Here is a new quiz for AUD, and its a doosy. The first one to get the answers correct will be awarded with a $10 Amazon gift card, not to mention the feeling of satisfaction that comes with having a fantastic knowledge of AUD. If doing questions like this tickles your fancy, sign up here and we will send you our weekly quiz email! ow.ly/Hs8PB Good luck! 1. When an auditor reports on financial statements prepared on an entity’s income tax basis, the auditor’s report should: A: Disclaim an opinion on whether the statements were examined in accordance with generally accepted auditing standards. B: Not express an opinion on whether the statements are presented in conformity with the comprehensive basis of accounting used. C: Include an explanation of how the results of operations differ from the cash receipts and disbursements basis of accounting. D: State that the basis of presentation is a comprehensive basis of accounting other than GAAP. 2. An entity prepares its financial statements on its income tax basis. A description of how that basis differs from GAAP should be included in the: A: Notes to the financial statements. B: Auditor’s engagement letter. C: Management representation letter. D: Introductory paragraph of the auditor’s report.
Posted on: Fri, 16 Jan 2015 19:11:18 +0000
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