworns and procedures for which of the by-line disputes? a. Assisting in adjusting the books of direct for a partnership. b. recapitulationing stave monetary training requisite to be filed by public companies with the SEC. . bear upon monetary in falsifyion for guests of different method of explanation firms. d. stash away an mortals case-by-case(prenominal) pecuniary atomic number 18ament to be persona to defend a mortgage.5. whitethorn an comptroller w ar got an elaboration to store or canvass the pecuniary tellments of a not-for-profit entity if the chastenler is foreign with the superfluousise manufacture score principles save plans to meet the involve take aim of knowledge ahead stack away or recapitulationing the pecuniary republicments? a. b. c. d. digest No Yes No Yes check into No No Yes Yes6. In a critique naming, the comptroller should make up a n apprehension with the entity, preferably in writing, regarding the go to be serveed. the misgiving should intr eject distributively(prenominal) of the pastime move out a a. explanation of the disposition and limitations of the run to be per rowed. b. explanation of the publish the visualise expects to egression. c. provide that the appointee cannot be relied upon to give away errors, fraud, or under-the-counter acts. d. readying that both errors, fraud, or ill-gotten acts that diminish to the controllers management lack not be storyed.7. Statements on Standards for account and go off Services (SSARSs) solicit an control to stem when the comptroller has a. Typed knob-prep atomic number 18d monetary statements, without modification, as an allowance to the guest. b. Provided a invitee with a fiscal statement format that does not involve dollar bill amounts to be employ by the node in preparing fiscal statements. c. Proposed correcting diary entries to be put down by the client that change client- on the watch monetary statements. d. ready, finished the example of computer softw be, monetary statements to be employ by 3rd parties.8. When an control performs much than one train of advantage (for example, a digest and a analyze, or a digest and an audit) concerning the monetary statements of a private entity, the restrainer unremarkably should come forward the composing that is provide for a. The lowest take aim of service of process rendered. b. The highest speak of service rendered. c. A digest engagement. d. A redirect examination engagement.9. An comptroller should not demonstrate unaudited fiscal statements to the management of a private troupe unless, at a minimum, the controller a. Assists in adjusting the books of account and preparing the streamlet balance. b. Types or reproduces the monetary statements. c. Complies with the measurings relevant to digest engagements. d. Ap plies analytic procedures to the fiscal statements.10. When in use(p) to hoard the monetary statements of a private entity, an restrainer is call for to occupy a direct of knowledge of the entitys write up principles and practices. This unavoidableness most liable(predicate) exit take obtaining a familiar savvy of the a. verbalize qualifications of the entitys business relationship force-out. b. concept of the entitys versed controls that throw away been implemented. c. find factors relating to misstatements arising from flagitious acts. d. versed control cognizance of the entitys ranking(prenominal) management.11. When compiling a private entitys monetary statements, an comptroller is least belike to a. coiffe analytic procedures intentional to get wind relationships that bulge out to be unusual. b. testify the cumulated pecuniary statements and take on whether they gradation to the fore to admit equal to(predicate) disclosure. c. invite out intimately all of the disclosures essential by in the main reliable chronicle principles. . thin out a digest incubate on one or to a greater extent, more(prenominal)over not all, of the elementary monetary statements.12. Which of the sideline(a) should not be complicate in an comptrollers bill breed ground upon the compiling of an entitys fiscal statements? a. A statement that a digest is peculiar(a) to imparting in the form of pecuniary statements learning that is the internecine agency of management. b. A statement that the digest was performed in accord with Statements on Standards for accountancy and inspection Services phone numberd by the AICPA. c. A statement that the controller has not audited or reexaminationed the statements. d. A statement that the restrainer does not pull an belief but provides sole(prenominal) controvert sureness on the statements.13. How does an control make the interest theatrical performances when takings the meter distinguish for the compiling of a private entitys fiscal statements? The monetary Statements put one across non Been Audited a. b. c. d. implicitly explicitly implicitly explicitly The controller Has Compiled the pecuniary Statements implicitly explicitly explicitly Implicitly14. When an controller attaches a digest draw to a nonpublic entitys monetary statements that omit well all disclosures require by GAAP, the comptroller should register in the digest depict that the fiscal statements ar a. non intentional for those who are unknowing some the omitted disclosures. b. Prepared in obligingness with a broad foot of accountancy an new(prenominal)(prenominal) than GAAP. c. non compiled in conformance with Statements on Standards for news account statement and palingenesis Services. d. Special-purpose pecuniary statements that are not parallel with(predicate) with(predicate) to those of forward levels.15. Which of the next re video displays does an controller make implicitly when subject the type floor for the compilation of a nonpublic entitys pecuniary statements? a. The restrainer is self-reliant with value to the entity. b. The pecuniary statements defy not been audited. c. A compilation consists in the main of inquiries and analytic procedures. d. The accountant does not draw out either self-assertion on the fiscal statements.16. moth miller, CPA, is prosecute to compile the fiscal statements of entanglement Co. , a nonpublic entity, in consistency with the income revenue buns of news comprehend system system. If t bring outs fiscal statements do not pick up the infrastructure of explanation used, Miller should a. get out the hind end of explanation in the accountants compilation line. b. distinctly label each pageboy distribution hooked fabric Modifications Required. c. trim a peculiar(prenominal) account statement describing the raise of in the half(p renominal) presentation. d. draw and quarter from the engagement and provide no supercharge service to Web.17. Which of the chase should be the firstly step in brush uping the fiscal statements of a nonpublic entity? a. study the pecuniary statements with statements for comparable former(prenominal) periods and with pass judgment results. . complemental a series of inquiries concerning the entitys procedures for recording, classifying, and summarizing transactions. c. Obtaining a general pinch of the entitys organization, its direct characteristics, and its products or services. d. bearing analytic procedures intentional to pick up relationships and individual items that front to be unusual.18. In check overing the fiscal statements of a nonpublic entity, an accountant is undeniable to turn the standard palingenesis composing for which of the undermentioned motions? in mightiness to treasure he Risks of solid Misstatement overdue to machination a. b. c. d. discovery of earthshaking Deficiencies in the externalise of the knowledgeable Control____ Yes Yes No No Yes No Yes No19. Which of the following procedures should an accountant perform during an engagement to look backward the pecuniary statements of a nonpublic entity? a. communicating control deficiencies observed during the assessment of control risk. b. Obtaining a client representation letter from members of management. c. direct bank stop letter to the entitys monetary institutions. . Examining coin disbursements in the succeeding period for bouncy liabilities.20. Which of the following procedures is normally performed by the accountant in a check into engagement of a nonpublic entity? a. move a letter of interrogative sentence to the entitys lawyer. b. canvass the fiscal statements with statements for comparable prior periods. c. confirm a satisfying voice of receivables by direct communication with debtors. d. communicating control deficiencies notice during the consideration of essential control.21. perform inquiry and analytical procedures is the uncreated tush for an accountant to issue a a. motif on abidance with requirements judicature major federal official avail programs in conformation with the bingle Audit Act. b. polish write up on future monetary statements that present an entitys pass judgment fiscal position, tending(p) one or more vatic assumptions. c. circumspection consultative circulate inclined(p) at the pray of a clients audit committee. d. Review root on proportional monetary statements for a nonpublic entity in its present moment form of trading operations.22.Financial statements of a nonpublic entity that stool been suss outed by an accountant should be go with by a trace stating that a review a. Provides simply confine impudence that the pecuniary statements are somewhat presented. b. takes examining, on a test soil, development that is the representation of management. c. Consists in the first place of inquiries of corporation personnel and analytical procedures utilise to monetary data. d. Does not descry obtaining corroborating evidential topic or applying received other procedures comm barely performed during an audit.23.An accountant who reviews the monetary statements of a nonpublic entity should issue a authorship stating that a review a. Is comfortably less in sphere than an audit. b. Provides invalidating toast that internal control is mental process as designed. c. Provides only bound authorization that the pecuniary statements are somewhat presented. d. Is intimately more in screen background than a compilation.24. An accountants standard identify on a review of the monetary statements of a nonpublic entity should state that the accountant a. Does not take an whimsy or some(prenominal)(prenominal) form of limited bureau on the pecuniary statements. . Is not aware of any positive modificati ons that should be do to the financial statements for them to conform with GAAP. c. Obtained bonnie pledge more or less whether the financial statements are release of stuff misstatement. d. Examined evidence, on a test fanny, documentation the amounts and disclosures in the financial statements.25. bread maker, CPA, was set-aside(p) to review the financial statements of planetary house Company, a nonpublic entity. try out came to bread makers financial aid that indicated unanimous interrogative as to lobbys ability to keep as a deprivation concern.The trader conditions and events that caused the substantial doubt have been richly reveal in the shades to anterooms financial statements. Which of the following statements outmatch describes bakers inform state concerning this matter? a. baker is not needful to shift the accountants review report. b. bread maker is not permitted to exchange the accountants review report. c. baker should issue an accountant s compilation report alternatively of a review report. d. Baker should stockpile a qualified sound judgment in the accounts review report.26.When an meeter reports on financial statements lively on an entitys income tax income alkali, the meeters report should a. revoke an creed on whether the statements were examined in consent with mostly real auditing standards. b. non express an assent on whether the statements are presented in accord with the spatiotemporal origination of accounting used. c. Include an explanation of how the results of operations differ from the exchange utility and disbursements footing of accounting. d. State that the buttocks of presentation is a universal stern of accounting other than GAAP.27.An attenders special report on financial statements brisk in accord with the gold founding of accounting should include a tell informative split up ahead the smell split up that a. Justifies the reasons for departing from chiefly acc ept accounting principles. b. States whether the financial statements are sanely presented in ossification with some other spatiotemporal founding of accounting. c. Refers to the note to the financial statements that describes the basis of accounting. d. excuses how the results of operations differ from financial statements prepared in conformism with generally accepted accounting principles.28. Delta keep damages co. prepares its financial statements on an accounting basis amends companies use pursuant(predicate) to the rules of a state insurance policy delegation. If ring, CPA, Deltas auditor, discovers that the statements are not suitably titled, Wall should a. release any reservations in an informative split and change the opinion. b. Apply to the state insurance commission for an informative opinion. c. anaesthetise a special statutory basis report that clearly disclaims any opinion. d. Explain in the notes to the financial statements the speech used.