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AICPA CPA-Auditing Exam - Topic 1 Question 20 Discussion

Actual exam question for AICPA's CPA-Auditing exam
Question #: 20
Topic #: 1
[All CPA-Auditing Questions]

"There have been no communications from regulatory agencies concerning noncompliance with, or deficiencies in, financial reporting practices that could have a material effect on the financial statements." The foregoing passage is most likely from a:

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Suggested Answer: B

Choice 'b' is correct. In a management (client) representation letter, the client will generally confirm that there have been no communications from regulatory agencies concerning matters that could have a material effect on the financial statements.

Choice 'a' is incorrect. A passage regarding communications from regulatory agencies generally will not be found in a special report.

Choice 'c' is incorrect. A passage regarding communications from regulatory agencies generally will not be found in a letter for an underwriter (i.e., a comfort letter).

Choice 'd' is incorrect. A passage regarding communications from regulatory agencies generally will not be found in a report on internal controls.


by Carma at May 06, 2022, 01:18 PM

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Salley
4 months ago
Definitely not a special report, that's for sure.
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Maybelle
4 months ago
I thought regulatory agencies always communicate issues? This is surprising!
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Bok
4 months ago
Wait, are we sure it’s not a report on internal controls?
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Lorenza
4 months ago
Totally agree, it fits the context perfectly.
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Lakeesha
4 months ago
Sounds like a management representation letter to me.
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Myrtie
5 months ago
Okay, I think I've got this. Based on my understanding, the "Data Source Use" option is likely the one that determines whether a data source is shown in the Machine Search & Select functionality. That option sounds like it would control the visibility and usage of the data sources.
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Val
5 months ago
This looks straightforward. I'll start by identifying the key capabilities of a Genesys Cloud Architect, like playing pre-recorded messages, converting text to speech, and configuring queues and skills.
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Brice
5 months ago
This one seems pretty straightforward. I think the key is to ensure the latest content updates are installed, so I'll go with option B.
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