Review Engagement
Limited assurance
In order to confirm the existence and accuracy of outstanding deposits on a bank reconciliation, the deposit needs to clear the bank in how many days?
What is 3 days.
What date should the audit/review report/financial statement date be set as?
Date of statement approval and after all appropriate review level sign offs
Who was the last Office Managing Partner?
Alan E. Lightfoot
What types of procedures do you complete in a review?
Analytical and Inquiry
What are the two approaches you can take to complete audit procedures?
What are a combined or substantive approach?
Name two things that must be done at the end of the engagement before final statements can be released
All documents signed by the client and Updated subsequent events discussion had and documented or Other appropriate ideas
How many children does Brian have?
4
What are the two common revenue recognition policies?
Percentage of completion & completed contract
In a search for unrecorded liabilities, what two documents are typically reviewed to determine whether an item should be included or excluded from a company's liabilities at year-end?
What are invoice and bank statement.
What ways can we identify subsequent events towards the end of the engagement
Updated review of recent meeting minutes, t/c or meeting with client/Board, review of interim financials, etc
Who has been employed with MNP for the longest?
Deanna Spiess
What type of company would use percentage of completion?
Construction or long-form manufacturing industries
In order to confirm that an expense is a capital in nature and not an expense, what needs to be true? (Repairs and maintenance testing).
For use in production of goods or completion of services or results in a betterment of an existing asset.
Name at least two things that you should be doing with the financials prior to handing them in for Detail Review
Reading through the entire FS for grammar/mistakes/etc., Confirming the prior period balances agree to PY FS – bonus points for using FS Suite for this, Checking CY balances to related LSs in the file, Checking over page breaks/formatting, any other appropriate answer
Before becoming an accountant, this team members was a general store attendant.
Trent
When a related party transactions occurs, what are three of the things you are required to disclose?
Relationship between the entity, amount of transactions in the year, measurement basis, and/or if it occurred in the normal course of operations
During a physical inventory observation, the associate selected 30 items from the company's perpetual inventory record and traced them to the stock room floor. What financial statement assertion does this test address?
What is existence
What are all the different levels of review a review/audit may have to go through within our office
Detail, Supervisory, Tax, Engagement Quality Review, Specified Review
Who was the last to get the CA designation before it switched to CPA in Swift?
Laura