CPE EXAM: Audit and review reports are changing. Are you ready? 


1. Upon adoption of SAS 134, the initial paragraph in the audit report will be:


a. Responsibilities of Management b. Opinion c. Responsibilities of the Auditor d. Emphasis of a Matter


2. A new communication in the audit report that is optional under SAS 134 is:


a. Basis for Opinion b. Communications of Control Deficiencies c. Key Audit Matters d. Disclaimer of Opinion


3. Te reporting guidance for audits performed under AU-C 703 will eliminate which of the following required audit reports for a limited scope audit?


a. Disclaimer of Opinion b. Adverse Opinion c. Qualified Opinion d. Unqualified Opinion


4. Which of the following reporting options for a review report is now available under SSARS 25?


a. Unqualified Opinion b. Adverse Opinion c. Adverse Conclusion d. Disclaimer Conclusion


5. In order for an accountant to issue an adverse conclusion in a review report, a framework departure must be:


a. Either material or pervasive b. Both known and material c. Adjusted d. Both material and pervasive


 1) B, 2) A, 3) C, 4) D, 5) D


Please use the following scale to complete the below evaluation: 1=strongly disagree; 2=disagree; 3=neutral; 4=agree; 5=strongly agree 1) Te stated learning objectives were adequately met. 2) Te author conveyed a strong knowledge of the subject matter. 3) Te article was timely and relevant. 4) Te article and exam were well-suited to my background, education and experience.


 1  1  1  1


2 2 2 2


My overall rating for the self-study program is:  Poor  Fair  Average  Very Good  Excellent It took me ______ hours and ______ minutes to read the article and complete the exam.


Name: ____________________________________________ OSCPA Member No.: ____________________ Firm/Company: ______________________________________ Email address (where the CPE certificate will be sent): _________________________________________________________________________________________________


Payment Information (choose one): I am:  An OSCPA member ($25)  A nonmember ($40) Payment Information (choose one):  Enclosed is a check made payable to the Oklahoma Society of CPAs  Personal credit card  Corporate card


Card number __________________________________________________________________________________ Exp. Date (required) _____________________________ Name as it appears on the card _____________________________________________________ Signature ______________________________________________________


After completing the exam above, please mail this page (photocopies accepted) along with your payment information to: Oklahoma Society of CPAs / CPAFOCUS Self-Study / 1900 NW Expressway, Ste 910 / Oklahoma City, OK 73118-1898


3 3 3 3 4 4 4 4 5 5 5 5


July/August 2021


CPAFOCUS


17


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32