CPA Exam - Engagement
Responsibilities Exam Questions with
Correct Verified Answers, Already
Passed! (Complete & Accurate)
1. Should consider - ANS ✓consideration of a procedure is
presumptively required by such words as "may", "might" "could" or
other similar terms and phrases. Auditor should use professional
judgement in determining whether to perform the procedure or
action.
2. Nature of attest engagements - ANS ✓Attestation standards apply
when engaged to issue or issues a practitioner's examination, review
or agreed-upon procedures report on (1) subject matter or (2)
assertion about subject matter that is the responsibility of another
party. May take many forms: (1) historical or prospective
performance (2) physical characteristics (3) historical events
3. Types of attestion engagements - ANS ✓Examinations
Reviews
Agreed Upon Procedures
4. Engaging Party - ANS ✓Party who engage the practitioner
CPA Exam - Engagement Responsibilities
, 2
CPA
5. Responsible Party - ANS ✓The party responsible for the subject
matter (and ordinarily the assertion) Most often the engaging party is
the responsible party.
6. Assurance and advisory services - ANS ✓Practitioner provided
engagements that enhance the quality, relevance and usefulness of
information or its context for decision makers. Does not include
consulting services - differ in two ways. Assurance services (1) focus
on improving information rather providing advice (2) usually involve
one party's intention to monitor another (often within the same
entity) not the two-party arrangement common in consulting
engagements.
7. Consulting services - ANS ✓Professional services that are
practitioner's technical skills, education, observations, experiences
and knowledge of the consulting process. Typical engagement has
two parties: practitioner and client. Practitioner does not have to be
independent to provide consulting services
8. Client Interest - ANS ✓Serve client interest by seeking to
accomplish objectives established by the understanding with the
client while maintaining integrity and objectivity
9. Understanding with client - ANS ✓establish with client a written or
oral understanding about the responsibilities of the parties and the
nature, scope and limitations of services to be performed
10. Communication with client - ANS ✓inform the client of (a)
conflicts of interest that may occur, (b) significant reservations about
the scope of benefits or the engagement and (c) significant
engagement findings or events
CPA Exam - Engagement Responsibilities
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller DoctorKen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
