[Anonymous]

Hi, everyone. I am doing Ninja MCQ and have problems with OCBOA

When an accountant is engaged to report on subject matter or presentation based on measurement or disclosure criteria contained in contractual agreements or regulatory provisions, he or she should do which of the following?

A. Restrict the report because it may be misunderstood by those who are not adequately informed of the basis, assumptions, or purpose of the presentation

B. Issue a standard compilation or review report on the entity’s financial statements and an agreed-upon procedures report on the subject matter or contractual or regulatory presentation

C. Issue a standard compilation or review report on the entity’s financial statements and disclaim an opinion on the subject matter or contractual or regulatory presentation

D. Modify the standard compilation or review report for use of a comprehensive basis of accounting other than generally accepted accounting principles

The answer A.

Can anyone explain it to me? I believe OCBOA is not restricted use. And isn’t it contractual agreements or regulatory provisions part of the OCBOA??

Please

[OnMyWay732]

The question doesn't reference OCBOA…

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[Author]

Replies