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  1.AUD
  When third-party use of prospective financial statements is expected, an accountant may not accept an engagement to
  A. Apply agreed-upon procedures.
  B. Perform a review.
  C. Perform a compilation.
  D. Perform an examination.
  2.BEC
  Which type of security policy might prescribe the need for information security and may delegate the creation and management of the program to a role within the IT department?
  a.Program-framework policy.
  b.System-specific policy.
  c.Program-level policy.
  d.Issue-specific policy.
  3.REG
  Conner purchased 300 shares of Zinco stock for $30,000, 20 years ago. On May 23 of the current year, Conner sold all the stock to his daughter Alice for $20,000, its then fair market value. Conner realized no other gain or loss during the year. On July 26 of the current year, Alice sold the 300 shares of Zinco for $25,000. What amount of the loss from the sale of Zinco stock can Conner deduct in the current year?
  a. $10,000
  b. $3,000
  c. $5,000
  d. $0
  4.FAR
  Which one of the following areas does not require disclosures about the risks and uncertainties that exist?
  A. Current vulnerability due to a possible recession.
  B. Nature of operations.
  C. Use of estimates in preparation of financial statements.
  D. Current vulnerability due to concentrations
  Answer:
  1.B
  B is corrent because the professional standards which present the standards with respect to the accountant’s obligations for prospective financial statements (forecasts and projections), does not allow for the review form of association under any circumstance.
  A is incorrect because an accountant may accept an engagement to apply agreed-upon procedures when third-party use of prospective financial statements is restricted to specified third-party users who have participated in establishing the nature and scope of the engagement and who take responsibility for the adequacy of the procedures.
  C is incorrect because the professional standards allow the results of prospective financial statement compilation engagements to be provided to third parties.
  D is incorrect because the professional standards allow the results of prospective financial statement examinations to be provided to third parties.
  2.C
  Choice "C" is correct. Program-level policy describes information security and assigns responsibility for achievement of security objectives to the IT department.
  Choice "a" is incorrect. A program-framework policy adds detail to the IT program by describing the elements and organization of the program and department that will carry out the security mission.
  Choice "d" is incorrect. Issue-specific policy addresses specific issues of concern to the organization.
  Choice "b" is incorrect. System-specific policy focuses on policy issues that management has decided for a specific system.
  3.D
  Choice "d" is correct. Even though Conner has a realized loss of $10,000 on this transaction he cannot deduct the loss since it was incurred in a transaction with his daughter, a related party.
  Choice "b" is incorrect. $3,000 is the limit on deductible net capital losses. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
  Choice "c" is incorrect. Conner's realized loss on the sale is $10,000 ($20,000 proceeds less $30,000 basis). However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
  Choice "a" is incorrect. $10,000 is Conner's realized loss on the sale. However, Conner cannot deduct this loss, since it was incurred in a transaction with his daughter, a related party.
  4.A
  A is corrent. Current vulnerability due to a possible recession is not a required disclosure regarding risks and uncertainties. The nature of operations, the use of estimates in preparation of financial statements, and current vulnerability due to concentrations are all required disclosures according to ASC Topic 275, Risks and Uncertainties.