AUD Study Group – Q2 2018 - Page 23

@Julia, they can be confidence killers if you take them too close to the real exam but they still offer good practice though. Have you started studying with NINJA already? I think i will get started next week.

@kahloon…i think you have a good chance of passing the exam as people tend to typically score higher than the mock exams. lets hope for the best!

@Julia any departure of GAAP usually requires an adverse opinion. A scope limitation is what usually requires a disclaimer of opinion.

@Julia,

I might be wrong, but the way I understood it was that since it wasn't related to the Financial Statements and wasn't audited, only “read” to make sure it was included if it was “required”, and if it wasn't, the auditor was only supposed to add an emphasis of a matter paragraph to highlight the fact that it had issues or wasn't included.

@glopooka

I don't feel ready per se but I feel like I'm retaining most of the information for AUD. I try not to get too up or down with these test because you just never know what the exam is going to throw at you. My weakest area of audit has been “performing further procedures and obtaining audit evidence” so I've been focusing more time in that area while continuing to remain competent in the other areas. I have seen some improvement in that area within the last week so that's a plus. How's your studying going? Good Luck tomorrow!! I'll be hammering away at TBSs and MCQs tomorrow for practice while you're taking your exam. 🙂

When planning a review of an audit client's interim financial statements, which of the following procedures should the accountant perform to update the accountant's knowledge about the entity's business and its internal control?

A.Perform analytical procedures on selected accounts by comparing the interim amounts to the amounts for the previous audited fiscal year-end

B.Inquire of the entity's outside legal counsel about the status of any previous pending litigation and any new litigation involving the entity

C.Select a sample of material revenue transactions occurring during the interim period and examine supporting documentation

D.Consider the results of audit procedures performed with respect to the current year's financial statements

The correct answer is D while I think it's A. Any thoughts please?
Thanks!

@julia, i responded to you regarding your question on the power weekend thread. you can look at it when you have time. in your support, i knocked out 80 mcq in 3 hours with 80% score yesterday. it served as a good overall review. been between ninja and becker over the weekend so its been difficult to manage. once i am 100% done with becker. i will able to concentrate more on ninja and hopefully my speed with increase as well.