AUD Study Group Q4 2021 - Page 3

Viewing 10 posts - 31 through 40 (of 40 total)
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  • #3308938
    Ninja Albert
    Participant

    Will probably move on to REG and prob test Beg of Jan, hopefully we all d go on test release score this coming week! It is tough but we can all get it done together! Any one clear REG before AUD yet??

    #3308939
    RobOh
    Participant

    Keep in mind, the primary reason, as part of completing the audit, the client is requested to send a letter of inquiry to the attorney that is consulted on legal matters, in order to corroborate the information supplied by management concerning litigation. This is usually done as close to the audit date as possible. The reason the attorney is consulted is because they are the ones who have the legal knowledge.

    FAR - 78

    BEC - 87

    REG - 82

    AUD - 82

    #3308971
    Ninja Albert
    Participant

    right and not only that it is a letter of inquiry but also I think it is a subsequent events.. also a type one event.. therefore needs to be adjusted from the letter of inquiry and disclosed (I think!!)

    #3308989
    takai.jin
    Participant

    Whew, moving to a new place and cramming is tough. RobOh, good point! I definitely read about it in the SAS somewhere. I'm pretty sure management would have to take into consideration the lawyer's response, especially having been received before the audit report date and issuance of the financial statements. Would you happen to know if management has a choice in the matter or the extent to which management must use the information provided by their external legal counsel? Inquiries triggering what would otherwise have been left to management's sole judgment seems to encompass the very essence of auditing.

    AUD - 64
    BEC - 67
    FAR - 82
    REG - 66
    That which neither hungers nor craves is beauty defined.
    #3308992
    Ninja Albert
    Participant

    Another side question on subsequent events do we ALWAYS disclose a type 2 event? examples that are things that happened after b/s date??

    #3309001
    Adam
    Participant

    Obviously studying for AUD right now and going on to my 2nd attempt. I am currently going through the sections of becker Ive been told are most important (ie M2 and M3) which were the worst on the test for me. I scored weaker in the 2nd and 3rd area of the blueprint. What other sections should I study. I am going through the lectures again as we speak.

    AUD - 55
    BEC - NINJA in Training
    FAR - 69
    REG - NINJA in Training
    Its a grind but its worth it
    #3309025
    alexandra
    Participant

    does anyone know if there are lots of changes happening to AUD for January 2022?

    AUD - 66
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    it's your attitude, not your aptitude, that determines your altitude - zig zigler
    #3309049
    Ninja Albert
    Participant

    Yes I have read that there will be some changes especially in AUDIT reports you can double check if you are using Becker also if not, Im sure Ninja Mike will go through some of those changes on NINJA Sparring. Good luck

    #3309082
    takai.jin
    Participant

    Well, it won't be much longer now for myself–I hope do I can do a bit better this time. I think I'm going to spend the next two days going over controls and transaction cycles, the various formats of the engagement and other slightly more mechanical ideas. Tie those in with the directions and assertions and the audit program, yup. I've definitely learned more this time around but there's still time to dig deeper.

    AUD - 64
    BEC - 67
    FAR - 82
    REG - 66
    That which neither hungers nor craves is beauty defined.
    #3309235
    takai.jin
    Participant

    16 hours to go! I think I'll go over sampling, the transaction cycles and some of the IT control procedures. Hopefully the rest of the information I have will be enough to constrain the problems and lead to adequate responses. Good luck to everyone else–see ya in Q1 2022!

    AUD - 64
    BEC - 67
    FAR - 82
    REG - 66
    That which neither hungers nor craves is beauty defined.
Viewing 10 posts - 31 through 40 (of 40 total)
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