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AUD - Auditing & Attestation (Forum Locked Forum Locked)
 CPAnet Forum : AUD - Auditing & Attestation
Subject Topic: MCQ CPA-02451 - Attest Engagement Post ReplyPost New Topic
  
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phung80219
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Posted: 21 Aug 2010 at 18:05 | IP Logged Quote phung80219

Question CPA-02451

In an attest engagement, use of the accountant's report should be restricted to specified parties in all of the
following situations, except:

a.   When the criteria used to evaluate the subject matter are appropriate for only a limited number of parties.
b.   When reporting on an assertion about the subject matter instead of reporting directly on the subject matter.
c.   When reporting directly on the subject matter and a written assertion has not been provided.
d.   When reporting on an agreed-upon procedures engagement.

The correct answer is B.

My question is what is the difference between "about the subject matter" and "reporting directly on the subject
matter"?

And also, why should answer C be limited?

Thanks!

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-Phung
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mmgcpa
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Posted: 22 Aug 2010 at 18:21 | IP Logged Quote mmgcpa

The keyword was not "about the subject matter". The keyword
was "assertion" about the subject matter.

If report on the subject matter such as applying agreed-
upon procedure, the report should be restricted. However,
the report on an assertion about the subject matter is not
required to be restricted.

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mmgcpa
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Posted: 22 Aug 2010 at 18:23 | IP Logged Quote mmgcpa

btw, this question is quite tricky!
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