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Exam AUD topic 1 question 229 discussion

Actual exam question from AICPA's AUD
Question #: 229
Topic #: 1
[All AUD Questions]

Which of the following inquiry or analytical procedures ordinarily is performed in an engagement to review a nonissuer's financial statements?

  • A. Analytical procedures designed to test the accounting records by obtaining corroborating evidential matter.
  • B. Inquiries concerning the entity's procedures for recording and summarizing transactions.
  • C. Analytical procedures designed to test management's assertions regarding continued existence.
  • D. Inquiries of the entity's attorney concerning contingent liabilities.
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Suggested Answer: B 🗳️
Choice "B" is correct. When reviewing a nonissuer's financial statements, an accountant ordinarily makes inquiries concerning the entity's procedures for recording and summarizing transactions.
Choices "A", "C", and "D" are incorrect. The following audit procedures generally are not performed in a review engagement:
A. Tests of the accounting records.
C. Tests of management's assertions regarding continued existence.
D. Inquiries of the entity's attorney concerning contingent liabilities.
by gemazyni at April 5, 2025, 4:21 p.m.

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