[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[wickedrentlover]

Zaitouni–It might help to think of it as “not qualified” rather than unqualified in trying to grasp the terminology. The definition of Qualified in the dictionary includes “to modify or limit in some way; to make less strong or positive.” That's basically what a qualified opinion is–“Except for such and such event/transaction/etc, we believe the financial statements are fairly stated in all material respects…” That's what helps me with the terminology. Also, the more you see it, the more you'll get used to it.

REG (2/24/12) - 89
AUD (4/5/12) - 89
FAR (5/31/12) - 91
BEC (7/7/12) - 84

[Peanut]

@wickedrentlover, I think it sounds like you were getting a little overwhelmed yesterday and pushing yourself a little too far. Which is something we all do when studying for all of these exams. I can completely relate in pushing myself too far, I start to get really angry getting questions wrong that I know, or that I have gone over several times. The best thing to do is call it quits for the day, sleep on it, and start back up with a new fresh day. You brain will be re-energized and you will be ready for attack. A4 is the most tough of the AUD chapters in Becker. It will start to click the more you go over it, try to refer back to the book as well. Sometimes it might be a specific transaction cycle that's defeating you. For me the inventory questions get me a lot!

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[Anonymous]

My boss was correct when he told me Sampling was a piece of crap…

[Anonymous]

btw r u guys doing the questions on CPAReviewForFree?

[Peanut]

@CPATerminator, I used them a little bit my last time studying for AUD. It's interesting… months ago the general consensus was that cpareviewforfree is a joke, and to not waste your time. Now I see people rave about it. IMO I'm not a big fan of the questions they use, at all, but I do use it from time to time for $hits. I usually find their questions a little ridiculous, but as long as you don't let it mess with your confidence, it is free-so why not. I just wouldn't really recommend it to anyone

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[Zaitouni]

@wickedrentlover,

Thanks for your help, I really appreciate it. And, happy studying for AUD.

[wickedrentlover]

@Zaitouni–Glad I could help. Good luck with your studies as well!

REG (2/24/12) - 89
AUD (4/5/12) - 89
FAR (5/31/12) - 91
BEC (7/7/12) - 84

[Anonymous]

Quick question. I should have asked this before I took the exam the first time. I'm finding I'm having even more questions going through material this 2nd time!

Are engagement letters required for financial statement audits/nonissuer audits/integrated audits? My text says engagement letters SHOULD be used. A WRITTEN understanding of the procedures must be established between the auditor and client.

Does that mean the agreement doesn't have to be an engagement letter, but it could just be a sentence confirming there will be an audit?

Sorry for the confusing structure.

Thanks

[Anonymous]

Question #2

Only refer to an outside specialist when there is a qualified opinion, adverse opinion, or when an explanatory paragraph is needed.

Does that mean it would be an unqualified opinion with explanatory language as the last paragraph?

[sarahphx]

Hi everyone I need help with the topic of subsequent events for auditing. For example if litigation is settled before the financials are issued but after year end does it affect the Balance sheet, Income statement, both, or requires disclosure, or any of the above? Also if a customer who has a receivable declares bankrupcy before the financials are issued then what does this affect? I know that AR affects the balance sheet but I cant find if this also needs disclosure. Any help you can provide to clear up this topic would be greatly appreciated.

REG - 84
BEC - 79
FAR - 79
AUD - 71,71,95
Ethics 100
I am Done!!!!

[Anonymous]

@ sarah…

https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00560.pdf

[olazabal]

@cash

1st question- auditing standards REQUIRE that auditors document their understanding with the client in an engagement letter

2nd- a client can still get an unqualified opinion without an explanatory paragraph if a specialist is involved. the use of a specialist does not affect the auditor's responsibility for the audit and the audit report should not refer to the specialist unless the specialist's report results in a modification of the audit opinion.

AUD-87 (12/5/13)

[olazabal]

I think I read your 2nd question wrong. I thought you meant when you should consult with a specialist when I saw the word refer haha. So yeah, for unqualified report it would need to have an explanatory paragraph following the opinion paragraph. It'd probably be labeled as an emphasis of a matter. Not positive though

AUD-87 (12/5/13)

[Anonymous]

Thanks olazabal!

[wickedrentlover]

My Becker AUD book mentions that the international standards are tested in the AUD exam. How much emphasis should I put on the international standards in my study time? What kinds of questions should I expect to see?

REG (2/24/12) - 89
AUD (4/5/12) - 89
FAR (5/31/12) - 91
BEC (7/7/12) - 84

[Author]

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